Document:

Exhibit 10.10

 

 

February 29, 2020

 

Dave Perri

 

Dear Dave:

 

On behalf of Butterfly Network, I am pleased
to offer you a position as Chief Hardware Product and Operations Officer beginning as soon as practical. You will report
to Laurent Faracci. Your annualized compensation in this position will consist of an annual base salary of $400,000 paid in twice
monthly pay periods, less required deductions.

 

For calendar year 2020, you will receive
a discretionary bonus with a target of $200,000 based on goals, objectives, and performance metrics to be determined by Butterfly
Network’s senior management. Such bonus will be paid no later than March 15 of the following calendar year. It will be a
condition of your eligibility to receive any bonus that you remain employed with Butterfly Network through the scheduled date of
payment of such bonus.

 

In addition to the outlined cash and equity
compensation, you will receive 500,000 stock options in Butterfly Network, 250,000 stock options in Hyperfine and 250,000 incentive
stock units in 4Bionics LLC that (i) will be subject to the approval of each Company’s Board of Directors, (ii) will be subject
to the terms of the grant documents therefore, (iii) subject to continued service and the specific terms of your grant, will vest
over a four year period with the following schedule: 25% on the last day of the calendar quarter of the one year anniversary of
your start date, and 2.083% at the end of each month thereafter and (iv) may require you to execute a consulting agreement.

 

You will be expected to be in Butterfly
offices a minimum of 3 days per week; at least during your first year of employment.

 

In the event your employment is terminated
by the Company without Cause (as defined below) then, the Company will pay you of six (6) months of your then annual base salary,
paid in accordance with Butterfly Network’s normal payroll practices, less all customary and required taxes and employment-related
deductions (the “Severance Payment”).

 

“Cause” shall mean: (A) intentional
misconduct or gross negligence in the performance of your duties or obligations; (B) alcohol or substance abuse that materially
interferes with the performance of your duties or obligations; (C) repeated absence from work during normal business hours for
reasons other than permitted absence; (D) commission of, or plea of guilty or nolo contendere to, a felony; (E) engaging in fraud,
misappropriation, dishonesty or embezzlement in connection with Butterfly Network; (F) violation of your Non-Disclosure and Non-Competition
Agreement with Butterfly Network or any other material agreement between you and the company; (G) repeated violation of any of
the material policies or practices of Butterfly Network (including but not limited to discrimination or harassment), or a single
serious violation of any of the material policies or practices which Butterfly Network, in its discretion, determines is materially
injurious to the company.

 

    

     

    

 

Butterfly Network recognizes the need for
employees to take time away from the office to creatively recharge. We also believe in taking personal responsibility for managing
our own time, workload and results. For these reasons our Flexible Paid Time Off (FPTO) policy affords eligible employees the flexibility
to be given an indeterminate amount of paid time off from work for vacation, personal or family obligations and other personal
requirements, subject to the requirements of the policy, including advance notice and prior approval in Butterfly Network’s
discretion. In no event will any employee be compensated for unused vacation time. You will also be eligible to participate in
medical and other benefit plans in accordance with the rules and eligibility of those plans currently in effect. Health insurance
shall commence on your start date. Further, while we expect you to remain with Butterfly Network for a long time, this letter is
not an employment contract and you will be an at-will employee. This letter is subject to successful completion of a background
check. By signing this letter, you authorize Butterfly Network to conduct such background check.

 

Butterfly Network considers the protection
of its confidential information, proprietary materials and goodwill to be extremely important. As a condition of this offer of
employment, you are required to sign Butterfly Network’s Non-competition/Non-solicit, Confidentiality and Intellectual Property
Agreement.

 

We appreciate your exceptional talent and
are very excited about you joining our growing and dynamic team at Butterfly Network. We firmly believe that Butterfly Network
offers a unique combination of emotional, intellectual, and interpersonal stimulation that will be truly enjoyable. As a member
of our growing team you will be in the rare position of helping to shape the culture and direction of our organization. We have
tremendous opportunities ahead of us, and I am confident you have the expertise required to help us achieve our objectives. If
you have any questions regarding this offer, the position, or the company’s benefits programs, please do not hesitate to
reach out.

 

Please note that this offer will expire
on March 4, 2020 unless accepted by you in writing prior to such date.

 

	 	 	Sincerely,
	 	 	 
	 	 	Butterfly Network, Inc.
	 	 	 
	 	 	By:	/s/ Alexander C. Magary
	 	 	 
	 	 	Name: Alexander C. Magary
	 	 	 
	 	 	Title: VP. Legal & Asst. Corp. Secretary

 

    

     

    

 

	ACCEPTED AND AGREED:	 	 
	 	 	 
	Signature:	 /s/ Dave Perri	 	 
	 	 	 
	Name: Dave Perri	 	 
	 	 	 

 

    1

     

    

 

 

 

November 18, 2020

 

DAVID PERRI

 

Dear Dave:

 

On behalf of Butterfly, I am pleased to provide updated terms
and conditions of your employment with Butterfly. These terms supplement the terms and conditions contained in your Offer Letter
from February 2020.

 

At the upcoming meeting of the Board of Directors scheduled
for Thursday, November 19, 2020, the Board will approve your new annual base salary of $420,000, to be paid twice per month, less
required deductions. Your salary increase will be retroactively effective to November 16, 2020.

 

In addition, following a Board meeting to be held within the
next three weeks, you will receive 500,000 Butterfly stock options that will be subject to the terms of a Butterfly grant agreement
that will be provided to you. Subject to your continued service with Butterfly, your options will vest over a four year period
with the following schedule: 25% on the last day of the calendar quarter following the one year anniversary of the grant date and
the remainder vesting in equal monthly installments over the following 36 months. This new grant will bring you to a total of 1,000,000
stock options in Butterfly.

 

In the event that your employment with Butterfly is terminated
by Butterfly without cause or by you with good reason, and subject to your execution of a severance agreement containing a customary
release of claims and a commitment not to disparage Butterfly, Longview or any of their respective affiliates, you will be entitled
to vesting of an additional six months of your equity grants, in addition to the payment of six months of your then annual base
salary as provided for in your existing Offer Letter.

 

Your existing obligations under your Non-Competition, Confidentiality
and Intellectual Property Agreement will continue. Your severance provisions will constitute consideration for the non-compete
and non-solicitation provisions contained in that agreement, with your severance contingent on your continued compliance with those
provisions.

 

 

    

     

     

Following the Board meeting on November 19, 2020, Butterfly
will move quickly with its outside compensation consultant, Aon, to prepare an employment agreement for you, and will work with
you in good faith to finalize an employment agreement, which will also include change in control provisions. Your benefits will
also be addressed and are expected to be consistent with Butterfly’s existing programs as described in your Offer Letter.

 

This is an exciting time for Butterfly and I’m delighted
you are on this growth journey with us. We would like to thank you for your hard work, dedication and commitment to Butterfly during
2020 and we look forward to an exciting remainder of the year and beyond.

 

Sincerely,

Butterfly Network, Inc.

 

 

	/s/ Jonathan M. Rothberg	 	 
	 	 	 
	Jonathan M. Rothberg	 	 
	Chairman of the Board	 	 
	attn.: SecretaryExhibit 10.11

 

 

 

March 16, 2020 Revised

 

Stephanie Fielding

 

Dear Stephanie:

 

On behalf of Butterfly Network, I am pleased
to offer you a position as SVP of Finance beginning April 6, 2020 or as soon as practical. You will report to Laurent Faracci.
Your annualized compensation in this position will consist of an annual base salary of $225,000 paid in twice monthly pay periods,
less required deductions.

 

In addition to the outlined cash and equity
compensation, you will receive 250,000 stock options in Butterfly Network, that (i) will be subject to the approval of Butterfly
Network’s Board of Directors, (ii) will be subject to the terms of the grant documents therefore, (iii) subject to continued
service and the specific terms of your grant, will vest over a four year period with the following schedule: 25% on the last day
of the calendar quarter of the one year anniversary of your start date, and 2.083% at the end of each month thereafter.

 

You will be based out of Butterfly’s
facility in New York, NY.

 

Butterfly Network recognizes the need for
employees to take time away from the office to creatively recharge. We also believe in taking personal responsibility for managing
our own time, workload and results. For these reasons our Flexible Paid Time Off (FPTO) policy affords eligible employees the flexibility
to be given an indeterminate amount of paid time off from work for vacation, personal or family obligations and other personal
requirements, subject to the requirements of the policy, including advance notice and prior approval in Butterfly Network’s
discretion. In no event will any employee be compensated for unused vacation time. You will also be eligible to participate in
medical and other benefit plans in accordance with the rules and eligibility of those plans currently in effect. Health insurance
shall commence on your start date. Further, while we expect you to remain with Butterfly Network for a long time, this letter is
not an employment contract and you will be an at-will employee. This letter is subject to successful completion of a background
check. By signing this letter, you authorize Butterfly Network to conduct such background check

 

Butterfly Network considers the protection
of its confidential information, proprietary materials and goodwill to be extremely important. As a condition of this offer of
employment, you are required to sign Butterfly Network’s Non-competition/Non-solicit, Confidentiality and Intellectual Property
Agreement.

 

We appreciate your exceptional talent and
are very excited about you joining our growing and dynamic team at Butterfly Network. We firmly believe that Butterfly Network
offers a unique combination of emotional, intellectual, and interpersonal stimulation that will be truly enjoyable. As a member
of our growing team you will be in the rare position of helping to shape the culture and direction of our organization. We have
tremendous opportunities ahead of us, and I am confident you have the expertise required to help us achieve our objectives. If
you have any questions regarding this offer, the position, or the company’s benefits programs, please do not hesitate to
reach out.

 

    

     

    

 

Please note that this offer will expire
on March 18, 2020 unless accepted by you in writing prior to such date.

 

	 	Sincerely,
	 	 	 
	 	Butterfly Network, Inc.
	 	 	 
	 	 	 
	 	By:	/s/ Alexander C.
    Magary
	 	 	 
	 	Name: 	Alexander C. Magary
	 	 	 
	 	Title:	VP, Legal & Asst. Corp. Secretary

 

ACCEPTED AND AGREED:

 

 

	Signature:	/s/
    Stephanie Fielding	 
	 	 	 
	Name:	Stephanie Fielding	 
	 	 	 

 

    1

     

    

 

 

November 18, 2020

 

STEPHANIE FIELDING

 

Dear Stephanie:

 

On behalf of Butterfly, I am pleased to provide updated terms
and conditions of your employment with Butterfly. These terms supplement the terms and conditions contained in your Offer Letter
from April 2020.

 

At the upcoming meeting of the Board of Directors scheduled
for Thursday, November 19, 2020, you will be promoted to the position of Chief Financial Officer and the Board will approve your
new annual base salary of $400,000, to be paid twice per month, less required deductions. Your salary increase will be retroactively
effective to November 16, 2020.

 

In addition, following a Board meeting to be held within the
next three weeks, you will receive 375,000 Butterfly stock options and 125,000 Butterfly RSUs that will be subject to the terms
of Butterfly grant agreements that will be provided to you. Subject to your continued service with Butterfly, your options will
vest over a four year period with the following schedule: 25% on the last day of the calendar quarter following the one year anniversary
of your start date and the remainder vesting in equal monthly installments over the following 36 months. To prevent you from having
compensation income on vested RSUs when the company is not public, your RSUs will vest only assuming the consummation of the planned
business combination. Thereafter, subject to your continued service to Butterfly, your RSUs will vest as to 25% of the RSUs on
the first anniversary of the grant date and the remainder will vest in equal quarterly installments over the following three years,
with the actual vesting dates set so as to not coincide with a company trading blackout period. These grants will replace the 250,000
options listed in your April 2020 Offer Letter. These new grants will bring you to a total of 375,000 stock options and 125,000
RSUs in Butterfly.

 

In the event that your employment with Butterfly is terminated
by Butterfly without cause or by you with good reason, and subject to your execution of a severance agreement containing a customary
release of claims and a commitment not to disparage Butterfly, Longview or any of their respective affiliates, you will receive:
(i) payment of six months of your then annual base salary and monthly pro rata vesting of an additional six months of your equity
grants if such termination is prior to the two-year anniversary of your start date; and (ii) payment of one year of your then annual
base salary and vesting of an additional one year of your equity grants if such termination is after the two-year anniversary of
your start date.

 

 

    

     

     

Your existing obligations under your Non-Competition, Confidentiality
and Intellectual Property Agreement will continue. Your severance provisions will constitute consideration for the non-compete
and non-solicitation provisions contained in that agreement, with severance contingent on your continued compliance with those
provisions.

 

Following the Board meeting on November 19, 2020, Butterfly
will move quickly with its outside compensation consultant, Aon, to prepare an employment agreement for you, and will work with
you in good faith to finalize an employment agreement, which will also include change in control provisions. Your benefits will
also be addressed and are expected to be consistent with Butterfly’s existing programs as described in your April 2020 Offer
Letter.

 

This is an exciting time for Butterfly and I’m delighted
you are on this growth journey with us. We would like to thank you for your hard work, dedication and commitment to Butterfly during
2020 and we look forward to an exciting remainder of the year and beyond.

 

Sincerely,

Butterfly Network, Inc.

 

 

	/s/ Jonathan M. Rothberg	 

 

Jonathan M. Rothberg

Chairman of the Board

attn.: Secretary

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