Document:

Exhibit 10.21

 

Butterfly
Network, Inc.

EXECUTIVE SEVERANCE PLAN

 

PLAN DOCUMENT AND SUMMARY PLAN DESCRIPTION

 

Effective as of May 3, 2021

 

1.                  
Establishment of Plan. Butterfly Network, Inc. (the “Company”), hereby establishes an unfunded severance
benefits plan (this “Plan”) that is intended to be a welfare benefit plan within the meaning of Section 3(1) of ERISA.
This Plan is in effect for Participants who experience certain terminations of employment occurring after the Effective Date and before
the termination of this Plan. This Plan supersedes any and all (i) severance plans and separation policies applying to Participants that
may have been in effect before the Effective Date with respect to any termination that would, under the terms of this Plan, constitute
a termination by the Company without Cause or by Participant for Good Reason, and (ii) the provisions of any agreements between any Participant
and the Company that provide for severance payments and benefits.

 

2.                  
Purpose. The purpose of this Plan is to establish the conditions under which Participants will receive the severance
payments and benefits described herein if their employment with the Company (or its successor in a Change in Control (as defined below))
terminates under the circumstances specified herein. The severance payments and benefits paid under this Plan are intended to assist employees
in making a transition to new employment and are not intended to be a reward for prior service with the Company.

 

3.                  
Definitions. For purposes of this Plan:

 

(a)               
“Base Salary” shall mean, for any Participant, such Participant’s base salary as in effect immediately
before a Participant’s termination of employment (or immediately prior to the effective date of a Change in Control, if greater)
and exclusive of any bonuses, “adders,” any other form of premium pay, or other forms of compensation.

 

(b)               
“Board” shall mean the Board of Directors of the Company.

 

(c)               
“Cause” shall mean Participant’s: (i) willful misconduct or gross negligence in the performance of Participant’s
duties; (ii) refusal to follow the lawful directions of the Chief Executive Officer (in the case of the Executive Officers), or the Company
employee to whom the Participant reports (in the case of other Eligible Employees); (iii) breach of a fiduciary duty owed to the Company;
(iv) fraud, embezzlement or other material dishonesty with respect to the Company; (v) violation of applicable federal, state or local
law or regulation governing the Company’s business; (vi) commission, conviction, plea of nolo contendere, guilty plea, or confession
to a crime based upon an act of fraud, embezzlement or dishonesty or to a felony; (vii) habitual abuse of alcohol or any controlled substance
or reporting to work under the influence of alcohol or any controlled substance (other than a controlled substance that Participant is
properly taking under a current prescription); (viii) misappropriation (or attempted misappropriation) by Participant any material assets
or business opportunities of the Company or any of its subsidiaries or affiliates; (ix) a material failure to comply with the Company’s
written policies or rules, as they may be in effect from time to time during Participant’s employment, including policies and rules
prohibiting discrimination or harassment; or (x) a material breach of Participant’s employment agreement or offer letter, the Non-Competition,
Confidentiality and Intellectual Property Agreement or any other written agreement between the Company or one of its subsidiaries and
Participant, provided that Participant will have 30 days after notice from the Chief Executive Officer to cure a failure or a breach under
(ii), (ix) or (x), if curable.

 

    

     

    

 

(d)               
“Change in Control” shall mean the occurrence of any of the following events:

 

(i) any person or group
of persons (other than the Company or its affiliates) becomes the owner, directly or indirectly, of securities of the Company representing
more than 50% of the combined voting power of the Company’s then outstanding voting securities (the “Outstanding Company Voting
Securities”) (but excluding any bona fide financing event in which securities are acquired directly from the Company); or

 

(ii) the consummation
of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation (i) that results in the Outstanding
Company Voting Securities immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity) at least 50% of the combined voting power of the Outstanding Company Voting Securities (or
such surviving entity or, if the Company or the entity surviving such merger is then a subsidiary, the ultimate parent thereof) outstanding
immediately after such merger or consolidation, or (ii) immediately following which the individuals who comprise the Board immediately
prior thereto constitute at least a majority of the Board of the entity surviving such merger or consolidation or, if the Company or the
entity surviving such merger is then a subsidiary, the ultimate parent thereof; or

 

(iii) the sale or disposition
by the Company of all or substantially all of the Company’s assets, other than (i) a sale or disposition by the Company of all or
substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which
are owned directly or indirectly by stockholders of the Company following the completion of such transaction in substantially the same
proportions as their ownership of the Company immediately prior to such sale or (ii) a sale or disposition of all or substantially all
of the Company’s assets immediately following which the individuals who comprise the Board immediately prior thereto constitute
at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary,
the ultimate parent thereof;

 

(iv) provided that with
respect to Sections (i), (ii) and (iii) above, a transaction or series of integrated transactions will not be deemed a Change in Control
(A) unless the transaction qualifies as a change in control within the meaning of Section 409A of the Code, or (B) if following the conclusion
of the transaction or series of integrated transactions, the holders of the Company’s Class B Common Stock immediately prior to
such transaction or series of transactions continue to have substantially the same proportionate voting power in an entity which owns
all or substantially all of the assets of the Company immediately following such transaction or series of transactions.

 

(e)               
“Change in Control Period” means: (i) the twelve (12) month period beginning on the date of a Change in Control.

 

(f)                
 “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act.

 

(g)               
“Code” shall mean the Internal Revenue Code of 1986, as amended.

 

(h)               
“Company” shall mean Butterfly Network, Inc. or, following a Change in Control, any successor thereto.

 

(i)                
“Effective Date” shall mean May 3, 2021.

 

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(j)                
“Eligible Employee” shall mean: (i) all executive officers as set forth on Exhibit A (“Executive Officers”)
and (ii) all other executives having the title of Vice President (including the titles of Executive and Senior Vice President).

 

(k)               
“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

 

(l)                
“Executive Officers” shall have the meaning set forth in Section 3(j).

 

(m)             
“Good Reason” shall mean the occurrence of any of the following events without Participant’s consent:
(i) a material reduction of Participant’s Base Salary as in effect immediately prior to the reduction; or (ii) a material reduction
in Participant’s authority, duties or responsibilities; provided that, within 30 days of the first occurrence of the event that
Participant believes constitutes Good Reason, Participant notifies the Company in a writing of the event, the Company fails to correct
the act or omission within 30 days after receiving Participant’s written notice and Participant actually terminates his or her employment
within 60 days after the date the Company receives Participant’s notice.

 

(n)               
“Participant” shall mean the Eligible Employees employed by the Company from time to time.

 

(o)               
“Plan Administrator” shall have the meaning set forth in Section 14 hereof.

 

4.                  
Severance Not in Connection with a Change in Control. If the Company terminates Participant’s employment without
Cause or Participant resigns Participant’s employment with Good Reason at any time other than during a Change in Control Period,
subject to the provisions of Section 6 and 7, Participant shall be eligible to receive the following payments and benefits (collectively,
the “Severance Package”):

 

(a)               
Participant shall be entitled to receive an amount equal to the product of (the “Normal Severance”): (i) the
Normal Multiplier, as determined under Exhibit A based on Participant’s tile or role with the Company; and (ii) the Participant’s
then-current Base Salary. The Normal Severance shall be payable in the form of salary continuation in accordance
with the Company’s regular payroll schedule over the Severance Period, commencing on such date determined in accordance with Section
6. The “Severance Period” will equal the period of months equal to the product of (A) Participant’s Normal Multiplier
and (B) 12. 

 

(b)               
Participant shall be entitled to continue participating in the Company’s health benefits for the Severance Period (the “Severance
Benefits”), as follows: (i) such continued benefits shall be subject to Participant’s timely election of continuation
coverage under COBRA; (ii) the Company will pay the company contribution and Participant shall be required to pay the employee
contribution; (iii) Participant’s right to receive further Severance Benefits shall terminate if and when Participant secures alternative
health benefits from a new employer, of which Participant shall promptly notify the Company, or if and when Participant otherwise becomes
ineligible for further coverage under COBRA; and (iv) the Company shall be required to provide the Severance Benefits only to the extent
that the Company continues offering an employee health benefits plan and to extent that the Company is not required to provide and pay
for such post-termination coverage to other employees to avoid a violation of applicable nondiscrimination requirements.

 

(c)               
The payments and benefits described in this Section 4 shall be in lieu of any other benefits or payments under any severance or
similar plan, policy or arrangement of the Company.

 

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5.                  Severance in Connection with a Change in Control. If during the Change in Control Period, the Company terminates Participant’s
employment without Cause or Participant resigns Participant’s employment with Good Reason, subject to the provisions of Section
6 and 7, Participant shall be eligible to receive the following payments and benefits (collectively, the “CIC Severance Package”):

 

(a)               
Participant shall be entitled to receive an amount equal to the product of (the “CIC Severance”): (A) the CIC
Multiplier, as determined under Exhibit A based on Participant’s title or role with the Company; and (B) the sum of Participant’s
then-current Base Salary and then-current target annual bonus opportunity. The CIC Severance shall be payable
in a single lump sum, on such date determined accordance with Section 6.

 

(b)               
Participant shall be entitled to continue participating in the Company’s health benefits for the CIC Severance Period (the
 “CIC Severance Benefits”), as follows: (i) such continued benefits shall be subject to Participant’s timely election
of continuation coverage under COBRA; (ii) the Company will pay the company contribution and Participant shall be required to pay the
employee contribution; (iii) Participant’s right to receive further CIC Severance Benefits shall terminate if and when Participant
secures alternative health benefits from a new employer, of which Participant shall promptly notify the Company, or if and when Participant
otherwise becomes ineligible for further coverage under COBRA; and (iv) the Company shall be required to provide the CIC Severance Benefits
only to the extent that the Company continues offering an employee health benefits plan and to extent that the Company is not required
to provide and pay for such post-termination coverage to other employees to avoid a violation of applicable nondiscrimination requirements.
The “CIC Severance Period” will equal the period of months equal to the product of (A) Participant’s
CIC Multiplier and (B) 12.

 

(c)               
Any outstanding unvested equity awards held by Participant under the Company’s then-current outstanding equity incentive
plan(s) will become fully vested as of the date the termination of Participant’s employment becomes effective.

 

(d)               
The payments and benefits described in this Section 5 shall be in lieu of any other benefits or payments under any severance or
similar plan, policy or arrangement of the Company, and shall be in lieu of any benefits set forth in Section 4 of this Agreement.

 

6.                   Release.
A Participant’s rights to the Severance Package or the CIC Severance Package, as applicable, is conditioned upon Participant
executing and not revoking a valid separation and general release agreement in the form of Exhibit B attached hereto with such changes
as may be deemed appropriate by the Plan Administrator (the “Release”), and provided such release becomes effective
and irrevocable within 60 days following termination or such shorter time period set forth therein, releasing the Company, its subsidiaries,
other affiliates and shareholders from any and all liability. Any payments or benefits due for the period after termination and before
the Release becomes effective shall be paid with the first payment after the Release becomes effective. Notwithstanding any other provision
herein, if the period during which Participant has discretion to execute or revoke the Release straddles two calendar years, the Company
shall make payments conditioned on the Release no earlier than January 1st of the second calendar year, regardless of which year the
Release becomes effective.

 

7.                   Restrictive Covenants. A Participant’s rights to the Severance Package or the CIC Severance Package, as applicable,
is conditioned on Participant’s compliance with Participant’s obligations under, as applicable: (a) Participant’s Non-Disclosure,
Non-Solicitation and Assignment Agreement; and (b) any other applicable confidentiality, invention, work product, non-disparagement, non-competition,
non-solicitation, non-interference, and/or other restrictive covenant obligations contained in any written agreement between the Participant
and the Company. In the event that Participant fails to comply with any of these obligations, the Participant’s right to receive
any additional Severance Package or CIC Severance Package payments or benefits shall cease immediately and Participant shall promptly
refund any such payments or benefits previously paid by the Company. The Company’s rights under this Section 7 shall be full recourse.
The Company shall have the right to offset Participant’s obligations under this Section 7 against any amounts otherwise owed to
Participant from the Company or its affiliates.

 

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8.                  Accrued
Obligations.  Notwithstanding anything to the contrary contained herein, a Participant shall be entitled to all Accrued Obligations
as of his or her termination of employment, regardless of whether he or she is eligible for severance payments or benefits under this
Plan. “Accrued Obligations” shall mean, for any Participant: (i) the portion of such Participant’s Base Salary
that has accrued prior to any termination of such Participant’s employment with the Company and has not yet been paid; (ii) the
portion of such Participant’s prior-year annual bonus that has been earned prior to any termination of such Participant’s
employment with the Company and has not yet been paid; (iii) the amount of any expenses properly incurred by such Participant on behalf
of the Company in accordance with Company policy prior to any such termination and not yet reimbursed; and (iv) the amount of such Participant’s
vacation time that has accrued prior to any such termination that has not yet been used. A Participant’s entitlement to any other
compensation or benefit under any plan of Company shall be governed by and determined in accordance with the terms of such plans, except
as otherwise specified in this Plan.

 

9.                  Non-Duplication
of Benefits. Nothing in this Plan will entitle any Participant to receive
duplicate benefits in connection with any voluntary or involuntary termination of employment. A Participant’s right to receive
any payments under this Plan will be expressly conditioned upon such Participant not receiving severance payments or benefits under any
other agreement, program or arrangement. 

 

10.               
Death. If a Participant dies after the date Participant commences receiving benefits and payments under
the Severance Package or the CIC Severance Package, as applicable, but before all such payments or benefits have been paid or provided,
payments will be made to any beneficiary designated by Participant prior to or in connection with such Participant’s termination
or, if no such beneficiary has been designated, to Participant’s estate.

 

11.              
Withholding.  The Company may withhold from any payment or benefit under this Plan: (a) any federal, state, or local
income or payroll taxes required by law to be withheld with respect to such payment; (b) such sum as the Company may reasonably estimate
is necessary to cover any taxes for which the Company may be liable and which may be assessed with regard to such payment; and (c) such
other amounts as appropriately may be withheld under the Company’s payroll policies and procedures from time to time in effect.

 

12.               
Section 409A.  It is expected that the payments and benefits provided under this Plan will be exempt from the application
of Section 409A of the Code, and the guidance issued thereunder (“Section 409A”). This Plan shall be interpreted consistent
with this intent to the maximum extent permitted and generally, with the provisions of Section 409A. A termination of employment shall
not be deemed to have occurred for purposes of any provision of this Plan providing for the payment of any amounts or benefits upon or
following a termination of employment (which amounts or benefits constitute nonqualified deferred compensation within the meaning of Section
409A) unless such termination is also a “separation from service” within the meaning of Section 409A and, for purposes of
any such provision of this Plan, references to a “termination,” “termination of employment” or like terms shall
mean “separation from service”. Neither Participant nor the Company shall have the right to accelerate or defer the delivery
of any payment or benefit except to the extent specifically permitted or required by Section 409A. Notwithstanding the foregoing, to the
extent the severance payments or benefits under this Plan are subject to Section 409A, the following rules shall apply with respect to
distribution of the payments and benefits, if any, to be provided to Participants under this Plan:

 

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(a)               
Each installment of the payments and benefits provided under this Plan will be treated as a separate “payment” for
purposes of Section 409A. Whenever a payment under this Plan specifies a payment period with reference to a number of days (e.g., “payment
shall be made within 10 days following the date of termination”), the actual date of payment within the specified period shall be
in the Company’s sole discretion. Notwithstanding any other provision of this Plan to the contrary, in no event shall any payment
under this Plan that constitutes “non-qualified deferred compensation” for purposes of Section 409A be subject to transfer,
offset, counterclaim or recoupment by any other amount unless otherwise permitted by Section 409A.

 

(b)                Notwithstanding
any other payment provision herein to the contrary, if the Company or appropriately-related affiliates is publicly-traded and a Participant
is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B)
with respect to such entity, then each of the following shall apply:

 

(i)                
With regard to any payment that is considered “non-qualified deferred compensation” under Section 409A payable on account
of a “separation from service,” such payment shall be made on the date which is the earlier of (A) the day following the expiration
of the six month period measured from the date of such “separation from service” of Participant, and (B) the date of Participant’s
death (the “Delay Period”) to the extent required under Section 409A. Upon the expiration of the Delay Period, all
payments delayed pursuant to this provision (whether otherwise payable in a single sum or in installments in the absence of such delay)
shall be paid to or for Participant in a lump sum, and all remaining payments due under this Plan shall be paid or provided for in accordance
with the normal payment dates specified herein; and

 

(ii)              
To the extent that any benefits to be provided during the Delay Period are considered “non-qualified deferred compensation”
under Section 409A payable on account of a “separation from service,” and such benefits are not otherwise exempt from Section
409A, Participant shall pay the cost of such benefits during the Delay Period, and the Company shall reimburse Participant, to the extent
that such costs would otherwise have been paid by the Company or to the extent that such benefits would otherwise have been provided by
the Company at no cost to Participant, the Company’s share of the cost of such benefits upon expiration of the Delay Period. Any
remaining benefits shall be reimbursed or provided by the Company in accordance with the procedures specified in this Plan.

 

 

(c)               
The Company makes no representations or warranties and shall have no liability to any Participant or any other person, other than
with respect to payments made by the Company in violation of the provisions of this Plan, if any provisions of or payments under this
Plan are determined to constitute deferred compensation subject to Section 409A of the Code but not to satisfy the conditions of that
section.

 

13.              
Modified 280G Cutback.

 

(a)               
To the extent that any payment, benefit or distribution of any type to or for a Participant’s benefit by the Company or any
of its affiliates, whether paid or payable, provided or to be provided, or distributed or distributable pursuant to the terms of this
Plan or otherwise (including, without limitation, any accelerated vesting of stock options or other equity-based awards) (collectively,
the “Total Payments”) would be subject to the excise tax imposed under Section 4999 of the Code, then the Total Payments
shall be reduced (but not below zero) so that the maximum amount of the Total Payments (after reduction) shall be one dollar ($1.00) less
than the amount which would cause the Total Payments to be subject to the excise tax imposed by Section 4999 of the Code, but only if
the Total Payments so reduced result in Participant receiving a net after tax amount that exceeds the net after tax amount Participant
would receive if the Total Payments were not reduced and were instead subject to the excise tax imposed on excess parachute payments by
Section 4999 of the Code. Unless Participant shall have given prior written notice to the Company to effectuate a reduction in the Total
Payments if such a reduction is required, any such notice consistent with the requirements of Section 409A to avoid the imputation of
any tax, penalty or interest thereunder, the Company shall reduce or eliminate the Total Payments by first reducing or eliminating any
cash severance benefits (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any
accelerated vesting of stock options or similar awards, then by reducing or eliminating any accelerated vesting of restricted stock or
similar awards, then by reducing or eliminating any other remaining Total Payments. The preceding provisions of this Section shall take
precedence over the provisions of any other plan, arrangement or agreement governing Participant’s rights and entitlements to any
benefits or compensation.

 

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(b)               
If the Total Payments to a Participant are reduced in accordance with Section 14(a), as a result of the uncertainty in the application
of Section 4999 of the Code at the time of the initial reduction under Section 14(a), it is possible that Total Payments to a Participant
which will not have been made by the Company should have been made (“Underpayment”) or that Total Payments to a Participant
which were made should not have been made (“Overpayment”). If an Underpayment has occurred, the amount of any such
Underpayment shall be promptly paid by the Company to or for the benefit of such Participant. In the event of an Overpayment, then Participant
shall promptly repay to the Company the amount of any such Overpayment together with interest on such amount (at the same rate as is applied
to determine the present value of payments under Section 280G of the Code or any successor thereto), from the date the reimbursable payment
was received by such Participant to the date the same is repaid to the Company

 

14.              
Plan Administration.

 

(a)               
Plan Administrator. The Plan Administrator shall be the Board or a committee thereof designated by the Board (the “Committee”);
provided, however, that the Board or such Committee (as constituted prior to the closing of a Change in Control) may in its sole discretion
appoint a new Plan Administrator to administer this Plan following a Change in Control, which such Plan Administrator shall not be removed
or modified following a Change in Control other than at its own initiative. If such Plan Administrator designated by the Board or Committee
prior to a Change in Control ceases to serve as Plan Administrator at any point after a Change in Control but prior to the later to occur
of the first (1st) anniversary of the Change in Control or the final payment of benefits under this Plan to any Participant, then until
the later to occur of the first (1st) anniversary of the Change in Control or the final payment of benefits under this Plan to any Participant,
any such successor Plan Administrator appointed by the Board or the Committee shall be a qualified independent third party, such as a
retired judge selected by the head of the American Arbitration Association in Manhattan, an independent compensation consultant or a law
firm. The Plan Administrator shall also serve as the Named Fiduciary of this Plan under ERISA. The Plan Administrator shall be the “administrator”
within the meaning of Section 3(16) of ERISA and shall have all the responsibilities and duties contained therein. Notwithstanding any
provision of this Plan to the contrary, any employee(s) appointed to serve as Plan Administrator (whether individually or as members of
a committee) shall serve as such only for so long as he or she is an employee of the Company and shall be deemed to resign his or her
position effective as of his or her termination of employment (whether voluntary or involuntary). The Plan Administrator can be contacted
at the following address:

 

Butterfly Network, Inc.

530 Old Whitfield Street

Guilford, CT 06437

Attention: Chief Human
Resources Officer

Phone: (203) 689-5650

 

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(b)               
Decisions, Powers and Duties. The general administration of this Plan and the responsibility for carrying out its provisions
shall be vested in the Plan Administrator. The Plan Administrator shall have such powers and authority as are necessary to discharge such
duties and responsibilities which also include, but are not limited to, interpretation and construction of this Plan, the determination
of all questions of fact, including, without limit, eligibility, participation and benefits, the resolution of any ambiguities and all
other related or incidental matters, and such duties and powers of the plan administration which are not assumed from time to time by
any other appropriate entity, individual or institution. The Plan Administrator may determine from time to time, in its discretion, whether
an employee of the Company who is not an Eligible Employee shall become a Participant in this Plan, provided the Plan Administrator delivers
written notice to such employee that the employee will be a Participant in the Plan. The Plan Administrator may adopt rules and regulations
of uniform applicability in its interpretation and implementation of this Plan. The Plan Administrator may delegate any of its duties
hereunder to such person or persons from time to time as it may designate.

 

(c)               
The Plan Administrator shall discharge its duties and responsibilities and exercise its powers and authority in its sole discretion
and in accordance with the terms of the controlling legal documents and applicable law, and its actions and decisions that are not arbitrary
and capricious shall be binding on any employee, and employee’s spouse or other dependent or beneficiary and any other interested
parties whether or not in being or under a disability. The Plan Administrator is empowered, on behalf of this Plan, to engage accountants,
legal counsel and such other personnel as it deems necessary or advisable to assist it in the performance of its duties under this Plan.
The functions of any such persons engaged by the Plan Administrator shall be limited to the specified services and duties for which they
are engaged, and such persons shall have no other duties, obligations or responsibilities under this Plan. Such persons shall exercise
no discretionary authority or discretionary control respecting the management of this Plan.

 

(d)               
The Company shall promptly reimburse the Plan Administrator or the Committee for any expenses incurred in good faith in the course
of carrying out its obligations under this Plan, including, but not limited to, attorney’s fees, claims, fines, judgments, taxes,
causes of action or liability and amounts paid in settlement, actually and reasonably incurred by such Committee or Plan Administrator,
unless such expense, claim, fine, judgment, taxes, cause of action, liability or amount arose from his or her negligence, fraud or willful
breach of his or her fiduciary responsibilities under ERISA.

 

15.              
Claims, Inquiries and Appeals.

 

(a)               
Applications for Benefits and Inquiries. Any application for benefits under or inquiries about this Plan or inquiries about
present or future rights under this Plan must be submitted to the Plan Administrator in writing, as follows:

 

Plan Administrator

Butterfly Network, Inc.

530 Old Whitfield Street

Guilford, CT 06437

 

(b)               
Denial of Claims. In the event that any application for benefits is denied in whole or in part, the Plan Administrator must
notify the applicant, in writing, of the denial of the application, and of the applicant’s right to review the denial. The written
notice of denial will be set forth in a manner designed to be understood by the applicant, and will include specific reasons for the denial,
specific references to this Plan provision upon which the denial is based, a description of any information or material that the Plan
Administrator needs to complete the review and an explanation of this Plan’s review procedure. This written notice will be given
to the applicant within 15 days after the Plan Administrator receives the application, unless special circumstances require an extension
of time, in which case, the Plan Administrator has up to an additional 15 days for processing the application. If an extension of time
for processing is required, written notice of the extension will be furnished to the applicant before the end of the initial 15-day period.
This notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan Administrator
is to render his or her decision on the application. If written notice of denial of the application for benefits is not furnished within
the specified time, the application shall be deemed to be denied. The applicant will then be permitted to appeal the denial in accordance
with the review procedure described below.

 

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(c)               
Request for a Review. Any person (or that person’s authorized representative) for whom an application for benefits
is denied, in whole or in part, may appeal the denial by submitting a request for a review to the Plan Administrator within 30 days after
the application is denied (or deemed denied). The Plan Administrator will give the applicant (or his or her representative) an opportunity
to review pertinent documents in preparing a request for a review and submit written comments, documents, records and other information
relating to the claim. A request for a review shall be in writing and shall be addressed to:

 

Plan Administrator

Butterfly Network, Inc.

530 Old Whitfield Street

Guilford, CT 06437

 

A request for review must set
forth all of the grounds on which it is based, all facts in support of the request and any other matters that the applicant feels are
pertinent. The Plan Administrator may require the applicant to submit additional facts, documents or other material as he or she may find
necessary or appropriate in making his or her review.

 

(d)               
Decision on Review. The Plan Administrator will act on each request for review within 15 days after receipt of the request,
unless special circumstances require an extension of time (not to exceed an additional 15 days), for processing the request for a review.
If an extension for review is required, written notice of the extension will be furnished to the applicant within the initial 15-day period.
The Plan Administrator will give prompt, written notice of his or her decision to the applicant. In the event that the Plan Administrator
confirms the denial of the application for benefits in whole or in part, the notice will outline, in a manner calculated to be understood
by the applicant, the specific Plan provisions upon which the decision is based.

 

(e)               
Rules and Procedures. The Plan Administrator may establish rules and procedures, consistent with this Plan and with ERISA,
as necessary and appropriate in carrying out his or her responsibilities in reviewing benefit claims. The Plan Administrator may require
an applicant who wishes to submit additional information in connection with an appeal from the denial (or deemed denial) of benefits to
do so at the applicant’s own expense.

 

(f)                
Exhaustion of Remedies. No legal action for benefits under this Plan may be brought until the claimant (i) has submitted
a written application for benefits in accordance with the procedures described by Section 15(a) above, (ii) has been notified by the Plan
Administrator that the application is denied (or the application is deemed denied due to the Plan Administrator’s failure to act
on it within the established time period), (iii) has filed a written request for a review of the application in accordance with the appeal
procedure described in Section 15(c) above and (iv) has been notified in writing that the Plan Administrator has denied the appeal (or
the appeal is deemed to be denied due to the Plan Administrator’s failure to take any action on the claim within the time prescribed
by Section 15(d) above).

 

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16.               
Indemnification. To the extent permitted by law, the Plan Administrator and all employees, officers, directors, agents
and representatives of the Company shall be indemnified by the Company and held harmless against any claims and all associated expenses
of defending against such claims, resulting from any action or conduct relating to the administration of this Plan, whether as a member
of the Committee or otherwise, except to the extent that such claims arise from gross negligence, willful neglect, or willful misconduct.
The Company shall advance all expenses for which a party is indemnified under this Section 17 to such indemnified party or shall arrange
for direct payment of any such expenses by the Company.

 

17.                Plan
Not an Employment Contract.  This Plan is not a contract between the Company and any employee, nor is it a condition of employment
of any employee. Nothing contained in this Plan gives, or is intended to give, any employee the right to be retained in the service of
the Company, or to interfere with the right of the Company to discharge or terminate the employment of any employee at any time and for
any reason. No employee shall have the right or claim to benefits beyond those expressly provided in this Plan, if any. All rights and
claims are limited as set forth in this Plan.

 

18.                Severability.
In case any one or more of the provisions of this Plan (or part thereof) shall be held to be invalid, illegal or unenforceable in
any respect, such invalidity, illegality or unenforceability shall not affect the other provisions hereof, and this Plan shall be construed
as if such invalid, illegal or unenforceable provisions (or part thereof) never had been contained herein.

 

19.               
Non Assignability.  No right or interest of any Participant in this Plan shall be assignable or transferable in whole
or in part either directly or by operation of law or otherwise, including, but not limited to, execution, levy, garnishment, attachment,
pledge or bankruptcy.

 

20.               
Integration With Other Pay or Benefits Requirements. The severance payments and benefits provided for in this Plan are
the maximum benefits that the Company will pay to Participants on a termination of employment, except to the extent otherwise required
by applicable law. To the extent that any federal, state or local law, including, without limitation, so called “plant closing”
laws, requires the Company to give advance notice or make a payment of any kind to an employee because of that employee’s involuntary
termination due to a layoff, reduction in force, plant or facility closing, sale of business, or similar event, the benefits provided
under this Plan or the other arrangement shall either be reduced or eliminated to avoid any duplication of payment. The Company intends
for the benefits provided under this Plan to partially or fully satisfy any and all statutory obligations that may arise out of an employee’s
involuntary termination for the foregoing reasons and the Company shall so construe and implement the terms of this Plan.

 

21.               
Amendment or Termination.  The Board may amend, modify, or terminate this Plan at any time in its sole discretion; provided,
however, that: (a) no such amendment, modification or termination may adversely affect the rights of a Participant employed by the Company
as of the Effective Date without the consent of such person; (b) any such amendment, modification or termination made prior to a Change
in Control that adversely affects the rights of any Participant shall be approved by the Company’s Board of Directors; (c) no such
amendment, modification or termination may adversely affect the rights of a Participant then receiving payments or benefits under this
Plan without the consent of such person; and (d) no such amendment, modification or termination made after a Change in Control shall be
effective until after the later to occur of the first (1st) anniversary of the Change in Control or the final payment of benefits under
this Plan to any Participant. The Board intends to review this Plan at least annually.

 

    10

     

    

 

22.               
Source of Benefit. The Company will pay benefits under the Plan from its general assets to the extent available. The
benefits is not funded through a trust fund or insurance contracts. No employee shall have any right to, or interest in, any assets of
the Company upon termination of employment or otherwise.

 

23.               
Statement of ERISA Rights. Participants are entitled to certain rights and protections under the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”). ERISA provides that Participants are entitled to the following rights:

 

(a)                Receive
Information About the Plan and Benefits. A Participant may examine, without charge, at the Plan Administrator’s office all
documents governing the Plan and, if applicable, a copy of the latest annual report (Form 5500) filed with the U.S. Department of Labor
and available at the Public Disclosure Room of the Employee Benefits Security Administration. A Participant may also obtain copies of
these documents upon written request to the Plan Administrator. There may be a reasonable charge for the cost of copying. A Participant
is also entitled to receive a summary of the Plan’s annual financial report. The Plan Administrator is required by law to furnish
each Participant with a copy of this summary annual report.

 

(b)               
Prudent Actions by Plan Fiduciaries. In addition to creating rights for Plan participants, ERISA imposes duties upon the
people who are responsible for the operation of the Plan. The people who operate the Plan, called “fiduciaries,” have a duty
to do so prudently and in the interest of the Plan’s Participants and their beneficiaries. No one, including the Company, may fire
you or otherwise discriminate against a Participant in any way to prevent the Participant from obtaining a welfare benefit or exercising
the Participant’s rights under ERISA.

 

(c)                
Enforce Participant Rights. If a Participant’ claim for a welfare benefit is denied or ignored, in whole or in part,
the Participant has the right to know the reason and to obtain copies of documents relating to the decision without charge, and to appeal
any denial, all within certain timeframes as set forth in this Plan. Under ERISA, there are steps a Participant can take to enforce the
above rights. For instance, if a Participant requests a copy of Plan documents, or the latest annual report from the Plan and the Participant
does not receive them within 30 days, the Participant may file suit in a federal court. In such a case, the court may require the Plan
Administrator to provide the materials to the Participant and pay the Participant up to $110 per day until the Participant receives the
materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If the Participant has
a claim for benefits that is denied or ignored, in whole or in part, the Participant may file suit in federal or state court, provided
the Participant has exhausted the Plan’s administrative remedies (i.e. claims procedures). If it should happen that the Plan fiduciaries
misuse the Plan’s money, or if a Participant is discriminated against for asserting the Participant’s rights under this Plan
or under ERISA, the Participant may seek assistance from the U.S. Department of Labor, or may file suit in federal court. The court will
decide who should pay court costs and legal fees. If a Participant is successful, the court may order the person that the Participant
sued to pay these costs and fees. If a Participant loses, the court may order the Participant to pay these costs and fees if it finds
the Participant’s claim is frivolous.

 

(d)                Assistance
With Questions. If a Participant has any questions about the Plan, the Participant should contact the Plan Administrator. If a Participant
has questions about this statement or about the Participant’s rights under ERISA, the Participant should contact the nearest office
of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Participant
Assistance and Communications, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington,
D.C. 20210. The Participant may obtain publications about the Participant’s rights and responsibilities under ERISA by calling
the publications hotline of the Employee Benefits Security Administration. A Participant may also access the Employee Benefits Security
Administration’s website at www.dol.gov/ebsa.

 

    11

     

    

 

 

24.         
Type of Plan. This Plan is a severance pay Plan.

 

25.         
Plan Sponsor. The sponsor of this Plan is Butterfly Network, Inc. (referred to in this Plan as the “Company”).
The Plan sponsor’s address is:

 

Butterfly Network, Inc.

530 Old Whitfield Street

Guilford, CT 06437

Attention: Chief Human
Resources Officer

 

Phone: (203) 689-5650

 

26.         
Agent for Legal Process. A Participant or beneficiary may serve legal process on the Plan Administrator, c/o:

 

Butterfly Network, Inc.

530 Old Whitfield Street

Guilford, CT 06437

Attention: Chief Human Resources Officer

 

27.         
Plan Year. The Plan Year is the calendar year.

 

28.         
Identification Number. The Plan’s number for purposes of discussion with a federal government agency is 501. The
Company's Employer Identification Number is [●].

 

29.         
Summary Plan Description. This Plan constitutes both the governing document and the summary plan description for the
Plan.

 

30.         
Governing Law. This Plan and the rights of all persons under this Plan shall be construed in accordance with and under
applicable provisions of ERISA, and the regulations thereunder, and the laws of the State of Delaware (without regard to conflict of law
provisions) to the extent not preempted by federal law.

 

    12

     

    

 

EXHIBIT A

MULTIPLIERS

 

	Title/Role of Participant	Normal Multiplier	CIC Multiplier
	Executive Vice President (EVP)	1.0	1.0
	Executive Officers who report to the CEO, other than any EVP, and other than the Chief Operating Officer, the Chief Financial Officer and the Chief Business Development Officer and Strategy Officer.  	.75	
     

     

    1.0

	Senior Vice Presidents other than those who report to the CEO	.50	.75

 

    13

     

    

 

EXHIBIT B

 

BUTTERFLY NETWORKS, INC.

FORM SEPARATION AGREEMENT

 

[●]

 

[Name]

[Address 1]

[Address 2]

 

		Re:	Separation Agreement

 

Dear [●]:

 

The purpose of this letter agreement (this “Agreement”)
is to set forth the terms of your separation from Butterfly Network, Inc. (“Company”). Payment of the Separation Benefits
described below is contingent on your agreement to and compliance with the terms of this Agreement. This Agreement shall become effective
on the Effective Date (as defined below).

 

		1.	Separation of Employment. Your employment with Company will end on [●] (the “Separation
Date”). You further acknowledge and agree that from and after the Separation Date, you will not represent yourself as an employee
or agent of Company. As of the Separation Date, you shall have been deemed to have resigned from each and every office, position or responsibility
in which you served for Company and each of its affiliates, subsidiaries or divisions.

		A.	

		2.	Separation Benefits. In exchange for the promises and release of claims contained herein,
the Company shall provide you with the separation benefits set forth in Section [●] of the Butterfly Network, Inc. Executive Severance
Plan (the “Severance Plan”): [All separation benefits payable under Section 4 or 5 of the Severance Plan (as applicable)
to be set out clearly in this separation document at the time execution]

		B.	

		(a)	[●]

 

		(b)	[●]; and

 

		(c)	[●].

 

		3.	Unemployment Benefits. By virtue of your separation of employment, you shall be entitled
to apply for unemployment benefits. The determination of your eligibility for such benefits (and the amount of benefits to which you may
be entitled) shall be made by the appropriate state agency pursuant to applicable state law. Company agrees that it shall not contest
any claim for unemployment benefits by you. Company, of course, shall not be required to falsify any information.

		C.	

 

    14

     

    

 

		4.	Return of Property, Confidentiality, Non-Disparagement, and Related Matters. You expressly
acknowledge and agree to the following:

 

		(a)	You have returned to Company all documents (and any copies, duplicates, or replicas thereof), and property,
including, without limitation, any laptop computer that was provided to you by Company or any of its affiliates, Company’s and their
respective divisions, affiliates, parents, subsidiaries and related entities, and all of its and their owners, shareholders, partners,
directors, officers, employees, trustees, agents, successors and assigns (collectively, the “Company Affiliates”) during
your employment with the Company, and that you will abide by any and all common law and/or statutory obligations relating to protection
and non-disclosure of Company’s and the Company Affiliates’ trade secrets and/or confidential and proprietary documents and
information.

 

		(b)	In the event that you receive an order, subpoena, request, or demand for disclosure of Company’s
or a Company Affiliate’s trade secrets and/or confidential and proprietary documents and information from any court or governmental
agency, or from a party to any litigation or administrative proceeding, you shall as soon as reasonably possible and prior to disclosure
notify Company of the same, in order to provide Company with the opportunity to assert its or a Company Affiliate’s respective interests
in addressing or opposing such order, subpoena, request, or demand.

 

		(c)	You agree that all information relating in any way to this Agreement, including the terms and amount of
financial consideration provided for in this Agreement, shall be held confidential by you and shall not be publicized or disclosed to
any person (other than an immediate family member, legal counsel or financial advisor, provided that any such individual to whom disclosure
is made agrees to be bound by these confidentiality obligations), business entity or government agency (except as mandated by state or
federal law).

 

		(d)	You previously executed a Non-Competition, Confidentiality and Intellectual Property Agreement dated [●]
(the “Confidentiality Agreement”). The Confidentiality Agreement remains in full force and effect and survives the
termination of your employment with the Company in accordance with its terms. You will honor and abide by the terms and provisions of
the Confidentiality Agreement.

 

		(e)	You will not make any statements that are disparaging about, or adverse to, the interests or business
of Company or any Company Affiliate (including their respective officers, directors, employees, and direct or indirect shareholders) including,
without limitation, any statements that disparage any person, product, service, finances, financial condition, capability or any other
aspect of the business of Company or any Company Affiliate (including its officers, directors, employees, and direct or indirect shareholders).
The Company will instruct its directors and its named executive officers to not make any statements that are disparaging about you, or
adverse to, your interests or your business. This restriction will not restrict your ability, the ability of the Company or the ability
of any of the Company’s directors or named executive officers to testify truthfully under oath pursuant to subpoena or other legal
process.

 

		(f)	Your breach of any of the foregoing covenants by you shall constitute a material breach of this Agreement
and shall relieve Company of any further obligations hereunder and, in addition to any other legal or equitable remedy available to Company,
shall entitle Company to recover any Separation Benefits already paid or provided to you pursuant to this Agreement and result in the
immediate forfeiture and termination of any vested Company options.

 

    15

     

    

 

		5.	Your Release of Claims.

 

		(a)	You hereby agree and acknowledge that by signing this Agreement and accepting the Separation Benefits,
and for other good and valuable consideration provided for in this Agreement, you are waiving and releasing your right to assert any form
of legal claim against Company and each of its affiliates, parents, subsidiaries and related entities and all of the foregoing entities’
owners, shareholders, partners, directors, officers, employees, trustees, agents, successors and assigns (the “Company Parties”)
whatsoever for any alleged action, inaction or circumstance existing or arising from the beginning of time through the Effective Date.
Your waiver and release herein is intended to bar any form of legal claim, charge, complaint or any other form of action (jointly referred
to as “Claims”) against Company or any of the Company Parties seeking any form of relief including, without limitation,
equitable relief (whether declaratory, injunctive or otherwise), the recovery of any damages or any other form of monetary recovery whatsoever
(including, without limitation, back pay, front pay, compensatory damages, emotional distress damages, punitive damages, attorneys’
fees and any other costs) against Company or any Company Party, for any alleged action, inaction or circumstance existing or arising through
the Effective Date. Without limiting the generality of the foregoing, you specifically waive and release Company and the Company Parties
from any waivable claim arising from or related to your employment relationship with Company through the Effective Date including, without
limitation:

 

		(i)	Claims under the laws of Delaware, New York, Connecticut or any other state in which the Company operates
its business or federal discrimination, fair employment practices, or other employment related statute, regulation or executive order
(as amended through the Effective Date), including but not limited to the Age Discrimination in Employment Act and Older Workers Benefit
Protection Act (29 U.S.C. § 621 et seq.), the Civil Rights Acts of 1866 and 1871 and Title VII of the Civil Rights Act of
1964 and the Civil Rights Act of 1991 (42 U.S.C. § 2000e et seq.), the Equal Pay Act (29 U.S.C. § 201 et seq.),
the Genetic Information Non-Discrimination Act (42 U.S.C. §2000ff et seq.), the Uniformed Services Employment and Reemployment
Rights Act of 1994 (38 U.S.C. § 4301 et seq.), the Equal Pay Act (29 U.S.C. § 201 et seq.), the Lily Ledbetter
Fair Pay Act, the Americans with Disabilities Act of 1990 (42 U.S.C. § 12101 et seq.), the Rehabilitation Act of 1973,
and any similar or other federal, state or local statute governing the rights of employees.

 

		(ii)	Claims under the laws of Delaware, New York, Connecticut or any other state in which the Company operates
its business or federal employment related statute, regulation or executive order (as amended through the Effective Date) relating to
wages, hours or any other terms and conditions of employment, including but not limited to the Fair Labor Standards Act (29 U.S.C.
 § 201 et seq.), the National Labor Relations Act (29 U.S.C. § 151 et seq.), the Family and Medical Leave Act (29
U.S.C. §2601 et seq.), the Employee Retirement Income Security Act of 1974 (29 U.S.C. § 1000 et seq.), COBRA (29
U.S.C. § 1161 et seq.), the Worker Adjustment and Retraining Notification Act (29 U.S.C. § 2101 et seq.), and any
similar or other federal, state or local statute, and specifically including Claims related to salary, overtime, commissions, vacation
pay, holiday pay, sick leave pay, dismissal pay, bonus pay, severance pay, or retaliation.

 

    16

     

    

 

		(iii)	Claims under the laws of Delaware, New York, Connecticut or any other state in which the Company operates
its business or federal common law theory, including, without limitation, wrongful discharge, breach of express or implied contract, breach
of the implied covenant of good faith and fair dealing, privacy violations, invasion of privacy, promissory estoppel, unjust enrichment,
breach of a covenant of good faith and fair dealing, wrongful termination in violation of public policy, defamation, interference with
contractual relations, intentional or negligent infliction of emotional distress, fraudulent inducement, misrepresentation, deceit, fraud
or negligence, rehire or reemployment rights or any claim to attorneys’ fees under any applicable statute or common law theory of
recovery.

 

		(v)	Claims under any Company employment, compensation, bonus, benefit, stock option, incentive compensation,
restricted stock, and/or equity plan, program, policy, practice or agreement, including, without limitation, any equity award or plan,
or employment agreement, including the Employment Agreement, other than as such rights have been specifically preserved under this Agreement;
or

 

		(vii)	Any other Claim arising under other local, state or federal law.

 

		(b)	Notwithstanding the foregoing, this Section 5 does not:

 

		(i)	Release Company or any Company Party from any obligation expressly set forth in this Agreement.

 

		(ii)	Waive or release any legal claims which you may not waive or release by law, including obligations under
workers’ compensation laws.

 

		(iii)	Prohibit you from (i) filing a charge with, or participating in or assisting with an investigation or
proceeding conducted by, any governmental, regulatory and/or administrative entity or agency (including any state or federal healthcare
agencies, the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the New York State Division of Human Rights,
New York City Commission on Human Rights, and/or OSHA); (ii) filing and, including as provided for under Section 21F of the Securities
Exchange Act of 1934 (and Regulation 21F thereunder), maintaining the confidentiality of, a claim with a governmental, regulatory and/or
administrative entity or agency that is responsible for enforcing a law; or (iii) providing truthful information to a governmental, regulatory
and/or administrative entity or agency, law enforcement, or court, in response to compulsory legal process or as otherwise required by
law or legal process or as permitted by Section 21F of the Securities Exchange Act of 1934 (or Regulation 21F thereunder); provided, however,
you waive the right to recover any personal damages or other personal relief based on any claim, cause of action, demand, lawsuit or similar
that is waived pursuant to this Agreement and brought by you or on your behalf by any third party, including as a member of any class
or collective action, except that you do not waive any right to receive and fully retain any monetary award from a government-administered
whistleblower award program for providing information to a government agency, including but not limited to damages or relief that may
be available to you pursuant to such a program under the Securities Exchange Act of 1934.

 

    17

     

    

 

		(a)	You further understand and expressly agree that this Agreement extends to all claims of every nature and
kind, known or unknown, suspected or unsuspected, past, present, or future, arising from or attributable to any conduct of Company or
any Company Party, whether set forth in any pleading or demand referred to in this Agreement or not. You acknowledge that you may later
discover facts in addition to or different from those which you now believe to be true with respect to the matters released in this Agreement.
You, however, agree that you have taken that possibility into account in reaching this Agreement, and that the release in this Agreement
will remain in effect as a full and complete release notwithstanding the discovery or existence of additional or different facts.

 

		(b)	You acknowledge and agree that, but for providing this waiver and release, you would not be receiving
the Separation Benefits provided to you under the terms of this Agreement.

 

		6.	Reference Requests. To the extent Company receives any reference request for you from a
prospective employer, Company shall only provide dates of employment and last position held, and shall not otherwise characterize or discuss
the nature of or circumstances surrounding your separation from employment from Company.

		D.	

		7.	Modification; Waiver; Severability. No variations or modifications hereof shall be deemed
valid unless reduced to writing and signed by the parties hereto. The failure of Company to seek enforcement of any provision of this
Agreement in any instance or for any period of time shall not be construed as a waiver of such provision or of Company’s right to
seek enforcement of such provision in the future. The provisions of this Agreement are severable, and if for any reason any part hereof
shall be found to be unenforceable, the remaining provisions shall be enforced in full.

 

		8.	Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed
to the receiving party’s address set forth below or to such other address as a party may designate by notice hereunder, and shall
be either (i) delivered by hand, (ii) sent by overnight courier, or (iii) sent by registered mail, return receipt requested, postage
prepaid.

 

	 	If to the Company:	Butterfly Network, Inc.
	 	 	530 Old Whitfield Street
	 	 	Guilford, CT 06437
	 		Attn: Legal Dept
	 	 	Phone: 203-689-5650
	 	 	 
	 	If to the employee:i	[Name]
	 	 	[Address]

 

All notices, requests, consents and other communications
hereunder shall be deemed to have been given either (i) if by hand, at the time of the delivery thereof to the receiving party at
the address of such party set forth above, (ii) if sent by overnight courier, on the next business day following the day such notice is
delivered to the courier service, or (iii) if sent by registered mail, on the fifth business day following the day such mailing is made.

		E.	

		9.	Choice of Law. This Agreement shall be deemed to have been made in Delaware and shall be
governed by and construed in accordance with the laws of Delaware without giving effect to conflict of law principles.

 

    18

     

    

 

		10.	Dispute Resolution.

		F.	

		(a)	All disputes between the Company and you arising under or related to this Agreement or the parties’
obligations under this Agreement will be resolved by final and binding arbitration to the fullest extent authorized by the Federal Arbitration
Act, 9 U.S.C. Title 9.

 

		(b)	The arbitration will be conducted in accordance with the then existing JAMS Employment Arbitration Rules
 & Procedures, as amended (“JAMS Employment Rules”). All arbitration proceedings will be conducted at the JAMS office located
nearest to the place where you last worked for the Company, unless each party agrees in writing otherwise.

 

		(c)	All disputes or claims subject to arbitration will be decided by a single arbitrator. The arbitrator will
be selected by mutual agreement of the Parties within thirty (30) days of the effective date of the notice initiating the arbitration.
If the Parties cannot agree on an arbitrator, then the complaining party will notify JAMS and request selection of an arbitrator in accordance
with the JAMS Employment Rules. The arbitrator will issue a decision or award in writing, stating the essential findings of fact and conclusions
of law. The arbitrator will have only such authority to award equitable relief, damages, costs, and fees as a court would have for the
particular claim(s) asserted and any action of the arbitrator in contravention of this limitation may be the subject of court appeal by
the aggrieved party. All aspects of the arbitrator’s ruling will be final, except that the parties presently agree to the JAMS Optional
Appeal Procedures, that those procedures are applicable to the arbitration and the arbitrator’s ruling, and that the Parties will
execute all applicable documents required to make the JAMS Optional Appeal Procedures effective. The Company will pay the fees and costs
of JAMS and the arbitrator.

 

		(d)	Notwithstanding the foregoing, if you breach or threaten to breach your obligations under this Agreement
or the Confidentiality Agreement, pending arbitration under this Section, the Company is entitled to seek temporary and preliminary injunctive
relief before a Court without the need to post a bond.

 

		(e)	The Company and you each consent to jurisdiction in the United States District Court for the District
of Delaware, or if that court is unable to exercise jurisdiction for any reason, the state courts of Delaware sitting in New Castle County
to compel arbitration under this Agreement, to enforce any award issued by the arbitrator or to seek temporary or preliminary injunctive
relief to enjoin a breach of this Agreement pending arbitration. Each of the Company and you waive any other requirement (whether imposed
by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process and waives any objection to jurisdiction
based on improper venue or improper jurisdiction.

 

		(f)	BOTH THE COMPANY AND YOU HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY TO THE MAXIMUM EXTENT PERMITTED BY
APPLICABLE FEDERAL OR STATE LAW.

 

		(g)	The Company and you each hereby irrevocably consents to the service of process in any lawsuit brought
under this Agreement pursuant to the notice provisions set forth in Section 8 of this Agreement.

 

		11.	Entire Agreement. You acknowledge and agree that, other than the Confidentiality Agreement,
the Indemnification Agreement between you and the Company dated as of [date], [and include any other agreements in effect that survive
termination, including any equity agreements] which are expressly incorporated herein by reference and stated as surviving the signing
of this Agreement, this Agreement supersedes any and all prior or contemporaneous oral and written agreements between you and Company,
and sets forth the entire agreement between you and Company.

 

    19

     

    

 

		12.	Tax Matters. Company will withhold required federal, state, and local taxes from any and
all payments contemplated by this Agreement. Other than Company’s obligation and right to withhold, you will be responsible for
any and all taxes, interest, and penalties that may be imposed with respect to the payments contemplated by this Agreement (including,
but not limited to, those imposed under Section 409A of the Code (as defined below)). It is intended that payments and benefits made or
provided to you under this Agreement shall comply with Section 409A of the Internal Revenue Code of 1986 (as amended) (the “Code”)
or an exemption to Section 409A of the Code. You acknowledge and agree, however, that the Company does not guarantee the tax treatment
or tax consequences associated with any payment or benefit arising under this Agreement, including, without limitation, to consequences
related to Section 409A of the Code. For purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code,
each payment of compensation under this Agreement shall be treated as a separate payment of compensation for purposes of applying the
exclusion under Section 409A of the Code for short-term deferral amounts, the separation pay exception or any other exception or exclusion
under Section 409A of the Code.

		G.	

		13.	Knowing and Voluntary Agreement. By executing this Agreement, you are acknowledging that
you have been afforded sufficient time to understand the terms and effects of this Agreement, that your agreements and obligations hereunder
are made voluntarily, knowingly and without duress, and that neither Company nor its agents or representatives have made any representations
inconsistent with the provisions of this Agreement.

 

		14.	[ADEA Waiver.  You understand and agrees that with respect to any possible claim arising
under the Age Discrimination in Employment Act of 1967 (“ADEA”) you:
	 	 	 

		a.	Have had the opportunity to consider this Agreement for a full twenty-one (21)/forty-five (45) calendar
days before executing it (the “Review Period”), and if signing this Agreement before the end of the Review Period,
you have voluntarily waived the remainder of the Review Period.

 

		b.	Have carefully read and fully understands all of the provisions of this Agreement.

 

		c.	Are, through this Agreement, releasing Company and all of the Company Parties from any and all claims
you may have against them.

 

		d.	Knowingly and voluntarily agree to all of the terms set forth in this Agreement.

 

		e.	Knowingly and voluntarily intend to be legally bound by the terms of this Agreement.

 

		f.	Were advised and hereby are advised in writing to consider the terms of this Agreement and to consult
with an attorney of your choice prior to executing this Agreement.

 

		g.	Understand that rights or claims under the ADEA that may arise due to acts or omissions that occur after
the Effective Date are not waived.

 

		h.	Understand that you have a period of seven (7) calendar days after the date that you sign this Agreement
to revoke your acceptance of the terms of this Agreement by actually completing delivery of (not merely dispatching) a written notification
by e-mail to [●]. ]

 

    20

     

    

 

		15.	Execution and Delivery. Delivery of this Agreement by you to Company shall be effective
provided it is made no earlier than the Separation Date and no later than [Insert Date 21/45 Days After Notice]. The executed Agreement
should be delivered to Company by scanning and then e-mailing it to [●]. You understand that you have seven (7) calendar days from
the date you sign this Agreement to revoke your consent to this Agreement. Any such revocation must be in writing and timely delivered
by e-mail to the email address directly above. If you revoke this Agreement, all of its provisions shall be void and unenforceable. This
Agreement shall become effective on the eighth day after you sign it, so long as you have not exercised your right to revoke it (such
date, the “Effective Date”).

 

This Agreement may be signed on one or more copies,
each of which when signed shall be deemed to be an original, and all of which together shall constitute one and the same Agreement. If
the foregoing correctly sets forth our understanding, please sign, date and return the enclosed copy of this Agreement in accordance with
Section 15 above.

 

	Sincerely,	 
	 	 
	BUTTERFLY NETWORK, INC.	 
	 	 
	By:	 	 
	 	 
	Date:	 	 
	 	 
	Agreed and Acknowledged:	 
	 	 
	 	 
	[Name]	 
	 	 
	Date:	 	 

 

    21Exhibit 10.21

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH MAY BE THE LEGAL COUNSEL OPINION (AS DEFINED IN THE PURCHASE AGREEMENT)),
IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144, RULE 144A
OR REGULATION S UNDER SAID ACT OR OTHER APPLICABLE EXEMPTION. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

	Principal Amount:	Issue Date:
	 	Note Number:

 

PROMISSORY
NOTE

 

FOR
VALUE RECEIVED, MODULAR MEDICAL, INC., a Nevada corporation (hereinafter called the “Borrower” or the “Company”),
hereby promises to pay to the order of (ENTITY), or registered assigns (the “Holder”), in the form of lawful money of the
United States of America, the principal sum of $Amount (subject to adjustment herein) (the “Principal Amount”) and to accrue
interest on the unpaid Principal Amount hereof at the rate of twelve percent (12%) (the “Interest Rate”) per annum from the
date hereof (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment
or otherwise, as further provided herein. The maturity date shall be twelve (12) months from the Issue Date (the “Maturity Date”),
and is the date upon which the Principal Amount as well as any accrued and unpaid interest and other fees, shall be due and payable.

 

This
Note may not be prepaid or repaid in whole or in part except as otherwise explicitly set forth herein.

 

Any
Principal Amount or accrued interest on this Note which is not paid when due shall bear interest at the rate of the lesser of (i) sixteen
percent (16%) per annum and (ii) the maximum amount permitted by law from the due date thereof until the same is paid (“Default
Interest”). Default Interest shall be computed on the basis of a 365-day year and the actual number of days elapsed.

 

All
payments due hereunder (to the extent not converted into shares of common stock, $0.001 par value per share, of the Borrower (the “Common
Stock”) in accordance with the terms hereof) shall be made in lawful money of the United States of America. All payments shall
be made at such address as the Holder shall hereafter give to the Borrower by written notice made in accordance with the provisions of
this Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a business day, the same
shall instead be due on the next succeeding day which is a business day.

 

Each
capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto in that certain Securities Purchase
Agreement, dated as of the Issue Date, pursuant to which this Note was originally issued (the “Purchase Agreement”). As used
in this Note, the term “business day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks
in the city of New York, New York are authorized or required by law or executive order to remain closed. As used herein, the term “Trading
Day” means any day that shares of Common Stock are listed for trading or quotation on the Principal Market (as defined in the Purchase
Agreement).

 

This
Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive
rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

The
following terms shall also apply to this Note:

 

    	1

    	 

    

 

ARTICLE
I. CONVERSION RIGHTS

 

1.1 Conversion Right. The Holder shall have the right, at any time following the day 271 days after the Issue Date, to convert all
or any portion of the then outstanding and unpaid Principal Amount and interest (including any Default Interest) into fully paid and
non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities
of the Borrower into which such Common Stock shall hereafter be changed or reclassified, at the Conversion Price (as defined below) determined
as provided herein (a “Conversion”); provided, however, that notwithstanding anything to the contrary contained herein,
the a Holder shall not have the right to convert any portion of this Note, pursuant to Section 1 or otherwise, to the extent that after
giving effect to such issuance after conversion as set forth on the applicable Notice of Conversion, the Holder (together with the Holder’s
affiliates (the “Affiliates”), and any other Persons (as defined below) acting as a group together with the Holder or any
of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial
Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned
by the Holder and Attribution Parties shall include the number of shares of Common Stock issuable upon conversion of this Note with respect
to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) conversion
of the remaining, nonconverted portion of this Note beneficially owned by the Holder or any of its Affiliates or Attribution Parties
and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company subject to a limitation
on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution
Parties. Except as set forth in the preceding sentence, for purposes of this Section 1.1, beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the
Holder that the Holder is solely responsible for any schedules required to be filed in accordance therewith. In addition, a determination
as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder. For purposes of this Section 1.1, in determining the number of outstanding shares of Common Stock,
a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or
annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent
written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written
or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares
of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect
to the conversion or exercise of securities of the Company, including this Note, by the Holder or its Affiliates or Attribution Parties
since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 4.99% of the number of shares of the Common Stock outstanding at the time of the respective calculation hereunder. “Person”
and “Persons” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an
unincorporated organization, any other entity and any governmental entity or any department or agency thereof. The limitations contained
in this paragraph shall apply to a successor holder of this Note. The number of Conversion Shares to be issued upon each conversion of
this Note shall be determined by dividing the Conversion Amount (as defined below) by the applicable Conversion Price then in effect
on the date specified in the notice of conversion, in the form attached hereto as Exhibit A (the “Notice of Conversion”),
delivered to the Borrower or Borrower’s transfer agent by the Holder in accordance with Section 1.4 below; provided that the Notice
of Conversion is submitted by facsimile or e-mail (or by other means resulting in, or reasonably expected to result in, notice) to the
Borrower or Borrower’s transfer agent before 11:59 p.m., New York, New York time on such conversion date (the “Conversion
Date”). The term “Conversion Amount” means, with respect to any conversion of this Note, the sum of (1) the Principal
Amount of this Note to be converted in such conversion plus (2) at the Holder’s option, accrued and unpaid interest, if
any, on such Principal Amount at the Interest Rate to the Conversion Date, plus (3) at the Holder’s option, Default Interest,
if any, on the amounts referred to in the immediately preceding clauses (1) and/or (2).

 

    	2

    	 

    

 

	1.2 Conversion Price.

 

(a) 
Calculation of Conversion Price. The per share conversion price into which Principal Amount and interest (including any Default
Interest) under this Note shall be convertible into shares of Common Stock hereunder (the “Conversion Price”) shall equal
$2.87 per share. If at any time the Conversion Price as determined hereunder for any conversion would be less than the par value of the
Common Stock, then at the sole discretion of the Holder, the Conversion Price hereunder may equal such par value for such conversion
and the Conversion Amount for such conversion may be increased to include Additional Principal, where “Additional Principal”
means such additional amount to be added to the Conversion Amount to the extent necessary to cause the number of conversion shares issuable
upon such conversion to equal the same number of conversion shares as would have been issued had the Conversion Price not been adjusted
by the Holder to the par value price. The Conversion Price is subject to equitable adjustments for stock splits, stock dividends or rights
offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower, combinations,
recapitalization, reclassifications, extraordinary distributions and similar events. Holder shall be entitled to deduct $1,750.00 from
the conversion amount in each Notice of Conversion to cover Holder’s fees associated with each Notice of Conversion.

 

1.3 Authorized and Reserved Shares. The Borrower
covenants that at all times until the Note is satisfied in full, the Borrower will reserve from its authorized and unissued Common Stock
a sufficient number of shares, free from preemptive rights, to provide for the issuance of a number of Conversion Shares equal to the
greater of: (a) 1,500,000 shares of Common Stock or (b) the sum of (i) the number of Conversion Shares issuable upon the full conversion
of this Note (assuming no payment of Principal Amount or interest) at the time of such calculation (taking into consideration any adjustments
to the Conversion Price as provided in this Note) multiplied by (ii) three (3) (the “Reserved Amount”). The Borrower
represents that upon issuance, the Conversion Shares will be duly and validly issued, fully paid and non-assessable. The Borrower (i)
acknowledges that it has irrevocably instructed its transfer agent to issue certificates for the Conversion Shares or instructions to
have the Conversion Shares issued as contemplated by Section 1.4(f) hereof, and (ii) agrees that its issuance of this Note shall constitute
full authority to its officers and agents who are charged with the duty of executing stock certificates or cause the Company to electronically
issue shares of Common Stock to execute and issue the necessary certificates for the Conversion Shares or cause the Conversion Shares
to be issued as contemplated by Section 1.4(f) hereof in accordance with the terms and conditions of this Note.

 

If,
at any time the Borrower does not maintain the Reserved Amount it will be considered an Event of Default (as defined in this Note) under
this Note.

 

	1.4 Method of Conversion.

 

(a) 
Mechanics of Conversion. This Note may be converted by the Holder in whole or in part, at any time on or following the Issue Date,
by submitting to the Borrower or Borrower’s transfer agent a Notice of Conversion (by facsimile, e-mail or other reasonable means
of communication dispatched on the Conversion Date prior to 11:59 p.m., New York, New York time). Any Notice of Conversion submitted
after 11:59 p.m., New York, New York time, shall be deemed to have been delivered and received on the next Trading Day.

 

(b)  Surrender of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in
accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the entire
unpaid Principal Amount is so converted. The Holder and the Borrower shall maintain records showing the Principal Amount so converted
and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower, so as not to
require physical surrender of this Note upon each such conversion. In the event of any dispute or discrepancy, such records of the Borrower
shall, prima facie, be controlling and determinative in the absence of manifest error. Notwithstanding the foregoing, if any portion
of this Note is converted as aforesaid, the Holder may not transfer this Note unless the Holder first physically surrenders this Note
to the Borrower, whereupon the Borrower will forthwith issue and deliver upon the order of the Holder a new Note of like tenor, registered
as the Holder (upon payment by the Holder of any applicable transfer taxes) may request, representing in the aggregate the remaining
unpaid Principal Amount of this Note. The Holder and any assignee, by acceptance of this Note, acknowledge and agree that, by reason
of the provisions of this paragraph, following conversion of a portion of this Note, the unpaid and unconverted Principal Amount of this
Note represented by this Note may be less than the amount stated on the face hereof.

 

(c) 
Payment of Taxes. The Borrower shall not be required to pay any tax which may be payable in respect of any transfer involved in
the issue and delivery of shares of Common Stock or other securities or property on conversion of this Note in a name other than that
of the Holder (or in street name), and the Borrower shall not be required to issue or deliver any such shares or other securities or
property unless and until the person or persons (other than the Holder or the custodian in whose street name such shares are to be held
for the Holder’s account) requesting the issuance thereof shall have paid to the Borrower the amount of any such tax or shall have
established to the satisfaction of the Borrower that such tax has been paid.

 

    	3

    	 

    

 

(d) 
Delivery of Common Stock Upon Conversion. Upon receipt by the Borrower or Borrower’s transfer agent from the Holder of a
facsimile transmission or e-mail (or other reasonable means of communication) of a Notice of Conversion meeting the requirements for
conversion as provided in this Section 1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order
of the Holder certificates for the Conversion Shares (or cause the electronic delivery of the Conversion Shares as contemplated by Section
1.4(f) hereof) within one (1) Trading Day after such receipt (the “Deadline”) (and, solely in the case of conversion of the
entire unpaid Principal Amount and interest (including any Default Interest) under this Note, surrender of this Note). If the Company
shall fail for any reason or for no reason to issue to the Holder on or prior to the Deadline a certificate for the number of Conversion
Shares or to which the Holder is entitled hereunder and register such Conversion Shares on the Company’s share register or to credit
the Holder’s balance account with DTC (as defined below) for such number of Conversion Shares to which the Holder is entitled upon
the Holder’s conversion of this Note (a “Conversion Failure”), then, in addition to all other remedies available to
the Holder, (i) the Company shall pay in cash to the Holder on each day after the Deadline and during such Conversion Failure an amount
equal to 2.0% of the product of (A) the sum of the number of Conversion Shares not issued to the Holder on or prior to the Deadline and
to which the Holder is entitled and (B) the closing sale price of the Common Stock on the Trading Day immediately preceding the last
possible date which the Company could have issued such Conversion Shares to the Holder without violating this Section 1.4(d); and (ii)
the Holder, upon written notice to the Company, may void its Notice of Conversion with respect to, and retain or have returned, as the
case may be, any portion of this Note that has not been converted pursuant to such Notice of Conversion; provided that the voiding of
an Notice of Conversion shall not affect the Company’s obligations to make any payments which have accrued prior to the date of
such notice. In addition to the foregoing, if on or prior to the Deadline the Company shall fail to issue and deliver a certificate to
the Holder and register such Conversion Shares on the Company’s share register or credit the Holder’s balance account with
DTC for the number of Conversion Shares to which the Holder is entitled upon the Holder’s exercise hereunder or pursuant to the
Company’s obligation pursuant to clause (ii) below, and if on or after such Trading Day the Holder purchases (in an open market
transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of shares of Common Stock issuable
upon such exercise that the Holder anticipated receiving from the Company, then the Company shall, within two (2) Trading Days after
the Holder’s request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s
total purchase price (including brokerage commissions and other reasonable and customary out-of-pocket expenses, if any) for the shares
of Common Stock so purchased (the “Buy-In Price”), at which point the Company’s obligation to deliver such certificate
(and to issue such Conversion Shares) or credit such Holder’s balance account with DTC for such Conversion Shares shall terminate,
or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Conversion Shares or credit
such Holder’s balance account with DTC and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price
over the product of (A) such number of shares of Common Stock, times (B) the closing sales price of the Common Stock on the date of exercise.
Nothing shall limit the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity, including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to
timely deliver certificates representing the Conversion Shares (or to electronically deliver such Conversion Shares) upon the
conversion of this Note as required pursuant to the terms hereof.

 

(e)  
Obligation of Borrower to Deliver Common Stock. At the time that the Holder submits the Notice of Conversion to the Borrower or
Borrower’s transfer agent, the Holder shall be deemed to be the holder of record of the Conversion Shares issuable upon such conversion,
the outstanding Principal Amount and the amount of accrued and unpaid interest (including any Default Interest) under this Note shall
be reduced to reflect such conversion, and, unless the Borrower defaults on its obligations under this Article I, all rights with respect
to the portion of this Note being so converted shall forthwith terminate except the right to receive the Common Stock or other securities,
cash or other assets, as herein provided, on such conversion. If the Holder shall have given a Notice of Conversion as provided herein,
the Borrower’s obligation to issue and deliver the certificates for the Conversion Shares (or cause the electronic delivery of
the Conversion Shares as contemplated by Section 1.4(f) hereof) shall be absolute and unconditional, irrespective of the absence of any
action by the Holder to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against
any person or any action to enforce the same, any failure or delay in the enforcement of any other obligation of the Borrower to the
holder of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of
any obligation to the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation of the Borrower
to the Holder in connection with such conversion. The Conversion Date specified in the Notice of Conversion shall be the Conversion Date
so long as the Notice of Conversion is sent to the Borrower or Borrower’s transfer agent before 11:59 p.m., New York, New York
time, on such date.

 

(f)  
Delivery of Conversion Shares by Electronic Transfer. In lieu of delivering physical certificates representing the Conversion
Shares issuable upon conversion hereof, provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast
Automated Securities Transfer or Deposit/Withdrawal at Custodian programs, upon request of the Holder and its compliance with the provisions
contained in Section 1.1 and in this Section 1.4, the Borrower shall use its best efforts to cause its transfer agent to electronically
transmit the Conversion Shares issuable upon conversion hereof to the Holder by crediting the account of Holder’s Prime Broker
with DTC through its Deposit Withdrawal Agent Commission system.

 

    	4

    	 

    

 

1.5 Concerning the Shares. The Conversion Shares
issuable upon conversion of this Note may not be sold or transferred unless (i) such shares are sold pursuant to an effective registration
statement under the 1933 Act or (ii) the Borrower or its transfer agent shall have been furnished with an opinion of counsel (which opinion
shall be the Legal Counsel Opinion (as defined in the Purchase Agreement)) to the effect that the shares to be sold or transferred may
be sold or transferred pursuant to an exemption from such registration or (iii) such shares are sold or transferred pursuant to Rule
144, Rule 144A, Regulation S, or other applicable exemption, or (iv) such shares are transferred to an “affiliate” (as defined
in Rule 144) of the Borrower who agrees to sell or otherwise transfer the shares only in accordance with this Section 1.5 and who is
an Accredited Investor (as defined in the Purchase Agreement). Except as otherwise provided in the Purchase Agreement (and subject to
the removal provisions set forth below), until such time as the Conversion Shares have been registered under the 1933 Act or otherwise
may be sold pursuant to Rule 144, Rule 144A, Regulation S, or other applicable exemption without any restriction as to the number of
securities as of a particular date that can then be immediately sold, each certificate for the Conversion Shares that has not been so
included in an effective registration statement or that has not been sold pursuant to an effective registration statement or an exemption
that permits removal of the legend, shall bear a legend substantially in the following form, as appropriate:

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH MAY BE THE LEGAL COUNSEL OPINION (AS DEFINED IN THE PURCHASE AGREEMENT)),
IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144, RULE 144A,
REGULATION S UNDER SAID ACT, OR OTHER APPLICABLE EXEMPTION. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

The
legend set forth above shall be removed and the Company shall issue to the Holder a certificate for the applicable Conversion Shares
without such legend upon which it is stamped or (as requested by the Holder) issue the applicable Conversion Shares by electronic delivery
by crediting the account of such holder’s broker with DTC, if, unless otherwise required by applicable state securities laws: (a)
such Conversion Shares are registered for sale under an effective registration statement filed under the 1933 Act or otherwise may be
sold pursuant to Rule 144, Rule 144A, Regulation S, or other applicable exemption without any restriction as to the number of securities
as of a particular date that can then be immediately sold, or (b) the Company or the Holder provides the Legal Counsel Opinion (as contemplated
by and in accordance with Section 4(m) of the Purchase Agreement) to the effect that a public sale or transfer of such Conversion Shares
may be made without registration under the 1933 Act, which opinion shall be accepted by the Company so that the sale or transfer is effected.
The Company shall be responsible for the fees of its transfer agent and all DTC fees associated with any such issuance. The Holder agrees
to sell all Conversion Shares, including those represented by a certificate(s) from which the legend has been removed, in compliance
with applicable prospectus delivery requirements, if any. In the event that the Company does not accept the opinion of counsel provided
by the Holder with respect to the transfer of Conversion Shares pursuant to an exemption from registration, such as Rule 144, Rule 144A,
Regulation S, or other applicable exemption, at the Deadline, notwithstanding that the conditions of Rule 144, Rule 144A, Regulation
S, or other applicable exemption, as applicable, have been met, it will be considered an Event of Default under this Note.

 

    	5

    	 

    

 

	1.6 Effect of Certain Events.

 

(a)   
Effect of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially
all of the assets of the Borrower, or the consolidation, merger or other business combination of the Borrower with or into any other
Person (as defined below) or Persons when the Borrower is not the survivor shall either: (i) be deemed to be an Event of Default pursuant
to which the Borrower shall be required to pay to the Holder upon the consummation of and as a condition to such transaction an amount
equal to the Default Amount (defined in Section 3.20) or (ii) be treated pursuant to Section 1.6(b) hereof. “Person” shall
mean any individual, corporation, limited liability company, partnership, association, trust or other entity or organization.

 

(b)  
Adjustment Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion
of all of this Note, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar
event, as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares of
another class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of all or substantially
all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower, then the Holder of this
Note shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon the terms and conditions specified
herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion, such stock, securities or assets which
the Holder would have been entitled to receive in such transaction had this Note been converted in full immediately prior to such transaction
(without regard to any limitations on conversion set forth herein), and in any such case appropriate provisions shall be made with respect
to the rights and interests of the Holder of this Note to the end that the provisions hereof (including, without limitation, provisions
for adjustment of the Conversion Price and of the number of shares issuable upon conversion of the Note) shall thereafter be applicable,
as nearly as may be practicable in relation to any securities or assets thereafter deliverable upon the conversion hereof. The Borrower
shall not effectuate any transaction described in this Section 1.6(b) unless (a) it first gives, to the extent practicable, at least
thirty (30) days prior written notice (but in any event at least fifteen (15) days prior written notice) of the record date of the special
meeting of shareholders to approve, or if there is no such record date, the consummation of, such merger, consolidation, exchange of
shares, recapitalization, reorganization or other similar event or sale of assets (during which time the Holder shall be entitled to
convert this Note) and (b) the resulting successor or acquiring entity (if not the Borrower) assumes by written instrument the obligations
of this Section 1.6(b). The above provisions shall similarly apply to successive consolidations, mergers, sales, transfers or share exchanges.

 

(c)    
Adjustment Due to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to acquire its
assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend
or distribution to the Borrower’s shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary
(i.e., a spin-off)) (a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion of this Note
after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such assets which would
have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had such Holder been the holder
of such shares of Common Stock on the record date for the determination of shareholders entitled to such Distribution.

 

(d)  
Purchase Rights. If, at any time when all or any portion of this Note is issued and outstanding, the Borrower issues any convertible
securities or rights to purchase stock, warrants, securities or other property (the “Purchase Rights”) pro rata to the record
holders of any class of Common Stock, then the Holder of this Note will be entitled to acquire, upon the terms applicable to such Purchase
Rights, the aggregate Purchase Rights which such Holder could have acquired if such Holder had held the number of shares of Common Stock
acquirable upon complete conversion of this Note (without regard to any limitations on conversion contained herein) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights or, if no such record is taken, the date
as of which the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.

 

    	6

    	 

    

 

(e)   
Dilutive Issuance. If the Borrower, at any time while this Note or any amounts due hereunder are outstanding, issues, sells or
grants (or has issued, sold or granted as of the Issue Date, as the case may be) any option to purchase, or sells or grants any right
to reprice, or otherwise disposes of, or issues (or has sold or issued, as the case may be, or announces any sale, grant or any option
to purchase or other disposition), any Common Stock or other securities convertible into, exercisable for, or otherwise entitle any person
or entity the right to acquire, shares of Common Stock (including, without limitation, upon conversion of this Note, and any convertible
notes or warrants outstanding as of or following the Issue Date), in each or any case at an effective price per share that is lower than
the then Conversion Price (such lower price, the “Base Conversion Price” and such issuances, collectively, a “Dilutive
Issuance”) (it being agreed that if the holder of the Common Stock or other securities so issued shall at any time, whether by
operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants,
options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective
price per share that is lower than the Conversion Price, such issuance shall be deemed to have occurred for less than the Conversion
Price on such date of the Dilutive Issuance), then the Conversion Price shall be reduced, at the option of the Holder, to a price equal
to the Base Conversion Price. Such adjustment shall be made whenever such Common Stock or other securities are issued. By way of example,
and for the avoidance of doubt, if the Company issues a convertible promissory note (including but not limited to a Variable Rate Transaction),
and the holder of such convertible promissory note has the right to convert it into Common Stock at an effective price per share that
is lower than the then Conversion Price (including but not limited to a conversion price with a discount that varies with the trading
prices of or quotations for the Common Stock), then the Holder has the right to reduce the Conversion Price to such Base Conversion Price
(including but not limited to a conversion price with a discount that varies with the trading prices of or quotations for the Common
Stock) in perpetuity regardless of whether the holder of such convertible promissory note ever effectuated a conversion at the Base Conversion
Price. Notwithstanding the foregoing, no adjustment will be made under this Section 1.6(e) in respect of an Exempt Issuance. In the event
of an issuance of securities involving multiple tranches or closings, any adjustment pursuant to this Section 1.6(e) shall be calculated
as if all such securities were issued at the initial closing.

 

An
“Exempt Issuance” shall mean the issuance of (a) shares of Common Stock or other securities to officers,directors, contractors,
or service providers of the Company pursuant to any stock or option or similar equity incentive plan duly adopted for such purpose, by
a majority of the non-employee members of the Company’s Board of Directors or a majority of the members of a committee of non-employee
directors established for such purpose in a manner which is consistent with the Company’s prior business practices; (b) securities
issued pursuant to a merger, consolidation, acquisition or similar business combination approved by a majority of the disinterested directors
of the Company, provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or
through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and
shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which
the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in
securities; (c) securities issued pursuant to any equipment loan or leasing arrangement, real property leasing arrangement or debt financing
from a bank or similar financial institution approved by a majority of the disinterested directors of the Company; or (d) securities
issued with respect to which the Holder waives its rights in writing under this Section 1.6(e).

 

(f)    
Notice of Adjustments. Upon the occurrence of each adjustment or readjustment of the Conversion Price as a result of the events
described in this Section 1.6, the Borrower shall, at its expense and within one (1) calendar day after the occurrence of each respective
adjustment or readjustment of the Conversion Price, compute such adjustment or readjustment and prepare and furnish to the Holder a certificate
setting forth (i) the Conversion Price in effect at such time based upon the Dilutive Issuance, (ii) the number of shares of Common Stock
and the amount, if any, of other securities or property which at the time would be received upon conversion of the Note, (iii) the detailed
facts upon which such adjustment or readjustment is based, and (iv) copies of the documentation (including but not limited to relevant
transaction documents) that evidences the adjustment or readjustment. The Borrower shall, within one (1) calendar day after each written
request from the Holder, furnish to such Holder a like certificate setting forth (i) the Conversion Price in effect at such time based
upon the Dilutive Issuance, (ii) the number of shares of Common Stock and the amount, if any, of other securities or property which at
the time would be received upon conversion of the Note, (iii) the detailed facts upon which such adjustment or readjustment is based,
and (iv) copies of the documentation (including but not limited to relevant transaction documents) that evidences the adjustment or readjustment.

 

    	7

    	 

    

 

	1.7 [Intentionally Omitted].

 

1.8 Status as Shareholder. Upon submission of a Notice
of Conversion by a Holder, (i) the Conversion Shares covered thereby (other than the Conversion Shares, if any, which cannot be issued
because their issuance would exceed such Holder’s allocated portion of the Reserved Amount or Maximum Share Amount) shall be deemed
converted into shares of Common Stock and (ii) the Holder’s rights as a Holder of such converted portion of this Note shall cease
and terminate, excepting only the right to receive certificates for such shares of Common Stock and to any remedies provided herein or
otherwise available at law or in equity to such Holder because of a failure by the Borrower to comply with the terms of this Note. Notwithstanding
the foregoing, if a Holder has not received certificates for all shares of Common Stock prior to the tenth (10th) business day after
the expiration of the Deadline with respect to a conversion of any portion of this Note for any reason, then (unless the Holder otherwise
elects to retain its status as a holder of Common Stock by so notifying the Borrower) the Holder shall regain the rights of a Holder
of this Note with respect to such unconverted portions of this Note and the Borrower shall, as soon as practicable, return such unconverted
Note to the Holder or, if the Note has not been surrendered, adjust its records to reflect that such portion of this Note has not been
converted. In all cases, the Holder shall retain all of its rights and remedies for the Borrower’s failure to convert this Note.

 

1.9 Prepayment. At any time on or prior to the 270th
calendar day after the Issue Date, and so long as an Event of Default has not occurred under this Note, the Borrower shall have
the right, exercisable on three (3) Trading Days prior written notice to the Holder of the Note (for the avoidance of doubt, the last
day that the Borrower may exercise its right to prepay (so long as an Event of Default has not occurred under this Note) shall be three
(3) Trading Days prior to the 270th calendar day after the Issue Date), to prepay the outstanding Principal Amount and interest
then due under this Note in accordance with this Section 1.9. Any notice of prepayment hereunder (an “Optional Prepayment Notice”)
shall be delivered to the Holder of the Note at its registered addresses and shall state: (1) that the Borrower is exercising its right
to prepay the Note, and (2) the date of prepayment which shall be three (3) Trading Days from the date of the Optional Prepayment Notice
(the “Optional Prepayment Date”) (for the avoidance of doubt, the Optional Prepayment Date must be on or prior to the 180th
calendar day after the Issue Date). The Holder shall have the right, at all times prior to the actual receipt of the full prepayment
amount on the Optional Prepayment Date, to instead convert all or any portion of the Note pursuant to the terms of this Note, including
the amount of this Note to be prepaid by the Borrower in accordance with this Section 1.9. On the Optional Prepayment Date, the Borrower
shall make payment of the amounts designated below to or upon the order of the Holder as specified by the Holder in writing to the Borrower.
If the Borrower exercises its right to prepay the Note in accordance with this Section 1.9, the Borrower shall make payment to the Holder
of an amount in cash equal to the sum of: (w) the Prepayment Factor (as defined below) multiplied by the Principal Amount then outstanding
plus (x) the Prepayment Factor multiplied by the accrued and unpaid interest on the Principal Amount to the Optional Prepayment
Date. The “Prepayment Factor” shall mean 110%. 

 

If
the Borrower delivers an Optional Prepayment Notice and fails to pay the applicable prepayment amount due to the Holder of the Note as
provided in this Section 1.9, then the Borrower shall forever forfeit its right to prepay any part of the Note pursuant to this Section
1.9.

 

1.10 Repayment from Proceeds. If, at any time prior
to the full repayment or full conversion of all amounts owed under this Note, the Company receives cash proceeds from any source or series
of related or unrelated sources, including but not limited to, from payments from customers, the issuance of equity or debt, the conversion
of outstanding warrants of the Borrower, the issuance of securities pursuant to an equity line of credit of the Borrower or the sale
of assets, the Borrower shall, within one (1) business day of Borrower’s receipt of such proceeds, inform the Holder of or publicly
disclose such receipt, following which the Holder shall have the right in its sole discretion to require the Borrower to immediately
apply all or any portion of such proceeds to repay all or any portion of the outstanding Principal Amount and interest (including any
Default Interest) then due under this Note. 

 

1.11 Mandatory Conversion. At such time as Borrower
shall complete an offering of common stock or other securities (“The Qualified Capital Raise”) in excess of $12 million in
gross proceeds the Holder of this Note shall be required to convert all principal and accrued interest into the securities of such offering.
For the purpose of determining the conversion rate, the sum of principal and accrued interest shall be treated as investment into this
Qualified Capital Raise once the following adjustments have been applied: the sum of principal and accrued interest shall be multiplied
by 1.25; e.g., $1000 of principal which had accrued $60 of interest would be treated as if it were ($1000 + $60) = $1060 X 1.25 = $1325
of capital invested in the Qualified Capital Raise for the purposes of determining the number of securities issued to Holder.

 

    	8

    	 

    

 

ARTICLE
II. RANKING AND CERTAIN COVENANTS

 

2.1 Ranking. This Note (as a class including all those investing in it at these terms) shall have priority over all future unsecured
indebtedness of the Borrower.

 

2.2 Other Indebtedness. So long as the Borrower shall have any obligation under this Note, the Borrower shall not (directly or indirectly
through any Subsidiary or affiliate) incur or suffer to exist or guarantee any unsecured indebtedness that is senior to or pari passu
with (in priority of payment and performance) the Borrower’s obligations hereunder.

 

2.3 Distributions on Capital Stock. So long as the Borrower shall have any obligation under this Note, the Borrower shall not without
the Holder’s written consent (a) pay, declare or set apart for such payment, any dividend or other distribution (whether in cash,
property or other securities) on shares of capital stock other than dividends on shares of Common Stock solely in the form of additional
shares of Common Stock or (b) directly or indirectly or through any subsidiary make any other payment or distribution in respect of its
capital stock except for distributions pursuant to any shareholders’ rights plan which is approved by a majority of the Borrower’s
disinterested directors.

 

2.4 Restriction on Stock Repurchases and Debt Repayments. So long as the Borrower shall have any obligation under this Note, the Borrower
shall not without the Holder’s written consent redeem, repurchase or otherwise acquire (whether for cash or in exchange for property
or other securities or otherwise) in any one transaction or series of related transactions any shares of capital stock of the Borrower
or any warrants, rights or options to purchase or acquire any such shares, or repay any pari passu or subordinated indebtedness of Borrower.

 

2.5 Sale of Assets. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s
written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business. Any
consent by Holder to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

 

2.6 Advances and Loans; Affiliate Transactions. So long as the Borrower shall have any obligation under this Note, the Borrower shall
not, without the Holder’s written consent, lend money, give credit, make advances to or enter into any transaction with any person,
firm, joint venture or corporation, including, without limitation, officers, directors, employees, subsidiaries and affiliates of the
Borrower, except loans, credits or advances (a) in existence or committed on the Issue Date and which the Borrower has informed Holder
in writing prior to the Issue Date, (b) in regard to transactions with unaffiliated third parties, made in the ordinary course of business
or (c) in regard to transactions with unaffiliated third parties, not in excess of $100,000. So long as the Borrower shall have any obligation
under this Note, the Borrower shall not, without the Holder’s written consent, repay any affiliate (as defined in Rule 144) of the Borrower
in connection with any indebtedness or accrued amounts owed to any such party.

 

2.7 Section 3(a)(9) or 3(a)(10) Transaction. So long as this Note is outstanding, the Borrower shall not enter into any transaction
or arrangement structured in accordance with, based upon, or related or pursuant to, in whole or in part, either Section 3(a)(9) of the
Securities Act (a “3(a)(9) Transaction”) or Section 3(a)(10) of the Securities Act (a “3(a)(10) Transaction”).
In the event that the Borrower does enter into, or makes any issuance of Common Stock related to a 3(a)(9) Transaction or a 3(a)(10)
Transaction while this note is outstanding, a liquidated damages charge of 25% of the outstanding principal balance of this Note, but
not less than $25,000, will be assessed and will become immediately due and payable to the Holder at its election in the form of a cash
payment or added to the balance of this Note (under Holder’s and Borrower’s expectation that this amount will tack back to the Issue
Date).

2.8
Preservation of Business and Existence, etc. So long as the Borrower shall have any obligation under this Note, the Borrower
shall not, without the Holder’s written consent, (a) change the nature of its business; (b) sell, divest, change the structure
of any material assets other than in the ordinary course of business; (c) enter into any Variable Rate Transaction; or (d) enter
into any merchant cash advance transactions. In addition, so long as the Borrower shall have any obligation under this Note, the
Borrower shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its existence, rights and privileges,
and become or remain, and cause each of its Subsidiaries (other than dormant Subsidiaries that have no or minimum assets) to become
or remain, duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by
it or in which the transaction of its business makes such qualification necessary.

 

2.9 Noncircumvention. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate or Articles
of Incorporation or Bylaws, or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms
of this Note, and will at all times in good faith carry out all the provisions of this Note and take all action as may be required to
protect the rights of the Holder.

 

2.10 Lost, Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder
to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Note, the Company shall execute
and deliver to the Holder a new Note.

 

    	9

    	 

    

 

ARTICLE
III. EVENTS OF DEFAULT

 

It
shall be considered an event of default if any of the following events listed in this Article III (each, an “Event of Default”)
shall occur:

 

3.1 Failure to Pay Principal or Interest. The Borrower fails to pay the Principal Amount hereof or interest thereon when due on this
Note, whether at maturity, upon acceleration or otherwise, or fails to fully comply with Section 1.10 of this Note.

 

3.2 Conversion and the Shares. The Borrower (i) fails to issue Conversion Shares to the Holder (or announces or threatens in writing
that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance with
the terms of this Note, (ii) fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated form)
any certificate for the Conversion Shares issuable to the Holder upon conversion of or otherwise
pursuant to this Note as and when required by this Note, (iii) fails to reserve the Reserved Amount at all times, (iv) the Borrower directs
its transfer agent not to transfer or delays, impairs, and/or hinders its transfer agent in transferring (or issuing) (electronically
or in certificated form) any certificate for the Conversion Shares issuable to the Holder upon conversion of or otherwise pursuant to
this Note as and when required by this Note, or fails to remove (or directs its transfer agent not to remove or impairs, delays, and/or
hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on
any certificate for any Conversion Shares issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required
by this Note (or makes any written announcement, statement or threat that it does not intend to honor the obligations described in this
paragraph) and any such failure shall continue uncured (or any written announcement, statement or threat not to honor its obligations
shall not be rescinded in writing) for two (2) Trading Days after the Holder shall have delivered a Notice of Conversion, and/or (v)
fails to remain current in its obligations to its transfer agent (including but not limited to payment obligations to its transfer agent).
It shall be an Event of Default of this Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by
the Borrower to its transfer agent. If at the option of the Holder, the Holder advances any funds to the Borrower’s transfer agent
in order to process a conversion, such advanced funds shall be added to the principal balance of the Note.

 

3.3 Breach of Agreements and Covenants. The Borrower breaches any covenant, agreement, or other term or condition contained in the
Purchase Agreement, this Note, Irrevocable Transfer Agent Instructions, Warrant (as defined in the Purchase Agreement) (the “Warrant”),
Registration Rights Agreement (as defined in the Purchase Agreement) (the “Registration Rights Agreement”), or in any agreement,
statement or certificate given in writing pursuant hereto or in connection herewith or therewith.

 

3.4 Breach of Representations and Warranties. Any representation or warranty of the Borrower made in the Purchase Agreement, this
Note, Irrevocable Transfer Agent Instructions, Warrant, Registration Rights Agreement, or in any agreement, statement or certificate
given in writing pursuant hereto or in connection herewith or therewith shall be false or misleading in any material respect when made.

 

3.5 Receiver or Trustee. The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors, or
apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such
a receiver or trustee shall otherwise be appointed.

 

3.6 Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary,
for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower or any subsidiary
of the Borrower.

 

3.7 Failure to Comply with the 1934 Act. At any time after the Issue Date, the Borrower shall fail to comply with the reporting requirements
of the 1934 Act and/or the Borrower shall cease to be subject to the reporting requirements of the 1934 Act.

 

3.8 Liquidation. Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

    	10

    	 

    

 

3.9 Cessation of Operations. Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its
debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going
concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

 

3.10 Maintenance of Assets. The failure by Borrower to maintain any material intellectual property rights, personal, real property
or other assets which are necessary to conduct its business (whether now or in the future).

 

3.11 Financial Statement Restatement. The material restatement of any financial statements filed by the Borrower with the SEC for any
date or period from two years prior to the Issue Date of this Note and until this Note is no longer outstanding.

 

3.12 Replacement of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails to provide,
prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered
pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved
Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

3.13 Cross-Default. The declaration of an event of default by any lender or other extender of credit to the Company under any notes,
loans, agreements or other instruments of the Company evidencing any Indebtedness of the Company (including those filed as exhibits to
or described in the Company’s filings with the SEC), after the passage of all applicable notice and cure or grace periods.

 

3.14 Variable Rate Transactions. The Borrower consummates a Variable Rate Transaction at any time on or after the Issue Date.

 

3.15 Inside Information. Any attempt by the Borrower or its officers, directors, and/or affiliates to transmit, convey, disclose, or
any actual transmittal, conveyance, or disclosure by the Borrower or its officers, directors, and/or affiliates of, material non-public
information concerning the Borrower, to the Holder or its successors and assigns, which is not immediately cured by Borrower’s
filing of a Form 8-K pursuant to Regulation FD on that same date.

 

3.16 Unavailability of Rule 144. If, at any time on or after the date that is six (6) calendar months after the Issue Date, the Holder
is unable to (i) obtain a standard “144 legal opinion letter” from an attorney reasonably acceptable to the Holder, the Holder’s
brokerage firm (and respective clearing firm), and the Borrower’s transfer agent in order to facilitate the Holder’s conversion
of any portion of the Note into free trading shares of the Borrower’s Common Stock pursuant to Rule 144, and/or (ii) thereupon
deposit such shares into the Holder’s brokerage account.

 

3.17 Delisting, Suspension, or Quotation of Trading of Common Stock. If, at any time on or after the Issue Date, the Borrower’s
Common Stock (i) is suspended from trading, (ii) halted from trading, and/or (iii) fails to be quoted or listed (as applicable) on a
Principal Market if such issue is not cured within 10 days.

 

3.19 Failure to Register. The Borrower fails to (1) file a registration statement covering the Holder’s resale at prevailing
market prices (and not fixed prices) of all of the Common Stock (the “Registration Statement”) underlying the Note and Warrant
within sixty (60) calendar days following the Issue Date, (ii) cause the Registration Statement to become effective within one hundred
and twenty (120) calendar days following the Issue Date, (iii) cause the Registration Statement to remain effective until the Note is
extinguished in its entirety and the Warrant is exercised in the entirety, (iv) comply with the provisions of the Registration Rights
Agreement, or (v) immediately amend the Registration Statement or file a new Registration Statement (and cause such Registration Statement
to become immediately effective) if there are no longer sufficient shares registered under the initial Registration Statement for the
Holder’s resale at prevailing market prices (and not fixed prices) of all of the Common Stock underlying the Note and Warrant.

 

3.20 Rights and Remedies Upon an Event of Default. Upon the occurrence of any Event of Default specified in this Article III, this
Note shall become immediately due and payable, and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder,
an amount equal to the Principal Amount then outstanding plus accrued interest (including any Default Interest) through the date of full
repayment multiplied by 125% (collectively the “Default Amount”), as well as all costs, including, without limitation, legal
fees and expenses, of collection, all without demand, presentment or notice, all of which hereby are expressly waived by the Borrower.
Holder may, in its sole discretion, determine to accept payment part in Common Stock and part in cash. For purposes of payments in Common
Stock, the conversion formula set forth in Section 1.2 shall apply as well as all other provisions of this Note. The Holder shall be
entitled to exercise all other rights and remedies available at law or in equity.

 

    	11

    	 

    

 

ARTICLE
IV. MISCELLANEOUS

 

4.1 Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privileges. All rights and remedies of the Holder existing hereunder
are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

4.2 Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be
in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified,
return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, e-mail or facsimile, addressed as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective
(a) upon hand delivery or delivery by e-mail or facsimile, with accurate confirmation generated by the transmitting facsimile machine,
at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received),
or the first business day following such delivery (if delivered other than on a business day during normal business hours where such
notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid,
addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications
shall be:

 

If
to the Borrower, to:

 

MODULAR
MEDICAL, INC.

16772
West Bernardo Drive

San
Diego, California 92127

Attention:
Paul DiPerna

e-mail:
IR@modular-medical.com

 

If
to the Holder:

 

4.3 Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the
Holder. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument as originally
executed, or if later amended or supplemented, then as so amended or supplemented.

 

4.4 Assignability. This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit
of the Holder and its successors and assigns. The Borrower shall not assign this Note or any rights or obligations hereunder without
the prior written consent of the Holder. The Holder may assign its rights hereunder to any “accredited investor” (as defined
in Rule 501(a) of the 1933 Act) in a private transaction from the Holder or to any of its “affiliates”, as that term is defined
under the 1934 Act, without the consent of the Borrower. Notwithstanding anything in this Note to the contrary, this Note may be pledged
as collateral in connection with a bona fide margin account or other lending arrangement. The Holder and any assignee, by acceptance
of this Note, acknowledge and agree that following conversion of a portion of this Note, the unpaid and unconverted principal amount
of this Note represented by this Note may be less than the amount stated on the face hereof.

 

4.5 Cost of Collection. If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection,
including reasonable attorneys’ fees.

 

    	12

    	 

    

 

4.6
Governing Law; Venue; Attorney’s Fees. This Note shall be governed by and construed in accordance with
the laws of the State of Nevada without regard to principles of conflicts of laws. Any action brought by either party against
the other concerning the transactions contemplated by this Note or any other agreement, certificate, instrument or document contemplated
hereby shall be brought only in the state courts located in the State of California or federal courts located in the State of
California. The Borrower hereby irrevocably waives any objection to jurisdiction and venue of any action instituted hereunder
and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. THE BORROWER
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTIONS CONTEMPLATED HEREBY. Each party hereby irrevocably waives
personal service of process and consents to process being served in any suit, action or proceeding in connection with this Note
or any other agreement, certificate, instrument or document contemplated hereby or thereby by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Note and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. The prevailing party
in any action or dispute brought in connection with this the Note or any other agreement, certificate, instrument or document
contemplated hereby or thereby shall be entitled to recover from the other party its reasonable attorney’s fees and costs.

 

4.7 Certain Amounts. Whenever pursuant to this Note the Borrower is required to pay an amount in excess of the outstanding Principal
Amount (or the portion thereof required to be paid at that time) plus accrued and unpaid interest plus Default Interest on such interest,
the Borrower and the Holder agree that the actual damages to the Holder from the receipt of cash payment on this Note may be difficult
to determine and the amount to be so paid by the Borrower represents stipulated damages and not a penalty and is intended to compensate
the Holder in part for loss of the opportunity to convert this Note and to earn a return from the sale of shares of Common Stock acquired
upon conversion of this Note at a price in excess of the price paid for such shares pursuant to this Note. The Borrower and the Holder
hereby agree that such amount of stipulated damages is not plainly disproportionate to the possible loss to the Holder from the receipt
of a cash payment without the opportunity to convert this Note into shares of Common Stock.

 

4.8 Purchase Agreement. The Company and the Holder shall be bound by the applicable terms of the Purchase Agreement and the documents
entered into in connection herewith and therewith.

 

4.9 Notice of Corporate Events. Except as otherwise provided below, the Holder of this Note shall have no rights as a Holder of Common
Stock unless and only to the extent that it converts this Note into Common Stock. The Borrower shall provide the Holder with prior notification
of any meeting of the Borrower’s shareholders (and copies of proxy materials and other information sent to shareholders). In the
event of any taking by the Borrower of a record of its shareholders for the purpose of determining shareholders who are entitled to receive
payment of any dividend or other distribution, any right to subscribe for, purchase or otherwise acquire (including by way of merger,
consolidation, reclassification or recapitalization) any share of any class or any other securities or property, or to receive any other
right, or for the purpose of determining shareholders who are entitled to vote in connection with any change in control or any proposed
liquidation, dissolution or winding up of the Borrower, the Borrower shall mail a notice to the Holder, at least twenty (20) days prior
to the record date specified therein (or thirty (30) days prior to the consummation of the transaction or event, whichever is earlier),
of the date on which any such record is to be taken for the purpose of such dividend, distribution, right or other event, and a brief
statement regarding the amount and character of such dividend, distribution, right or other event to the extent known at such time. The
Borrower shall make a public announcement of any event requiring notification to the Holder hereunder substantially simultaneously with
the notification to the Holder in accordance with the terms of this Section 4.9.

 

4.10 Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder,
by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that the remedy at
law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the
Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law or in
equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach
of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without
any bond or other security being required.

 

    	13

    	 

    

 

4.11 Construction; Headings. This Note shall be deemed to be jointly drafted by the Company and all the Holder and shall not be construed
against any person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part of, or affect
the interpretation of, this Note.

 

4.12 Usury. To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever
claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at
any time hereafter in force, in connection with any action or proceeding that may be brought by the Holder in order to enforce any right
or remedy under this Note. Notwithstanding any provision to the contrary contained in this Note, it is expressly agreed and provided
that the total liability of the Company under this Note for payments which under the applicable law are in the nature of interest shall
not exceed the maximum lawful rate authorized under applicable law (the “Maximum Rate”), and, without limiting the foregoing,
in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums which under the applicable
law in the nature of interest that the Company may be obligated to pay under this Note exceed such Maximum Rate. It is agreed that if
the maximum contract rate of interest allowed by applicable law and applicable to this Note is increased or decreased by statute or any
official governmental action subsequent to the Issue Date, the new maximum contract rate of interest allowed by law will be the Maximum
Rate applicable to this Note from the effective date thereof forward, unless such application is precluded by applicable law. If under
any circumstances whatsoever, interest in excess of the Maximum Rate is paid by the Company to the Holder with respect to indebtedness
evidenced by this the Note, such excess shall be applied by the Holder to the unpaid principal balance of any such indebtedness or be
refunded to the Company, the manner of handling such excess to be at the Holder’s election.

 

4.13 Severability. In the event that any provision of this Note is invalid or unenforceable under any applicable statute or rule of
law (including any judicial ruling), then such provision shall be deemed inoperative to the extent that it may conflict therewith and
shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under
any law shall not affect the validity or enforceability of any other provision of this Note.

 

4.14 Terms of Future Financings. So long as this Note is outstanding, upon any issuance by the Borrower or any of its subsidiaries
of any security, or amendment to a security that was originally issued before the Issue Date, with any term that the Holder reasonably
believes is more favorable to the holder of such security or with a term in favor of the holder of such security that the Holder reasonably
believes was not similarly provided to the Holder in this Note, then (i) the Borrower shall notify the Holder of such additional or more
favorable term within one (1) business day of the issuance and/or amendment (as applicable) of the respective security, and (ii) such
term, at Holder’s option, shall become a part of the transaction documents with the Holder (regardless of whether the Borrower
complied with the notification provision of this Section 4.14). The types of terms contained in another security that may be more favorable
to the holder of such security include, but are not limited to, terms addressing prepayment rate, interest rates, and original issue
discounts.

 

4.15 Dispute Resolution. In the case of a dispute as to the determination of the Conversion Price, Conversion Amount, any prepayment
amount or Default Amount, Issue, Closing or Maturity Date, the closing bid price, or fair market value (as the case may be) or the arithmetic
calculation of the Conversion Price or the applicable prepayment amount(s) (as the case may be), the Borrower or the Holder shall submit
the disputed determinations or arithmetic calculations via facsimile (i) within one (1) Trading Day after receipt of the applicable notice
giving rise to such dispute to the Borrower or the Holder or (ii) if no notice gave rise to such dispute, at any time after the Holder
learned of the circumstances giving rise to such dispute. If the Holder and the Borrower are unable to agree upon such determination
or calculation within one (1) Trading Day of such disputed determination or arithmetic calculation (as the case may be) being submitted
to the Borrower or the Holder, then the Borrower shall, within one (1) Trading Day, submit (a) the disputed determination of the Conversion
Price, the closing bid price, the or fair market value (as the case may be) to an independent, reputable investment bank selected by
the Borrower and approved by the Holder or (b) the disputed arithmetic calculation of the Conversion Price, Conversion Amount, any prepayment
amount or Default Amount, to an independent, outside accountant selected by the Holder that is reasonably acceptable to the Borrower.
The Borrower shall cause at its expense the investment bank or the accountant to perform the determinations or calculations and notify
the Borrower and the Holder of the results no later than one (1) Trading Day from the time it receives such disputed determinations or
calculations. Such investment bank’s or accountant’s determination or calculation shall be binding upon all parties absent
demonstrable error.

 

    	14

    	 

    

 

4.16 Right of First Refusal. If at any time while this Note is outstanding, the Borrower has a bona fide offer of capital or financing
from any 3rd party, that the Borrower intends to act upon, then the Borrower must first offer such opportunity to the Holder to provide
such capital or financing to the Borrower on the same terms as each respective 3rd party’s terms. Should the Holder be unwilling
or unable to provide such capital or financing to the Borrower within five (5) Trading Days from Holder’s receipt of written notice
of the offer (the “Offer Notice”) from the Borrower, then the Borrower may obtain such capital or financing from that respective
3rd party upon the exact same terms and conditions offered by the Borrower to the Holder, which transaction must be completed within
30 days after the date of the Offer Notice. If the Borrower does not receive the capital or financing from the respective 3rd party within
30 days after the date of the respective Offer Notice, then the Borrower must again offer the capital or financing opportunity to the
Holder as described above, and the process detailed above shall be repeated. 

 

4.17 Exchange Right. For the avoidance of doubt, and in addition to all other rights in this Note, the Holder shall have the Exchange
Right (as defined in the Purchase Agreement) as provided for in Section 4(l) of the Purchase Agreement.

 

[signature
page follows]

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by its duly authorized officer on the Issue Date.

 

MODULAR
MEDICAL, INC.

 

	By:	 
	 	Name:
    Paul DiPerna
	 	Title:
    Chief Executive Officer

 

    	15

    	 

    

 

EXHIBIT
A -- NOTICE OF CONVERSION

 

The
undersigned hereby elects to convert $ principal amount of the Note (defined below) into that number of shares of Common Stock
to be issued pursuant to the conversion of the Note (“Common Stock”) as set forth below, of MODULAR MEDICAL, INC.,
a Nevada corporation (the “Borrower”), according to the conditions of the promissory note of the Borrower dated as of ____________
(the “Note”), as of the date written below. No fee will be charged to the Holder for any conversion, except for transfer
taxes, if any.

 

Box
Checked as to applicable instructions:

 

	☐	The
    Borrower shall electronically transmit the Common Stock issuable pursuant to this Notice of Conversion to the account of the undersigned
    or its nominee with DTC through its Deposit Withdrawal Agent Commission system (“DWAC Transfer”).

	 	Name
    of DTC Prime Broker:
	 	Account
    Number:

 

	☐	The
undersigned hereby requests that the Borrower issue a certificate or certificates for the number of shares of Common Stock set
forth below (which numbers are based on the Holder’s calculation attached hereto) in the name(s) specified immediately below
or, if additional space is necessary, on an attachment hereto:

 

	Date
    of Conversion:	 
	Applicable
    Conversion Price:	$
	Number
of Shares of Common Stock to be
	
	Issued Pursuant to Conversion of the Note:	               _________________________
	Amount
    of Principal Balance Due remaining	
	Under the Note after this conversion:	               _________________________

 

	By:
	Name:
	Title:
	Date:

 

	16

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