Document:

Exhibit 10.1

 

Employment
Agreement

 

This Employment Agreement
(“Agreement”) is made as of July 20, 2021, between Butterfly Network, Inc., a Delaware corporation, (the
 “Company”), and Todd Fruchterman, an individual, (“Executive”).

 

WHEREAS, the Company’s
predecessor, Butterfly Network, Inc., (the “Predecessor Company”) and Executive entered into a binding term sheet
dated January 23, 2021 pursuant to which the Predecessor employed Executive as its Chief Executive Officer commencing February 1,
2021 (the “Binding Term Sheet”); and

 

WHEREAS,
the Predecessor Company subsequently consummated the transactions contemplated by that certain Business Combination Agreement dated as
of November 19, 2020 by and among Longview Acquisition Corp., a Delaware corporation, Clay Merger Sub, Inc., a Delaware corporation,
("Merger Sub") and the Predecessor Company pursuant to which, among other things, Merger Sub merged with and into the
Predecessor Company with the Company as the surviving company in the merger (the “Business Combination”); and

 

WHEREAS, the Company’s
shares commenced trading on the New York Stock Exchange on or about February 16, 2021; and

 

WHEREAS, the Company and Executive
desire to comply with the Binding Term Sheet by incorporating its terms into this integrated Agreement and to continue to employ Executive
on the terms contained in this Agreement;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

1.              Position
and Duties.

 

(a)            Executive
will serve as the President and Chief Executive Officer of the Company reporting to the Company’s Board of Directors (the “Board”).

 

(b)            The
Company agrees to propose to the shareholders of the Company at each appropriate annual meeting of such shareholders during the Term,
the election and reelection of Executive as a member of the Board. In addition, without further compensation, Executive will serve as
a director and/or officer of one or more of the Company’s subsidiaries or affiliates if so elected or appointed from time to time.
Upon termination of his employment with the Company for any reason, Executive immediately will resign as a member of the Board and will
resign from any other positions, offices and directorships he may have with the Company or any of its subsidiaries or affiliates.

 

(c)            Executive
will perform those services customary to these offices and such other lawful duties that may be reasonably assigned to him from time to
time by the Board, provided those duties are consistent with Executive’s position and authority. Executive will devote his best
efforts and substantially all of his business time to the performance of his duties under this Agreement and the advancement of the business
and affairs of the Company and will be subject to, and will comply in all material respects with, the policies of the Company applicable
to him. Notwithstanding the foregoing, Executive will be entitled to (i) serve as a member of the board of directors of up to two
other public companies, subject to the advance approval of the Board, which approval will not be unreasonably withheld, (ii) serve
on professional, civic, charitable, educational, religious, public interest, public service or medical advisory boards, and (iii) manage
Executive’s personal and family investments, in each case, to the extent such activities do not materially interfere, as determined
by the Board in good faith, with the performance of Executive’s duties and responsibilities hereunder.

 

     

     

    

 

2.              Term.
This Agreement and Executive’s employment hereunder commenced as of February 1, 2021 (the “Effective Date”)
and continues “at will” unless and until terminated earlier by the Company or Executive pursuant to Section 4 of this
Agreement (the “Term”).

 

3.              Compensation
and Related Matters.

 

(a)            Base
Salary. Executive’s annual base salary is initially $750,000.00 (the “Base Salary”). The Company will pay
the Base Salary in accordance with the Company’s normal payroll procedures in effect from time to time.

 

(b)            Annual
Bonus. During the Term, in respect of each fiscal year that ends during the Term commencing with the 2021 fiscal year, Executive will
be paid an annual cash performance bonus (an “Annual Bonus”) under the Company’s annual bonus plan (as in effect
from time to time for senior executives), to the extent earned based on achievement of performance criteria. The performance criteria
for any particular fiscal year will be determined by the Board or the Compensation Committee in its discretion, after consultation with
Executive, no later than sixty (60) days after the commencement of the relevant fiscal year. Executive’s target Annual Bonus opportunity
will be no less than 100% of Executive’s Base Salary as of the beginning of the applicable performance period (the “Target
Bonus”) if target levels of performance for that year are achieved. The Annual Bonus will scale based on exceeding or partially
achieving annual performance metrics, subject to a cap of 200% of Executive’s Base Salary. Executive’s Annual Bonus for a
bonus period will be determined by the Board or the Compensation Committee after the end of the applicable bonus period and will be paid
to Executive in the year following the year to which such Annual Bonus relates when annual bonuses for that year are paid to other senior
executives of the Company generally; provided, however, that in order to earn and be paid any Annual Bonus, Executive must be employed
by the Company on the date the Annual Bonus is paid to be eligible to receive payment of the Annual Bonus.

 

(c)            Signing
Bonus. The Company will pay Executive a sign on bonus in the amount of $1,000,000.00, payable in two equal installments, (the “Signing
Bonus”). The Company will pay the first installment of $500,000.00 on the Company’s next payroll period following the
Effective Date.1/
The Company will pay the second installment of $500,000.00 on the Company’s next payroll period following the first anniversary
of the Effective Date. If the Company terminates Executive’s employment with Cause or Executive resigns his employment without Good
Reason on or prior to the first anniversary of the Effective Date, Executive will be required to immediately repay the first installment
of the Signing Bonus and will forfeit the second installment.

 

(d)            Reimbursement
Bonus. Within thirty (30) days following the Effective Date, the Company will pay to Executive a reimbursement bonus such that after
all payroll and income withholding tax (withheld at the highest marginal federal and state income rates then in effect for 2021), Executive
will retain a net amount of $1,583,000.00 (the “Reimbursement Bonus”).2/
Executive will use this amount to pay his outstanding legal obligation to his former employer.  Executive will file
in connection with his 2021 tax returns with the applicable federal and state tax authorities for an income tax credit or deduction (i.e.
whichever produces the greater overall tax benefit) for income taxes paid in connection with the repayment of his obligation and the
resulting reduction in his 2020 gross income pursuant to Section 1341 of the United States Internal Revenue Code (the “Code”)
and similar state law and Executive will pay to the Company in 2022 an amount equal to the net income tax benefit he receives (i.e. by
virtue of the income tax credit or deduction) pursuant to Section 1341 of the Code and applicable state law.  In addition,
Executive will pay to the Company in 2021 the amount he receives from or is credited by his former employer as reimbursement for the
FICA taxes withheld from Executive in connection with the amount repaid to his former employer.  Executive will have no further
obligations to the Company after repayment of the forgoing amounts with respect to the Reimbursement Bonus.

 

 

 

1/The
parties acknowledge that this $500,000 amount was paid prior to the execution date of this Agreement.

2/
The parties acknowledge that the Reimbursement Bonus was paid prior to the execution date of this Agreement.

 

     

     

    

 

(e)            Equity
Incentives.

 

(i)             On
January 23, 2021, the Predecessor Company’s Board granted Executive an initial option award to purchase 1,500,000 shares of
the Company’s Common Stock at an exercise price of $15.87 per share, which equaled the shares’ fair market value on the grant
date (the “Initial Option Award”).3/ The Initial
Option Award will vest with respect to 25% of the shares subject to option on the first anniversary of the Effective Date and then in
equal monthly installments over the following three years. In addition, on January 23, 2021, the Predecessor Company’s Board
granted Executive a restricted stock unit award to receive 1,000,000 shares of the Company’s Common Stock (the “Initial
RSU Award”).4/
The Initial RSU Award will vest with respect to 25% of the shares subject to the award on each of the first four anniversaries
of the Effective Date. Each of the Initial Option Award and the Initial RSU Award will be issued under and subject to the Company’s
2012 Equity Incentive Plan and an award agreement for each such award.

 

(ii)            Commencing
with the 2021 performance year, Executive will be eligible for annual equity awards subject to such time and performance vesting as determined
by the Board or the Compensation Committee at the time of the grant. For the 2021 performance year, subject to approval of the Board or
the Compensation Committee, Executive will receive an award with a fair market value of $2,300,000.00 on the grant date (the “2021
Equity Award”). The 2021 Equity Award will vest over three years pursuant to time-based and performance criteria determined
by the Board or the Compensation Committee. For performance years 2021 and 2022 only, unless mutually agreed otherwise, (A) no more
than 50% by value of the annual equity award awarded to Executive will be subject to performance based vesting requirements, and (B) the
time and performance based vesting requirements will not differ materially from the vesting requirements set for the Company’s other
named executive officers in connection with their annual equity awards.

 

(f)             Business
Expenses. Executive will be entitled to receive prompt reimbursement for all reasonable business expenses incurred by him in performing
services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its senior executive
officers. At all times during the Term, Executive is authorized to travel Business Class for all business-related travel.

 

(g)            Other
Benefits. Executive will be entitled to participate in all pension, savings and retirement plans, welfare and insurance plans, practices,
policies, programs and perquisites of employment applicable generally to other senior executives of the Company. The Company will pay
Executive an allowance in 2021 of $20,000, payable in 2021, for expenses related to estate planning. Executive will provide the Company
documents demonstrating the allowance was used for estate planning expenses. In addition, the Company will reimburse Executive for the
reasonable expenses he incurs in connection for preparing his personal state and local tax returns, tax planning and estate planning for
each of the 2020 and 2021 tax years. The reimbursement for the 2020 tax year is for expenses incurred in 2021. The reimbursement for the
2021 tax year is for expenses incurred in 2022.

 

 

 

3/
In connection with the Business Combination, the number of shares subject to the Initial Option Award was adjusted to 1,557,450
shares and the exercise price was adjusted to $15.29 per share.

4/
In connection with the Business Combination, the number of shares subject to the Initial RSU Award was adjusted to 1,038,300 shares.

 

     

     

    

 

(h)            Vacation;
Holidays. The Company maintains a flexible vacation policy. Executive will manage his vacation time in accordance with the Company’s
policies, provided that the Company acknowledges that vacation time that is equal to or less than six weeks in any calendar year will
not be deemed a failure of Executive to satisfy the duties set forth in Section 1(c) of this Agreement. Executive is also entitled
to all paid holidays given by the Company to its executives.

 

(i)             Relocation.
The Company will reimburse Executive for the reasonable and customary expenses incurred in relocating himself and his immediate family
members, and will also pay him an additional gross up payment such that after Executive has paid all income and payroll taxes due on the
reimbursed relocation expenses and the gross up payment, Executive retains a net amount equal to the reimbursed relocation expenses. The
Company will pay any additional gross up payment no later than December 31 of the year following the year in which the relocation
expense was incurred.

 

(j)            Attorneys’
Fees. The Company will reimburse Executive for the reasonable attorneys’ fees and costs incurred by him in connection with the
drafting, review and negotiation of this Agreement and the agreements ancillary to this Agreement.

 

(k)            Withholding.
All amounts payable to Executive under this Agreement will be subject to all required federal, state and local withholding, payroll and
insurance taxes.

 

(l)            Annual
Compensation Review. The Board or the Compensation Committee will review Executive’s cash compensation package, including the
Base Salary and the Annual Bonus, for reasonable annual growth in compensation under the oversight and judgment of the Compensation Committee
and the approval of the Board.

 

(m)           Clawback.
Any amounts paid pursuant to this Agreement will be subject to recoupment in accordance with any claw back policy that the Company has
adopted or is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s
securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable
law.

 

4.            Termination.
Executive’s employment may be terminated and this Agreement terminated under the following circumstances:

 

(a)            Death.
Executive’s employment hereunder will terminate upon his death.

 

(b)            Disability.
The Company may terminate Executive’s employment if Executive becomes subject to a Disability. For purposes of this Agreement, “Disability”
means Executive is unable to perform the essential functions of his position as Chief Executive Officer, with or without a reasonable
accommodation, for a period of 120 calendar days (whether or not consecutive) within any rolling 12-month period or Executive is eligible
to receive benefits under a long-term disability plan sponsored by the Company.

 

     

     

    

 

(c)            Termination
by Company for Cause. The Company may terminate Executive’s employment for Cause. For purposes of this Agreement, “Cause”
means Executive’s: (i) willful misconduct or gross negligence in the performance of Executive’s duties as Chief Executive
Officer; (ii) refusal to follow the lawful directions of the Board; (iii) breach of a fiduciary duty owed to the Company or
its shareholders; (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 Executive is properly taking under a current prescription); (viii) misappropriation (or attempted misappropriation)
by Executive of 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 Executive’s
employment, including policies and rules prohibiting discrimination or harassment; or (x) a material breach of this Agreement,
the Non-Competition, Confidentiality and Intellectual Property Agreement or any other written agreement between the Company or one of
its subsidiaries and Executive, provided that Executive will have 30 days after notice from the Board to cure a failure or a breach under
(ix) or (x), if curable, (the “Cure Period”).

 

(d)            Termination
by the Company without Cause. The Company may terminate Executive’s employment at any time without Cause upon thirty (30) days
prior written notice.

 

(e)            Termination
by Executive. Executive may terminate his employment at any time for any reason other than for a Good Reason, upon thirty (30) days
prior written notice.

 

(f)             Termination
by Executive for Good Reason. Executive may terminate his employment for Good Reason. For purposes of this Agreement, “Good
Reason” means the occurrence of any of the following events without Executive’s consent: (i) a material reduction
of Executive’s Base Salary as in effect immediately prior to the reduction; (ii) a material reduction by the Company of Executive’s
Target Annual Bonus as in effect immediately prior to the reduction, provided a compensation plan change that affects similarly all employees
at similar levels will not constitute Good Reason; (iii) a material reduction in Executive’s authority, duties or responsibilities,
provided however, following a Change in Control Event, a change in job title or reporting relationship without a reduction in Executive’s
Base Salary or Annual Bonus target will not constitute Good Reason; (iv) relocation of the offices at which Executive is required
to work to a location that would increase Executive’s one-way commute by more than 50 miles; or (v) the failure to re-elect
Executive to serve as a director of the Board; provided that, within 30 days of the first occurrence of the event that Executive believes
constitutes Good Reason, Executive notifies the Board in writing of the event, the Company fails to correct the act or omission within
thirty (30) days of the date of Executive’s written notice (the “Cure Period”) and Executive actually terminates his
employment within sixty (60) days of the date of Executive’s written notice.

 

(g)            Termination
Date. The “Termination Date” means: (i) if Executive’s employment is terminated by his death under Section 4(a),
the date of his death; (ii) if Executive’s employment is terminated on account of his Disability under Section 4(b), the
date on which the Company provides Executive a written termination notice; (iii) if the Company terminates Executive’s employment
for Cause under Section 4(c), the date on which the Company provides Executive a written termination notice, unless the circumstances
giving rise to the termination are subject to a Cure Period, in which case the date on which the Company provides Executive a written
termination notice following the end of the Cure Period; (iv) if the Company terminates Executive’s employment without Cause
under Section 4(d), thirty (30) days after the date on which the Company provides Executive a written termination notice; (v) if
Executive resigns his employment without Good Reason under Section 4(e), thirty (30) days after the date on which Executive provides
the Company a written termination notice; and (vii) if Executive resigns his employment for Good Reason under Section 4(f),
the date on which Executive provides the Company a timely written termination notice following the end of the Cure Period.

 

     

     

    

 

5.            Compensation
upon Termination.

 

(a)            Termination
by the Company for Cause; by Executive without Good Reason. If the Company terminates Executive’s for Cause pursuant to Sections
4(c) or Executive terminates his employment without Good Reason pursuant to Section 4(e), the Company will pay or provide to
Executive the following amounts through the Termination Date: any earned but unpaid Base Salary, any unpaid expense reimbursements, any
earned but unpaid Annual Bonus, and any vested benefits Executive may have under any employee benefit plan of the Company (the “Accrued
Obligations”) on or before the time required by law but in no event more than 30 days after Executive’s Termination Date.

 

(b)            Death;
Disability. If Executive’s employment terminates because of his death as provided in Section 4(a) or because of a
Disability as provided in Section 4(b), then the Company will pay Executive the Accrued Obligations earned through the Termination
Date (payable at the time provided for in Section 5(a)) and the Company will vest a number of shares subject to the Initial Option
Award and a number shares subject to the Initial RSU Award, such that no less than 50% of the shares subject to those awards are vested
on the Termination Date.

 

(c)            Termination
by the Company without Cause, by Executive with Good Reason. If the Company terminates Executive’s employment without Cause
as provided in Section 4(d) or Executive terminates his employment for Good Reason as provided in Section 4(f), in each
case outside of a “Change in Control Period”, then Executive will be entitled to the following subject to Section 6:

 

(i)             The
Company will pay Executive the Accrued Obligations earned through the Termination Date (payable at the time provided for in Section 5(a)).

 

(ii)            The
Company will pay Executive severance in an amount equal to 1.0 times the sum of (A) the Base Salary at the rate in effect on the
Termination Date, and (B) the Target Bonus for the year in which the Termination Date occurs, payable in twelve equal monthly installments.

 

(iii)           Subject
to Executive’s timely election of continuation coverage under COBRA, the Company will reimburse Executive the monthly premium payable
to continue his and his eligible dependents’ participation in the Company’s group health plan (to the extent permitted under
applicable law and the terms of such plan) which covers Executive (and Executive’s eligible dependents) for a period of twelve (12)
months, provided that Executive is eligible and remains eligible for COBRA coverage; and provided, further, that
in the event that Executive obtains other employment that offers group health benefits, such continuation of coverage by the Company will
immediately cease. If the reimbursement of any COBRA premiums would violate the nondiscrimination rules or cause the reimbursement
of claims to be taxable under the Patient Protection and Affordable Care Act of 2010, together with the Health Care and Education Reconciliation
Act of 2010 (collectively, the “Act”) or Section 105(h) of the Code, the Company paid premiums will be treated
as taxable payments and be subject to imputed income tax treatment to the extent necessary to eliminate any discriminatory treatment or
taxation under the Act or Section 105(h) of the Code.

 

(iv)           Effective
as of the effective date of the Release, the vested percentage of all outstanding equity awards held by Executive immediately prior
to the Termination Date subject to time-based vesting requirements (including the Initial Option Award) will be determined by adding twelve
(12) months to the actual period of service that Executive completed with the Company.

 

(v)            The
Company will fully vest 100% of the remaining shares subject to the Initial RSU Award effective as of the date the Release required under
Section 6 becomes enforceable and irrevocable.

 

     

     

    

 

(d)            Termination
by the Company without Cause, by Executive with Good Reason in Connection with a Change in Control. If Executive’s employment
is terminated by the Company without Cause as provided in Section 4(d) or Executive terminates his employment for Good Reason
as provided in Section 4(f) during a “Change in Control Period”, then Executive will be entitled to the following
subject to Section 6:

 

(i)            The
Company will pay Executive the Accrued Obligations earned through the Termination Date (payable at the time provided for in Section 5(a)).

 

(ii)            The
Company will pay Executive severance in an amount equal to 2.0 times the sum of (A) the Base Salary at the rate in effect on the
Termination Date, and (B) the Target Bonus for the year in which the Termination Date occurs, payable in twenty-four equal monthly
installments.

 

(iii)           Subject
to Executive’s timely election of continuation coverage under COBRA, the Company will reimburse Executive the monthly premium payable
to continue his and his eligible dependents’ participation in the Company’s group health plan (to the extent permitted under
applicable law and the terms of such plan) which covers Executive (and Executive’s eligible dependents) for a period of twenty-four
(24) months, provided that Executive is eligible and remains eligible for COBRA coverage; and provided, further,
that in the event that Executive obtains other employment that offers group health benefits, such continuation of coverage by the Company
will immediately cease.  If the reimbursement of any COBRA premiums would violate the nondiscrimination rules or cause the reimbursement
of claims to be taxable under the Patient Protection and Affordable Care Act of 2010, together with the Health Care and Education Reconciliation
Act of 2010 (collectively, the “Act”) or Section 105(h) of the Code, the Company paid premiums will be treated
as taxable payments and be subject to imputed income tax treatment to the extent necessary to eliminate any discriminatory treatment or
taxation under the Act or Section 105(h) of the Code.

 

(iv)           The
Company will fully vest all outstanding equity awards held by Executive immediately prior to the Termination Date (if any) that are subject
to time-based vesting requirements effective as of the date the Release required under Section 6 becomes enforceable and irrevocable.

 

(v)            The
vesting and exercisability of all outstanding equity awards subject to performance-based vesting will be treated as set forth in Executive’s
equity award agreement governing such performance-based award, provided that if Executive’s termination occurs during a Change in
Control Period, but prior to the closing of the Change in Control Event, any outstanding equity awards with performance-based vesting
will remain eligible to vest in connection with the closing of the Change in Control notwithstanding the terms of such equity awards.

 

(vi)           For
purposes of this Agreement, the “Change in Control Period” is the period commencing 90 days prior to the public announcement
of a Change in Control Event and continuing through the second anniversary of the consummation of the Change in Control Event.

 

(vii)          For
purposes of this Agreement, “Change in Control Event” means the occurrence of any of the following events:

 

(A)            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 (i) the combined voting power of the Company’s then outstanding voting securities (the
 “Outstanding Company Voting Securities”) or (ii) the fair market value of the Company’s then outstanding voting
securities (but excluding any bona fide financing event in which securities are acquired directly from the Company); or

 

     

     

    

 

(B)             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

 

(C)             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;

 

(D)            provided
that with respect to Sections 5(vii)(A)(i), (B) and (C) above, a transaction or series of integrated transactions will not be
deemed a Change in Control Event (i) unless the transaction qualifies as a change in control within the meaning of Section 409A
of the Code, or (ii) 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.

 

6.            Separation
Agreement; Payment. The payments and benefits provided for in Sections 5(c) and (d) be conditioned on Executive or, in the
event of his death, his estate, executing and delivering to the Company a separation agreement that includes a full release of all claims
that Executive, his heirs and assigns may have against the Company, its affiliates and subsidiaries and each of their respective directors,
officers, employees and agents and substantially in the form attached hereto as Exhibit A (the “Release”).
The Release must become enforceable and irrevocable on or before ninetieth (90th) day following the Termination Date. The Company
will execute the Release on the date that Executive executes the Release. If Executive (or his estate) fails to execute without revocation
the Release (through no fault of the Company), he will be entitled to the Accrued Obligations only and no other benefits under Sections
5(c) and (d). The installments of severance provided under Section 5(c)(ii) and 5(d)(ii) will commence in the calendar
month following the month in which the Release becomes enforceable and irrevocable. If, however, the ninety (90) day period in which the
Release must become enforceable and irrevocable begins in one year and ends in the following year, the Company will commence payment of
the severance installments in the second year in the later of January and the first month the first calendar month following the
month in which the Release becomes effective and irrevocable. The first installment will include, however, all amounts that would otherwise
have been paid to Executive between the Termination Date and Executive’s receipt of the first installment, assuming the first installment
would otherwise have been paid in the month following the month in which the Termination Date occurs.

 

     

     

    

 

7.            Section 409A
Compliance.

 

(a)            All
in-kind benefits provided and expenses eligible for reimbursement under this Agreement will be provided by the Company or incurred by
Executive during the time periods set forth in this Agreement. All reimbursements will be paid as soon as administratively practicable,
but in no event will any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense
was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year will not affect the in-kind
benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits
is not subject to liquidation or exchange for another benefit.

 

(b)            To
the extent that any of the payments or benefits provided for in Section 5(c) or (d) are deemed to constitute non-qualified
deferred compensation benefits subject to Section 409A of the United States Internal Revenue Code (the “Code”),
the following interpretations apply to Section 5:

 

(i)            Any
termination of Executive’s employment triggering payment of benefits under Section 5(c) or (d) must constitute a
 “separation from service” under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) before
distribution of such benefits can commence. To the extent that the termination of Executive’s employment does not constitute a separation
of service, any benefits payable under Section 5(c) or (d) that constitute deferred compensation under Section 409A
of the Code will be delayed until after the date of a subsequent event constituting a separation of service.

 

(ii)            If
Executive is a “specified employee” (as that term is used in Section 409A of the Code and regulations and other guidance
issued thereunder) on the date his separation from service becomes effective, any benefits payable under Section 5(c) or (d) that
constitute non-qualified deferred compensation under Section 409A of the Code will be delayed until the earlier of (A) the business
day following the six-month anniversary of the date his separation from service becomes effective, and (B) the date of Executive’s
death, but only to the extent necessary to avoid such penalties under Section 409A of the Code. On the earlier of (A) the business
day following the six-month anniversary of the date his separation from service becomes effective, and (B) Executive’s death,
the Company will pay Executive in a lump sum the aggregate value of the non-qualified deferred compensation that the Company otherwise
would have paid Executive prior to that date under Section 5(c) or (d) of this Agreement.

 

(iii)            It
is intended that each installment of the payments and benefits provided under Section 5(c) and (d) of this Agreement will
be treated as a separate “payment” for purposes of Section 409A of the Code.

 

(iv)            Neither
the Company nor Executive will have the right to accelerate or defer the delivery of any such payments or benefits except to the extent
specifically permitted or required by Section 409A of the Code.

 

8.              Excess
Parachute Payments.

 

(a)            To
the extent that any payment, benefit or distribution of any type to or for the benefit of Executive 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 Agreement 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 will be reduced
(but not below zero) so that the maximum amount of the Total Payments (after reduction) will 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 Executive receiving a net after tax amount that exceeds the net after tax amount Executive 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.

 

     

     

    

 

(b)            If
a reduction in the Total Payments is required by the foregoing provisions of this Section, the reduction will occur in the following order:
(i) reduction of cash payments for which the full amount is treated as a parachute payment; (ii) cancellation of accelerated
vesting (or, if necessary, payment) of cash awards for which the full amount is not treated as a parachute payment; (iii) cancellation
of any accelerated vesting of equity awards; and (iv) reduction of any continued employee benefits. In selecting the equity awards
(if any), for which vesting will be reduced under clause (iii) of the preceding sentence, awards will be selected in a manner that
maximizes the after-tax aggregate amount of Covered Payments, provided that if (and only if) necessary in order to avoid the imposition
of an additional tax under Section 409A of the Code, awards instead will be selected in the reverse order of the date of grant. In
no event will Executive have any discretion with respect to the ordering of payment reductions.

 

(c)            If
the Total Payments to Executive are reduced in accordance with this Section as a result of the uncertainty in the application of
Section 4999 of the Code at the time of the initial reduction under this Section, it is possible that Total Payments to Executive
which will not have been made by the Company should have been made (“Underpayment”) or that Total Payments to Executive
which were made should not have been made (“Overpayment”). If an Underpayment has occurred, the amount of any such
Underpayment will be promptly paid by the Company to or for the benefit of Executive. In the event of an Overpayment, then Executive will
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 Executive to the date the same is repaid to the Company.

 

9.             Confidentiality
and Restrictive Covenants. As a condition of his employment under this Agreement, Executive will execute, deliver to the Company and
will comply with all of the terms of the Non-Competition, Confidentiality and Intellectual Property Agreement attached hereto as Exhibit B.

 

10.           Employee
Protections. Nothing in this Agreement will prohibit Executive from reporting possible violations of federal law or regulation to
any governmental agency or entity including but not limited to the Department of Justice, the Securities and Exchange Commission, the
Equal Employment Opportunity Commission, and any Inspector General, or making other disclosures that are protected under the whistleblower
provisions of federal law or regulation. Executive does not need the prior authorization of the Company to make any such reports or disclosures
and Executive is not required to notify the Company that Executive has made such reports or disclosures. Under the Defend Trade Secrets
Act of 2016, the Company hereby provides notice to Executive and Executive hereby acknowledges that Executive may not be held criminally
or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence
to a federal, state, or local government official, either directly or indirectly, or to an attorney and (B) is solely for the purpose
of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or
other proceeding, if such filing is made under seal.

 

11.           No
Disparagement. During the Term and through the second anniversary of the Termination Date: (i) Executive will not make public
statements or communications that disparage the Company or any of its businesses, services, products, affiliates or current, former or
future directors and executive officers (in their capacity as such); and (ii) the Company will cause its directors and named executive
officers not to make public statements or communications that disparage Executive. The foregoing obligations will not be violated by truthful
statements in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including,
without limitation, depositions in connection with such proceedings).

 

     

     

    

 

12.           Indemnification.
Executive will be entitled to indemnification with respect to Executive’s services provided hereunder pursuant to Delaware law,
the terms and conditions of the Company’s certificate of incorporation and/or by-laws, and the Company’s standard indemnification
agreement for directors and officers as executed by the Company and Executive, which rights will be commensurate with the indemnification
provided to the Company’s other directors and executive officers. Executive will be entitled to coverage under the Company’s
Directors’ and Officers’ (“D&O”) insurance policies that it may hold now or in the future to the same extent
and in the same manner (i.e., subject to the same terms and conditions) to which the Company’s other directors and executive officers
are entitled to coverage under any of the Company’s D&O insurance policies.

 

13.           Disputes.

 

(a)            All
disputes between Executive and the Company relating in any manner whatsoever to Executive’s employment or the termination of Executive’s
employment will be resolved by final and binding arbitration to the fullest extent authorized by the Federal Arbitration Act, 9 U.S.C.
Title 9. This agreement to arbitrate applies, without limitation, to disputes regarding trade secrets, unfair competition, compensation,
termination, discrimination, or harassment and claims arising under the Civil Rights Act of 1964, the Americans With Disabilities Act,
the Age Discrimination in Employment Act, the Family Medical Leave Act, the Fair Labor Standards Act, the Employee Retirement Income Security
Act, and other federal, state, or local laws, statutes, or regulations, if any, addressing the same or similar subject matters, and all
other state statutory and common law claims (but excludes workers compensation, state disability insurance and unemployment insurance
claims).

 

(b)            Nothing
in this Agreement will be deemed to preclude Executive from: (i) bringing an administrative claim before any agency in order to fulfill
Executive’s obligation to exhaust administrative remedies before making a claim in arbitration; or (ii) private attorney general
representative actions. Executive, however, may seek only in arbitration individual remedies for himself under any applicable private
attorney general representative action statute, and the arbitrator will decide whether Executive is an aggrieved person under any private
attorney general statute.

 

(c)            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
Executive last worked for the Company, unless each party agrees in writing otherwise.

 

(d)            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 arbitrator will determine the allocation of the fees and costs of
JAMS and the arbitrator between the parties.

 

     

     

    

 

(e)            Notwithstanding
the foregoing, if Executive breaches or threatens to breach his obligations under the Non-Competition, Confidentiality and Intellectual
Property 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.

 

(f)             Executive
and the Company each consents 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 the Non-Competition,
Confidentiality and Intellectual Property Agreement pending arbitration. Each of Executive and the Company waives 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.

 

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

 

(h)            Executive
and the Company each hereby irrevocably consents to the service of process in any dispute brought under this Agreement pursuant to the
notice provisions set forth in Section 20 of this Agreement.

 

14.          Integration.
This Agreement and the Non-Competition, Confidentiality and Intellectual Property Agreement collectively constitute the entire agreement
between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such
subject matter, including without limitation the Binding Term Sheet.

 

15.          Successors.
This Agreement will inure to the benefit of and be enforceable by Executive’s personal representatives, executors, administrators,
heirs, distributees, devisees and legatees. In the event of Executive’s death after his termination of employment but prior to the
completion by the Company of all payments due him under this Agreement, the Company will continue such payments to Executive’s beneficiary
designated in writing to the Company prior to his death (or to his estate, if Executive fails to make such designation).

 

16.          Assignment.
The Company may not assign or transfer its rights and obligations and delegate its duties hereunder without Executive’s prior written
consent, except pursuant to operation of law or pursuant to a transfer or sale of all or substantially all the assets of the Company.
Executive may not assign or transfer any of your rights under this Agreement nor delegate any duties or assign your obligations under
this agreement without the prior written consent of the Company. Any assignment in conflict herewith shall be null and void ab initio.

 

17.          Enforceability.
If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement)
will to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or
the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable,
will not be affected thereby, and each portion and provision of this Agreement will be valid and enforceable to the fullest extent permitted
by law.

 

18.          Survival.
The provisions of this Agreement will survive the termination of this Agreement and/or the termination of Executive’s employment
to the extent necessary to effectuate the terms contained herein.

 

     

     

    

 

19.          Waiver.
No waiver of any provision hereof will be effective unless made in writing and signed by the waiving party. The failure of any party to
require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, will
not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

20.          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: 203-458-7100
	 	 
	If to the employee:	Todd Fruchterman

 

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.

 

21.          Amendment.
This Agreement may be amended or modified only by a written instrument signed by Executive and by a duly authorized representative of
the Company.

 

22.          Governing
Law. This Agreement is construed under and to be governed in all respects by the laws of Delaware for contracts to be performed in
that State and without giving effect to the conflict of laws principles of Delaware or any other State.

 

23.          Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered it to be taken to be an original;
but such counterparts together constitute one and the same document.

 

[Signature Page Follows]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first above written.

 

	 	BUTTERFLY NETWORK, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Jonathan M. Rothberg, Ph.D.
	 	 	Jonathan M. Rothberg, Ph.D.
	 	 	Chairman
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	 	 
	 	/s/ Todd Fruchterman
	 	Todd Fruchterman

 

     

     

    

EXHIBIT A

FORM SEPARATION AGREEMENT

 

 

 

[●]

 

Todd Fruchterman

[Address 1]

[Address 2]

 

Re: Separation Agreement

 

Dear Todd:

 

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, including as a director of the Company.

 

		2.	Separation Benefits. In exchange for the promises and release of claims contained herein,
the Company shall provide you with the following separation benefits set forth in Section 5 of the employment agreement by and between
you and the Company dated as of July 20, 2021 (the “Employment Agreement”): [All separation benefits payable
under Section 5(c) or (d) of the Employment Agreement (as applicable) to be set out clearly in this separation document at the time execution]

 

		(a)	[●]

 

		(b)	[●];

 

		(c)	[●]; and

 

		(d)	[●].

 

		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.

 

		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 July
20, 2021 (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 the Vested Options.

 

    2

     

    

 

		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.

 

    3

     

    

 

		(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.

 

    4

     

    

 

		(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.

 

		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: 203-458-7100
	 	 	 
	 	If to the employee:	Todd Fruchterman

 

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.

 

		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.

 

		10.	Dispute Resolution.

 

    5

     

    

 

		(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 arbitrator will determine the allocation
of the fees and costs of JAMS and the arbitrator between the parties.

 

		(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.

 

    6

     

    

 

		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.

 

		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 [●].

 

    7

     

    

 

		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”).

 

[Signature Page
Follows]

 

    8

     

    

 

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:	 
	 	 
	 	 
	Todd Fruchterman	 
	 	 
	 	 
	Date:	               	      

 

 

 

    9

     

    

 

EXHIBIT B

Butterfly Network, Inc.

530 Old Whitfield St.

Guilford, CT 06437

 

NONCOMPETITION, CONFIDENTIALITY AND 

INTELLECTUAL PROPERTY AGREEMENT

 

 

 

Effective February 1, 2021

Todd Fruchterman

 

 

Dear Todd:

 

We are pleased that you have
agreed to become an employee of Butterfly Network, Inc. (the “Company”). This letter is to confirm our understanding with
respect to (i) your agreement not to compete with the Company, (ii) your agreement not to solicit employees of the Company, and (iii) your
agreement to protect and preserve information and property that is confidential and proprietary to the Company (the terms and conditions
agreed to in this letter shall hereinafter be referred to as the “Agreement”). You agree that this Agreement is effective
as of February 1, 2021. In consideration of the mutual promises and covenants contained in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby mutually acknowledged, we have agreed as follows:

 

1. Prohibited Activity.

 

(a) Certain Acknowledgements and Agreements.

 

(i) We have discussed,
and you recognize and acknowledge the competitive and proprietary nature of the Company’s business operations.

 

(ii) You acknowledge
and agree that a business will be deemed competitive with the Company if it performs any of the services or develops, manufactures or
sells any of the products or services in the Company’s Field of Interest (as defined below) during the term of your relationship
with the Company(hereinafter, “Competitive”). The term “Field of Interest” with respect to the Company currently
means ultrasound technologies, devices, and other applications as (i) disclosed in the Company’s public filings or on its website
from time to time or, (ii) if not disclosed in the Company’s public filings or on its website, based on actual activities in which
the Company is then engaged, and in which the Company has actually expended material resources to undertake research, development, production,
manufacture, distribution or marketing.

 

(iii) You further
acknowledge and agree that, during the course of your employment with the Company, the Company will furnish, disclose or make available
to you, and you may develop, Confidential Information (as defined below). You also acknowledge that such Confidential Information has
been developed and will be developed by or on behalf of the Company through the expenditure by the Company of substantial time, effort
and resources.

 

     

     

    

 

(b) Covenants
Not to Compete.

 

(i) During the period
in which you perform services for or at the request of the Company (the “Term”) and for a period of one (1) year following
termination of the Term, whether such termination is voluntary or involuntary, you shall not, without the prior written consent of the
Company, for yourself or on behalf of any other person or entity, directly or indirectly, either as principal, agent, stockholder, employee,
consultant, representative or in any other capacity, own, manage, operate or control, or be concerned, connected or employed by, or otherwise
associate in any manner with, engage in or have a financial interest in any business which is directly or indirectly Competitive with
the business of the Company within the United States of America (the “Restricted Territory”), except that nothing contained
herein shall preclude you from purchasing or owning securities of any such business if such securities are publicly traded, and provided
that your holdings do not exceed three (3%) percent of the issued and outstanding securities of any class of securities of such business;
or

 

(ii) During the Term
and for a period of two (2) years following termination of the Term, whether such termination is voluntary or involuntary, you shall not,
without the prior written consent of the Company, either individually or on behalf of or through any third party, service, solicit, divert
or appropriate or attempt to service, solicit, divert or appropriate, for the purpose of engaging in a business Competitive with the business
of the Company or its Affiliates , any customers or patrons of the Company, or any prospective customers or patrons with respect to which
the Company has developed or made a sales presentation (or similar offering of services), located within the Restricted Territory; or

 

(iii) During the Term
and for a period of two (2) years following termination of the Term, whether such termination is voluntary or involuntary, you shall not,
without the prior written consent of the Company, either individually or on behalf of or through any third party, directly or indirectly,
solicit, entice or persuade or attempt to solicit, entice or persuade any employee of or Consultant (as defined below) to the Company
or any present or future parent, subsidiary or affiliate of the Company to leave the services of the Company or any such parent, subsidiary
or affiliate for any reason or to directly or indirectly hire, employ or retain or offer to hire, employ or retain on behalf of any business
any employee of or Consultant to the Company or any present or future parent, subsidiary or affiliate of the Company. The term “Consultant”
means a supplier or vendor of the Company as to which you (i) had material business related contact or dealings, or (ii) received Confidential
Information during the Term.

 

For purposes of this Agreement, Affiliate
means the Company and any other business entity that, directly, or indirectly through one or more intermediaries, controls, is controlled
by or is under common control with the Company.

 

(c) Reasonableness of Restrictions.
You further recognize and acknowledge that (i) the types of employment which are prohibited by this Section 1 are narrow and reasonable
in relation to the skills which represent your principal salable asset both to the Company and to your other prospective employers, and
(ii) the specific but broad geographical scope of the provisions of this Section 1 is reasonable, legitimate and fair to you in light
of the Company’s need to market its services and sell its products in a large geographic area in order to have a sufficient customer
base to make the Company’s business profitable and in light of the limited restrictions on the type of employment prohibited herein
compared to the types of employment for which you are qualified to earn your livelihood.

 

(d) Survival of Acknowledgements
and Agreements. Your acknowledgements and agreements set forth in this Section 1 shall survive the expiration or termination of this
Agreement and the termination, for any reason, of your employment with the Company, but only for the time periods indicated above.

 

    2

     

    

 

2. Protected Information.
You shall at all times, both during and after any termination of your employment by either the Company or you, maintain in confidence
and shall not, without the prior written consent of the Company, use, except in the course of performance of your duties for the Company,
disclose or give to others any fact or information which was disclosed to or developed by you during the course of performing services
for, or receiving training from, the Company (or any customer, vendor, or third party in connection with your services to Company), and
is not generally available to the public including, but not limited to, this Agreement, the terms hereof, the fact that Company is working
with or has had discussions with you, technical data, trade secrets, know-how, show-how, research, product plans, products, services,
customer lists and customers, markets, software, developments, Inventions (as defined in Section 3), processes, formulas, technology,
designs, drawings, engineering, hardware configuration information, marketing, finances or any other scientific, technical, trade or business
information of the Company (or any customer, vendor, or third party in connection with your services to Company) developed by you or disclosed
to you by the Company either directly or indirectly in writing, orally or by drawings or observation (collectively, “Confidential
Information”). You also agree not to file patents, copyrights or trademark applications based on the Company’s technology,
property or confidential information, nor seek to make improvements thereon, without the Company’s approval. You agree not to make
any copies of such confidential or proprietary information of the Company (except when appropriate for the furtherance of the business
of the Company or duly and specifically authorized to do so) and promptly upon request, whether during or after the period of your employment,
to return to the Company any and all documentary, machine-readable or other elements or evidence of such confidential or proprietary information,
and any copies that may be in your possession or under your control.

 

Nothing in this Section 2 shall prohibit you from
reporting possible violations of federal law or regulation to any governmental agency or entity including but not limited to the Department
of Justice, the Securities and Exchange Commission, the Equal Employment Opportunity Commission, and any Inspector General, or making
other disclosures that are protected under the whistleblower provisions of federal law or regulation. You do not need the prior authorization
of the Company to make any such reports or disclosures and you are not required to notify the Company that you have made such reports
or disclosures. Under the Defend Trade Secrets Act of 2016, the Company hereby provides notice and you hereby acknowledge that you may
not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is
made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (B) is
solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed
in a lawsuit or other proceeding, if such filing is made under seal.

 

3. Ownership of Ideas,
Copyrights and Patents.

 

(a) Property of the Company.
All ideas, discoveries, creations, manuscripts and properties, innovations, improvements, know-how, show-how, inventions (whether patentable
or not), designs, trade secrets, developments, apparatus, techniques, methods, software, source and object code, technology, biological
processes, cell lines, laboratory notebooks and formulas, in or related to the Field of Interest, whether or not reduced to practice and
whether or not patentable or copyrightable, which were or may be conceived, reduced to practice or developed during the Term (or if involving
Confidential Information, conceived or developed during or after the Term) by you, whether alone or in conjunction with another or others,
whether or not during business hours, and whether at the request or upon the suggestion of the Company, or otherwise, (all of the foregoing,
as well as any related improvements, modifications or derivatives thereof, being hereinafter referred to as the “Inventions”)
shall be the sole and exclusive property of the Company. To the maximum extent permitted by law, the Inventions referred to in the prior
sentence will be deemed “works made for hire” as the term is used in the United States Copyright Act. You hereby assign to
the Company all of your worldwide right, title and interest in and to all of the Inventions, and all intellectual property rights therein,
including the right to sue for and recover for past infringement. All Inventions shall constitute the Confidential Information of the
Company, subject to the protections set forth in Section 2 of this Agreement. You represent and warrant that you will conduct all services
for or relating to the Company using your personal and/or Company-owned equipment and resources (and no equipment or resource of any kind
owned by any other person or business), such that any Inventions developed in connection with your employment with the Company shall be
owned exclusively by the Company. You agree to maintain and furnish to the Company complete and current records of all such Inventions
and disclose to the Company in writing any such Inventions. Upon termination of your employment with the Company, you shall provide to
the Company in writing a full, signed statement of all Inventions in which you participated prior to termination of your employment. You
further waive any “moral” rights, or other rights with respect to attribution of authorship or integrity of any of the Inventions
that you may have under any applicable law, whether under copyright, trademark, patent, unfair competition, defamation, rights of privacy,
contract, tort or any other legal theory, provided that if you are the author of an Invention, the Company will attribute authorship to
you.

 

    3

     

    

 

(b) Cooperation. At
any time during or after the Term, you agree that you will fully cooperate with the Company, its attorneys and agents, in the preparation
and filing of all papers and other documents as may be required to perfect the Company’s rights in and to any of such Inventions,
including, but not limited to, promptly providing any facts or documents requested by Company pertaining to the Inventions, and joining
in any proceeding to obtain letters patent, copyrights, trademarks or other legal rights of the United States and of any and all other
countries on such Inventions, provided that the Company will bear the expense of such proceedings, and that any patent or other legal
right so issued to you, personally, shall be assigned by you to the Company without charge by you. You hereby designate the Company’s
General Counsel as your agent, and grant to the Company’s General Counsel a power of attorney with full power of substitution (which
power of attorney shall be deemed coupled with an interest), for the purpose of effecting the foregoing assignments from you to the Company.

 

4. Disclosure to Future
Employers. You agree that you will provide, and that the Company may similarly provide in its discretion, a copy of the covenants
contained in Sections 1, 2 and 3 of this Agreement to any business or enterprise which you may directly, or indirectly, own, manage, operate,
finance, join, control or in which you participate in the ownership, management, operation, financing or control, or with which you may
be connected as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise.

 

5. Records. Upon termination
of your relationship with the Company, you shall deliver to the Company any property of the Company which may be in your possession including
products, materials, memoranda, notes, laboratory notebooks, records, reports, or other documents or photocopies of the same.

 

6. No Conflicting Agreements.
You hereby represent and warrant that you have no commitments or obligations inconsistent with this Agreement. During the term of this
Agreement, you will not enter into any agreement, either written or oral, which may be in conflict with this Agreement, and you will arrange
to provide your services under this Agreement in such a manner and at such times that your services will not conflict with your responsibilities
under any other agreement, arrangement or understanding or pursuant to any employment relationship that you may have at any time with
any third party.

 

7. General.

 

(a) 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.

 

    4

     

    

 

	 	If to the Company:	Butterfly Network, Inc.
	 	 	530 Old Whitfield Street
	 	 	Guilford, CT 06437
	 	 	Attn: Legal Dept
	 	 	Phone: 203-458-7100
	 	 	 
	 	If to the employee:	Todd Fruchterman

 

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.

 

(b) Entire Agreement.
This Agreement, along with the Employment Agreement entered into between you and the Company dated July 20, 2021 and effective as of February
1, 2021, the form of Separation Agreement attached as Exhibit A thereto, the Option Award Notice and Agreement covering 1,500,000 shares
of the Company’s Common Stock at an exercise price of $15.87 per share granted as of February 1, 2021 and the Restricted Unit Award
Notice and Agreement covering 1,000,000 shares of the Company’s Common Stock granted as of February 1, 2021 (together, the “Employment
Agreements”) collectively embody the entire agreement and understanding between the parties hereto with respect to the subject
matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement,
representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement or one of the Employment Agreements
shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement or other employment agreements
entered into in conjunction herewith.

 

(c) Modifications and Amendments.
The terms and provisions of this Agreement may be modified or amended only by written agreement executed by the parties hereto.

 

(d) Waivers and Consents.
The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed
by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute
a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent
shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver
or consent.

 

(e) Assignment. The Company
may not assign or transfer its rights and obligations and delegate its duties hereunder without your prior written consent, except pursuant
to operation of law or pursuant to a transfer or sale of all or substantially all the assets of the Company. You may not assign or transfer
any of your rights under this Agreement nor delegate any duties or assign your obligations under this agreement without the prior written
consent of the Company. Any assignment in conflict herewith shall be null and void ab inito.

 

(f) Benefit. All statements,
representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and, in the case of the
Company, its parents, subsidiaries and other affiliates, and in your case, upon yours heirs, executors and administrators; and shall inure
to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed to
create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary
of this Agreement.

 

    5

     

    

 

(g) Governing Law. This
Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the law of the
State of Delaware, without giving effect to the conflict of law principles thereof or any other state.

 

(h) Dispute Resolution.

 

(i)                
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.

 

(ii)              
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.

 

(iii)            
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 arbitrator will determine the allocation
of the fees and costs of JAMS and the arbitrator between the parties.

 

(iv)             
Notwithstanding the foregoing, if you breach or threaten to breach your obligations under this 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.

 

(v)               
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.

 

(vi)             
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.

 

(vii)           
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 7(a) of this Agreement.

 

    6

     

    

 

(j) Severability. The
parties intend this Agreement to be enforced as written. However, (i) if any portion or provision of this Agreement shall to any extent
be declared illegal or unenforceable by a duly authorized court having jurisdiction, then the remainder of this Agreement, or the application
of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected
thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law; and (ii)
if any provision, or part thereof, is held to be unenforceable because of the duration of such provision or the geographic area covered
thereby, the Company and you agree that the court making such determination shall have the power to reduce the duration and/or geographic
area of such provision, and/or to delete specific words and phrases (“blue-penciling”), and in its reduced or blue-penciled
form such provision shall then be enforceable and shall be enforced.

 

(k) Headings and Captions.
The headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall in no way modify,
or affect the meaning or construction of any of the terms or provisions hereof.

 

(l) No Waiver of Rights,
Powers and Remedies. Except as provided herein, no failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of the
party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance
of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise
of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right
of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this Agreement shall
entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute
a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice
or demand.

 

[Signature Page Follows]

 

    7

     

    

 

(n) Counterparts. This
Agreement may be executed in one or more counterparts, and by different parties hereto on separate counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument.

 

If the foregoing accurately
sets forth our agreement, please so indicate by signing and returning to us the enclosed copy of this letter.

 

	 	Very truly yours,
	 	 	 
	 	Butterfly Network, Inc.
	 	 	 
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

Accepted and agreed as of

the date set forth herein:

 

 

	Signature:	 	 
	 	Todd Fruchterman	 
	 	 	 

 

 

 

 

    8Exhibit
4.1

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT

 

Datasea,
Inc.

 

	Warrant Shares:
    [_______	Initial Exercise
    Date: [_______, 2021
	 	Issue Date:
    [_______, 2021

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the
“Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set
forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York
City time) on [________1 (the “Termination Date”) but not thereafter, to subscribe for and purchase from
Datasea, Inc., a Nevada corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the
“Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal
to the Exercise Price, as defined in Section 2(b).

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Purchase Agreement”), dated July 20, 2021, among the Company and the purchasers
signatory thereto. In addition, the following terms have the meanings indicated in this Section 1:

 

“Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance or
sale (or deemed issuance or sale in accordance with Section 3(b)) of Common Stock (other than rights of the type described in Section
3(d) hereof) that could result in a decrease in the net consideration received by the Company in connection with, or with respect to,
such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights).

 

 

		1	Insert
the date that is the 2.5 year anniversary of the Initial Exercise Date, provided that, if such date is not a Trading Day, insert the
immediately following Trading Day.

 

     

     

    

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock
is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock
is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets”
published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most
recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common
Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“Convertible
Securities” means any stock or other security (other than Options) that is at any time and under any circumstances, directly
or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares
of Common Stock.

 

“Excluded
Issuance” means the issuance of (a) Common Stock or options to employees, officers or directors of the Company pursuant to
any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority
of the members of a committee of non-employee directors established for such purpose for services rendered to the Company; (b) securities
upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable
for or convertible into Common Stock issued and outstanding on the date of this Agreement, provided that such securities have not been
amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price
or conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities,
or (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of
the Company, provided that such securities are issued as “restricted securities” (as defined in Rule 144) and carry no registration
rights that require or permit the filing of any registration statement in connection therewith during the prohibition period in Section
4.11(a) of the Purchase Agreement, and provided that any such issuance shall only be to a Person (or to the equityholders 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.

 

    2

     

    

 

“Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock
is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets”
published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the daily
volume weighted average price of the Common Stock for such date (or the nearest preceding date), or (d) in all other cases, the
fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a
majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall
be paid by the Company.

 

Section
2. Exercise.

 

a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on
or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy
or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of
Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement
Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise
Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United
States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise.
No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization)
of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has
been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading
Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases
of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall
maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection
to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this
Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated
on the face hereof.

 

    3

     

    

 

b) Exercise
Price. The exercise price per Warrant Share under this Warrant shall be $4.48, subject to adjustment hereunder (the “Exercise
Price”).

 

c) Cashless
Exercise. If at the time of exercise hereof there is no effective registration statement registering the offer and resale of the
Warrant Shares, or the prospectus contained in any such registration statement is not available for the resale of the Warrant Shares
by the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise”
in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by
(A), where:

 

	 	(A)
  =  	as
  applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise
  is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered
  pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(77)
  of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y)
  the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common
  Stock on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”) as of the time of the Holder’s
  execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on
  a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading
  hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if
  the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section
  2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

	 	(B)
  = 	the
  Exercise Price of this Warrant, as adjusted hereunder; and

 

	 	(X)
  = 	the
  number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
  exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant
Shares being issued may be tacked on to the holding period of this Warrant.  The Company agrees not to take any position contrary
to this Section 2(c).

 

    4

     

    

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

d) Mechanics
of Exercise.

 

i. Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust
Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such
system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the
Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations
pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate, registered in
the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is
entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest
of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the
aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery
to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice
of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect
to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate
Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the
number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for
any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company
shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise
(based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $5 per Trading Day (increasing to $10 per Trading
Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date
until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant
in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect
to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

    5

     

    

 

ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and
upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing
the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other
respects be identical with this Warrant.

 

iii. Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv. Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if
the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section
2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by
its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares
of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon
such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x)
the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds
(y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection
with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B)
at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise
was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock
that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the
Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares
of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating
the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing
herein shall limit a 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 shares
of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

    6

     

    

 

v. No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall,
at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the
Exercise Price or round up to the next whole share.

 

vi. Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and
such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided,
however, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may
require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company
shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company
(or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

vii. Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

 

    7

     

    

 

e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons 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 its Affiliates and Attribution Parties shall include the number
of shares of Common Stock issuable upon exercise of this Warrant 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) exercise of the remaining, nonexercised portion of this Warrant
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 (including, without limitation, any other Common Stock Equivalents) 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 2(e), 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 Company is not representing to the Holder that such calculation is in compliance with Section
13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the
extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is
exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates
and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation,
and the Company shall have no obligation to verify or confirm the accuracy of such determination. 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 2(e), 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 one Trading Day 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 Warrant, 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 [9.99/4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial
Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of
the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise
of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership
Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this
paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct
this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein
contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained
in this paragraph shall apply to a successor holder of this Warrant.

 

    8

     

    

 

Section
3. Certain Adjustments.

 

a) Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes
a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of
Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse
stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the
Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which
the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event
and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of
shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant
shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for
the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or re-classification.

 

b) Adjustment
Upon Issuance of Common Stock. If and whenever on or after the Initial Exercise Date, the Company grants, issues or sells, (or enters
into any agreement to grant, issue or sell), or in accordance with this Section 3(b) is deemed to have issued or sold, any Common Stock
(including the issuance or sale of Common Stock owned or held by or for the account of the Company, but excluding any Excluded Issuances
issued or sold or deemed to have been issued or sold) for a consideration per share (the “New Issuance Price”) less
than a price equal to the Exercise Price in effect immediately prior to such issuance or sale or deemed issuance or sale (such Exercise
Price then in effect is referred to herein as the “Applicable Price”) (the foregoing a “Dilutive Issuance”),
then immediately after such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the New Issuance
Price. For all purposes of the foregoing (including, without limitation, determining the adjusted Exercise Price and the New Issuance
Price under this Section 3(b)), the following shall be applicable:

 

i. Issuance
of Options. If the Company in any manner grants, issues or sells (or enters into any agreement to grant, issue or sell) any Options
and the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Option or upon
conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the
terms thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued
and sold by the Company at the time of the granting, issuance or sale (or the time of execution of such agreement to grant, issue or
sell, as applicable) of such Option for such price per share. For purposes of this Section 3(b)(i), the “lowest price per share
for which one share of Common Stock is at any time issuable upon the exercise of any such Options or upon conversion, exercise or exchange
of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof” shall be equal
to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to
any one share of Common Stock upon the granting, issuance or sale (or pursuant to the agreement to grant, issue or sell, as applicable)
of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise
of such Option or otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such Option for which one share
of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon the exercise of any such Options or
upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to
the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Option (or any other Person) upon the granting,
issuance or sale (or the agreement to grant, issue or sell, as applicable) such Option, upon exercise of such Option and upon conversion,
exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the terms thereof plus
the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Option (or any other Person).
Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common
Stock or of such Convertible Securities upon the exercise of such Options or otherwise pursuant to the terms of or upon the actual issuance
of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities.

 

    9

     

    

 

ii. Issuance
of Convertible Securities. If the Company in any manner issues or sells (or enters into any agreement to issue or sell) any Convertible
Securities and the lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or
exchange thereof or otherwise pursuant to the terms thereof is less than the Applicable Price, then such share of Common Stock shall
be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale (or the time of execution
of such agreement to issue or sell, as applicable) of such Convertible Securities for such price per share. For the purposes of this
Section 3(b)(ii), the “lowest price per share for which one share of Common Stock is at any time issuable upon the conversion,
exercise or exchange thereof or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the
lowest amounts of consideration (if any) received or receivable by the Company with respect to one share of Common Stock upon the issuance
or sale (or pursuant to the agreement to issue or sell, as applicable) of the Convertible Security and upon conversion, exercise or exchange
of such Convertible Security or otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth in such Convertible
Security for which one share of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon conversion,
exercise or exchange thereof or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder
of such Convertible Security (or any other Person) upon the issuance or sale (or the agreement to issue or sell, as applicable) of such
Convertible Security plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such
Convertible Security (or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall be made upon
the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities or otherwise
pursuant to the terms thereof, and if any such issuance or sale of such Convertible Securities is made upon exercise of any Options for
which adjustment of this Warrant has been or is to be made pursuant to other provisions of this Section 3(b), except as contemplated
below, no further adjustment of the Exercise Price shall be made by reason of such issuance or sale.

 

iii. Change
in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional consideration,
if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at which any Convertible
Securities are convertible into or exercisable or exchangeable for shares of Common Stock increases or decreases at any time (other than
proportional changes in conversion or exercise prices, as applicable, in connection with an event referred to in Section 3(a)), the Exercise
Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price which would have been in effect at such
time had such Options or Convertible Securities provided for such increased or decreased purchase price, additional consideration or
increased or decreased conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes of this Section
3(b)(iii), if the terms of any Option or Convertible Security that was outstanding as of the Initial Exercise Date are increased or decreased
in the manner described in the immediately preceding sentence, then such Option or Convertible Security and the shares of Common Stock
deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such increase or
decrease. No adjustment pursuant to this Section 3(b) shall be made if such adjustment would result in an increase of the Exercise Price
then in effect.

 

    10

     

    

 

iv. Calculation
of Consideration Received. If any Option and/or Convertible Security and/or Adjustment Right is issued in connection with the issuance
or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder, the “Primary Security”,
and such Option and/or Convertible Security and/or Adjustment Right, the “Secondary Securities” and together with
the Primary Security, each a “Unit”), together comprising one integrated transaction, the aggregate consideration
per share of Common Stock with respect to such Primary Security shall be deemed to be the lowest of (x) the purchase price of such Unit,
(y) if such Primary Security is an Option and/or Convertible Security, the lowest price per share for which one share of Common Stock
is at any time issuable upon the exercise or conversion of the Primary Security in accordance with Section 3(b)(i) or 3(b)(ii) above
and (z) the lowest VWAP of the Common Stock on any Trading Day during the five (5) Trading Day period (the “Adjustment Period”)
immediately following the public announcement of such Dilutive Issuance (for the avoidance of doubt, if such public announcement is released
prior to the opening of the applicable Trading Market on a Trading Day, such Trading Day shall be the first Trading Day in such five
Trading Day period and if this Warrant is exercised, on any given Exercise Date during any such Adjustment Period, solely with respect
to such portion of this Warrant converted on such applicable Exercise Date, such applicable Adjustment Period shall be deemed to have
ended on, and included, the Trading Day immediately prior to such Exercise Date). If any Common Stock, Options or Convertible Securities
are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount
of consideration received by the Company therefor. If any shares of Common Stock, Options or Convertible Securities are issued or sold
for a consideration other than cash, the amount of such consideration received by the Company will be the fair value of such consideration,
except where such consideration consists of publicly traded securities, in which case the amount of consideration received by the Company
for such securities will be the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding
the date of receipt. If any shares of Common Stock, Options or Convertible Securities are issued to the owners of the non-surviving entity
in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be
the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such shares of Common
Stock, Options or Convertible Securities (as the case may be). The fair value of any consideration other than cash or publicly traded
securities will be determined jointly by the Company and the Holder. If such parties are unable to reach agreement within ten (10) days
after the occurrence of an event requiring valuation (the “Valuation Event”), the fair value of such consideration
will be determined within five (5) Trading Days after the tenth (10th) day following such Valuation Event by an independent, reputable
appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and binding upon all parties
absent manifest error and the fees and expenses of such appraiser shall be borne by the Company.

 

v. Record
Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A) to receive a dividend
or other distribution payable in shares of Common Stock, Options or in Convertible Securities or (B) to subscribe for or purchase shares
of Common Stock, Options or Convertible Securities, then such record date will be deemed to be the date of the issuance or sale of the
shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution
or the date of the granting of such right of subscription or purchase (as the case may be).

 

c)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had
held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise
hereof, including without limitation, the Beneficial Ownership Limitation) 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 shares
of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent
that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such
shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance
for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).
 

d) Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after
the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent
that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete
exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership
Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as
of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided,
however, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the
Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the
beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution
shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder
exceeding the Beneficial Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised at the
time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder
has exercised this Warrant.

 

    11

     

    

 

e) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions
effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any
sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series
of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another
Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities,
cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory
share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property,
or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with
another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock
(not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with
the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant
Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option
of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock
of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the
“Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares
of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation
in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be
appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of
one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall
be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.
Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined
below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the
Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this
Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining
unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; provided, however,
if the Fundamental Transaction is not within the Company's control, including not approved by the Company's Board of Directors, Holder
shall only be entitled to receive from the Company or any Successor Entity, as of the date of consummation of such Fundamental Transaction,
the same type or form of consideration (and in the same proportion), at the Black Scholes Value (as defined below) of the unexercised
portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection with the Fundamental
Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock
are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction. “Black
Scholes Value” means the value of this Warrant based on the Black Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction
for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time
between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility
equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately
following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation
shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration,
if any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the period beginning on the Trading Day immediately
preceding the announcement of the applicable Fundamental Transaction (or the consummation of the applicable Fundamental Transaction,
if earlier) and ending on the Trading Day of the Holder’s request pursuant to this Section 3(e), (D) a remaining option time equal
to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (E) a 365
day annualization factor, and (F) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately
available funds within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction).
The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents
in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to
the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of
the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor
Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without
regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies
the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock
pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such
exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental
Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity),
and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the
other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

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f) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes
of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the
number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g) Notice
to Holder.

 

i. Adjustment
to Exercise Price. Whenever the Exercise Price or the number Warrant Shares subject to the Warrant is adjusted pursuant to any provision
of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after
such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring
such adjustment.

 

ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common
Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall
authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock
of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification
of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of
the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property,
or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company,
then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email
address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to
be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected
that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other
property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to
deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to
be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to Form
8-K report. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the
effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    13

     

    

 

h)
Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during
the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and
for any period of time deemed appropriate by the board of directors of the Company.

 

Section
4. Transfer of Warrant.

 

a) Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions of
Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights)
are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent,
together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent
or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing
the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full,
in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers
an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised
by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or
its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in
accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the original Issue Date and shall be identical
with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder
of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
purposes, absent actual notice to the contrary.

 

    14

     

    

 

d) Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this
Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable
state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information
requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of
this Warrant, as the case may be, comply with the provisions of Section [5.7 of the Purchase Agreement.

 

e) Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise
hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or
reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant
to sales registered or exempted under the Securities Act.

 

Section
5. Miscellaneous.

 

a) Currency.
Unless otherwise indicated, all dollar amounts referred to in this Warrant are in United States Dollars (“U.S. Dollars”).
All amounts owing under this Warrant shall be paid in U.S. Dollars. All amounts denominated in other currencies shall be converted in
the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange Rate”
means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Warrant, the U.S. Dollar exchange rate
as published in the Wall Street Journal (NY edition) on the relevant date of calculation.

 

b) No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as
a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.

 

c) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any certificate relating to the Warrant Shares, and in case of
loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include
the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make
and deliver a new Warrant or certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or certificate.

 

d) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

 

    15

     

    

 

e) Authorized
Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with
the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all
such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants
that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise
of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly
issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof
(other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, 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 Warrant,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the
foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise
immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof,
as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from
any public regulatory body or bodies having jurisdiction thereof.

 

f) Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

    16

     

    

 

g) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not
utilize cashless exercise, will have restrictions upon resale imposed by state and federal or foreign securities laws.

 

h) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as
a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of
this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which
results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs
and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the
Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

i) Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Purchase Agreement.

 

j) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the
Company.

 

k) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate.

 

l) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable
by the Holder or holder of Warrant Shares.

 

m) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

n) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

o) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this
Warrant.

 

********************

 

(Signature
Page Follows)

 

    17

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above
indicated.

 

	 	DATASEA, INC.
	 	 	 
	 	By:	 
	 		Name:
	 		Title:

 

    18

     

    

 

NOTICE
OF EXERCISE

 

To: Datasea,
Inc.

 

(1) The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment
shall take the form of (check applicable box):

 

☐ in lawful money of the United States; or

 

☐ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 2(c).

 

(3) Please
issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the
Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

Name
of Authorized Signatory: ___________________________________________________________________

Title
of Authorized Signatory: ____________________________________________________________________

Date:
________________________________________________________________________________________

 

     

     

    

 

 EXHIBIT
B

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 
	 	 	(Please Print)
	 	 	 
	Address:	 	 
	 	 	(Please Print)
	 	 	 
	Phone Number:	 	 
	 	 	 
	Email Address:	 	 

 

	Dated: _______________ __, ______	 

 

	Holder’s Signature:	 	 
	 	 	 
	Holder’s Address:

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