Document:

Exhibit
10.16.3

 

BUTTERFLY NETWORK, INC.

 

Restricted Stock Unit Award Grant Notice

Restricted Stock Unit Award Grant under
the Company’s

2012 Employee, Director and Consultant Equity
Incentive Plan

 

	1.	Name and Address of Participant:

Restricted Stock Unit Award:

 

	3.	Maximum Number of Shares underlying

Restricted Stock Unit Award:

 

	4.	Vesting of Award: This Restricted Stock Unit Award shall vest as follows provided the Participant
is an Employee, director or Consultant of the Company or of an Affiliate on the applicable vesting:

 

	Number of Restricted Stock Units	 Vesting Date

 

[INSERT
VESTING PROVISIONS]

 

The Company and the Participant acknowledge
receipt of this Restricted Stock Unit Award Grant Notice and agree to the terms of the Restricted Stock Unit Agreement attached
hereto and incorporated by reference herein, the Company’s 2012 Employee, Director and Consultant Equity Incentive Plan and
the terms of this Restricted Stock Unit Award as set forth above.

 

	 	 	BUTTERFLY NETWORK, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 
	 	Participant

 

     

     

    

 

BUTTERFLY NETWORK, INC.

 

RESTRICTED STOCK UNIT AGREEMENT –

 

INCORPORATED TERMS AND CONDITIONS

 

AGREEMENT made as of
the date of grant set forth in the Restricted Stock Unit Award Grant Notice between Butterfly Network, Inc. (the “Company”),
a Delaware corporation, and the individual whose name appears on the Restricted Stock Unit Award Grant Notice (the “Participant”).

 

WHEREAS, the Company
has adopted the 2012 Employee, Director and Consultant Equity Incentive Plan (the “Plan”), to promote the interests
of the Company by providing an incentive for Employees, directors and Consultants of the Company and its Affiliates;

 

WHEREAS, pursuant to
the provisions of the Plan, the Company desires to grant to the Participant restricted stock units (“RSUs”) related
to the Company’s common stock, $.0001 par value per share (“Common Stock”), in accordance with the provisions
of the Plan, all on the terms and conditions hereinafter set forth; and

 

WHEREAS, the Company
and the Participant understand and agree that any terms used and not defined herein have the meanings ascribed to such terms in
the Plan.

 

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

 

1.            Grant
of Award. The Company hereby grants to the Participant an award for the number of RSUs set forth in the Restricted Stock Unit
Award Grant Notice (the “Award”). Each RSU represents a contingent entitlement of the Participant to receive one share
of Common Stock, on the terms and conditions and subject to all the limitations set forth herein and in the Plan, which is incorporated
herein by reference. The Participant acknowledges receipt of a copy of the Plan.

 

2.            Vesting
of Award.

 

(a)              
Subject to the terms and conditions set forth in this Agreement and the Plan, the Award granted hereby shall vest as set
forth in the Restricted Stock Unit Award Grant Notice and is subject to the other terms and conditions of this Agreement and the
Plan. On each vesting date set forth in the Restricted Stock Unit Award Grant Notice, the Participant shall be entitled to receive
such number of shares of Common Stock equivalent to the number of RSUs as set forth in the Restricted Stock Unit Award Grant Notice
[provided that the Participant is providing service to the Company or an Affiliate on such vesting date]. Such shares of Common
Stock shall thereafter be delivered by the Company to the Participant within [five] days of the applicable vesting date and in
accordance with this Agreement and the Plan.

 

(b)               [Except
as otherwise set forth in this Agreement, if the Participant ceases to be providing services for any reason by the Company or
by an Affiliate (the “Termination”) prior to a vesting date set forth in the Restricted Stock Unit Award Grant
Notice, then as of the date on which the Participant’s employment or service terminates, all unvested RSUs shall
immediately be forfeited to the Company and this Agreement shall terminate and be of no further force or effect.]

 

     

     

    

 

3.            Prohibitions
on Transfer and Sale. This Award (including any additional RSUs received by the Participant as a result of stock dividends,
stock splits or any other similar transaction affecting the Company’s securities without receipt of consideration) shall
not be transferable by the Participant otherwise than (i) by will or by the laws of descent and distribution, or (ii) pursuant
to a qualified domestic relations order as defined by the Internal Revenue Code or Title I of the Employee Retirement Income Security
Act or the rules thereunder. Except as provided in the previous sentence, the shares of Common Stock to be issued pursuant to
this Agreement shall be issued, during the Participant’s lifetime, only to the Participant (or, in the event of legal incapacity
or incompetence, to the Participant’s guardian or representative). This Award shall not be assigned, pledged or hypothecated
in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any
attempted transfer, assignment, pledge, hypothecation or other disposition of this Award or of any rights granted hereunder contrary
to the provisions of this Section 3, or the levy of any attachment or similar process upon this Award shall be null and void.

 

4.            Adjustments.
The Plan contains provisions covering the treatment of RSUs and shares of Common Stock in a number of contingencies such as stock
splits. Provisions in the Plan for adjustment with respect to this Award and the related provisions with respect to successors
to the business of the Company are hereby made applicable hereunder and are incorporated herein by reference.

 

5.            Securities
Law Compliance. The Participant specifically acknowledges and agrees that any sales of shares of Common Stock shall be made
in accordance with the requirements of the Securities Act of 1933, as amended. The Company does not currently have an effective
registration statement on file with the Securities and Exchange Commission with respect to the Common Stock to be granted hereunder.
Without an effective registration statement with respect to the Common Stock to be granted hereunder, Participant will not be
able to transfer or sell any of the shares of Common Stock issued to the Participant pursuant to this Agreement unless exemptions
from registration or filings under applicable securities laws are available. Furthermore, despite registration, applicable securities
laws may restrict the ability of the Participant to sell his or her Common Stock, including due to the Participant’s affiliation
with the Company. The Company shall not be obligated to either issue the Common Stock or permit the resale of any shares of Common
Stock if such issuance or resale would violate any applicable securities law, rule or regulation.

 

6.            Rights
as a Stockholder. The Participant shall have no right as a stockholder, including voting and dividend rights, with respect
to the RSUs subject to this Agreement.

 

7.            Incorporation of the Plan. The Participant specifically understands and agrees that the RSUs and the shares of Common
Stock to be issued under the Plan will be issued to the Participant pursuant to the Plan, a copy of which Plan the Participant
acknowledges he or she has read and understands and by which Plan he or she agrees to be bound. The provisions of the Plan are
incorporated herein by reference.

 

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8.            Tax Liability of the Participant and Payment of Taxes. The Participant acknowledges and agrees that any income or
other taxes due from the Participant with respect to this Award or the shares of Common Stock to be issued pursuant to this Agreement
or otherwise sold shall be the Participant’s responsibility. Without limiting the foregoing, the Participant agrees that
if under applicable law the Participant will owe taxes at each vesting date on the portion of the Award then vested the Company
shall be entitled to immediate payment from the Participant of the amount of any tax or other amounts required to be withheld
by the Company by applicable law or regulation. Any taxes or other amounts due shall be paid, at the option of the Administrator
as follows:

 

(a)              
through reducing the number of shares of Common Stock entitled to be issued to the Participant on the applicable vesting
date in an amount equal to the statutory minimum of the Participant’s total tax and other withholding obligations due and
payable by the Company. Fractional shares will not be retained to satisfy any portion of the Company’s withholding obligation.
Accordingly, the Participant agrees that in the event that the amount of withholding required would result in a fraction of a share
being owed, that amount will be satisfied by withholding the fractional amount from the Participant’s paycheck;

 

(b)              
requiring the Participant to deposit with the Company an amount of cash equal to the amount determined by the Company to
be required to be withheld with respect to the statutory minimum amount of the Participant’s total tax and other withholding
obligations due and payable by the Company or otherwise withholding from the Participant’s paycheck an amount equal to such
amounts due and payable by the Company; or

 

(c)              
if the Company believes that the sale of shares can be made in compliance with applicable securities laws, authorizing,
at a time when the Participant is not in possession of material nonpublic information, the sale by the Participant on the applicable
vesting date of such number of shares of Common Stock as the Company instructs a registered broker to sell to satisfy the Company’s
withholding obligation, after deduction of the broker’s commission, and the broker shall be required to remit to the Company
the cash necessary in order for the Company to satisfy its withholding obligation. To the extent the proceeds of such sale exceed
the Company’s withholding obligation the Company agrees to pay such excess cash to the Participant as soon as practicable.
In addition, if such sale is not sufficient to pay the Company’s withholding obligation the Participant agrees to pay to
the Company as soon as practicable, including through additional payroll withholding, the amount of any withholding obligation
that is not satisfied by the sale of shares of Common Stock. The Participant agrees to hold the Company and the broker harmless
from all costs, damages or expenses relating to any such sale. The Participant acknowledges that the Company and the broker are
under no obligation to arrange for such sale at any particular price. In connection with such sale of shares of Common Stock, the
Participant shall execute any such documents requested by the broker in order to effectuate the sale of shares of Common Stock
and payment of the withholding obligation to the Company. The Participant acknowledges that this paragraph is intended to comply
with Section 10b5-1(c)(1)(i)(B) under the Exchange Act.

 

It is the
Company’s intention that the Participant’s tax obligations under this Section 8 shall be satisfied through the
procedure of Subsection (c) above, unless the Company provides notice of an alternate procedure under this Section, in its
discretion. The Company shall not deliver any shares of Common Stock to the Participant until it is satisfied that all
required withholdings have been made.

 

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9.            Participant
Acknowledgements and Authorizations.

 

The Participant acknowledges the
following:

 

(a)              
The Company is not by the Plan or this Award obligated to continue the Participant as an employee, director or consultant
of the Company or an Affiliate.

 

(b)              
The Plan is discretionary in nature and may be suspended or terminated by the Company at any time.

 

(c)              
The grant of this Award is considered a one-time benefit and does not create a contractual or other right to receive any
other award under the Plan, benefits in lieu of awards or any other benefits in the future.

 

(d)              
The Plan is a voluntary program of the Company and future awards, if any, will be at the sole discretion of the Company,
including, but not limited to, the timing of any grant, the amount of any award, vesting provisions and the purchase price, if
any.

 

(e)              
The value of this Award is an extraordinary item of compensation outside of the scope of the Participant’s employment
or consulting contract, if any. As such the Award is not part of normal or expected compensation for purposes of calculating any
severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar
payments. The future value of the shares of Common Stock is unknown and cannot be predicted with certainty.

 

(f)               
The Participant (i) authorizes the Company and each Affiliate and any agent of the Company or any Affiliate administering
the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information and data
as the Company or any such Affiliate shall request in order to facilitate the grant of the Award and the administration of the
Plan; and (ii) authorizes the Company and each Affiliate to store and transmit such information in electronic form for the purposes
set forth in this Agreement.

 

10.             
Notices. Any notices required or permitted by the terms of this Agreement or the Plan shall be given by recognized
courier service, facsimile, registered or certified mail, return receipt requested, addressed as follows:

 

If to the Company:

 

[ADDRESS

Attention: ]

 

If to the
Participant at the address set forth on the Restricted Stock Unit Award Grant Notice or to such other address or addresses of
which notice in the same manner has previously been given. Any such notice shall be deemed to have been given on the earliest
of receipt, one business day following delivery by the sender to a recognized courier service, or three business days
following mailing by registered or certified mail.

 

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11.          Assignment and Successors.

 

(a)              
This Agreement is personal to the Participant and without the prior written consent of the Company shall not be assignable
by the Participant otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of
and be enforceable by the Participant’s legal representatives.

 

(b)              
This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

 

12.          Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware,
without giving effect to the conflict of law principles thereof. For the purpose of litigating any dispute that arises under this
Agreement, whether at law or in equity, the parties hereby consent to exclusive jurisdiction in [Connecticut] and agree that such
litigation will be conducted in the state courts of [Connecticut] or the federal courts of the United States for the District of
[Connecticut].

 

13.          Severability.
If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, then such provision
or provisions shall be modified to the extent necessary to make such provision valid and enforceable, and to the extent that this
is impossible, then such provision shall be deemed to be excised from this Agreement, and the validity, legality and enforceability
of the rest of this Agreement shall not be affected thereby.

 

14.          Entire
Agreement. This Agreement, together with the Plan, constitutes 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 not expressly set forth in this Agreement
shall affect or be used to interpret, change or restrict the express terms and provisions of this Agreement provided, however,
in any event, this Agreement shall be subject to and governed by the Plan.

 

15.          Modifications
and Amendments; Waivers and Consents. The terms and provisions of this Agreement may be modified or amended as provided in
the Plan. Except as provided in the Plan, 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.

 

16.          Section
409A. [The Award of RSUs evidenced by this Agreement is intended to be exempt from the nonqualified deferred compensation
rules of Section 409A of the Code as a “short term deferral” (as that term is used in the final regulations and
other guidance issued under Section 409A of the Code, including Treasury Regulation Section 1.409A-1(b)(4)(i)), and shall be
construed accordingly.]

 

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17.          Data
Privacy. By entering into this Agreement, the Participant: (i) authorizes the Company and each Affiliate, and any agent of
the Company or any Affiliate administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any
of its Affiliates such information and data as the Company or any such Affiliate shall request in order to facilitate the grant
of options and the administration of the Plan; (ii) to the extent permitted by applicable law waives any data privacy rights he
or she may have with respect to such information, and (iii) authorizes the Company and each Affiliate to store and transmit such
information in electronic form for the purposes set forth in this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    6Exhibit 10.17

 

BUTTERFLY NETWORK, INC.

 

NONEMPLOYEE DIRECTOR COMPENSATION POLICY

 

(Adopted February 12, 2021)

 

The Board of Directors
of Butterfly Network, Inc. (the “Company”) has approved the following Nonemployee Director Compensation
Policy (this “Policy”) to provide an inducement to obtain and retain the services of qualified persons to serve
as members of the Company’s Board of Directors. The Policy establishes compensation to be paid to nonemployee directors of
the Company.

 

Applicable Persons

 

This Policy shall
apply to each director of the Company who is not an employee of the Company or any Affiliate (each, an “Outside Director”).
 “Affiliate” shall mean an entity which is a direct or indirect parent or subsidiary of the Company, as determined
pursuant to Section 424 of the Internal Revenue Code of 1986, as amended.

 

Compensation

 

	A.	Equity Grants

 

1.            Annual
Grants

 

Each Outside Director
shall be granted, automatically and without any action on the part of the Board of Directors, under the Company’s 2020 Equity
Incentive Plan or a successor plan (the “Equity Plan”), a number of non-qualified stock options (“Options”)
to purchase shares of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”)
having an aggregate grant date fair value of $150,000, valued based on a Black-Scholes valuation method (rounded down to the nearest
whole share), each year on the first business day after the Company’s annual meeting of stockholders (the “Annual
Grant”); provided, however, that if there has been no annual meeting of stockholders held by the first business
day of the third fiscal quarter, each Outside Director shall be granted, automatically and without any action on the part of the
Board of Directors, such Annual Grant on the first business day of the third fiscal quarter of such year.

 

2.            Initial
Grants for Newly Appointed or Elected Directors

 

Each new Outside Director
shall be granted, automatically and without any action on the part of the Board of Directors, under the Equity Plan, a number of
restricted stock units (“RSUs”) (each RSU relating to one share of Common Stock, having an aggregate fair market
value equal to $300,000, determined by dividing (A) $300,000 by (B) the closing price of the Common Stock on the
New York Stock Exchange on the date of the grant (rounded down to the nearest whole share), on the first business day after the
date that the Outside Director is first appointed or elected to the Board of Directors (the “Initial Grant”
and, together with the Annual Grants, the “Outside Director Grants”).

 

3.            Terms
of Outside Director Grants

 

Unless otherwise specified
by the Board of Directors or the Compensation Committee at the time of grant, each Outside Director Grant shall: (i) vest,
in the case of (A) an Annual Grant, at the end of the “Directors’ Compensation Year,” which shall
be defined as the period beginning on the date of each regular Annual Stockholders Meeting (or the first business day of the third
fiscal quarter, as applicable) and ending on the date of the next regular Annual Stockholders Meeting, subject to the Outside Director’s
continued service on the Board of Directors through the applicable Directors’ Compensation Year, and (B) an Initial
Grant, in equal annual installments over three years from the date of the grant, subject to the Outside Director’s continued
service on the Board of Directors on the applicable vesting dates; and (ii) be granted under the Company’s standard
form of agreement unless on or prior to the date of grant the Board of Directors or the Compensation Committee shall determine
that other terms or conditions shall be applicable.

 

	B.	Cash Fees

 

		1.	Annual Cash Fees

 

Each Outside Director will receive an annual
cash retainer fee in the amount of $50,000, and the following additional annual cash fees shall be paid to the Outside Directors
serving on the Audit Committee, Compensation Committee and Nominating and Governance Committee, as applicable (collectively, the
 “Annual Fees”).

 

     

     

    

 

	Committee of Board of Directors	 	Annual Retainer

 Amount for Chair	 	 	Annual
    Retainer
 Amount for
 Other Members	 
	Audit Committee	 	$	20,000	 	 	$	10,000	 
	Compensation Committee	 	$	15,000	 	 	$	7,500	 
	Nominating and Governance Committee	 	$	10,000	 	 	$	5,000	 

 

		2.	Payment Terms for All Cash Fees

 

Annual Fees payable
to Outside Directors shall be paid quarterly in arrears as soon as practicable following the last business day of each fiscal quarter.

 

Following an Outside
Director’s first election or appointment to the Board of Directors, such Outside Director shall receive his or her cash compensation
prorated during the first fiscal quarter in which he or she was initially appointed or elected for the number of days during which
he or she provides service. If an Outside Director dies, resigns or is removed during any quarter, he or she shall be entitled
to a cash payment on a prorated basis through his or her last day of service that shall be paid as soon as practicable following
the last business day of the fiscal quarter.

 

Expenses

 

Upon presentation
of documentation of such expenses reasonably satisfactory to the Company, each Outside Director shall be reimbursed for his or
her reasonable out-of-pocket business expenses incurred in connection with attending meetings of the Board of Directors and Committees
thereof or in connection with other business related to the Board of Directors. Each Outside Director shall abide by the Company’s
travel and other expense policies applicable to Company personnel.

 

 Amendments

 

The Compensation Committee
or the Board of Directors shall review this Policy from time to time to assess whether any amendments in the type and amount of
compensation provided herein should be adjusted in order to fulfill the objectives of this Policy.

 

    2

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