Document:

Exhibit 10.2

 

1847 HOLDINGS LLC

590 Madison Avenue, 21st Floor

New York, NY 10022

 

September 7, 2021

 

Ms. Vernice Howard

___________________

___________________

 

Dear Vernice:

 

It is my privilege and pleasure to offer you the
position of Chief Financial Officer with 1847 Holdings LLC (the “Company”), subject to the terms herein. As
the Chief Financial Officer, your responsibilities include the Company’s financial reporting requirements, as well as the financials
of the Company’s portfolio companies. I am confident that your strategic vision, operational expertise and commitment to
our culture and values will be a tremendous asset to the executive leadership team and the organization. The details of your offer are
as follows:

 

		●	BASE SALARY. You will be entitled to an annual base salary of $240,000, consisting of $80,000 for each
of the Company’s three portfolio companies, up to a maximum aggregate annual base salary of $300,000 upon the addition of a fourth
portfolio company. The base salary will be paid by-weekly with standard payroll deductions and less applicable taxes. The base salary
will be reviewed annually as part of the performance review process and the establishment of annual EBITDA budgets, and salary increases,
if any, will be determined based on merit, performance, additional/changing responsibilities and the Company’s financial health
and performance. Due to the Company’s current corporate partnership structure, your salary and benefits will be administered by
one of the Company’s portfolio companies, which will be reimbursed through inter-company payments as determined by the Company and
the portfolio companies.

 

		●	ANNUAL BONUS. You will be eligible for an annual bonus of up to 50% of your applicable base salary. You
will work with the board of directors of the Company to agree upon metrics in excess of present earnings targets to achieve maximum annual
bonus potential. You must be actively employed at the time of payment in order to receive this bonus.

 

		●	BENEFITS. You will be permitted, if and to the extent eligible, to participate in all employee benefit
plans, policies and practices now or hereafter maintained by or on behalf of the Company and the portfolio companies, commensurate your
position with the Company. The Company will provide paid medical insurance. If you do not qualify for the Company’s medical insurance
plan, or if you wish to get independent medical insurance, you will be reimbursed up to the amount the Company would have paid for you
to join the Company’s medical insurance plan. You will be permitted to participate in the Company’s equity incentive plan
when and if such plan is adopted by the board of directors of the Company at a level that is consistent with your position with the Company.
The determination of the equity award shall be in the discretion of the board of directors of the Company.

 

     

     

    

 

		●	VACATION. You will receive four weeks of vacation per calendar year and seven Company holidays per fiscal
year.

 

		●	SEVERANCE. If you are terminated by the Company without cause, you will be entitled, subject to your execution
of a release in form and substance acceptable to the Company, to 6 months of base compensation, which will be paid in lump sum within
two weeks of the separation date.

 

		●	PREVIOUS EMPLOYMENT. We expect you to observe any contractual or legal obligations that you owe to any
previous employer. Please advise us of any restrictive covenants, non-solicitation covenants, or other contractual or legal obligations
you owe to your previous employer.

 

		●	CONFIDENTIALITY. You shall not, directly or indirectly, disclose to any person or entity who is not authorized
by the Company or any subsidiary or affiliate to receive such information, or use or appropriate for your own benefit or for the benefit
of any person or entity other than the Company or any subsidiary or affiliate, any documents or other papers relating to the Company’s
business or the customers of the Company or any subsidiary or affiliate, including, without limitation, files, business relationships
and accounts, pricing policies, customer lists, computer software and hardware, or any other materials relating to the Company’s
business or the customers of the Company or any affiliate of the Company or any trade secrets or confidential information, including,
without limitation, any business or operational methods, drawings, sketches, designs or product concepts, know-how, marketing plans or
strategies, product development techniques or plans, business acquisition plans, financial or other performance data, personnel and other
policies of the Company or any affiliate of the Company, whether generated by you or by any other person, except as required in the course
of performing your duties hereunder or with the express written consent of the Company; provided, however, that the confidential
information shall not include any information readily ascertainable from public or published information, or trade sources or independent
third parties (other than as a direct or indirect result of unauthorized disclosure by you). This confidentiality provision shall survive
the termination of this offer letter and the cessation of your employment.

 

		●	NON-COMPETITION. During your employment hereunder, you shall not engage, directly or indirectly, as an
employee, officer, director, partner, manager, consultant, agent, owner (other than a minority shareholder or other equity interest of
not more than 1% of a company whose equity interests are publicly traded on a nationally recognized stock exchange or over- the-counter)
or in any other capacity, in any business or entity that is in competition with the Company or any of its subsidiaries. You will also
devote 100% of your work time to the Company. For a one year period following the termination of your employment for any reason or without
reason, you shall not in any capacity (whether in the capacity as an employee, officer, director, partner, manager, consultant, agent
or owner) engage with any business or entity that is in competition with the Company.

 

		●	NON-SOLICITATION. For a two year period following the termination of your employment for any reason or
without reason, you shall not solicit or induce any person who was an employee of the Company or any of its subsidiaries or related companies
on the date of your termination or within three months prior to leaving your employment with the Company or any of its subsidiaries or
related companies to leave their employment with the Company or any of its subsidiaries or related companies.

 

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		●	CONTINGENT OFFER. This offer is contingent upon the favorable completion of a drug and alcohol screening,
background screening, and reference checks, along with proper documentation of your legal ability to work in the United States.

 

		●	AT-WILL EMOLOYMENT. Your employment is at-will and will begin with the Company on a date mutually agreed
upon.

 

		●	RESIGNATION. You agree to provide the Company with 90 days’ notice prior to resigning from or otherwise
terminating your employment with the Company.

 

		●	SEVERABILITY; SPECIFIC PERFORMANCE: If any term or other provision of this offer letter is invalid, illegal,
or incapable of being enforced by any law or public policy, all other terms or provisions of this offer letter shall nevertheless remain
in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal, or incapable of being enforced,
the parties hereto shall negotiate in good faith to modify this offer letter so as to effectuate the original intent of the parties as
closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated
to the greatest extent possible. Each party acknowledges and agrees that a breach or threatened breach of this offer letter would cause
irreparable damage to the other party and that the injured party may not have an adequate remedy at law. Therefore, the obligations of
the parties under this offer letter shall be enforceable by a decree of specific performance issued by any court of competent jurisdiction,
and appropriate injunctive relief may be applied for and granted in connection therewith. Such remedies shall, however, be cumulative
and not exclusive and shall be in addition to any other remedies which any party may have under this offer letter or otherwise. The parties
further agree that, in the event of any action for specific performance in respect of such breach or violation by a party, the other party
will not assert the defense that a remedy at law would be adequate.

 

		●	MISCELLANEOUS: Facsimile execution and delivery of this offer letter is legal, valid and binding execution
and delivery for all purposes. This offer letter shall not confer any rights or remedies upon any person other than the parties and their
respective successors and permitted assigns. This offer letter constitutes the entire agreement among the parties and supersedes any prior
understandings, agreements, or representations by or among the parties, written or oral, to the extent they related in any way to the
subject matter hereof. This offer letter may be executed in one or more counterparts, each of which shall be deemed an original but all
of which together will constitute one and the same instrument. This offer letter shall be governed by and construed in accordance with
the laws of the State of New York without regard to principles of conflicts of laws. No amendment of any provision of this offer letter
shall be valid unless the same shall be in writing and signed by both of the parties hereto.

 

[Signature Page Follows]

 

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While every member of our team is critical to
our success, your role of Chief Financial Officer is one that I look to for significant contributions. I look forward to welcoming you
to the team, working with you and positioning the Company for a successful future! If you have any questions, please do not hesitate to
call me at (703) 234-8834.

 

Regards,

 

	1847 Holdings LLC	 
	 	 
	/s/ Ellery Roberts	 
	Name: Ellery Roberts	 
	Title: Chief Executive Officer	 

 

AGREED AND ACCEPTED:

 

	/s/ Vernice Howard	 	September 7, 2021
	Vernice Howard	 	Date

 

Please return a signed copy of this offer letter
as formal acceptance of your ability to perform the requirements of the position. Your employment with the Company is considered “at
will” and can be terminated by you at any time. The Company also reserves the same right.

 

 

4Exhibit 10.1

 

BUTTERFLY NETWORK,
INC.

 

AMENDED AND RESTATED
NONEMPLOYEE DIRECTOR COMPENSATION POLICY

 

(Adopted September
8, 2021)

 

The
Board of Directors of Butterfly Network, Inc. (the “Company”) has approved the following Amended and Restated 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
Amended and Restated 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, Nominating and Governance Committee and Technology 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	 
	Technology Committee	 	$	15,000	 	 	$	7,500	 

 

		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.

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