Document:

Exhibit 10.1

 

THIS CONVERTIBLE PROMISSORY NOTE (THIS “NOTE”)
AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE. THIS
NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND
THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED
TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE COMPANY AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED
MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY TO THE EFFECT THAT ANY SALE OR OTHER
DISPOSITION IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

AMCI ACQUISITION CORP. II

CONVERTIBLE PROMISSORY NOTE

 

	Principal Amount: Not to Exceed $1,500,000

 (See Schedule A)	Dated as of March 28, 2022

 

FOR VALUE RECEIVED and subject
to the terms and conditions set forth herein, AMCI Acquisition Corp. II, a Delaware corporation (the “Maker”),
promises to pay to the order of AMCI Sponsor II LLC or its registered assigns or successors in interest (the “Payee”),
or order, the principal balance as set forth on Schedule A hereto in lawful money of the United States of America; which schedule
shall be updated from time to time by the parties hereto to reflect all advances and readvances outstanding under this Note; provided
that at no time shall the aggregate of all advances and readvances outstanding under this Note exceed ONE MILLION FIVE HUNDRED THOUSAND
Dollars ($1,500,000). Any advance hereunder shall be made by the Payee upon receipt of a written request of the Maker, related to ongoing
expenses reasonably related to the business of the Maker and the consummation of the Business Combination (as defined below), and shall
be set forth on Schedule A. Any advance hereunder shall only be made by the Payee as, and to the extent, expenses are incurred
or are reasonably expected to be incurred and the amounts of such advance shall be used to pay or repay such expenses. All payments on
this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account
as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

1.
Principal. All unpaid principal under this Note shall be due and payable in full on the earlier of (i) August 6, 2023 and (ii)
the effective date of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination,
involving the Company and one or more businesses (the “Business Combination”) (such earlier date, the “Maturity
Date”), unless accelerated upon the occurrence of an Event of Default (as defined below). Any outstanding principal amount
to date under this Note may be prepaid at any time by the Maker, at its election and without penalty; provided, however,
that Payee shall have a right to first convert such principal balance pursuant to Section 5 below upon notice of such prepayment.

 

2.
Interest. No interest shall accrue on the unpaid balance of this Note.

 

3.
Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of
any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late
charges and finally to the reduction of the unpaid principal balance of this Note.

 

4.
Events of Default. The occurrence of any of the following shall constitute an event of default (“Event of Default”):

 

(a) Failure to Make Required
Payments. Failure by the Maker to pay the principal amount due pursuant to this Note within five (5) business days after the date
specified above or issue warrants pursuant to Section 5 hereof, if so elected by the Payee.

 

    

     

    

 

(b) Voluntary Bankruptcy,
Etc. The commencement by the Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of the Maker or for any substantial part of its property, or the making by it of any assignment
for the benefit of creditors, or the failure of the Maker generally to pay its debts as such debts become due, or the taking of corporate
action by the Maker in furtherance of any of the foregoing.

 

(c) Involuntary Bankruptcy,
Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of the Maker in an involuntary
case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of the Maker or for any substantial part of its property, or ordering the winding-up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days.

 

5. Conversion 

 

(a) Optional Conversion.
At the option of the Payee, at any time on or prior to the Maturity Date, any amounts outstanding under this Note (or any portion thereof),
up to $1,500,000 in the aggregate, may be converted into warrants to purchase shares of Class A common stock of the Maker (“Common
Stock”) at a conversion price (the “Conversion Price”) equal to $1.00 per warrant (“Warrants”).
If the Payee elects such conversion, the terms of such Warrants issued in connection with such conversion shall be identical to the warrants
issued to the Payee in the private placement that closed on August 6, 2021 (the “Private Placement Warrants”)
in connection with the Maker’s initial public offering that closed on August 6, 2021 (the “IPO”); provided,
however, that the Warrants shall not be subject to forfeiture in connection with the Business Combination and that each Warrant
shall entitle the holder thereof to purchase one share of Common Stock at a price of $11.50 per share, subject to the same adjustments
applicable to the Private Placement Warrants made after the date of issuance of the Private Placement Warrants. Before this Note may be
converted under this Section 5(a), the Payee shall surrender this Note, duly endorsed, at the office of the Maker and shall state
therein the amount of the unpaid principal of this Note to be converted and the name or names in which the certificates for Warrants are
to be issued (or the book-entries to be made to reflect ownership of such Warrants with the Maker’s transfer agent). The conversion
shall be deemed to have been made immediately prior to the close of business on the date of the surrender of this Note and the person
or persons entitled to receive the Warrants upon such conversion shall be treated for all purposes as the record holder or holders of
such Warrants as of such date. Each such newly issued Warrant shall include a restricted legend that contemplates the same restrictions
as the Private Placement Warrants. The Warrants and shares of Common Stock issuable upon exercise of the Warrants shall constitute “Registrable
Securities” pursuant to that certain Registration Rights Agreement, dated August 3, 2021, among the Maker, the Payee and certain
other security holders named therein.

 

(b) Remaining Principal.
All accrued and unpaid principal of this Note that is not then converted into Warrants, shall continue to remain outstanding and to be
subject to the conditions of this Note.

 

(c) Fractional Warrants;
Effect of Conversion. No fractional Warrants shall be issued upon conversion of this Note. In lieu of any fractional Warrants to the
Payee upon conversion of this Note, the Maker shall pay to the Payee an amount equal to the product obtained by multiplying the Conversion
Price by the fraction of a Warrant not issued pursuant to the previous sentence. Upon conversion of this Note in full and the payment
of any amounts specified in this Section 5(c), this Note shall be cancelled and void without further action of the Maker or the
Payee, and the Maker shall be forever released from all its obligations and liabilities under this Note.

 

6. Remedies.

 

(a) Upon the occurrence of
an Event of Default specified in Section 4(a) hereof, the Payee may, by written notice to the Maker, declare this Note to be due
immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained
herein or in the documents evidencing the same to the contrary notwithstanding.

 

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(b) Upon the occurrence of
an Event of Default specified in Sections 4(b) or 4(c), the unpaid principal balance of this Note, and all other sums payable
with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of the
Payee.

 

7.
Waivers. The Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted
by the Payee under the terms of this Note, and all benefits that might accrue to the Maker by virtue of any present or future laws exempting
any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale
under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and the Maker
agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued
hereon, may be sold upon any such writ in whole or in part in any order desired by the Payee.

 

8.
Unconditional Liability. The Maker hereby waives all notices in connection with the delivery, acceptance, performance, default,
or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any
other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by the Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by
the Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties
may become parties hereto without notice to the Maker or affecting the Maker’s liability hereunder.

 

9.
Notices. All notices, statements or other documents that are required or contemplated by this Note shall be in writing and
delivered (i) personally or sent by first class registered or certified mail, overnight courier service to the address designated in writing,
(ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing
by such party, or (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic
mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been
given on the day of delivery, if delivered personally or by facsimile or electronic transmission; one (1) business day after delivery
to an overnight courier service; or five (5) days after mailing if sent by first class registered or certified mail.

 

10.
Construction. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF NEW YORK APPLICABLE TO CONTRACTS
MADE AND TO BE PERFORMED WITHIN THE STATE OF NEW YORK.

 

11.
Severability. Any provision contained in this Note that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

12.
Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or
claim of any kind (“Claim”) in or to any distribution of or from the trust account established in which the proceeds
of the IPO conducted by the Maker (including the deferred underwriters discounts and commissions) and certain proceeds of the sale of
the Private Placement Warrants were deposited, as described in greater detail in the registration statement and prospectus in connection
with the IPO, initially filed with the U.S. Securities and Exchange Commission on February 12, 2021, as amended, and hereby agrees not
to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

13.
Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

14.
Successors and Assigns. Subject to the restrictions on transfer in Sections 15 and 16 below, the rights and obligations
of the Maker and the Payee hereunder shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees
of any party hereto (by operation of law or otherwise) with the prior written consent of the other party hereto and any attempted assignment
without the required consent shall be void.

 

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15.
Transfer of this Note or Securities Issuable on Conversion. With respect to any sale or other disposition of this Note or securities
into which this Note may be converted, the Payee shall give written notice to the Maker prior thereto, describing briefly the manner thereof,
together with (i) except for a Permitted Transfer, in which case the requirements in this clause (i) shall not apply, a written opinion
reasonably satisfactory to the Maker in form and substance from counsel reasonably satisfactory to the Maker to the effect that such sale
or other distribution may be effected without registration or qualification under any federal or state law then in effect and (ii) a written
undertaking executed by the desired transferee reasonably satisfactory to the Maker in form and substance agreeing to be bound by the
restrictions on transfer contained herein. Upon receiving such written notice, reasonably satisfactory opinion, or other evidence, and
such written acknowledgement, the Maker, as promptly as practicable, shall notify the Payee that the Payee may sell or otherwise dispose
of this Note or such securities, all in accordance with the terms of the note delivered to the Maker. If a determination has been made
pursuant to this Section 15 that the opinion of counsel for the Payee, or other evidence, or the written acknowledgment from the
desired transferee, is not reasonably satisfactory to the Maker, the Maker shall so notify the Payee promptly after such determination
has been made. Each Note thus transferred shall bear a legend as to the applicable restrictions on transferability in order to ensure
compliance with the Securities Act, unless in the opinion of counsel for the Maker such legend is not required in order to ensure compliance
with the Securities Act. The Maker may issue stop transfer instructions to its transfer agent in connection with such restrictions. Subject
to the foregoing, transfers of this Note shall be registered upon registration on the books maintained for such purpose by or on behalf
of the Maker. Prior to presentation of this Note for registration of transfer, the Maker shall treat the registered holder hereof as the
owner and holder of this Note for the purpose of receiving all payments of principal hereon and for all other purposes whatsoever, whether
or not this Note shall be overdue and the Maker shall not be affected by notice to the contrary. For purposes hereof “Permitted
Transfer” shall have the same meaning as any transfer that would be permitted for the Private Placement Warrants under the
Letter Agreement, dated August 3, 2021, among the Maker, the Payee and the other parties thereto.

 

16.
Acknowledgment. The Payee is acquiring this Note for investment for its own account, not as a nominee or agent, and not with
a view to, or for resale in connection with, any distribution thereof. The Payee understands that the acquisition of this Note involves
substantial risk. The Payee has experience as an investor in securities of companies and acknowledges that it is able to fend for itself,
can bear the economic risk of its investment in this Note, and has such knowledge and experience in financial and business matters that
it is capable of evaluating the merits and risks of this investment in this Note and protecting its own interests in connection with this
investment.

 

[Signature Page Follows]

 

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IN
WITNESS WHEREOF, the Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned
as of the day and year first above written.

 

 

	 	AMCI ACQUISITION CORP. II
	 	 
	 	 	 
	 	By:	/s/ Nimesh Patel
	 	Name:	Nimesh Patel
	 	Title:	Chief Executive Officer    

 

Acknowledged and agreed as of the date first above
written.

 

	AMCI SPONSOR II LLC	 
	 	 	 
	 	 	 
	By:	/s/ Nimesh Patel	 
	Name:	Nimesh Patel 	 
	Title:	Managing Manager	 

 

[Signature Page to Convertible Promissory Note]

 

    

     

    

 

SCHEDULE A

 

Subject to the terms and conditions
set forth in the Note to which this schedule is attached to, the principal balance due under the Note shall be set forth in the table
below and shall be updated from time to time to reflect all advances and readvances outstanding under the Note.

 

	Date	 	Drawing	 	Description	 	Principal Undrawn

 BalanceExhibit 10.2

​
​
​
August 12, 2021
​
Troy Quander 
Dear Troy,
On behalf of Butterfly Network, I am pleased to offer you a position as Senior Vice President, Regulatory and Quality beginning on or around September 7, 2021. You will report directly to the CEO and will be based out of our Burlington, MA headquarters.
​
Your annualized compensation in this position will consist of an annual base salary of $350,000.00 paid in twice monthly pay periods, less required deductions.
​
You will receive an annual (prorated for the first year) discretionary bonus with a target of 50% of your base salary, based on goals, objectives, and performance metrics to be determined by Butterfly Network’s management. Such bonus will be paid in the first quarter of the following calendar year. It will be a condition of your eligibility to receive any bonus that you remain employed with Butterfly Network through the date of payment of such bonus.
​
You will receive one-time make whole, taxable payment of $165,000.00 for bonus and cash payment forfeiture. This will be paid on your first payroll check after the first month anniversary of your start date. Such payment will be recoverable in full by the company in the event you voluntarily terminate your employment prior to 12 months from your start date.
​
In addition to the outlined cash compensation, within 30 days you will receive a grant of $500,000.00 equivalent of equity, consisting of 50% restricted stock units and 50% stock options in Butterfly Network, that (i) will be subject to the terms of the grant documents therefore, (ii) subject to continued service and the specific terms of your grant. The Stock Options will vest over a four-year period with the following schedule: 25% on the one-year anniversary of your start date, and 2.083% at the end of each month thereafter. The RSUs will vest over a four-year period with the following schedule: 25% on the one-year anniversary of your start date, and 6.25% at the end of each quarter thereafter.
​
You will be eligible to participate in Butterfly’s long term incentive program, established and approved by the Compensation Committee of the Butterfly Board of Directors (the “LTIP”). It is currently expected that you will receive annual grants under the LTIP.
​
Butterfly Network recognizes the need for employees to take time away from the office to creatively recharge. We also believe in taking personal responsibility for managing our own time, workload and results. For these reasons our Flexible Paid Time Off (FPTO) policy affords eligible employees the flexibility to be given an indeterminate amount of paid time off from work for vacation, personal or family obligations and other personal requirements, subject to the requirements of the policy, including advance notice and prior approval in Butterfly Network’s discretion. In no event will any employee be compensated for unused vacation time. You will also be eligible to participate in medical and other benefit plans in accordance with the rules and eligibility of those plans currently in effect. Health insurance shall commence on your start date.
​
Further, while we expect you to remain with Butterfly Network for a long time, this letter is not an employment contract and you will be an at-will employee.
​
This letter is subject to successful completion of a background check and upon the completion of references. By signing this letter, you authorize Butterfly Network to conduct such background check.
​

Butterfly Network considers the protection of its confidential information, proprietary materials and goodwill to be extremely important. As a condition of this offer of employment, you are required to sign Butterfly Network’s Non- competition/Non-solicit, Confidentiality and Intellectual Property Agreement.
​
Please note this offer will expire on August 16, 2021, unless accepted by you in writing prior to such date.
​
We appreciate your exceptional talent and are very excited about you joining our growing and dynamic team at Butterfly Network. We firmly believe that Butterfly Network offers a unique combination of emotional, intellectual, and interpersonal stimulation that will be truly enjoyable. As a member of our growing team you will be in the rare position of helping to shape the culture and direction of our organization. We have tremendous opportunities ahead of us, and I am confident you have the expertise required to help us achieve our objectives. If you have any questions regarding this offer, the position, or the company’s benefits programs, please do not hesitate to reach out.
​
​
Kindest,

​
Butterfly Network, Inc.
​
​
By:
​
Name: Todd Fruchterman, MD, PhD
​

​
Title: CEO and President
​
​
​
ACCEPTED AND AGREED:
​
​
Signature:
​
Name: Troy Quander
​
Address:  ​ ​
​

​

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