Form 4: Butterfly Network CEO Joseph DeVivo Sells Shares to Cover Tax Obligations

Butterfly Network's CEO, Joseph DeVivo, sold 209,867 shares of Class A Common Stock to cover tax obligations related to vesting restricted stock units.

Summary

• Joseph DeVivo, the President and CEO of Butterfly Network, sold 209,867 shares of Class A Common Stock on December 17, 2024.
• The sale was executed at a price of $3.52 per share.
• This transaction was to cover tax withholding obligations related to the vesting of restricted stock units granted on April 24, 2023.
• Following the transaction, DeVivo beneficially owns 6,799,354 shares of Class A Common Stock.

Sentiment

Score: 5

Explanation: The document reflects a routine transaction for tax purposes, not indicative of positive or negative sentiment towards the company's performance.

Industry Context

This is a routine transaction for executives who receive stock-based compensation. It is common for executives to sell shares to cover tax obligations when restricted stock units vest.

Comparison to Industry Standards

• Executive stock sales to cover tax obligations are a common practice across various industries.
• Many companies use restricted stock units as part of their compensation packages, leading to similar tax-related sales by executives.
• The sale by Joseph DeVivo is consistent with standard practices for executives holding equity in publicly traded companies.

Stakeholder Impact

• The sale of shares by the CEO may have a minor impact on the stock price, but it is not expected to be significant given the routine nature of the transaction.

Key Dates

Keywords

Butterfly Network, Joseph DeVivo, stock sale, insider trading, Form 4, tax obligations, restricted stock units