Form 4: Butterfly Network Director Erica Schwartz Acquires Restricted Stock Units

Director Erica Schwartz acquired 157,894 restricted stock units (RSUs) of Butterfly Network's Class A common stock on June 10, 2024, as part of the annual grant for non-employee directors.

Summary

• On June 10, 2024, Erica Schwartz, a director of Butterfly Network, Inc. (BFLY), acquired 157,894 restricted stock units (RSUs) of Class A common stock.
• The RSUs were granted as part of the annual compensation for non-employee directors, according to the Issuer's Amended and Restated Nonemployee Director Compensation Policy.
• Each RSU represents the right to receive one share of Class A common stock upon vesting.
• The RSUs will vest in full on the date of the Issuer's 2025 Annual Stockholders Meeting, contingent upon Ms. Schwartz's continued service on the Board of Directors.
• Following the transaction, Ms. Schwartz directly owns 295,818 shares of Class A Common Stock.

Sentiment

Score: 7

Explanation: The document reflects a standard transaction related to director compensation, indicating a neutral to slightly positive sentiment as it aligns director interests with shareholders.

Positives

• The grant of RSUs aligns the director's interests with those of the shareholders, incentivizing continued service and contribution to the company's success.
• The vesting schedule encourages long-term commitment from the director.

Future Outlook

The vesting of the RSUs is contingent upon Erica Schwartz's continued service on the Board of Directors until the 2025 Annual Stockholders Meeting.

Industry Context

This Form 4 filing is a routine disclosure related to insider transactions, which are common in publicly traded companies. It provides transparency into the compensation and equity ownership of company directors.

Comparison to Industry Standards

• Director compensation packages often include a mix of cash and equity, such as RSUs or stock options, to align their interests with shareholders.
• The vesting schedule of the RSUs is typical, encouraging long-term commitment from the director.
• Comparable companies like Teladoc Health or Dexcom also grant equity to their directors as part of their compensation packages.

Stakeholder Impact

• Shareholders benefit from the alignment of director interests with company performance through equity compensation.
• The director is incentivized to contribute to the company's success to realize the value of the RSUs.

Next Steps

• The RSUs will vest on the date of the 2025 Annual Stockholders Meeting, assuming continued service by Erica Schwartz.

Key Dates