Form 4: Butterfly Network Director Larry Robbins Receives Significant RSU Grant, Reinforcing Stake in Company

Larry Robbins, a Director and 10% owner of Butterfly Network, Inc., was granted 80,434 restricted stock units as part of his annual nonemployee director compensation, further solidifying his direct and indirect beneficial ownership.

Summary

• Larry Robbins, a Director and 10% owner of Butterfly Network, Inc. (BFLY), acquired 80,434 shares of Class A Common Stock on June 13, 2025.
• These shares were granted as Restricted Stock Units (RSUs) at a price of $0.00 per share, representing his annual compensation as a nonemployee director pursuant to the Issuer's Amended and Restated Nonemployee Director Compensation Policy.
• The RSUs are set to vest in full on the date of Butterfly Network's 2026 Annual Stockholders Meeting, contingent on Mr. Robbins' continued service on the Board of Directors.
• Following this transaction, Mr. Robbins directly beneficially owns 365,505 shares of Class A Common Stock.
• Additionally, he indirectly beneficially owns 9,955,144 shares through Glenview Capital Master Fund, Ltd., Glenview Offshore Opportunity Master Fund, Ltd., and Glenview Healthcare Master Fund, L.P., where he is Founder, Portfolio Manager, and CEO of the investment manager.
• He also indirectly beneficially owns 4,546,687 shares through Longview Investors LLC, where he is the managing member.
• Mr. Robbins disclaims beneficial ownership over the Glenview and Longview securities except to the extent of any pecuniary interest he may have therein.

Sentiment

Score: 7

Explanation: The document reports a routine, expected equity grant to a director, which is generally a positive sign of alignment and commitment. The substantial indirect holdings further reinforce this. There are no negative financial disclosures or red flags.

Positives

• The grant of 80,434 Restricted Stock Units (RSUs) to Director Larry Robbins aligns his interests with long-term shareholder value, as the RSUs vest based on continued service.
• The significant indirect holdings of 9,955,144 shares through Glenview Investment Funds and 4,546,687 shares through Longview Investors LLC indicate a substantial and continued commitment from a key insider and associated entities.

Negatives

• The Form 4 filing itself does not present explicit negative information; it is a disclosure of an equity grant.

Risks

• The vesting of the 80,434 RSUs is contingent on Mr. Robbins' continued service on the Board of Directors until the 2026 Annual Stockholders Meeting, meaning the shares are not immediately owned and could be forfeited if service ceases.

Future Outlook

The vesting schedule for the granted Restricted Stock Units (RSUs) indicates a future milestone, with full vesting expected on the date of the Issuer's 2026 Annual Stockholders Meeting, contingent on the reporting person's continued service.

Industry Context

This Form 4 filing reflects a standard practice of compensating nonemployee directors with equity, aligning their incentives with the company's long-term performance. Such grants are common across the healthcare technology sector to attract and retain experienced board members.

Corporate Governance

Related Party Transactions

• The document details indirect beneficial ownership by Mr. Robbins through Glenview Capital Master Fund, Ltd., Glenview Offshore Opportunity Master Fund, Ltd., and Glenview Healthcare Master Fund, L.P., where he is the Founder, Portfolio Manager, and CEO of the investment manager.
• It also details indirect beneficial ownership through Longview Investors LLC, where Mr. Robbins is the managing member.
• Mr. Robbins disclaims beneficial ownership over these securities except to the extent of any pecuniary interest.

Stakeholder Impact

• Shareholders: The RSU grant aligns the director's interests with shareholders, as the value of the grant is tied to the company's stock performance. The continued significant indirect holdings by entities associated with Mr. Robbins may signal confidence.

Next Steps

• The 80,434 Restricted Stock Units (RSUs) are expected to vest in full on the date of Butterfly Network's 2026 Annual Stockholders Meeting.

Key Dates

Recommendation

Keywords

Butterfly Network, BFLY, SEC Form 4, Insider Transaction, Restricted Stock Units, RSU, Director Compensation, Larry Robbins, Beneficial Ownership, Equity Grant, Corporate Governance, Glenview Capital, Longview Investors