Form 4: Butterfly Network EVP, CFO & COO Heather Getz Reports Changes in Beneficial Ownership

Heather Getz, EVP, CFO & COO of Butterfly Network, reports acquisition of restricted stock units and shares under the employee stock purchase plan, as well as shares withheld for tax obligations.

Summary

• On March 4, 2025, Heather Getz, EVP, CFO & COO of Butterfly Network, filed a Form 4 with the SEC.
• The report details changes in her beneficial ownership of Butterfly Network's Class A Common Stock.
• On March 1, 2025, Getz acquired 569,211 shares of Class A Common Stock at $0, representing restricted stock units (RSUs) that vest in three equal annual installments following March 1, 2025.
• On December 31, 2024, she acquired 28,835 shares under the Issuer's employee stock purchase plan.
• On March 3, 2025, 282,649 shares were withheld by the company at $3.03 to cover tax obligations related to the vesting of RSUs granted on March 1, 2023, and March 6, 2024.
• Following these transactions, Getz beneficially owns 2,984,730 shares of Class A Common Stock.

Sentiment

Score: 7

Explanation: The document reflects routine insider transactions, with acquisitions of shares indicating a positive outlook from the executive. The tax withholding is a neutral event.

Positives

• Acquisition of shares through RSUs indicates confidence in the company's future performance.
• Participation in the employee stock purchase plan demonstrates alignment with company goals.

Negatives

• Shares were withheld to cover tax obligations, which reduces the total number of shares directly held by the reporting person.

Risks

• The value of the acquired shares is subject to market fluctuations.
• The vesting of RSUs is contingent upon continued service with the company.

Future Outlook

The vesting of RSUs in three equal annual installments following March 1, 2025, suggests a continued alignment of the executive's interests with the company's long-term performance.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates changes in the holdings of a key executive at Butterfly Network.

Comparison to Industry Standards

• Form 4 filings are standard practice for publicly traded companies, ensuring transparency in insider trading.
• The vesting schedule of the RSUs is typical for executive compensation packages, aligning long-term incentives with company performance.
• Employee stock purchase plans are common benefits offered by many companies, including those comparable to Butterfly Network in the medical technology sector.

Stakeholder Impact

• Shareholders gain insight into the transactions of a key executive.
• Employees may be impacted by the employee stock purchase plan.

Key Dates