Form 4: Butterfly Network Officer Andrei Stoica Reports Stock Transactions

Andrei Stoica, Chief Technology Officer of Butterfly Network, reports the vesting of restricted stock units and related tax withholding transactions.

Summary

• Andrei Stoica, the Chief Technology Officer of Butterfly Network, filed a Form 4 detailing changes in beneficial ownership.
• On March 1, 2025, Stoica acquired 328,947 shares of Class A Common Stock through the vesting of restricted stock units (RSUs) at a price of $0.
• These RSUs vest in three equal annual installments following March 1, 2025.
• Stoica also had 178,130 shares withheld on March 3, 2025, and 11,470 shares withheld on March 4, 2025, by the company to cover tax obligations related to RSU vesting at a price of $3.03.
• Following these transactions, Stoica beneficially owns 1,605,341 shares of Class A Common Stock.
• The report also includes shares acquired under the Issuer's employee stock purchase plan on December 31, 2024.
• A Power of Attorney was executed on February 28, 2025, granting authority to Nick Caezza, Heather Getz, Stacie Aarestad, and Ryan Rourke Reed to act on Stoica's behalf for SEC filings.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The transactions are routine and expected, reflecting standard executive compensation practices. The executive's continued holding of a significant number of shares suggests confidence in the company.

Positives

• The vesting of RSUs indicates a continued alignment of the executive's interests with those of the shareholders.
• Participation in the employee stock purchase plan demonstrates confidence in the company's future.

Future Outlook

The RSUs vest in three equal annual installments following March 1, 2025, subject to continued service.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The vesting of RSUs is a common form of executive compensation in the technology industry.

Comparison to Industry Standards

• Stock-based compensation, including RSUs, is a standard practice among publicly traded companies, particularly in the tech sector, to incentivize and retain key employees.
• Companies like Intuitive Surgical and Teladoc Health also utilize RSUs as part of their compensation packages for executives.
• The vesting schedules and terms of these grants are generally aligned with industry norms to ensure long-term commitment and performance.

Stakeholder Impact

• The transactions provide transparency to shareholders regarding executive compensation and ownership.
• The vesting of RSUs aligns executive interests with shareholder value.

Key Dates