Form 4: Butterfly Network Officer Steve Cashman Reports Acquisition of Restricted Stock Units

Steve Cashman, Chief Business Officer of Butterfly Network, reports the acquisition of restricted stock units.

Summary

• On March 1, 2025, Steve Cashman, Chief Business Officer of Butterfly Network, acquired 438,553 shares of Class A Common Stock in the form of restricted stock units (RSUs).
• These RSUs vest in three equal annual installments following March 1, 2025, contingent upon Cashman's continued service.
• Following this transaction, Cashman directly owns 2,274,474 shares of Class A Common Stock.
• Cashman has granted a Limited Power of Attorney to Nick Caezza and Heather Getz of Butterfly Network, Inc., and Stacie Aarestad and Ryan Rourke Reed of Foley Hoag LLP to execute SEC filings on his behalf.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. It reflects a standard executive compensation practice, indicating confidence in the company's future.

Positives

• The acquisition of restricted stock units by a key officer aligns his interests with the long-term success of the company.

Future Outlook

The vesting of the RSUs is contingent upon the Reporting Person's continued service, suggesting an expectation of continued employment.

Industry Context

Stock grants and RSU awards are common practice in the tech and healthcare industries to incentivize and retain key personnel.

Comparison to Industry Standards

• Equity compensation packages for C-level executives in similar medical technology companies typically include a mix of salary, bonus, stock options, and restricted stock units.
• The size of the RSU grant is likely determined based on industry benchmarks for executive compensation, company performance, and individual contribution.

Stakeholder Impact

• The RSU grant aligns management's interests with shareholders, potentially driving long-term value creation.

Key Dates