Butterfly Network, Inc 8-K, filed Dec 29, 2022
Butterfly Network, Inc. (BFLY)
About this 8-K
Butterfly Network, Inc filed this 8-K on December 29, 2022, reporting on events of December 22, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
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SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
This Current Report on Form 8-K is being filed to update the disclosure included in the Current Report on Form 8-K filed by Butterfly Network, Inc. (the “Company”) with the Securities and Exchange Commission on December 6, 2022 in which the Company reported that it and Todd Fruchterman, M.D., Ph.D. had mutually agreed that Dr. Fruchterman would leave his position as President and Chief Executive Officer and as a member of the Board of Directors (the “Board”), and that Dr. Fruchterman would partner with Butterfly’s leadership team through the end of the year to ensure a smooth transition. The Company also reported Dr. Fruchterman would receive the separation payments and benefits provided under his Employment Agreement with the Company, dated as of July 20, 2021, which was previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 22, 2021, and that the separation payments and benefits would be made pursuant to a Separation Agreement (the “Separation Agreement”) with Dr. Fruchterman, substantially in the form that was attached to his Employment Agreement.
On December 22, 2022, the Company and Dr. Fruchterman entered into the Separation Agreement on substantially the same terms as previously disclosed with the following additional terms and conditions: (a) the Company will pay Dr. Fruchterman an additional payment of approximately $150,000; (b) 92,147 shares of Class A common stock subject to the performance-based restricted stock unit award granted to Dr. Fruchterman on July 12, 2021 will be vested; and (c) the exercise period of the options granted to Dr. Fruchterman on March 4, 2022 and March 22, 2022 will be extended through December 31, 2023, provided that Dr. Fruchterman does not revoke the Separation Agreement on or before December 29, 2022.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BUTTERFLY NETWORK, INC. | ||
| By: | /s/ Heather C. Getz, CPA | |
| Name: | Heather C. Getz, CPA | |
| Title: | Executive Vice President and Chief Financial Officer | |
Date: December 29, 2022