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Joseph DeVivo

Chief Executive Officer and Chairperson of the Board of Directors at Butterfly Network
Board
Since April 24, 2023
Age
58 years
Education
Holds a Bachelor of Science degree in Business Administration, Marketing, and Management from the University of Richmond.
Tenure
Joined Butterfly Network, Inc. in April 2023 as Chief Executive Officer and Chairperson of the Board of Directors.

Also at Butterfly Network

AGS
Andrei G. Stoica
Chief Technology Officer
HCG
Heather C. Getz
Chief Financial & Operations Officer and Corporate Secretary
SC
Steven Cashman
Chief Business Officer

About

Joseph DeVivo is a seasoned executive with extensive experience in healthcare and medical technology, currently serving as the Chief Executive Officer and Chairperson of the Board of Directors at Butterfly Network, Inc. since April 2023.

With a professional background that includes leadership roles at Teladoc Health, InTouch Health, and Angiodynamics Inc., he has demonstrated a proven track record in driving strategic initiatives and operational excellence.

He holds a Bachelor of Science degree in Business Administration, Marketing, and Management from the University of Richmond, which laid the foundation for his varied executive career.

Beyond his role at Butterfly Network, Inc., DeVivo contributes to several industry organizations and boards, reflecting his deep commitment to advancing healthcare technology and innovation.

$BFLY Performance Under Joseph DeVivo

Past Roles

OrganizationRoleDate RangeDetails
Teladoc Health, Inc. (NYSE: TDOC) President of Hospital and Health Systems July 2020 to April 2022 N/A
InTouch Health Chief Executive Officer and Director 2016 until June 2020 N/A
Angiodynamics Inc. President, Chief Executive Officer, and Director 2011 to 2016 N/A
Caption Health Executive Chairman of the board of directors Prior to acquisition by GE Healthcare N/A

External Roles

OrganizationRoleDate RangeDetails
Quantum Surgical Member of the Board of Directors N/AN/A
American Telemedicine Association Treasurer on the board of directors N/AN/A

Fixed Compensation

Data from  FY 2024
Component NameAmountPayment ScheduleAdditional Details
Base Salary$875,000 Annual2024 base salary
RSUs – April 24, 2023800,000 shares, $2,496,000 market value Vest as 33% on April 24, 2023; remaining in 2 equal annual installmentsGranted on April 24, 2023
RSUs – March 6, 20241,930,147 shares, $6,022,059 market value Vesting details as per grant termsGranted on March 6, 2024
Additional RSUs – March 6, 2024965,074 shares, $3,011,031 market value Vesting details as per grant termsGranted on March 6, 2024
Other Compensation$7,641 AnnualIncludes $910 cell phone reimbursements and $6,731 401(k) plan employer match

Performance Compensation

Data from  FY 2024

Annual Cash Bonus

MetricValueDetails
Base Salary$875,000 Used to calculate bonus target
Target Bonus Opportunity125% of Base (i.e., $1,093,750) Based on annual base salary
Annual Cash Incentive Earned$1,367,000 Achieved payout at 125% of target

Annual Bonus Performance Metrics

MetricValueDetails
Revenue Actual$82 million 60% weight; resulted in 75% weighted payout
EBITDA Actual$(38) million 20% weight; resulted in 30% weighted payout
Regulatory Milestone0% payout 5% weight; not achieved
Butterfly Garden Milestone0% payout 5% weight; not achieved
Services/Home Milestone10% payout 5% weight; achieved
Product Milestone10% payout 5% weight; achieved
Total Weighted Payout125% Overall bonus outcome

Performance Stock Units (PSUs) – April 24, 2023

MetricDetailAdditional Information
Vesting Threshold 1$3.00 per share (33%) 20 consecutive trading days closing price requirement; vest prior to April 24, 2028
Vesting Threshold 2$4.50 per share (33%) Same conditions apply
Vesting Threshold 3$6.00 per share (33%) Same conditions apply
Grant DateApril 24, 2023 Vesting contingent on continued service
Grant Date Fair Value$3,333,333 Calculated via Monte Carlo simulation

Performance Stock Units (PSUs) – March 6, 2024

MetricDetailAdditional Information
Vesting Threshold 1$3.00 per share (33%) 20 consecutive trading days requirement; vest within 5 years
Vesting Threshold 2$4.50 per share (33%) Same conditions apply
Vesting Threshold 3$6.00 per share (33%) Same conditions apply
Grant DateMarch 6, 2024 Vesting contingent on continued service
Grant Date Fair Value$3,328,001 As determined on the grant date
Market Value as of Dec 31, 2024$6,022,059 Based on a closing price of $3.12 per share