Butterfly Network Adds Chip Executive Mike Noonen As Seventh Director, Effective October 9
Noonen will join the compensation and technology committees and receive a $300,000 restricted stock grant vesting over three years.
Butterfly Network appointed Mike Noonen to its board, effective October 9, raising the board to seven directors, according to an 8-K filed Monday. The filing says directors made the appointment on September 29.
What the 8-K says
Noonen, listed in the filing as Michael Noonen, will sit on the Compensation Committee and the Technology Committee. The board determined he is independent under New York Stock Exchange listing standards.
His term runs until the company's next annual meeting of stockholders. The filing says no arrangement or understanding with any other person led to his appointment, and he has no family ties to directors or executive officers. It also reports no transactions with him that require disclosure under Item 404(a) of Regulation S-K.
He will receive the standard pay for nonemployee directors, prorated for his actual time on the board in the applicable quarter. On the first business day after October 9, Butterfly will grant him restricted stock units (shares that vest over time) worth $300,000. The share count is $300,000 divided by the closing price on the grant date, rounded down to a whole share.
The units vest in equal annual installments over three years from the grant date, provided he is still a director on each vesting date. He will also sign the indemnification agreement the company uses for its other nonemployee directors.
Who Noonen is
The company's press release describes 30 years leading technology businesses, with two IPOs and multiple acquisitions. He most recently was CEO of Swave Photonics, a fabless semiconductor company developing holographic chips. Before that he was CEO of MixComm, a 5G and satellite communications chip company that Sivers Semiconductors acquired in 2022.
Earlier, he was Executive Vice President of Global Products, Design, Sales and Marketing at GlobalFoundries, and Executive Vice President of Worldwide Sales and Marketing at NXP Semiconductors. He co-founded Silicon Catalyst, a semiconductor-focused incubator, and is its former chairman.
What it changes
Butterfly CEO and Chairman Joseph DeVivo said the company is "thrilled to bring in an industry veteran as we continue to grow our semiconductor business." He tied the appointment to Butterfly's platform strategy, its next generation of silicon and the Butterfly Embedded ecosystem, its Ultrasound-on-Chip licensing and co-development business.
Noonen said the company "took semiconductor technology into medical imaging and changed who can access ultrasound."
Butterfly shares closed at $8.95 at Friday's close, up 4.92% on the session. That move came before the disclosure at 8:03 a.m. ET Monday (market data).
Noonen's term begins October 9, and his $300,000 stock grant follows on the next business day.
