Form 4: Joby Aviation General Counsel Acquires Shares Through RSU Vesting, Sells Portion for Tax Obligations

Joby Aviation's General Counsel and Corporate Secretary, Kate DeHoff, acquired 26,810 shares of common stock through the vesting of restricted stock units (RSUs) and subsequently sold 13,790 shares to cover tax liabilities.

Summary

• Kate DeHoff, General Counsel and Corporate Secretary of Joby Aviation, Inc. (JOBY), reported changes in her beneficial ownership of common stock.
• On July 1, 2025, DeHoff acquired a total of 26,810 shares of common stock through the vesting and settlement of three separate Restricted Stock Unit (RSU) awards.
• The acquisitions included 8,305 shares, 5,225 shares, and 13,280 shares, all at an exercise price of $0.
• Following these acquisitions, her direct beneficial ownership of common stock increased to 229,086 shares.
• On July 2, 2025, DeHoff sold 13,790 shares of common stock at a price of $9.82 per share.
• This sale was explicitly made to cover taxes due upon the release and settlement of the RSUs, as required by the terms of the RSU award.
• After all reported transactions, Kate DeHoff's direct beneficial ownership of Joby Aviation common stock stands at 215,296 shares.
• Remaining derivative securities include 83,057, 41,793, and 26,561 Restricted Stock Units (RSUs) with a conversion price of $0.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The vesting of RSUs is a positive event for the executive, indicating continued service and equity accumulation. The subsequent sale is a routine, tax-related transaction and does not imply negative sentiment towards the company.

Positives

• The vesting of Restricted Stock Units (RSUs) indicates the fulfillment of long-term incentive compensation for a key executive, aligning management interests with shareholder value.
• The acquisition of 26,810 shares through RSU vesting demonstrates the executive's continued equity accumulation in the company.

Negatives

• The sale of 13,790 shares, while for tax purposes, represents a reduction in the executive's direct shareholding.

Risks

• No specific risks beyond the routine nature of equity compensation and tax obligations are mentioned in the document.

Future Outlook

The document indicates ongoing vesting schedules for various RSU awards, implying future acquisitions of common stock by the reporting person as these awards continue to vest, subject to continued service.

Management Comments

• The sale of shares by the Reporting Person was to cover taxes due upon the release and settlement of the RSUs, as required by the terms of the RSU award.

Industry Context

This Form 4 filing reflects a routine insider transaction related to executive compensation. The vesting of Restricted Stock Units (RSUs) and subsequent sale of shares to cover tax obligations are common practices in publicly traded companies across various industries, including the emerging advanced air mobility sector where Joby Aviation operates. Such transactions are a standard component of long-term incentive plans designed to align executive interests with shareholder returns.

Comparison to Industry Standards

• The use of Restricted Stock Units (RSUs) as a form of executive compensation is a widely adopted practice across global industries, including technology and aerospace, aligning executive incentives with long-term company performance.
• The sale of a portion of vested shares to cover tax liabilities (often referred to as 'sell-to-cover') is a standard and expected procedure for equity compensation, common among executives in publicly traded companies worldwide.
• While no specific comparable companies or projects are detailed in the document, the structure of these RSU awards and the tax-related sale are consistent with compensation practices observed at similar growth-stage companies in the eVTOL or broader technology sectors.

Stakeholder Impact

• Shareholders: The transaction provides transparency into an executive's equity holdings and compensation, which can influence investor perception of management alignment.
• Employees: The RSU vesting demonstrates the company's commitment to its long-term incentive plans for key personnel.

Next Steps

• Continued vesting of remaining Restricted Stock Units (RSUs) for Kate DeHoff on their respective schedules (quarterly anniversaries of January 1, 2024; July 1, 2023; and January 1, 2022).

Key Dates

Keywords

Joby Aviation, JOBY, Form 4, Insider Transaction, Restricted Stock Units, RSU, Executive Compensation, Stock Sale, Beneficial Ownership, Corporate Governance