Form 4: Joby Aviation President of Operations Awarded Performance-Based Restricted Stock Units

Joby Aviation, Inc. has granted 293,685 performance-based Restricted Stock Units (RSUs) to Bonny W. Simi, President of Operations, aligning executive compensation with future company performance.

Summary

• Bonny W. Simi, President of Operations at Joby Aviation, Inc. (JOBY), was awarded 293,685 Restricted Stock Units (RSUs) on June 2, 2025.
• The RSUs have a conversion or exercise price of $0.
• Between 0% and 160% of the award will vest upon the achievement of specific performance conditions.
• These performance conditions must be met on or before June 2, 2028.
• Vesting is also contingent on Ms. Simi's continued service through the applicable vesting date.
• Following this transaction, Ms. Simi beneficially owns 293,685 derivative securities (RSUs) representing an equivalent number of common stock shares.

Sentiment

Score: 6

Explanation: The sentiment is mildly positive as it reflects a standard executive compensation practice that aligns management incentives with company performance, which is generally viewed favorably by investors. It is not a significant market-moving event.

Positives

• The grant of performance-based RSUs aligns the interests of a key executive, Bonny W. Simi, with the long-term performance and shareholder value of Joby Aviation.
• The potential for up to 160% vesting incentivizes exceptional performance and achievement of strategic goals.
• This form of compensation is a standard practice to attract and retain top talent in competitive industries.

Risks

• The vesting of the RSUs is subject to the achievement of certain performance conditions, which introduces uncertainty regarding the actual number of shares Ms. Simi will ultimately receive.
• Failure to meet the performance conditions by June 2, 2028, or Ms. Simi's departure from the company, could result in 0% vesting of the award.

Future Outlook

The RSU grant indicates Joby Aviation's focus on achieving specific performance milestones by June 2, 2028, which are tied to executive incentives and likely reflect key strategic objectives for the company's future development and commercialization efforts.

Industry Context

The grant of performance-based Restricted Stock Units to a senior executive like the President of Operations is a common compensation strategy in high-growth, capital-intensive industries such as advanced air mobility (AAM) or eVTOL, where long-term strategic execution is paramount. This practice aims to retain key talent and motivate them to achieve critical development and commercialization milestones.

Comparison to Industry Standards

• Performance-based RSU grants are a standard component of executive compensation packages across technology and aerospace sectors, including companies like Archer Aviation (ACHR) or Lilium (LILM), which also utilize equity incentives to align management with long-term shareholder value.
• The structure, with a vesting range (0% to 160%) tied to specific performance conditions over a multi-year period, is consistent with best practices for incentivizing strategic achievements rather than just time-based service.

Corporate Governance

Stakeholder Impact

• Shareholders: The performance-based nature of the RSU grant aims to align the interests of a key executive with shareholder value creation, as vesting is contingent on achieving specific company performance goals.
• Employees: This compensation structure may serve as a model or benchmark for other performance-based incentives within the company, potentially influencing overall employee motivation and retention strategies.

Next Steps

• Joby Aviation will continue to work towards the achievement of the performance conditions set for the RSU vesting by June 2, 2028.
• Bonny W. Simi's continued service will be required for the vesting of the RSUs.

Key Dates

Keywords

Joby Aviation, JOBY, Restricted Stock Units, RSU, Executive Compensation, Insider Transaction, SEC Form 4, Performance-Based Compensation, Aerospace, eVTOL