indie Semi president logs 93,500-share stock sale

indie Semiconductor, Inc. director and president Ichiro Aoki reported an exercise-and-sell trading pattern in company equity.

Rhea-AI Filing Summary

indie Semiconductor, Inc. director and president Ichiro Aoki reported an exercise-and-sell trading pattern in company equity. On April 23–24, 2026, he sold a total of 93,500 shares of Class A Common Stock in open-market transactions and exercised derivatives for the same number of shares.

The open-market sales covered 43,500 shares at a weighted average price of $3.5410 and 50,000 shares at a weighted average price of $3.7637. According to a footnote, these sales were executed under a pre-arranged Rule 10b5-1 trading plan with automated transactions scheduled through June 30, 2026.

The filing also shows exchanges of ADK Class A Units into Class A Common Stock and related cancellations of Class V Common Stock, consistent with the structure described in the footnotes. After these transactions, Aoki directly holds 106,169 shares of Class A Common Stock, 3,789,362 shares of Class V Common Stock, and 3,789,362 ADK Class A Units.

Insights

Equity compensation and insider-trading analyst

Pre-planned, exercise-linked sales with sizable continuing ownership look routine.

The filing shows Ichiro Aoki pairing exercises of 93,500 shares worth of equity into Class A Common Stock with open-market sales of the same share count. This is a classic exercise-and-sell pattern, converting derivative positions into cash while maintaining ongoing equity exposure.

A key detail is the footnote that these dispositions occur under a pre-arranged Rule 10b5-1 trading plan with automated sales through June 30, 2026. Such plans are set in advance, so the timing carries less informational weight about management’s current view of the stock.

Post-transaction, Aoki still directly owns 106,169 Class A shares plus 3,789,362 Class V shares and the same number of ADK Class A Units. The reported sales are small relative to these remaining interests, which suggests a routine liquidity move rather than a fundamental shift in exposure based on this filing alone.

Insider Trade Summary 10b5-1

Exercise and Sale: 93,500 shares ($342K approx. pre-tax spread)

Exercise and Sale 8 txns

Insider Aoki Ichiro

Role President

Sold 93,500 shs ($342K)

Approx. gross sale proceeds $342K

Approx. exercise cost $0.00

Approx. pre-tax spread $342K

Type	Security	Shares	Price	Value
Exercise	ADK Class A Units	50,000	$0.00	$0.00
Exercise	Class V Common Stock	50,000	$0.00	$0.00
Exercise	Class A Common Stock	50,000	$0.00	$0.00
Sale	Class A Common Stock	50,000	$3.7637	$188K
Exercise	ADK Class A Units	43,500	$0.00	$0.00
Exercise	Class V Common Stock	43,500	$0.00	$0.00
Exercise	Class A Common Stock	43,500	$0.00	$0.00
Sale	Class A Common Stock	43,500	$3.541	$154K

Holdings After Transaction: ADK Class A Units — 3,789,362 contracts (Direct); Class V Common Stock — 3,789,362 shares (Direct); Class A Common Stock — 106,169 shares (Direct)

Footnotes (6)

1. F1. Cancellation of Class V Common Stock upon Reporting Person's exchange of ADK Class A Units for an equal number of shares of Class A Common Stock. See note 2.
2. F2. Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.
3. F3. The sales made in this Form 4 were made pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 8, 2025. The Reporting Person's Rule 10b5-1 plan includes automated open market sales of the Issuer's Class A common stock on predetermined dates through June 30, 2026.
4. F4. The price reported in Column 4 is a weighted average price. The shares reported in this Form 4 were sold in separate transactions at prices ranging from $3.50 to $3.585, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the price range set forth in this footnote.
5. F5. The price reported in Column 4 is a weighted average price. The shares reported in this Form 4 were sold in separate transactions at prices ranging from $3.75 to $3.79, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the price range set forth in this footnote.
6. F6. N/A

Key Figures

Shares sold April 23, 2026: 43,500 shares Shares sold April 24, 2026: 50,000 shares Total shares sold in filing: 93,500 shares +4 more

7 metrics

Shares sold April 23, 2026 43,500 shares Class A Common Stock at weighted average price $3.5410

Shares sold April 24, 2026 50,000 shares Class A Common Stock at weighted average price $3.7637

Total shares sold in filing 93,500 shares Net open-market sales across two days

Class A shares after transactions 106,169 shares Directly held by Ichiro Aoki following reported trades

Class V shares after transactions 3,789,362 shares Directly held by Ichiro Aoki after exchanges and cancellations

ADK Class A Units after transactions 3,789,362 units Derivative-type holdings exchangeable into Class A Common Stock

Underlying Class A shares for ADK Units 4,939,362 shares Underlying security referenced for ADK Class A Units

Key Terms

Rule 10b5-1 trading plan, ADK Class A Units, Class V Common Stock, weighted average price, +1 more

5 terms

Rule 10b5-1 trading plan financial

"The sales made in this Form 4 were made pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

ADK Class A Units financial

"Class A Common Stock received upon conversion of ADK Class A Units"

Class V Common Stock financial

"Cancellation of Class V Common Stock upon Reporting Person's exchange of ADK Class A Units"

weighted average price financial

"The price reported in Column 4 is a weighted average price"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

derivative security financial

"Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did INDI’s Ichiro Aoki report on this Form 4?

Ichiro Aoki reported selling 93,500 shares of indie Semiconductor Class A Common Stock and exercising derivatives for the same number of shares. The filing also reflects related exchanges of ADK Class A Units into Class A stock and associated cancellations of Class V Common Stock, as described in the footnotes.

At what prices did Ichiro Aoki sell indie Semiconductor (INDI) shares?

Aoki’s Form 4 shows sales of 43,500 Class A shares at a weighted average price of $3.5410 and 50,000 shares at a weighted average price of $3.7637. Footnotes explain these are averages over multiple trades between $3.50–$3.585 and $3.75–$3.79, respectively.

How many indie Semiconductor (INDI) shares does Ichiro Aoki own after these transactions?

After the reported transactions, Aoki directly holds 106,169 shares of Class A Common Stock, 3,789,362 shares of Class V Common Stock, and 3,789,362 ADK Class A Units. These figures show his remaining direct economic and voting interests described in the Form 4 tables and related footnotes.

Were Ichiro Aoki’s INDI stock sales made under a Rule 10b5-1 trading plan?

Yes. A footnote states the sales reported in this Form 4 were made pursuant to a Rule 10b5-1 trading plan adopted on December 8, 2025. The plan provides for automated open-market sales of indie Semiconductor Class A common stock on predetermined dates through June 30, 2026.

What is the relationship between ADK Class A Units and indie Semiconductor Class A Common Stock?

Footnotes explain that ADK Class A Units are exchangeable by the reporting person after December 10, 2021 for an equal number of Class A Common shares or, at the issuer’s election, cash equal to their fair market value. When an ADK Unit is exchanged for Class A stock, a corresponding Class V Common share is cancelled.

Does this INDI Form 4 indicate any remaining derivative position for Ichiro Aoki?

The filing’s derivative table shows Aoki directly holding 3,789,362 ADK Class A Units after the reported exchanges, with 4,939,362 underlying Class A shares referenced. The separate derivativeSummary section is empty, so these ADK Units are the main derivative-style holding visible in this Form 4 excerpt.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 04/27/2026 - 08:30 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Aoki Ichiro

(Last) (First) (Middle)

32 JOURNEY

(Street)

ALISO VIEJO CALIFORNIA 92656

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
indie Semiconductor, Inc. [ INDI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/23/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class V Common Stock	04/23/2026		M(1)		43,500	D	$0	3,839,362	D
Class A Common Stock	04/23/2026		M(2)		43,500	A	$0	149,669	D
Class A Common Stock	04/23/2026		S(3)		43,500	D	$3.541(4)	106,169	D
Class V Common Stock	04/24/2026		M(1)		50,000	D	$0	3,789,362	D
Class A Common Stock	04/24/2026		M(2)		50,000	A	$0	156,169	D
Class A Common Stock	04/24/2026		S(3)		50,000	D	$3.7637(5)	106,169	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
ADK Class A Units(2)	$0	04/23/2026		M			43,500	12/10/2021	(6)	Class A Common Stock	4,939,362	$0	3,839,362	D
ADK Class A Units(2)	$0	04/24/2026		M			50,000	12/10/2021	(6)	Class A Common Stock	4,939,362	$0	3,789,362	D

Explanation of Responses:

1. Cancellation of Class V Common Stock upon Reporting Person's exchange of ADK Class A Units for an equal number of shares of Class A Common Stock. See note 2.

2. Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

3. The sales made in this Form 4 were made pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 8, 2025. The Reporting Person's Rule 10b5-1 plan includes automated open market sales of the Issuer's Class A common stock on predetermined dates through June 30, 2026.

4. The price reported in Column 4 is a weighted average price. The shares reported in this Form 4 were sold in separate transactions at prices ranging from $3.50 to $3.585, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the price range set forth in this footnote.

5. The price reported in Column 4 is a weighted average price. The shares reported in this Form 4 were sold in separate transactions at prices ranging from $3.75 to $3.79, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the price range set forth in this footnote.

6. N/A

	/s/ Ichiro Aoki by Naixi Wu pursuant to power of attorney filed on June 21, 2021	04/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)