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

Yes. The footnotes state the sales were made under a Rule 10b5‑1 trading plan adopted December 8, 2025. That plan provides for automated open‑market sales of Class A Common Stock on predetermined dates through June 30, 2026.

indie Semi president exercises and sells 200K shares

indie Semiconductor President Ichiro Aoki exercised 200,000 ADK Class A Units between March 25 and 27, 2026, converting them into 200,000 shares of Class A Common Stock and cancelling an equal number of Class V Common shares as described in the footnotes.

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Rhea-AI Filing Summary

indie Semiconductor President Ichiro Aoki exercised 200,000 ADK Class A Units between March 25 and 27, 2026, converting them into 200,000 shares of Class A Common Stock and cancelling an equal number of Class V Common shares as described in the footnotes.

He then sold all 200,000 Class A shares in open‑market transactions at weighted average prices of $3.1383, $3.2770 and $3.1714 per share under a pre‑arranged Rule 10b5‑1 trading plan adopted on December 8, 2025. Following these trades, he directly holds 100,952 shares of Class A Common Stock.

Insider Trade Summary 10b5-1

Exercise and Sale: 200,000 shares ($643K approx. pre-tax spread)

Exercise and Sale 12 txns

Insider Aoki Ichiro

Role President

Sold 200,000 shs ($643K)

Approx. gross sale proceeds $643K

Approx. exercise cost $0.00

Approx. pre-tax spread $643K

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	$3.1714	$159K
Exercise	ADK Class A Units	100,000	$0.00	$0.00
Exercise	Class V Common Stock	100,000	$0.00	$0.00
Exercise	Class A Common Stock	100,000	$0.00	$0.00
Sale	Class A Common Stock	100,000	$3.277	$328K
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	$3.1383	$157K

Holdings After Transaction: ADK Class A Units — 3,889,362 contracts (Direct); Class V Common Stock — 3,889,362 shares (Direct); Class A Common Stock — 100,952 shares (Direct)

Footnotes (7)

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.
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.
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.
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 $3.03 to $3.22, 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.
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 $3.11 to $3.37, 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.
F6. 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 $3.11 to $3.23, 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.
F7. N/A

FAQ

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

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

Ichiro Aoki exercised 200,000 ADK Class A Units into Class A Common Stock and sold all 200,000 shares. The exercise and related cancellations occurred March 25–27, 2026, followed by open‑market sales of those shares reported in this Form 4.

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

Aoki sold 200,000 Class A shares at weighted average prices of $3.1383, $3.2770 and $3.1714 per share. Footnotes explain each figure is a weighted average for multiple trades executed within narrow price ranges on the reported dates.

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

After the reported transactions, Aoki directly holds 100,952 shares of Class A Common Stock. This figure reflects his position after exercising ADK Class A Units, cancelling corresponding Class V shares, and selling 200,000 newly issued Class A shares in the market.

What is the relationship between ADK Class A Units, Class V stock, and INDI Class A Common Stock?

Each ADK Class A Unit is exchangeable for one share of Class A Common Stock, or cash at the issuer’s election. When Aoki exchanges an ADK Class A Unit for Class A stock, a corresponding share of Class V Common Stock is cancelled, as described in the footnotes.

How many derivative exercises did Ichiro Aoki report for indie Semiconductor (INDI)?

The Form 4 shows three derivative exercises totaling 200,000 ADK Class A Units. These exercises converted the units into an equal number of Class A Common shares over March 25–27, 2026, with remaining derivative positions not listed in the derivative summary of this filing.

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Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 03/27/2026 - 07:08 PM

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).

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)
03/25/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class V Common Stock	03/25/2026		M⁽¹⁾		50,000	D	$0	4,039,362	D
Class A Common Stock	03/25/2026		M⁽²⁾		50,000	A	$0	150,952	D
Class A Common Stock	03/25/2026		S⁽³⁾		50,000	D	$3.1383⁽⁴⁾	100,952	D
Class V Common Stock	03/26/2026		M⁽¹⁾		100,000	D	$0	3,939,362	D
Class A Common Stock	03/26/2026		M⁽²⁾		100,000	A	$0	200,952	D
Class A Common Stock	03/26/2026		S⁽³⁾		100,000	D	$3.277⁽⁵⁾	100,952	D
Class V Common Stock	03/27/2026		M⁽¹⁾		50,000	D	$0	3,889,362	D
Class A Common Stock	03/27/2026		M⁽²⁾		50,000	A	$0	150,952	D
Class A Common Stock	03/27/2026		S⁽³⁾		50,000	D	$3.1714⁽⁶⁾	100,952	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
ADK Class A Units⁽²⁾	$0	03/25/2026		M			50,000	12/10/2021	⁽⁷⁾	Class A Common Stock	4,939,362	$0	4,039,362	D
ADK Class A Units⁽²⁾	$0	03/26/2026		M			100,000	12/10/2021	⁽⁷⁾	Class A Common Stock	4,939,362	$0	3,939,362	D
ADK Class A Units⁽²⁾	$0	03/27/2026		M			50,000	12/10/2021	⁽⁷⁾	Class A Common Stock	4,939,362	$0	3,889,362	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 $3.03 to $3.22, 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 $3.11 to $3.37, 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. 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 $3.11 to $3.23, 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.

7. N/A

	/s/ Ichiro Aoki by Naixi Wu pursuant to power of attorney filed on June 21, 2021	03/27/2026
	** 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)

Source: View Original Filing on SEC EDGAR