[Form 4] indie Semiconductor, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Diane D. Brink, a director of indie Semiconductor, Inc. (INDI), reported receipt of 2,484 restricted stock units (RSUs) on 09/01/2025 that were fully vested as of the grant date. Each RSU converts into one share of Class A common stock, and the filing shows 2,484 Class A shares acquired at a $0 price and reflected as beneficially owned directly after the grant. The RSUs were issued in lieu of a quarterly cash retainer and any chairperson fees under the independent director compensation program approved by the Board in June 2023; the underlying share count equals the forgone cash amount divided by INDI’s closing price on the grant date.

Positive

• Director compensation converted to equity: 2,484 RSUs vested and converted into Class A shares, aligning director incentives with shareholders.
• Clear disclosure: Filing specifies the RSUs were issued in lieu of cash retainers under a Board-approved program, increasing transparency.

Negative

• Non-cash issuance (dilution): The grant represents equity issuance rather than a market purchase, which increases outstanding shares.
• Limited materiality: Transaction size (2,484 shares) appears small and likely immaterial to overall capitalization.

Insights

Corporate Governance Expert

TL;DR: Director received vested RSUs as part of director compensation, converting to 2,484 Class A shares.

The filing documents a routine director compensation event rather than a market purchase or sale. The RSUs were fully vested at grant and converted into Class A shares granted at no cash cost to the director, consistent with the board-approved program replacing cash retainers. This disclosure is important for ownership transparency but does not indicate a change in corporate control or material shift in insider sentiment.

Securities Analyst

TL;DR: Insider ownership increased by 2,484 shares via vested RSUs; transaction code indicates grant and conversion.

The Form 4 records both the grant (code A) and a related reporting entry (code M) for the same 2,484 RSUs, showing 2,484 shares acquired and 2,484 shares beneficially owned following the transaction. This is a non-cash, compensation-related issuance and should be treated as routine dilution to existing shareholders, though the absolute size is small relative to typical public-company floats.

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

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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^*

Brink Diane D

(Last) (First) (Middle)

C/O INDIE SEMICONDUCTOR

32 JOURNEY

(Street)

ALISO VIEJO CA 92656

(City) (State) (Zip)

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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/01/2025

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

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

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

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 A Common Stock	09/01/2025		M		2,484	A	$0	163,599	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
Restricted Stock Units	(1)	09/01/2025		A		2,484		(2)	(2)	Class A Common Stock	2,484	$0	2,484	D
Restricted Stock Units	(1)	09/01/2025		M			2,484	(2)	(2)	Class A Common Stock	2,484	$0	0	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of Class A common stock.

2. Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a quarterly cash retainer and chairperson fees, if any, as part of a voluntary independent director compensation program as approved by the Board of Directors in June 2023. The number of underlying shares is equal to the amount of the forgone quarterly cash retainer and chairperson fees, if any, divided by the closing trading price of INDI on the date of grant.

	/s/ Diane D. Brink, by Naixi Wu pursuant to power of attorney filed on June 21, 2021	09/03/2025
	** 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.

FAQ

What did Diane D. Brink report on Form 4 for INDI?

She reported receipt of 2,484 RSUs that were fully vested on 09/01/2025 and converted into 2,484 Class A shares.

Were the RSUs purchased or granted for INDI insider Diane Brink?

The RSUs were granted as compensation (reported with transaction code A) and recorded as acquired at a $0 price.

Why were RSUs issued to the director under INDI's program?

They were issued in lieu of a quarterly cash retainer and any chairperson fees under the independent director compensation program approved in June 2023.

How many INDI shares does Diane Brink own after this filing?

The Form 4 shows 163,599 Class A shares beneficially owned following the reported non-derivative transaction and 2,484 additional shares from the RSU grant in Table II.

What is the effective date of the transaction reported on the Form 4?

The transaction date is 09/01/2025 and the Form 4 signature is dated 09/03/2025.