IOT Form 4: John Bicket reports 311,816 Class A share sales
Rhea-AI Filing Summary
Insider sales totaling 311,816 shares of Class A common stock were reported. The transactions were disclosed on 10/07/2025 and were executed under Rule 10b5-1 trading plans adopted on 9/30/2024 by two trust vehicles over which the reporting person, John C. Bicket, has voting or investment power. The filing identifies multiple block sales at weighted-average prices ranging from $37.8052 to $40.2996 across separate trust accounts and reports that the shares sold were from restricted stock units and trust holdings.
After these disposals the reporting person (indirectly through trusts) reports beneficial holdings in varying lots, with several lines showing remaining indirect ownership positions such as 824,883, 779,478, and aggregate remaining positions reported per trust schedules. The filing is signed by an attorney-in-fact and lists the reporting person as a director, a 10% owner, and Executive Vice President, Chief Technology Officer.
Positive
- Sales executed under Rule 10b5-1 plans, indicating pre-planned dispositions adopted on 9/30/2024
- Filing discloses weighted-average prices and price ranges and offers to provide per-transaction detail on request, supporting transparency
- Reporting person identifies multiple trust vehicles and clarifies indirect ownership, which helps trace beneficial ownership
Negative
- Total shares sold of 311,816 on 10/07/2025, a meaningful quantity of insider disposals
- Portions of sold shares were RSUs, indicating recent vesting and immediate liquidity rather than older long-held stock
- Filing shows multiple large remaining indirect holdings (examples: 824,883 and 779,478), which may continue to represent potential future sales if additional plans are adopted
Insights
TL;DR: Multiple block sales under 10b5-1 plans show planned insider liquidity rather than opportunistic trading.
The sales were executed under Rule 10b5-1 trading plans adopted 9/30/2024 by trust vehicles, which typically provide affirmative defense to insider trading claims when properly adopted and operated. The filing explicitly identifies the trusts as the holders and states the reporting person has voting or investment power for those trusts.
Key dependencies and risks include adherence to plan terms and full disclosure of per-trade details if requested by regulators; the filing states the reporter will provide specific per-price sale breakdowns on request. Monitor any subsequent amendments or additional Form 4 filings within a short reporting window (weeks) for further plan activity.
TL;DR: Insider sales of 311,816 shares at weighted-average prices near $38–$40 are modestly material to short-term float but require context of total outstanding shares.
The report lists aggregated sales in multiple tranches with weighted-average prices reported (examples include $37.8052 and $40.2996) and identifies that some sold shares were RSUs subject to vesting. Such sales can increase near-term supply but their market impact depends on company float and daily volume, facts not disclosed here.
Watch for trading volume and any market reaction in the days following 10/07/2025 to gauge liquidity impact; also check subsequent insider filings for continuation or cessation of plan-based selling over the next few weeks.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 78,290 | $37.8052 | $2.96M |
| Sale | Class A Common Stock | 45,405 | $38.5743 | $1.75M |
| Sale | Class A Common Stock | 12,005 | $39.6987 | $477K |
| Sale | Class A Common Stock | 1,300 | $40.2996 | $52K |
| Sale | Class A Common Stock | 3,780 | $39.2192 | $148K |
| Sale | Class A Common Stock | 2,220 | $40.1255 | $89K |
| Sale | Class A Common Stock | 20,075 | $38.2968 | $769K |
| Sale | Class A Common Stock | 4,831 | $39.1886 | $189K |
| Sale | Class A Common Stock | 2,094 | $40.1031 | $84K |
| holding | Class A Common Stock | -- | -- | -- |
Footnotes (1)
- The sales were effected pursuant to a Rule 10b5-1 trading plan adopted on September 30, 2024 by John C. Bicket, Trustee of the John C. Bicket Revocable Trust u/a/d 2/15/2013, over which the Reporting Person has voting or investment power (the "Bicket Revocable Trust"). The "Amount" and "Price" reported in this Column 4 reflect the aggregate number and weighted-average price, respectively, of shares sold. These shares were sold in multiple transactions at prices ranging from $37.26 to $38.25, inclusive. The Reporting Person undertakes to provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein. Consists of shares held by the Bicket Revocable Trust. The "Amount" and "Price" reported in this Column 4 reflect the aggregate number and weighted-average price, respectively, of shares sold. These shares were sold in multiple transactions at prices ranging from $38.26 to $39.20, inclusive. The Reporting Person undertakes to provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein. The "Amount" and "Price" reported in this Column 4 reflect the aggregate number and weighted-average price, respectively, of shares sold. These shares were sold in multiple transactions at prices ranging from $39.26 to $40.255, inclusive. The Reporting Person undertakes to provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein. The "Amount" and "Price" reported in this Column 4 reflect the aggregate number and weighted-average price, respectively, of shares sold. These shares were sold in multiple transactions at prices ranging from $40.26 to $40.37, inclusive. The Reporting Person undertakes to provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein. The sales were effected pursuant to a Rule 10b5-1 trading plan adopted on September 30, 2024 by Jordan Park Trust Company LLC, Trustee, by Courtney J. Maloney as Trust Officer. The "Amount" and "Price" reported in this Column 4 reflect the aggregate number and weighted-average price, respectively, of shares sold. These shares were sold in multiple transactions at prices ranging from $38.73 to $39.66, inclusive. The Reporting Person undertakes to provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein. Consists of shares held by Jordan Park Trust Company, LLC, Trustee of The Bicket-Dobson Trust I u/a/d 11/10/2021, over which the Reporting Person has voting or investment power. The "Amount" and "Price" reported in this Column 4 reflect the aggregate number and weighted-average price, respectively, of shares sold. These shares were sold in multiple transactions at prices ranging from $39.80 to $40.38, inclusive. The Reporting Person undertakes to provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein. The "Amount" and "Price" reported in this Column 4 reflect the aggregate number and weighted-average price, respectively, of shares sold. These shares were sold in multiple transactions at prices ranging from $37.84 to $38.82, inclusive. The Reporting Person undertakes to provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein. Consists of shares held by Jordan Park Trust Company, LLC, Trustee of The Bicket-Dobson Trust II u/a/d 10/8/2021, over which the Reporting Person has voting or investment power. The "Amount" and "Price" reported in this Column 4 reflect the aggregate number and weighted-average price, respectively, of shares sold. These shares were sold in multiple transactions at prices ranging from $38.84 to $39.79, inclusive. The Reporting Person undertakes to provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein. The "Amount" and "Price" reported in this Column 4 reflect the aggregate number and weighted-average price, respectively, of shares sold. These shares were sold in multiple transactions at prices ranging from $39.89 to $40.315, inclusive. The Reporting Person undertakes to provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein. These securities are restricted stock units (RSUs). Each RSU represents a contingent right to receive one share of Class A Common Stock, subject to the applicable vesting schedule and conditions of each RSU.
