Joby Aviation Form 4: Paul Sciarra Trims Stake, Retains Major Holding

Rhea-AI Filing Summary

Form 4 – Insider Transaction Overview

Director Paul C. Sciarra disclosed the sale of 333,334 shares of Joby Aviation (JOBY) common stock on 06/23/2025. The transaction, coded “S,” was executed on the open market pursuant to a Rule 10b5-1 trading plan adopted on 06/27/2024, indicating it was pre-scheduled rather than opportunistic. The shares were sold at a weighted-average price of $8.40, with the actual trade range spanning $8.13-$8.57.

Post-sale, Sciarra’s beneficial ownership remains substantial:

• 57,828,060 shares held indirectly through the Sciarra Management Trust
• 138,537 shares held directly
• 50,000 shares held indirectly through the Sciarra Foundation

No derivative securities were involved, and no other material ownership changes were reported. The filing confirms Sciarra continues to be a major shareholder despite trimming a small portion of his stake.

Positive

• Sale executed under a pre-established Rule 10b5-1 plan, reducing concerns about opportunistic timing.
• Director retains approximately 58 million shares, maintaining significant alignment with shareholders.

Negative

• Insider sold 333,334 shares, which can pressure investor sentiment.
• Average sale price of $8.40 may establish short-term technical resistance for JOBY shares.

Insights

Securities Analyst

TL;DR Small insider sale; ownership remains large—market impact appears limited.

The 333,334-share disposition represents less than 1% of Sciarra’s 58 million-plus share position, suggesting only modest liquidity taking rather than a strategic exit. Execution under a 10b5-1 plan mitigates timing-related concerns. Given the director’s continuing sizable stake, alignment with shareholder interests remains largely intact, and I view the filing as neutral to slightly negative for sentiment but unlikely to alter the investment thesis.

Corporate Governance Expert

TL;DR Insider sale under 10b5-1 lessens optics risk, yet any director selling still pressures sentiment.

From a governance standpoint, pre-planned sales conform to best-practice guidelines, enhancing transparency. However, insider selling—especially when the company is pre-revenue—can be interpreted negatively by some investors. While the magnitude is small relative to Sciarra’s holdings, the sale adds to the cumulative insider-selling narrative that can weigh on perception. Overall signal skews slightly negative.

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^*

Sciarra Paul Cahill

(Last) (First) (Middle)

C/O JOBY AVIATION, INC.

333 ENCINAL STREET

(Street)

SANTA CRUZ CA 95060

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Joby Aviation, Inc. [ JOBY ]

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)
06/23/2025

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
Common Stock	06/23/2025		S(1)		333,334	D	$8.4(2)	57,828,060	I	By Sciarra Management Trust(3)
Common Stock								138,537	D
Common Stock								50,000	I	By Sciarra Foundation(4)

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

Explanation of Responses:

1. Sale made pursuant to the Reporting Person's approved 10b5-1 trading plan adopted on June 27, 2024.

2. This transaction was executed in multiple trades at prices ranging from $8.13 to $8.57. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

3. The shares of common stock are held of record by Sciarra Management Trust. The Reporting Person has voting and dispositive power of the shares held by Sciarra Management Trust therefore may be deemed to be the beneficial owner of such shares.

4. The shares of common stock are held of record by the Sciarra Foundation. The Reporting Person has voting and dispositive power of the shares held by the Sciarra Foundation therefore may be deemed to be the beneficial owner of such shares.

Remarks:

	/s/ Mustafa Rizvi, Attorney-in-Fact for Paul Sciarra	06/25/2025
	** 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

How many Joby Aviation (JOBY) shares did Paul Sciarra sell?

He sold 333,334 common shares on 06/23/2025.

At what price were the JOBY shares sold?

The weighted-average sale price was $8.40, with a range of $8.13–$8.57.

Was the sale part of a 10b5-1 trading plan?

Yes. The filing states it was executed under a 10b5-1 plan adopted on 06/27/2024.

How many JOBY shares does Paul Sciarra still own after the sale?

He beneficially owns 57,828,060 shares indirectly, plus 138,537 direct and 50,000 indirect via a foundation.

Were any derivative securities involved in this Form 4 filing?

No. No derivative securities were reported as acquired or disposed.