JOBY insider report: JoeBen Bevirt trims stake, retains 93M shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Joby Aviation (JOBY) Form 4 overview: CEO, Chairman and 10% owner JoeBen Bevirt reported several insider transactions dated 1-2 July 2025.
- Sale: On 07/01/2025 he sold 472,000 common shares at a weighted-average price of $9.82 under a Rule 10b5-1 trading plan adopted 31 Mar 2025 (Footnote 1-2). The sale is valued at roughly $4.6 million.
- RSU releases: Two tranches of vested RSUs (12,978 and 49,801 shares) were converted to common stock at $0 cost and added to his direct holdings (Transaction Code “M”).
- Tax withholding sale: On 07/02/2025, 32,285 shares were sold at $9.82 to satisfy withholding taxes associated with the RSU settlement (Footnote 3).
- Post-transaction ownership: Direct holdings decline to 391,493 shares. Indirectly, Bevirt controls large blocks through multiple trusts and his spouse, totalling ≈93.2 million shares (Footnotes 4-8), so the reported sales represent well under 1 % of his total beneficial ownership.
- Derivative table: No new derivative grants—only the two RSU conversions noted above; 129,776 and 99,602 RSUs remain outstanding.
The filing signals routine equity diversification and tax-related activity rather than a strategic reduction, with transparency provided by the pre-arranged 10b5-1 plan.
Positive
- Sales executed under a pre-arranged Rule 10b5-1 plan, reducing the likelihood of opportunistic trading concerns.
- CEO retains roughly 93 million shares through direct and indirect holdings, maintaining strong alignment with shareholders.
Negative
- CEO sold 472,000 shares (~$4.6 m), which can be perceived as insider confidence weakening.
- Additional 32,285 shares were disposed to cover tax obligations, further lowering direct ownership.
Insights
TL;DR – Small percentage sell; neutral impact.
The 472 k-share sale (~$4.6 m) plus 32 k shares for taxes modestly lowers Bevirt’s direct stake but leaves him holding ≈93 m shares indirectly. Because transactions were executed under a pre-established 10b5-1 plan and coincide with RSU vesting, they appear routine. No change to company fundamentals or outlook; limited market impact expected.
TL;DR – Proper 10b5-1 disclosure, alignment maintained.
The filing demonstrates good governance: detailed footnotes, weighted-average price disclosure, and clear 10b5-1 reference reduce information-asymmetry risk. Despite headline insider selling, Bevirt’s >93 m-share beneficial stake keeps incentive alignment intact. I view the activity as compliant and not materially negative for shareholders.
Insider Trade Summary
Net Seller: 504,285 shares ($4,952,079)
Net Sell
11 txns
Insider
Bevirt JoeBen
Role
CEO and Chief Architect
Sold
504,285 shs ($4.95M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 32,285 | $9.82 | $317K |
| Exercise | Restricted Stock Units (RSUs) | 12,978 | $0.00 | -- |
| Exercise | Restricted Stock Units (RSUs) | 49,801 | $0.00 | -- |
| Sale | Common Stock | 472,000 | $9.82 | $4.64M |
| Exercise | Common Stock | 12,978 | $0.00 | -- |
| Exercise | Common Stock | 49,801 | $0.00 | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 391,493 shares (Direct);
Restricted Stock Units (RSUs) — 129,776 shares (Direct);
Common Stock — 155,737 shares (Indirect, By Jennifer Barchas Trust)
Footnotes (1)
- Sale made pursuant to the Reporting Person's approved 10b5-1 trading plan adopted on March 31, 2025. This transaction was executed in multiple trades at prices ranging from $9.65 to $10.44. 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. Represents the aggregate number of shares sold by the Reporting Person to cover taxes due upon the release and settlement of the RSUs, as required by the terms of the RSU award. The shares of common stock are held of record by The Jennifer Barchas Trust (the "Barchas Trust"). The spouse of the Reporting Person has voting and dispositive power of the shares held by The Barchas Trust therefore may be deemed to be the beneficial owner of such shares to the extent of her pecuniary interest. The shares of common stock are held of record by The Joby Trust. The Reporting Person is the trustee of the Joby Trust and may be deemed to be the beneficial owner of such shares. The shares of common stock are held of record by the JoeBen Bevirt 2020 Descendants Trust, dated December 26, 2020 (the "Descendants Trust"). The Reporting Person is the trustee of the Decendants Trust and may be deemed to be the beneficial owner of such shares. The shares of common stock are held of record by the spouse of the Reporting Person. The shares of common stock are held of record by the JoeBen Bevirt 2022 GRAT Trust (the "2022 GRAT Trust"). The Reporting Person has voting and dispositive power of the shares held by the 2022 GRAT Trust therefore may be deemed to be the beneficial owner of such shares to the extent of his pecuniary interest. Represents an award of restricted stock units ("RSUs") that vest in 16 equal installments on the quarterly anniversary of January 1, 2024, subject to the Reporting Person's continued service through the applicable vesting date. Each RSU represents the contingent right to receive one share of Common Stock upon vesting. Represents an award of restricted stock units ("RSUs") that vests with respect to 10% of the total number of RSUs on each of the first four quarterly anniversaries of January 1, 2022 and as to 5% of the total number of RSUs on each quarterly anniversary thereafter, subject to the Reporting Person's continued service through the applicable vesting date. Each RSU represents the contingent right to receive one share of Common Stock upon vesting.
FAQ
Was the insider sale part of a 10b5-1 trading plan?
Yes. Footnote 1 states the sale was executed under a Rule 10b5-1 plan adopted on 31 March 2025.
Did the filing report any new option or RSU grants?
No new grants; the filing only shows conversion of existing RSUs into common stock.