Dipender Saluja receives 900 vested RSUs at $0; large fund holdings disclosed

Rhea-AI Filing Summary

Dipender Saluja, a director of Joby Aviation, Inc. (JOBY), reported receiving 900 restricted stock units (RSUs) on 10/05/2025. The RSUs are fully vested on the grant date and represent a contingent right to receive one share per RSU, with an exercise/issuance price of $0. After the grant, the filing shows the reporting person directly beneficially owns 144,274 shares and indirectly holds additional stakes through affiliated entities: 28,686,247 shares via Technology Impact Fund, L.P., 9,598,884 shares via Capricorn-Libra Investment Group, L.P., and 2,075,460 shares via Technology Impact Growth Fund, LP. The Form 4 was signed by an attorney-in-fact on 10/07/2025.

Positive

• 900 RSUs fully vested on grant date providing immediate equity ownership
• Large indirect holdings (28,686,247; 9,598,884; 2,075,460 shares) indicate aligned insider ownership

Negative

• Direct holdings of 144,274 shares are small relative to indirect positions, creating concentration through funds
• Form does not specify settlement method or tax withholding details for the RSUs

Insights

Corporate Governance Analyst

Director received immediate, vested equity and holds substantial indirect stakes.

The director was granted 900 RSUs that are fully vested on the grant date, meaning they convert to common shares without future service or performance conditions. The reported direct holding of 144,274 shares plus large indirect holdings across three funds indicates concentrated insider exposure to the company’s equity.

The main dependency is fund-level ownership and the reporting person’s role in the funds; the filing discloses voting/dispositive power for one vehicle and pecuniary-interest disclaimers for others. Monitor future Forms 4 for any sales or additional grants that would change direct liquidity or ownership percentages within the next reporting windows.

Equity Compensation Specialist

Grant structure is a straightforward vested RSU award with no cash cost to the director.

Each RSU represents the right to one share and the grant price is $0, so the director will receive shares without an outlay when settled. Because the RSUs are fully vested on the grant date, there is no future service-based vesting tied to these units.

Key items to watch include the settlement method (share issuance vs. net-share withholding) and any tax-related dispositions reported in subsequent filings; these details typically appear in later disclosures within the same fiscal quarter.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Saluja Dipender

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	900	$0.00	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 144,274 shares (Direct); Common Stock — 28,686,247 shares (Indirect, By Technology Impact Fund, L.P.)

Footnotes (1)

1. Represents Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of common stock of the Issuer. The RSUs are fully vested on the grant date. The shares of common stock are held of record by Technology Impact Fund, L.P., ("TIF"). The Reporting Person is an owner of the general partner of TIF. The Reporting Person disclaims beneficial ownership of the shares held by TIF except to the extent of his pecuniary interest therein, if any. The shares of common stock are held of record by Capricorn-Libra Investment Group, L.P. ("C-L Group"), for which the reporting person has voting and dispositive power and therefore may be deemed to be the beneficial owner of such shares. The reporting person disclaims beneficial ownership of the shares held by C-L Group except to the extent of his pecuniary interest therein, if any. The shares of common stock are held of record by Technology Impact Growth Fund, LP, ("TIGF"). The Reporting Person is an owner of the general partner of TIGF. The Reporting Person disclaims beneficial ownership of the shares held by TIGF except to the extent of his pecuniary interest therein, if any.

Form 4 Insider Transactions: What Each Field Means →

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^*

Saluja Dipender

(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)
10/05/2025

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	10/05/2025		A		900(1)(2)	A	$0	144,274	D
Common Stock								28,686,247	I	By Technology Impact Fund, L.P.(3)
Common Stock								9,598,884	I	By Capricorn-Libra Investment Group, L.P.(4)
Common Stock								2,075,460	I	By Technology Impact Growth Fund, LP(5)

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. Represents Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of common stock of the Issuer.

2. The RSUs are fully vested on the grant date.

3. The shares of common stock are held of record by Technology Impact Fund, L.P., ("TIF"). The Reporting Person is an owner of the general partner of TIF. The Reporting Person disclaims beneficial ownership of the shares held by TIF except to the extent of his pecuniary interest therein, if any.

4. The shares of common stock are held of record by Capricorn-Libra Investment Group, L.P. ("C-L Group"), for which the reporting person has voting and dispositive power and therefore may be deemed to be the beneficial owner of such shares. The reporting person disclaims beneficial ownership of the shares held by C-L Group except to the extent of his pecuniary interest therein, if any.

5. The shares of common stock are held of record by Technology Impact Growth Fund, LP, ("TIGF"). The Reporting Person is an owner of the general partner of TIGF. The Reporting Person disclaims beneficial ownership of the shares held by TIGF except to the extent of his pecuniary interest therein, if any.

Remarks:

	/s/ Kate DeHoff, Attorney-in-Fact for Dipender Saluja	10/07/2025
	** 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 Dipender Saluja report in the JOBY Form 4?

The filing reports receipt of 900 RSUs on 10/05/2025 that are fully vested and have an issuance price of $0.

How many JOBY shares does Dipender Saluja directly and indirectly own?

Directly he beneficially owns 144,274 shares. Indirect holdings are 28,686,247, 9,598,884, and 2,075,460 shares through three affiliated funds.

Are the RSUs subject to future vesting conditions for JOBY?

No. The filing states the RSUs are fully vested on the grant date, so there are no further service vesting conditions disclosed.

What price was paid for the RSUs in the JOBY filing?

The RSUs were granted at an issuance price of $0, per the Form 4.

Who signed the Form 4 for Dipender Saluja?

The Form 4 was signed by Kate DeHoff, Attorney-in-Fact on 10/07/2025.