Joby Aviation Inc SEC Filings

Form 4 Overview: On 06/30/2025, Federal Agricultural Mortgage Corporation ("Farmer Mac", ticker AGM) director Todd P. Ware acquired a small block of company stock under the board’s cash-in-lieu stock election program.

• Security: Class C Non-Voting Common Stock.
• Shares acquired: 20 shares.
• Price: $194.28 per share (closing price on 06/30/2025).
• Total value: roughly $3,886.
• Ownership after transaction: 3,928 Class C shares, of which 376 are time-vested RSUs scheduled to vest on 03/31/2026, subject to continued board service.
• Transaction code: “A” (acquisition) – shares were newly issued in lieu of a portion of the quarterly cash retainer.

Context: The purchase is routine, reflects an established compensation election, and does not involve open-market buying or selling. No derivative securities were reported, and there is no indication of additional insider activity.

Materiality assessment: The acquisition is immaterial relative to Farmer Mac’s market capitalization and trading volume. While insider buying can be viewed favorably, the small size and compensation-related nature suggest limited signaling value for investors.

Form 144 Overview: Joby Aviation, Inc. (NYSE: JOBY) has received a Form 144 notice covering the potential disposition of 13,790 common shares by insider Katherine DeHoff through broker Morgan Stanley. The proposed sale, valued at approximately $135,457, is scheduled on or around 07/02/2025. Outstanding shares total 791.8 million, so the transaction represents less than 0.002% of shares outstanding.

Historical selling activity: Over the prior three-month window, the same filer sold an aggregate 47,964 shares for gross proceeds of roughly $282,661, indicating an ongoing selling program consistent with Rule 144 requirements. All shares were acquired as restricted stock units (RSUs) under the company’s 2021 Incentive Award Plan and are being sold for compensation/liquidity purposes.

Investor considerations:

• The filing is not an issuance of new equity; it merely registers resale of already-issued shares held by the insider.
• Given the company’s large float, market impact should be negligible, but the continued insider selling could be interpreted as a mild sentiment headwind.
• No adverse information is acknowledged by the filer, and the standard Rule 144 representations regarding non-possession of material non-public information are included.

Overall, the notice is routine, poses minimal dilution risk, and does not alter Joby’s fundamental outlook, but it does extend a modest insider-sentiment data point for investors to monitor.

Honeywell International (HON) filed a Form 4 disclosing that director Deborah Flint was credited with 58.6382 phantom (deferred-compensation) shares on 07/01/2025 at an imputed price of $238.77 per share. The transaction took place inside the company’s Deferred Compensation Plan for Non-Employee Directors, is cash-settled, and did not involve open-market buying or selling of common stock. Following the credit, Flint now beneficially owns 4,694.354 phantom shares. Because phantom shares do not affect the outstanding share count and are settled in cash, the filing is largely administrative and carries limited direct market impact. Nonetheless, it marginally increases the director’s economic alignment with shareholders without signaling a directional view on HON’s stock.

Hawaiian Electric Industries (HE) has filed a Form 4 indicating that director Micah A. Kane acquired 11,759 shares of common stock on 30 June 2025. The transaction is coded “A” (acquisition) with an indicated price of $0.00 because the shares were issued as a stock grant under the HEI 2011 Non-employee Director Stock Plan. No open-market purchase occurred and no derivative securities were involved. After the grant, Kane now directly owns 32,276.72 shares, a net increase of 11,759 shares compared with his prior position, representing roughly a 57% lift in his personal stake. The filing also notes that the total includes shares accumulated through the company’s Dividend Reinvestment and Stock Repurchase Plan.

For investors, the disclosure updates the company’s insider ownership profile and confirms continued equity-based compensation for non-employee directors. While the award aligns director incentives with shareholder interests, it does not constitute a cash-funded vote of confidence in the stock. No other transactions, derivative positions or sales were reported in this filing.

Bank of Montreal (BMO) is offering US$425,000 of Senior Medium-Term Notes, Series K – “Digital Return Buffer Notes” – maturing 3 August 2026. The notes are linked to the worst performer of three U.S. equity benchmarks: the S&P 500, NASDAQ-100 and Russell 2000 (each a “Reference Asset”).

Key economic terms:

• Digital Return: 10.40% payable at maturity if the closing level of the Least Performing Reference Asset on 29 July 2026 (the Valuation Date) is ≥ 85% of its 27 June 2025 Initial Level (“Digital Barrier”).
• Buffer: first 15% downside is absorbed. If the Least Performing Reference Asset drops >15%, principal is reduced point-for-point beyond the buffer, exposing investors to a maximum loss of 85%.
• No periodic coupons; single payment at maturity.
• Issue price: 100%; agent’s commission 0.375%; estimated initial value: $981.99 per $1,000, reflecting embedded fees and hedging costs.
• Credit exposure: unsecured, unsubordinated obligations of BMO; CUSIP 06376EMN9; not FDIC or CDIC insured; not exchange-listed.

Illustrative payouts: any Final Level ≥ 85% triggers a fixed $1,104 per $1,000 note (10.40% gain). A Final Level of 80% returns $950 (-5%); 60% returns $750 (-25%); 0% returns $150 (-85%). Upside is capped at 10.40% irrespective of index performance.

Risk considerations include potential loss of up to 85% of principal, limited upside versus direct index exposure, secondary-market illiquidity (no listing; dealer market making discretionary), BMO credit risk, tax uncertainty (treated as prepaid derivative contracts), and a price-to-public that exceeds the bank’s modeled value.

The product may appeal to investors with a moderately bullish to sideways view on large-, mega- and small-cap U.S. equities over the next ~13 months who are willing to trade upside beyond 10.40% for a 15% buffer and accept issuer credit and liquidity risk.

Joby Aviation, Inc. (JOBY) has filed a Form 144 indicating the proposed sale of 300,000 common shares through Morgan Stanley Smith Barney LLC on or about June 30, 2025. The aggregate market value of the planned sale is $2.832 million, based on the prevailing market price at the time of filing. The company’s total common shares outstanding are disclosed as 791,798,076, so the proposed transaction represents approximately 0.04 % of shares outstanding.

The filing also lists recent insider activity under the same reporting person (name appears as Bonny Simi in the past-3-month sales table). During April 2025, the insider sold 19,465 shares in three separate transactions, generating $114,174.50 in gross proceeds. The upcoming 300,000-share sale originates from the exercise of stock options paid in cash on 06/30/2025.

The Form 144 includes the standard representation that the seller is not aware of any undisclosed material adverse information and, if relying on Rule 10b5-1, affirms the adoption date of the trading plan (date not specified in the excerpt). No additional financial metrics or strategic disclosures are provided; the document is limited to the mechanics of the planned share disposition.

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.

Form 144 Notice of Proposed Sale filed for Joby Aviation (JOBY) indicates a significant insider stock transaction. A trust affiliated with the company plans to sell 333,334 shares of common stock with an aggregate market value of $2,846,672.36. The sale is scheduled for June 23, 2025, through Morgan Stanley Smith Barney LLC on the NYSE.

The securities were originally acquired as Founder's Shares on November 18, 2016. The filing also discloses previous sales by the same entity (SCIARRA MANAGEMENT TRUST) over the past 3 months:

• May 19, 2025: 166,667 shares sold for $1,169,119
• April 21, 2025: 166,667 shares sold for $954,385
• March 24, 2025: 166,667 shares sold for $1,129,769

These transactions appear to be part of a systematic 10b5-1 trading plan. The total shares outstanding for Joby Aviation are reported at 791,798,076.