Bowles Gregory 4

What Happened
Gregory Bowles, Joby Aviation’s Chief Policy Officer, had 11,156 restricted stock units (RSUs) convert to common stock on May 21, 2026 (reported as an exercise/conversion of a derivative at $0). To cover tax withholding related to the RSU settlement, 11,156 shares were surrendered/disposed (no cash proceeds). Separately, Bowles sold 3,486 shares on May 22, 2026 at $10.74 for $37,440 and 4,602 shares on May 26, 2026 at a weighted average price of $11.47 for $52,785 — total cash proceeds from market sales ≈ $90,225. These were sales (not purchases), and the conversion of RSUs is effectively a vesting/settlement event rather than a cash exercise.

Key Details

• RSU conversion (exercise/conversion of derivative, code M): 11,156 shares converted on 2026-05-21 at $0.
• Shares surrendered/withheld for taxes (code M disposition): 11,156 shares on 2026-05-21 (no cash proceeds). (Footnote F1)
• Open-market sales: 3,486 shares on 2026-05-22 @ $10.74 = $37,440; 4,602 shares on 2026-05-26 @ weighted avg $11.47 = $52,785. Total proceeds ≈ $90,225. (Footnotes F2, F3)
• Sales on 5/22 were made under an approved 10b5-1 trading plan adopted May 13, 2025 (F2). The 5/26 sale was executed in multiple trades at prices $11.27–$11.71; $11.47 is the weighted average (F3).
• The RSUs originated from an award that vests over time (portion vested earlier, remainder in quarterly installments) (F4).
• Shares owned after the transactions are not specified in the provided filing.
• Filing date: May 26, 2026, covering a May 21 conversion—this may be outside the typical 2-business-day Form 4 reporting window for the 5/21 event.

Context

• RSU conversion at $0 simply reflects vesting/settlement of restricted stock units into common shares; no cash purchase was required. Some or all of those vested shares were withheld/surrendered to satisfy tax withholding (a routine occurrence). The additional open-market sales were carried out under a pre-existing 10b5-1 plan and via market trades. Sales to cover taxes and scheduled plan-based sales are common and not necessarily an indicator of insider sentiment about the company. Purchases would generally be more informative as a bullish signal.