Archer Aviation NYSE:ACHR shares climbed nearly 8% on Monday after the electric air taxi developer disclosed an insider ownership filing showing President of Aircraft OEM Benjamin Lyon holds restricted stock units, or RSUs, tied to about 792,321 Class A shares.
The filing detailed two RSU grants covering 380,681 shares and 411,640 shares. The awards vest over time and give Lyon the right to receive one Class A common share for each unit, subject to continued employment with Archer Aviation NYSE:ACHR.
The disclosure was filed on SEC Form 3, which is used to report an insider's initial beneficial ownership after becoming subject to federal reporting requirements. The filing did not indicate an open-market purchase or sale of Archer Aviation NYSE:ACHR shares.
While the filing does not reflect new buying activity, the size of the equity award may draw investor attention because executive compensation tied to restricted stock units is typically linked to long-term company performance. Archer Aviation NYSE:ACHR is developing electric vertical takeoff and landing aircraft, or eVTOLs, designed for future urban air mobility services.