EchoStar Corp (ECHO) insider logs 15.9M Class B share restructuring move

Rhea-AI Filing Summary

Telluray Holdings, LLC, a more than 10% owner of EchoStar CORP, reported an internal equity transfer dated July 10, 2026. An affiliated trust, the Ergen Two-Year July 2024 SATS GRAT, contributed 15,939,781 Class B shares to Telluray in exchange for membership units, recorded at $0.0000 per share. Following this restructuring, Telluray directly holds 2,350,696 Class A shares and 76,457,283 Class B shares. The Class B shares may be converted into an equal number of Class A shares at any time for no additional consideration. Mrs. Cantey M. Ergen has sole voting power over these shares, while she and Mr. Charles W. Ergen share dispositive power.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Telluray Holdings, LLC

Role 10% Owner

Type	Security	Shares	Price	Value
Other	Class B Common Stock F2, F3, F1	15,939,781	$0.00	$0.00
holding	Class A Common Stock F1	--	--	--

Holdings After Transaction: Class B Common Stock — 76,457,283 shares (Direct); Class A Common Stock — 2,350,696 shares (Direct)

Footnotes (3)

1. F1. Mr. Charles W. Ergen and his spouse, Mrs. Cantey M. Ergen, serve as managers of Telluray Holdings, LLC ("Telluray Holdings"). Mrs. Ergen, as a manager of Telluray Holdings, has sole voting power over the shares of Class A Common Stock and Class B Common Stock held by Telluray Holdings and Mr. Ergen and Mrs. Ergen, as the managers of Telluray Holdings, share dispositive power over the shares of Class A Common Stock and Class B Common Sock held by Telluray Holdings.
2. F2. The holder of the Class B shares may elect to convert any or all of its Class B shares into an equal number of Class A shares at any time for no additional consideration.
3. F3. On July 10, 2026, the Ergen Two-Year July 2024 SATS GRAT contributed 15,939,781 Class B shares to the Reporting Person in exchange for membership units in the Reporting Person.

Key Figures

Class B shares transferred: 15,939,781 shares Class B shares held after event: 76,457,283 shares Class A shares held: 2,350,696 shares

3 metrics

Class B shares transferred 15,939,781 shares Contributed by the Ergen Two-Year July 2024 SATS GRAT on July 10, 2026

Class B shares held after event 76,457,283 shares Telluray Holdings’ direct Class B position following the restructuring

Class A shares held 2,350,696 shares Telluray Holdings’ direct Class A ownership as of July 10, 2026

Key Terms

GRAT, dispositive power, Class B shares, membership units

4 terms

GRAT financial

"the Ergen Two-Year July 2024 SATS GRAT contributed 15,939,781 Class B shares"

dispositive power financial

"share dispositive power over the shares of Class A Common Stock"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

Class B shares financial

"The holder of the Class B shares may elect to convert any or all"

Class B shares are one type of a company’s stock that carries a specific set of rights — often different voting power or dividend rules compared with other classes. For investors, that affects influence over company decisions and potential income: owning Class B might mean fewer or more votes per share or different claim on profits, like having a different seat at a decision table or a different slice of the payout pie.

membership units financial

"in exchange for membership units in the Reporting Person"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/14/2026 - 06:11 PM Accepted by SEC EDGAR 07/14/2026 - 06:11 PM Learn about SEC filing dates

FAQ

What insider transaction did Telluray Holdings report for EchoStar (ECHO)?

Telluray Holdings reported an internal transfer of 15,939,781 Class B shares on July 10, 2026. An affiliated GRAT contributed these shares to Telluray in exchange for membership units, recorded at $0.0000 per share, indicating a non-market restructuring rather than an open-market trade.

How many EchoStar (ECHO) shares does Telluray Holdings own after this filing?

After the reported restructuring, Telluray directly holds 2,350,696 Class A shares and 76,457,283 Class B shares of EchoStar. These holdings reflect Telluray’s position as a more than 10% owner and incorporate the 15,939,781 Class B shares contributed by the affiliated GRAT.

Can EchoStar (ECHO) Class B shares held by Telluray be converted into Class A?

Yes. The holder of EchoStar’s Class B shares may elect to convert any or all into an equal number of Class A shares at any time for no additional consideration. This gives Telluray flexibility to shift its holdings between the two share classes.

Who controls voting and dispositive power over EchoStar (ECHO) shares held by Telluray?

Mrs. Cantey M. Ergen, as a manager of Telluray Holdings, has sole voting power over its Class A and Class B shares. Mrs. Ergen and Mr. Charles W. Ergen, as managers, share dispositive power over these shares held by Telluray.

Was the EchoStar (ECHO) Form 4 transaction a market purchase or sale?

No. The transaction is coded as an “other” (J) event and shows $0.0000 per share, reflecting an internal transfer. A GRAT contributed Class B shares to Telluray in exchange for membership units, so it is a restructuring, not an open-market buy or sell.

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^*

Telluray Holdings, LLC

(Last) (First) (Middle)

1623 CENTRAL AVENUE

SUITE 214

(Street)

CHEYENNE WYOMING 82001

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
EchoStar CORP [ ECHO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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
Class A Common Stock								2,350,696	D(1)

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
Class B Common Stock	(2)	07/10/2026		J(3)		15,939,781		(2)	(2)	Class A Common Stock	15,939,781	$0	76,457,283	D(1)

Explanation of Responses:

1. Mr. Charles W. Ergen and his spouse, Mrs. Cantey M. Ergen, serve as managers of Telluray Holdings, LLC ("Telluray Holdings"). Mrs. Ergen, as a manager of Telluray Holdings, has sole voting power over the shares of Class A Common Stock and Class B Common Stock held by Telluray Holdings and Mr. Ergen and Mrs. Ergen, as the managers of Telluray Holdings, share dispositive power over the shares of Class A Common Stock and Class B Common Sock held by Telluray Holdings.

2. The holder of the Class B shares may elect to convert any or all of its Class B shares into an equal number of Class A shares at any time for no additional consideration.

3. On July 10, 2026, the Ergen Two-Year July 2024 SATS GRAT contributed 15,939,781 Class B shares to the Reporting Person in exchange for membership units in the Reporting Person.

	/s/ Cantey M. Ergen, Manager of Telluray Holdings, LLC, by Daniel W. Conroy, Attorney-in-Fact	07/14/2026
	** 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.
* Form 4: SEC 1474 (03-26)