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Iridium (IRDM) director receives 1,257 dividend-equivalent shares on RSUs

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Iridium Communications Inc. director Thomas C. Canfield recorded an acquisition of 1,257.4 common shares through dividend equivalent rights tied to restricted stock units. These rights arose from a $0.15 per-share quarterly cash dividend declared on the company’s common stock, payable on March 31, 2026.

Each dividend equivalent right will deliver one common share when the related restricted stock units settle, under the same vesting and settlement terms. After this award, Canfield directly holds 233,790.8 common shares and indirectly holds 36,682 common shares through the Thomas C. Canfield 2017 grantor retained annuity trust.

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Insider Canfield Thomas C
Role Director
Type Security Shares Price Value
Grant/Award Common Stock 1,257.4 $0.00 --
holding Common Stock -- -- --
Holdings After Transaction: Common Stock — 233,790.8 shares (Direct); Common Stock — 36,682 shares (Indirect, By Thomas C. Canfield 2017 GRAT)
Footnotes (1)
  1. On March 5, 2026, the Issuer's board of directors declared a quarterly cash dividend in the amount of $0.15 per share of its common stock, payable on March 31, 2026 to stockholders of record of the common stock at the close of business on March 16, 2026 (the "Dividend"). The amount acquired in column 4 represents equivalent rights accrued as a result of the Dividend on restricted stock units with respect to the Issuer's common stock ("Original RSUs") held by the reporting person. Each dividend equivalent right entitles the reporting person to receive one share of the Issuer's common stock upon the settlement of the Original RSUs and is subject to the same terms and conditions, including vesting and settlement, as the Original RSUs to which it relates. The grant of dividend equivalent rights was approved by the Issuer's board of directors pursuant to Rule 16b-3 of the Securities Exchange Act of 1934, as amended. These shares are owned by a grantor retained annuity trust ("GRAT"). The reporting person is the trustee and sole annuitant of the GRAT.
Dividend equivalent rights granted 1,257.4 shares Common stock rights tied to restricted stock units
Quarterly cash dividend $0.15 per share Declared March 5, 2026 on common stock
Direct holdings after transaction 233,790.8 shares Common stock held directly by Canfield
Indirect trust holdings 36,682 shares Held by 2017 GRAT where Canfield is trustee and annuitant
Dividend payment date March 31, 2026 Cash dividend payable date for common stock
Dividend record date March 16, 2026 Stockholders of record eligible for dividend
dividend equivalent right financial
"Each dividend equivalent right entitles the reporting person to receive one share of the Issuer's common stock"
restricted stock units financial
"represents equivalent rights accrued as a result of the Dividend on restricted stock units with respect to the Issuer's common stock"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
grantor retained annuity trust financial
"These shares are owned by a grantor retained annuity trust ("GRAT")."
A grantor retained annuity trust (GRAT) is an estate-planning tool where the person who creates the trust transfers assets into it but receives fixed cash payments (an annuity) from the trust for a set number of years; whatever remains after that term passes to designated beneficiaries. It matters to investors because it can shift future appreciation of assets out of the creator’s taxable estate—like putting an asset into a timed vending machine that pays you fixed amounts while any extra value that grows inside the machine goes to heirs with reduced gift or estate tax consequences.
Rule 16b-3 regulatory
"The grant of dividend equivalent rights was approved by the Issuer's board of directors pursuant to Rule 16b-3"
Rule 16b-3 is a Securities and Exchange Commission regulation that exempts certain routine, pre-approved transactions by company insiders from automatic liability for short-term trading profits. It acts like a safe harbor: if an insider follows a formal plan or the board approves specific transactions in advance, profits from buying and selling company stock within six months are not automatically reclaimed. Investors care because the rule clarifies when insider trades are permissible and reduces uncertainty about potential clawbacks.
quarterly cash dividend financial
"declared a quarterly cash dividend in the amount of $0.15 per share of its common stock"
A quarterly cash dividend is a payment made by a company to its shareholders four times a year, usually based on its profits. It is like a regular bonus or reward for owning the company's stock, providing shareholders with income. Many investors see these payments as a sign of the company's stability and its ability to generate consistent profits.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Canfield Thomas C
(Last)(First)(Middle)
C/O IRIDIUM COMMUNICATIONS INC.
1676 INTERNATIONAL DRIVE, SUITE 1100
(Street)
MCLEAN VIRGINIA 22102
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Iridium Communications Inc. [ IRDM ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock(1)03/31/2026A1,257.4A$0233,790.8D
Common Stock36,682IBy Thomas C. Canfield 2017 GRAT(2)
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. On March 5, 2026, the Issuer's board of directors declared a quarterly cash dividend in the amount of $0.15 per share of its common stock, payable on March 31, 2026 to stockholders of record of the common stock at the close of business on March 16, 2026 (the "Dividend"). The amount acquired in column 4 represents equivalent rights accrued as a result of the Dividend on restricted stock units with respect to the Issuer's common stock ("Original RSUs") held by the reporting person. Each dividend equivalent right entitles the reporting person to receive one share of the Issuer's common stock upon the settlement of the Original RSUs and is subject to the same terms and conditions, including vesting and settlement, as the Original RSUs to which it relates. The grant of dividend equivalent rights was approved by the Issuer's board of directors pursuant to Rule 16b-3 of the Securities Exchange Act of 1934, as amended.
2. These shares are owned by a grantor retained annuity trust ("GRAT"). The reporting person is the trustee and sole annuitant of the GRAT.
/s/ Peter L. Trentman, Attorney-in-Fact04/02/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Thomas C. Canfield acquire in this Iridium (IRDM) Form 4 filing?

Thomas C. Canfield acquired 1,257.4 Iridium common shares through dividend equivalent rights on restricted stock units. These rights convert into shares upon RSU settlement, reflecting routine, compensation-related accrual from an approved dividend, not an open-market stock purchase or sale.

Why were dividend equivalent rights granted to the Iridium (IRDM) director?

Dividend equivalent rights were granted because Iridium declared a $0.15 per-share quarterly cash dividend on its common stock. The award compensates restricted stock unit holders by crediting equivalent rights that mirror the dividend, to be settled in shares under the original RSU terms.

How many Iridium (IRDM) shares does Thomas C. Canfield hold after this transaction?

After the transaction, Thomas C. Canfield holds 233,790.8 Iridium common shares directly. He also has indirect ownership of 36,682 common shares through the Thomas C. Canfield 2017 grantor retained annuity trust, where he serves as trustee and sole annuitant.

Was this Iridium (IRDM) Form 4 transaction an open-market stock purchase or sale?

No, the Form 4 transaction was not an open-market trade. It reflects a grant of 1,257.4 dividend equivalent rights on restricted stock units, approved under Rule 16b-3. These rights will convert into common shares when the related RSUs vest and settle.

What dividend led to the dividend equivalent rights in Iridium (IRDM) stock?

The rights stem from Iridium’s quarterly cash dividend of $0.15 per common share. The dividend was declared on March 5, 2026, with a record date of March 16, 2026, and was payable on March 31, 2026 to stockholders of record.