Hamid Akhavan Executes Option Exercise and Sells 233,918 EchoStar Shares

Rhea-AI Filing Summary

EchoStar Corp director and President & CEO Hamid Akhavan reported option exercise and share sales on 09/12/2025. He exercised 233,918 employee stock options at an exercise price of $16.57, creating 233,918 Class A shares. Following the exercise, Akhavan sold those shares in two transactions: 170,824 shares at a weighted average price of $74.93 and 63,094 shares at a weighted average price of $76.50, together equal to the 233,918 shares acquired. After these transactions he beneficially owned 376,805 Class A shares directly and 327 shares indirectly via a 401(k). The option vests in three equal annual installments beginning December 31, 2024, and the exercised options have an expiration date of December 31, 2033.

Positive

• Exercised employee stock options at a $16.57 exercise price, converting 233,918 options into shares
• Retains material ownership after transactions with 376,805 direct Class A shares and 327 shares indirectly via 401(k)

Negative

• Sold all shares acquired from the exercise (170,824 and 63,094) at weighted average prices of $74.93 and $76.50, indicating insider liquidity
• Immediate disposition of exercised shares reduced the insider's incremental equity stake compared with pre-transaction holdings

Insights

Securities Analyst

TL;DR: Insider exercised a large block of options at $16.57 and sold all resulting shares at roughly $75, a cashing-out pattern.

From an ownership viewpoint, Akhavan converted 233,918 vested options into shares and immediately monetized those shares via two sales at weighted average prices of $74.93 and $76.50. The transactions reduced his direct holdings to 376,805 shares while he retains derivative exposure to 233,918 shares via outstanding options expiring 12/31/2033. For investors, this is a routine insider liquidity event: the reporting person realized substantial proceeds by selling shares acquired through option exercise while maintaining a material residual stake.

Corporate Governance Expert

TL;DR: The filing documents a standard executive exercise-and-sell; it signals liquidity but not necessarily a change in control or governance.

The Form 4 shows an officer/director exercising employee options and disposing of the resulting shares on the same day. The filing discloses precise amounts, prices ranges, and that a portion of ownership remains indirect via a 401(k). All required disclosures appear present, including price ranges for the sales to be detailed upon request. This is a transparent, routine disclosure consistent with Section 16 reporting obligations.

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
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Akhavan Hamid

(Last) (First) (Middle)

9601 S. MERIDIAN BLVD.

(Street)

ENGLEWOOD CO 80112

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

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

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

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

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	09/12/2025		M		233,918	A	$16.57	610,723	D
Class A Common Stock	09/12/2025		S		170,824	D	$74.93(1)	439,899	D
Class A Common Stock	09/12/2025		S		63,094	D	$76.5(2)	376,805	D
Class A Common Stock								327	I	I(3)

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
Employee Stock Option (Right to Buy)	$16.57	09/12/2025		M			233,918	(4)	12/31/2033	Class A Common Stock	233,918	$0	467,836	D

Explanation of Responses:

1. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $74.81 to $75.08. Information regarding the number of shares sold at each separate price will be made available upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.

2. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $76.50 to $76.61. Information regarding the number of shares sold at each separate price will be made available upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.

3. By 401(K).

4. The option vests in three equal annual installments beginning on December 31, 2024.

	/s/ Hamid Akhavan, by Dean A. Manson, Attorney-in-Fact	09/16/2025
	** 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.

FAQ

What did EchoStar (SATS) insider Hamid Akhavan do on 09/12/2025?

He exercised 233,918 employee stock options at $16.57 and then sold those 233,918 shares in two transactions for weighted average prices of $74.93 and $76.50.

How many EchoStar shares does Hamid Akhavan beneficially own after the transactions?

After the reported transactions he beneficially owns 376,805 Class A shares directly and 327 shares indirectly through a 401(k).

What are the exercise and expiration terms of the options reported?

The exercised employee stock option had an exercise price of $16.57, vests in three equal annual installments beginning December 31, 2024, and the options expire on December 31, 2033.

At what prices were the sold shares executed?

The sold shares were executed at prices ranging from $74.81 to $76.61, with weighted average prices of $74.93 and $76.50 for the two sales; detailed breakdowns by price are available upon request.

Was the Form 4 signed and when?

The Form 4 was signed by Hamid Akhavan via attorney-in-fact Dean A. Manson on 09/16/2025.