EchoStar insider updates Class B to Class A share structure

EchoStar Corp19,038,378 shares of Class B common stock, convertible into an equal number of Class A shares for no additional consideration, is shown as resulting in zero derivative securities beneficially owned after the reported transaction.

Rhea-AI Filing Summary

EchoStar Corp19,038,378 shares of Class B common stock, convertible into an equal number of Class A shares for no additional consideration, is shown as resulting in zero derivative securities beneficially owned after the reported transaction.

Under the Ergen Two-Year December 2023 SATS GRAT, on December 22, 2025 the trust distributed 2,060,220 Class B shares to Mr. Ergen as an annuity payment and contributed the remaining 16,978,158 Class B shares to Telluray Holdings, LLC in exchange for membership units. The 2023 December GRAT then expired in accordance with its terms. The reporting person is identified as a director and 10% owner, and the filing is made for one reporting person.

Insider Trade Summary

19,038,378 shares gifted

Gift 1 txn

Insider Ergen Two-Year December 2023 SATS GRAT

Role 10% Owner

Type	Security	Shares	Price	Value
Gift	Class B Common Stock	19,038,378	$0.00	$0.00

Holdings After Transaction: Class B Common Stock — 0 contracts (Direct)

Footnotes (2)

1. F1. 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.
2. F2. Pursuant to the terms of the Ergen Two-Year December 2023 SATS GRAT (the "2023 December GRAT"), on December 22, 2025, the 2023 December GRAT: (i) distributed 2,060,220 Class B shares held by the 2023 December GRAT to Mr. Ergen as an annuity payment; and (ii) contributed the remaining 16,978,158 Class B shares to Telluray Holdings, LLC ("Telluray Holdings") in exchange for membership units in Telluray Holdings, and the 2023 December GRAT expired in accordance with its terms.

FAQ

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What insider transaction did EchoStar (SATS) report in this Form 4?

The filing reports changes in beneficial ownership related to Class B common stock held through the Ergen Two-Year December 2023 SATS GRAT. The trust distributed shares to Mr. Ergen and transferred the remaining shares to Telluray Holdings, LLC, and the related derivative position tied to 19,038,378 Class B shares is shown with zero derivative securities beneficially owned after the transaction.

How many EchoStar Class B shares were involved in the Ergen 2023 December GRAT on December 22, 2025?

On December 22, 2025, a total of 19,038,378 Class B shares were addressed. The GRAT distributed 2,060,220 Class B shares to Mr. Ergen as an annuity payment and contributed the remaining 16,978,158 Class B shares to Telluray Holdings, LLC in exchange for membership units.

What is the relationship between EchoStar Class B and Class A shares in this filing?

The filing states that 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, indicating a one-for-one conversion right from Class B to Class A common stock.

Who are the key parties named in the EchoStar (SATS) insider share transfer?

The key parties are Mr. Ergen, the Ergen Two-Year December 2023 SATS GRAT, and Telluray Holdings, LLC. The trust distributed 2,060,220 Class B shares to Mr. Ergen and contributed 16,978,158 Class B shares to Telluray Holdings, LLC in exchange for membership units before the trust expired.

What is the reporting person’s relationship to EchoStar Corp in this Form 4?

The reporting person is identified as a Director and a 10% Owner of EchoStar Corp. The form is indicated as being filed by one reporting person.

Who signed the EchoStar (SATS) insider transaction report and in what capacity?

The report was signed by /s/ Mrs. Cantey M. Ergen, as Trustee of the Ergen Two-Year December 2023 SATS GRAT, acting by Dean A. Manson as Attorney-in-Fact, dated December 29, 2025.

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Accepted by SEC EDGAR 12/29/2025 - 07:08 PM Learn about SEC filing dates

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

X

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^*

Ergen Two-Year December 2023 SATS GRAT

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/22/2025

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

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	(1)	12/22/2025		G(2)			19,038,378	(1)	(1)	Class A Common Stock	19,038,378	$0	0	D

Explanation of Responses:

1. 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.

2. Pursuant to the terms of the Ergen Two-Year December 2023 SATS GRAT (the "2023 December GRAT"), on December 22, 2025, the 2023 December GRAT: (i) distributed 2,060,220 Class B shares held by the 2023 December GRAT to Mr. Ergen as an annuity payment; and (ii) contributed the remaining 16,978,158 Class B shares to Telluray Holdings, LLC ("Telluray Holdings") in exchange for membership units in Telluray Holdings, and the 2023 December GRAT expired in accordance with its terms.

	/s/ Mrs. Cantey M. Ergen, Trustee of the Ergen Two-Year December 2023 SATS GRAT, by Dean A. Manson, Attorney-in-Fact	12/29/2025
	** 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.