EchoStar Corp (SATS) director reports option exercise and share sale on 12/11/2025

Rhea-AI Filing Summary

EchoStar Corp director Tom A. Ortolf reported insider transactions dated 12/11/2025 involving Class A common stock. He exercised a non-employee director stock option for 1,754 shares at $92.17 per share and then sold 1,754 shares at $104.06. After these moves, he owned 3,698 Class A shares directly.

He also had indirect ownership of 70 Class A shares held by his child and 35,644 Class A shares held through a partnership. The option covered 1,754 shares of Class A common stock and the shares underlying the option were 100% vested upon the date of the grant, leaving no derivative securities owned directly after the exercise.

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

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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).

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^*

Ortolf Tom A

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/11/2025

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	12/11/2025		M		1,754	A	$92.17	5,452	D
Class A Common Stock	12/11/2025		S		1,754	D	$104.06	3,698	D
Class A Common Stock								70	I	I(1)
Class A Common Stock								35,644	I	I(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-Employee Director Stock Option	$92.17	12/11/2025		M			1,754	(3)	01/01/2026	Class A Common Stock	1,754	$0	0	D

Explanation of Responses:

1. By the Reporting Person's child.

2. By Partnership.

3. The shares underlying the option were 100% vested upon the date of the grant.

	/s/ Tom A. Ortolf, by Dean A. Manson, Attorney-in-Fact	12/15/2025
	** 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.
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FAQ

What insider stock transactions did EchoStar Corp (SATS) report for its director on 12/11/2025?

On 12/11/2025, EchoStar Corp director Tom A. Ortolf exercised a non-employee director stock option for 1,754 Class A shares at $92.17 per share and then sold 1,754 Class A shares at $104.06.

At what prices did the EchoStar Corp (SATS) director exercise and sell Class A shares?

Tom A. Ortolf exercised a stock option for 1,754 Class A shares at $92.17 per share and subsequently sold 1,754 Class A shares at $104.06 per share.

How many EchoStar Corp (SATS) shares does Tom A. Ortolf own after these transactions?

Following the reported transactions, Tom A. Ortolf owned 3,698 EchoStar Corp Class A shares directly, plus 70 shares indirectly through his child and 35,644 shares indirectly through a partnership.

What stock option was involved in the EchoStar Corp (SATS) director’s transactions?

The transactions involved a non-employee director stock option with an exercise price of $92.17, covering 1,754 Class A common shares. The filing notes that the shares underlying the option were 100% vested upon the date of the grant and that 0 derivative securities remained owned directly after the exercise.

In what forms does the EchoStar Corp (SATS) director hold indirect ownership of shares?

Tom A. Ortolf reports indirect ownership of EchoStar Corp Class A shares in two ways: 70 shares held by his child and 35,644 shares held through a partnership.

What is the relationship of the reporting person to EchoStar Corp (SATS)?

The reporting person, Tom A. Ortolf, is identified as a Director of EchoStar Corp.