EchoStar director exercises 10,000 stock options

EchoStar director Lisa W. Hershman automatically exercised options for 10,000 shares of Class A Common Stock at an exercise price of $24.49 per share under the company’s 2017 Non-Employee Director Stock Option Plan.

Rhea-AI Filing Summary

EchoStar director Lisa W. Hershman automatically exercised options for 10,000 shares of Class A Common Stock at an exercise price of $24.49 per share under the company’s 2017 Non-Employee Director Stock Option Plan. In connection with this automatic exercise, 2,428 shares were withheld by EchoStar to cover the option exercise price and related tax obligations, rather than being sold in the open market. Following these transactions, Hershman directly holds 7,572 shares of Class A Common Stock, and the exercised director stock option, which was fully vested at grant, has expired with no remaining derivative position reported.

Insights

Equity compensation and insider-transactions analyst

Routine automatic option exercise with shares withheld for taxes, not an open-market sale.

The filing shows director Lisa W. Hershman automatically exercised 10,000 Non-Employee Director Stock Options for Class A Common Stock at $24.49 per share as the option reached its July 1, 2026 expiration. This is a standard compensation-related event under EchoStar’s 2017 Non-Employee Director Stock Option Plan.

To cover the exercise price and related tax obligations, EchoStar withheld 2,428 shares at a value of $100.88 per share, coded as an F-type tax-withholding disposition rather than an open-market sale. After these transactions, Hersman holds 7,572 shares directly, and the option position is fully exhausted with no remaining derivative holdings reported.

Insider Trade Summary

10,000 shares exercised/converted

Exercise 3 txns

Insider Hershman Lisa W.

Role Director

Type	Security	Shares	Price	Value
Exercise	Non-Employee Director Stock Option	10,000	$0.00	$0.00
Exercise	Class A Common Stock	10,000	$24.49	$245K
Exercise Price or Tax Liability	Class A Common Stock	2,428	$100.88	$245K

Holdings After Transaction: Non-Employee Director Stock Option — 0 contracts (Direct); Class A Common Stock — 7,572 shares (Direct)

Footnotes (3)

1. F1. The transactions reported herein were automatically effected upon the expiration of the option pursuant to the terms of the Issuer's 2017 Non-Employee Director Stock Option Plan and NED Stock Option Agreement.
2. F2. Represents shares withheld by the Issuer to cover the exercise price of the option and certain tax obligations in connection with the automatic exercise of the vested options listed in Table II.
3. F3. The shares underlying the option were 100% vested upon the date of the grant.

Key Figures

Options exercised: 10,000 shares Exercise price: $24.49 per share Shares withheld for tax and exercise: 2,428 shares at $100.88 +2 more

5 metrics

Options exercised 10,000 shares Non-Employee Director Stock Option exercised for Class A Common Stock

Exercise price $24.49 per share Exercise or conversion price of director stock option

Shares withheld for tax and exercise 2,428 shares at $100.88 F-code tax-withholding disposition covering exercise price and tax obligations

Shares held after transaction 7,572 shares Director’s direct Class A Common Stock holdings following transactions

Derivative position remaining 0 options Non-Employee Director Stock Option fully exercised and expired

Key Terms

Non-Employee Director Stock Option, automatic exercise, tax obligations, expiration of the option

4 terms

Non-Employee Director Stock Option financial

"Non-Employee Director Stock Option Plan and NED Stock Option Agreement."

automatic exercise financial

"automatic exercise of the vested options listed in Table II."

tax obligations financial

"to cover the exercise price of the option and certain tax obligations"

expiration of the option financial

"automatically effected upon the expiration of the option pursuant to the terms"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did EchoStar (ECHO) director Lisa W. Hershman report?

Lisa W. Hershman reported an automatic exercise of 10,000 Non-Employee Director Stock Options for EchoStar Class A Common Stock at $24.49 per share. The option exercise occurred under the 2017 Non-Employee Director Stock Option Plan as the option reached its scheduled expiration date.

Did the EchoStar (ECHO) director sell shares in the open market in this Form 4?

The Form 4 does not show any open-market sale by the director. Instead, 2,428 shares were withheld by EchoStar to cover the option exercise price and tax obligations, a tax-withholding disposition rather than a discretionary sale into the market.

How many EchoStar (ECHO) shares does the director hold after these transactions?

Following the automatic option exercise and related share withholding, Lisa W. Hershman directly holds 7,572 shares of EchoStar Class A Common Stock. This figure reflects her equity position after issuing 10,000 new shares from the option and withholding 2,428 shares for exercise and tax costs.

What was the exercise price of the EchoStar (ECHO) director’s stock options?

The Non-Employee Director Stock Options were exercised at an exercise price of $24.49 per share. These options, fully vested at grant, converted into 10,000 shares of Class A Common Stock upon automatic exercise when they reached their expiration date under the plan terms.

Why were 2,428 EchoStar (ECHO) shares withheld in the director’s Form 4?

EchoStar withheld 2,428 shares to pay the option exercise price and certain tax obligations tied to the automatic exercise. This is reflected as an F-code tax-withholding disposition, indicating the company retained those shares instead of the director selling them for cash.

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

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Accepted by SEC EDGAR 07/07/2026 - 06:00 AM 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

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^*

Hershman Lisa W.

(Last) (First) (Middle)

9601 S. MERIDIAN BLVD.

(Street)

ENGLEWOOD COLORADO 80112

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2026

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	07/01/2026		M(1)		10,000	A	$24.49	10,000	D
Class A Common Stock	07/01/2026		F(2)		2,428	D	$100.88	7,572	D

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	$24.49	07/01/2026		M(1)			10,000	(3)	07/01/2026	Class A Common Stock	10,000	$0	0	D

Explanation of Responses:

1. The transactions reported herein were automatically effected upon the expiration of the option pursuant to the terms of the Issuer's 2017 Non-Employee Director Stock Option Plan and NED Stock Option Agreement.

2. Represents shares withheld by the Issuer to cover the exercise price of the option and certain tax obligations in connection with the automatic exercise of the vested options listed in Table II.

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

	/s/ Lisa W. Hershman, by Daniel W. Conroy, Attorney-in-Fact	07/07/2026
	** 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)