[Form 4] EchoStar CORP Insider Trading Activity

Rhea-AI Filing Summary

Paul W. Orban, EVP and CFO of EchoStar Corp (SATS), reported a grant of 50,000 restricted stock units (RSUs) effective 10/01/2025. Each RSU converts to one share of Class A common stock upon vesting; the RSUs vest at 20% per year beginning 10/01/2026, implying a five‑year vesting schedule. The filing shows total beneficial ownership of 50,470 Class A shares after the award, which combines the new 50,000 RSUs and 470 existing shares held directly. The report was signed by an attorney‑in‑fact on behalf of Mr. Orban on 10/03/2025.

Positive

• 50,000 RSU grant reported for EVP/CFO, indicating continued equity compensation
• RSUs convert 1:1 to Class A common stock, clarifying future share issuance

Negative

• Vesting begins one year after grant on 10/01/2026, delaying immediate ownership
• No cash exercise reported; shares are contingent until vesting

Insights

Corporate Insider

TL;DR: EVP/CFO received a 50,000 RSU grant that vests 20% annually from 10/01/2026.

The filing documents a non‑derivative grant of 50,000 RSUs to Paul W. Orban, increasing reported beneficial ownership to 50,470 Class A shares. The RSUs are contingent rights to shares and will be issued only as they vest.

This is a typical executive equity grant with a multi‑year vesting schedule intended to retain executive leadership; the first vesting date is one year after the grant.

Compensation Analyst

TL;DR: The award vests 20% per year, indicating a five‑year schedule starting 10/01/2026.

The RSU vesting pace (20% annually) means material equity becomes exercisable in small increments annually rather than immediately. The grant adds 50,000 contingent shares to the reporting line and complements an existing 470 share holding.

This filing discloses timing and quantity only; no exercise price, cash purchase, or sale is reported.

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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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^*

ORBAN PAUL W

(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		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, CFO, DISH

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

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	10/01/2025		A		50,000	A	(1)	50,470(2)	D
Class A Common Stock								0	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

Explanation of Responses:

1. Represents the acquisition of restricted stock units (RSUs). The RSUs vest at the rate of 20% per year beginning on October 1, 2026. Each RSU represents a contingent right to receive one share of Class A Common Stock of the Issuer, which will be issued to the Reporting Person immediately upon vesting.

2. The reported transaction involved the reporting person's receipt of a grant of 50,000 RSUs. The total reported in Column 5 includes the 50,000 newly awarded RSUs and 470 shares of Class A Common Stock.

3. By 401(K).

	/s/ Paul W. Orban, by Dean A. Manson, Attorney-in-Fact	10/03/2025
	** 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) disclose in this Form 4 filing?

The filing shows an insider grant of 50,000 RSUs to Paul W. Orban, increasing reported beneficial ownership to 50,470 Class A shares.

When do the RSUs awarded to the EchoStar CFO vest?

The RSUs vest at 20% per year, with vesting beginning on 10/01/2026.

Does the Form 4 show any sales or purchases of Class A shares by the insider?

No sales or cash purchases are reported; the Form 4 records the grant of RSUs (a non‑derivative award) on 10/01/2025.

How many shares does the reporting person own after the transaction?

The report lists 50,470 shares beneficially owned following the transaction, consisting of 50,000 RSUs and 470 direct shares.

Who signed the Form 4 for Paul W. Orban and when?

The Form 4 was signed by Dean A. Manson, Attorney‑in‑Fact, on behalf of Paul W. Orban on 10/03/2025.