[Form 4] EchoStar CORP Insider Trading Activity

Rhea-AI Filing Summary

Paul Gaske, identified as COO, HUGHES and a reporting person for EchoStar CORP (SATS), reported multiple transactions dated 09/12/2025. The Form 4 shows several dispositions of Class A common stock (codes S) at prices ranging from $75.63 to $78.32 and acquisitions recorded with code M at $14.04. Reported non-derivative activity includes sales of 750, 1,444, 2,964, 5,075 shares and acquisitions of 2,964 and 5,075 shares (as shown). Table II reports two employee stock option grants at an exercise price of $14.04 dated 09/12/2025: one for 2,964 options and one for 5,075, each exercisable on specified dates with expiration 04/01/2034. The filing includes vesting schedules: 40% of one option grant vested immediately with remaining vesting on April 1, 2025 and April 1, 2026; the other grant vests 25% per year from April 1, 2025 through April 1, 2028. The form is signed by Paul Gaske via attorney-in-fact on 09/16/2025.

Insights

Securities Analyst

TL;DR: Insider exercised and received employee stock options and sold portions of Class A shares on 09/12/2025; new option grants issued at $14.04.

The Form 4 documents mixed activity: multiple open-market sales of Class A common stock at prices between $75.63 and $78.32, and simultaneous acquisitions recorded at $14.04, consistent with issuance/exercise-related movements. Two employee stock option grants totaling 8,039 options were reported with an exercise price of $14.04 and expiration on 04/01/2034. Vesting schedules are specified, including a partial immediate vesting (40%) for one grant and multi-year vesting for both grants. For investors, this indicates management equity compensation activity but does not by itself imply changes to company operations or financials.

Corporate Governance Expert

TL;DR: Report shows standard insider compensation and sales; option grants include clear vesting timelines and a long expiration.

The filing is a routine Section 16 disclosure showing that an officer engaged in both sales and option-related acquisitions. The two option awards have explicit vesting schedules and a common expiration date of 04/01/2034. Sales were executed at market prices listed on the form. The filing is properly executed and signed by an attorney-in-fact, and includes an explanation of vesting mechanics. No governance red flags such as unexplained transfers or blackout-period issues are evident within the disclosed text.

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).

1. Name and Address of Reporting Person^*

Gaske Paul

(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)
	COO, HUGHES

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		S		750	D	$78.32	0	I	I(1)
Class A Common Stock	09/12/2025		S		1,444	D	$75.63	149	D
Class A Common Stock	09/12/2025		M		2,964	A	$14.04	3,113	D
Class A Common Stock	09/12/2025		S		2,964	D	$75.91	149	D
Class A Common Stock	09/12/2025		M		5,075	A	$14.04	5,224	D
Class A Common Stock	09/12/2025		S		5,075	D	$75.91	149	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
Employee Stock Option (Right to Buy)	$14.04	09/12/2025		M			2,964	(2)	04/01/2034	Class A Common Stock	2,964	$0	20,556	D
Employee Stock Option (Right to Buy)	$14.04	09/12/2025		M			5,075	(3)	04/01/2034	Class A Common Stock	5,075	$0	15,225	D

Explanation of Responses:

1. By 401(K).

2. 40% of the shares underlying these options vested immediately upon the grant date. The remaining 60% of the shares underlying these options vest 30% per year on each of April 1, 2025 and April 1, 2026.

3. The shares underlying these options vest 25% per year on each of April 1, 2025, April 1, 2026, April 1, 2027 and April 1, 2028.

	/s/ Paul Gaske, 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 insider submitted this Form 4 for SATS?

The reporting person is Paul Gaske, identified as COO, HUGHES.

What transactions did Paul Gaske report on 09/12/2025 for SATS?

The Form 4 reports several sales of Class A common stock (750, 1,444, 2,964, 5,075 shares) and acquisitions recorded at $14.04 (2,964 and 5,075 shares), plus two employee stock option grants.

What are the terms of the employee stock options reported?

Two option grants at an exercise price of $14.04 dated 09/12/2025, exercisable with specified vesting and expiring on 04/01/2034.

How did the option vesting schedules work?

One grant had 40% vesting immediately with remaining 60% vesting 30% on each of April 1, 2025 and April 1, 2026; the other vests 25% per year on April 1 of 2025, 2026, 2027, and 2028.

Who signed the Form 4 and when?

The form is signed by /s/ Paul Gaske, by Dean A. Manson, Attorney-in-Fact on 09/16/2025.