EchoStar (SATS) CEO Akhavan exercises stock options, sells 71K shares, holds 823K

Rhea-AI Filing Summary

EchoStar CORP director and executive Hamid Akhavan exercised stock options and sold a portion of the resulting shares. On March 6, 2026, he exercised options for 20,417 Class A shares at $14.04 and 233,918 shares at $16.57, converting derivative awards into common stock.

On the same date, he conducted an open‑market sale of 71,005 Class A shares at an average price of $107.52, with trades ranging from $107.41 to $107.94 as disclosed in the footnotes. After these transactions, he directly holds 823,293 Class A shares and indirectly holds 327 additional shares through a 401(k) plan, indicating that most of the exercised shares were retained rather than sold.

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

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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^*

Akhavan Hamid

(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
X	Officer (give title below)		Other (specify below)
	CEO, EchoStar Capital

3. Date of Earliest Transaction (Month/Day/Year)
03/06/2026

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	03/06/2026		M		20,417	A	$14.04	660,380	D
Class A Common Stock	03/06/2026		M		233,918	A	$16.57	894,298	D
Class A Common Stock	03/06/2026		S		71,005	D	$107.52(1)	823,293	D
Class A Common Stock								327	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
Employee Stock Option (Right to Buy)	$14.04	03/06/2026		M			20,417	(3)	04/01/2034	Class A Common Stock	20,417	$0	61,251	D
Employee Stock Option (Right to Buy)	$16.57	03/06/2026		M			233,918	(4)	12/31/2033	Class A Common Stock	233,918	$0	233,919	D

Explanation of Responses:

1. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $107.41 to $107.94. Information regarding the number of shares sold at each separate price will be made available upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.

2. By 401(K).

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.

4. The option vests in three equal annual installments beginning on December 31, 2024.

	/s/ Hamid Akhavan by Dean A. Manson, Attorney-in-Fact	03/10/2026
	** 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).
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FAQ

What insider transactions did EchoStar (SATS) director Hamid Akhavan report on March 6, 2026?

Hamid Akhavan reported exercising employee stock options for 254,335 EchoStar Class A shares, then selling 71,005 shares in the open market the same day. The filing shows both derivative exercises and a subsequent sale transaction.

How many EchoStar (SATS) shares did Hamid Akhavan sell and at what price range?

He sold 71,005 EchoStar Class A shares at an average price of $107.52 per share. Footnotes state the individual trades occurred between $107.41 and $107.94, with full price breakdowns available upon request.

At what prices were Hamid Akhavan’s EchoStar (SATS) stock options exercised?

He exercised two blocks of employee stock options: 20,417 underlying shares at an exercise price of $14.04, and 233,918 underlying shares at an exercise price of $16.57. These derivative exercises converted options into Class A common stock.

How many EchoStar (SATS) shares does Hamid Akhavan hold after these Form 4 transactions?

Following the reported transactions, Hamid Akhavan directly holds 823,293 EchoStar Class A shares. The filing also shows an additional 327 shares held indirectly through a 401(k) plan, giving a fuller picture of his post‑transaction position.

Did Hamid Akhavan retain most of the EchoStar (SATS) shares obtained from exercising options?

Yes. He exercised options covering 254,335 EchoStar Class A shares and sold 71,005 shares the same day. Based on the filing, this indicates that a substantial majority of the newly acquired shares were retained rather than sold immediately.

Were any EchoStar (SATS) shares in Hamid Akhavan’s Form 4 held indirectly?

Yes. The Form 4 shows 327 EchoStar Class A shares held indirectly, noted in the footnotes as “By 401(K).” This indicates a small portion of his overall position is held through a 401(k) retirement plan rather than directly.