EchoStar (NASDAQ: SATS) CEO Akhavan reports large option exercise, share sales

Rhea-AI Filing Summary

EchoStar Corp director and officer Hamid Akhavan reported exercising employee stock options for 285,832 shares of Class A common stock at an exercise price of $14.04 per share on December 11, 2025. On the same date, he reported multiple open-market sales of Class A common stock at weighted average sale prices described in the filing as ranging from $103.35 to $109.39, effected under a Rule 10b5-1 trading plan adopted on September 12, 2025.

After these transactions, Akhavan beneficially owns 376,805 Class A shares directly and 327 shares indirectly through a 401(k) plan. He also holds 122,500 employee stock options exercisable for Class A shares at $14.04 per share, expiring on April 1, 2034, with 60% of the underlying shares scheduled to vest 30% per year on April 1, 2025 and April 1, 2026.

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).

X

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)
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)		285,832	A	$14.04	662,637	D
Class A Common Stock	12/11/2025		S(1)		20,129	D	$104.1(2)	642,508	D
Class A Common Stock	12/11/2025		S(1)		14,940	D	$104.65(3)	627,568	D
Class A Common Stock	12/11/2025		S(1)		3,240	D	$105.88(4)	624,328	D
Class A Common Stock	12/11/2025		S(1)		3,657	D	$106.72(5)	620,671	D
Class A Common Stock	12/11/2025		S(1)		5,123	D	$108.02(6)	615,548	D
Class A Common Stock	12/11/2025		S(1)		2,911	D	$108.78(7)	612,637	D
Class A Common Stock	12/11/2025		S(1)		29,608	D	$104.1(8)	583,029	D
Class A Common Stock	12/11/2025		S(1)		23,040	D	$104.66(9)	559,989	D
Class A Common Stock	12/11/2025		S(1)		5,595	D	$105.93(10)	554,394	D
Class A Common Stock	12/11/2025		S(1)		4,670	D	$106.84(11)	549,724	D
Class A Common Stock	12/11/2025		S(1)		7,831	D	$108.01(12)	541,893	D
Class A Common Stock	12/11/2025		S(1)		4,256	D	$108.76(13)	537,637	D
Class A Common Stock	12/11/2025		S(1)		29,607	D	$104.1(14)	508,030	D
Class A Common Stock	12/11/2025		S(1)		23,172	D	$104.67(15)	484,858	D
Class A Common Stock	12/11/2025		S(1)		5,465	D	$105.95(16)	479,393	D
Class A Common Stock	12/11/2025		S(1)		4,668	D	$106.84(17)	474,725	D
Class A Common Stock	12/11/2025		S(1)		7,833	D	$108.01(18)	466,892	D
Class A Common Stock	12/11/2025		S(1)		4,255	D	$108.76(19)	462,637	D
Class A Common Stock	12/11/2025		S(1)		28,500	D	$104.09(20)	434,137	D
Class A Common Stock	12/11/2025		S(1)		26,621	D	$104.61(21)	407,516	D
Class A Common Stock	12/11/2025		S(1)		6,169	D	$105.96(22)	401,347	D
Class A Common Stock	12/11/2025		S(1)		6,095	D	$106.77(23)	395,252	D
Class A Common Stock	12/11/2025		S(1)		11,880	D	$108.18(24)	383,372	D
Class A Common Stock	12/11/2025		S(1)		6,567	D	$108.92(25)	376,805	D
Class A Common Stock								327	I	I(26)

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	12/11/2025		M(1)			285,832	(27)	04/01/2034	Class A Common Stock	285,832	$0	122,500	D

Explanation of Responses:

1. The transaction reported was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 12, 2025.

2. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $103.35 to $104.35. 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.

3. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $104.36 to $105.32. 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.

4. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $105.36 to $106.34. 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.

5. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $106.38 to $107.23. 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.

6. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $107.52 to $108.52. 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.

7. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $108.53 to $109.07. 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.

8. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $103.35 to $104.35. 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.

9. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $104.36 to $105.34. 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.

10. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $105.36 to $106.35. 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.

11. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $106.38 to $107.38. 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.

12. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $107.43 to $108.43. 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.

13. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $108.44 to $109.38. 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.

14. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $103.35 to $104.35. 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.

15. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $104.36 to $105.36. 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.

16. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $105.37 to $106.35. 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.

17. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $106.38 to $107.38. 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.

18. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $107.43 to $108.43. 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.

19. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $108.44 to $109.38. 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.

20. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $103.35 to $104.35. 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.

21. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $104.36 to $105.36. 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.

22. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $105.37 to $106.37. 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.

23. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $106.45 to $107.35. 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.

24. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $107.53 to $108.53. 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.

25. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $108.61 to $109.39. 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.

26. By 401(K).

27. 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.

	/s/ Hamid Akhavan 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 (SATS) CEO Hamid Akhavan report on December 11, 2025?

Hamid Akhavan reported exercising employee stock options for 285,832 shares of EchoStar Class A common stock at $14.04 per share and, on the same date, reported multiple open-market sales of Class A shares at various weighted average prices.

How many EchoStar (SATS) shares did Hamid Akhavan acquire through option exercise, and at what price?

He acquired 285,832 shares of EchoStar Class A common stock by exercising employee stock options at an exercise price of $14.04 per share.

At what prices were EchoStar (SATS) shares sold in Hamid Akhavan's reported transactions?

The filing states that the reported sales were made at weighted average sale prices for each transaction, with price ranges between approximately $103.35 and $109.39, with detailed share counts by price level available upon request to the SEC staff, the issuer, or a security holder.

How many EchoStar (SATS) shares does Hamid Akhavan own after these transactions?

Following the reported trades, Hamid Akhavan beneficially owns 376,805 EchoStar Class A shares directly and 327 shares indirectly through a 401(k) plan.

What stock options on EchoStar (SATS) shares does Hamid Akhavan hold after the transactions?

He holds 122,500 employee stock options exercisable for EchoStar Class A common stock at an exercise price of $14.04 per share, expiring on April 1, 2034. According to the vesting schedule, 40% of the underlying shares vested immediately on the grant date, and the remaining 60% vest 30% per year on April 1, 2025 and April 1, 2026.

Were Hamid Akhavan's EchoStar (SATS) stock sales made under a Rule 10b5-1 trading plan?

Yes. The filing explains that the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted by Hamid Akhavan on September 12, 2025, which is described as a contract, instruction or written plan for the purchase or sale of equity securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).