[Form 4] EchoStar Corporation Insider Trading Activity

Rhea-AI Filing Summary

EchoStar Corporation (SATS) – Form 4 insider transaction filed 07/03/2025

Director R. Stanton Dodge automatically exercised 5,000 non-employee director stock options on 07/01/2025 at an exercise price of $27.28 per share under the company’s 2017 NED Stock Option Plan. Upon exercise, the company withheld 4,810 shares at a market price of $28.36 to cover the option cost and related taxes (transaction code F). Net of withholding, Dodge’s direct ownership increased by only ≈190 shares, bringing his direct holding to 26,365 Class A common shares; he also holds 1,642 shares indirectly through a 401(k). All derivative securities reported in this filing were fully settled, leaving the insider with zero remaining options from this grant.

The transaction was automatic and executed on the option’s expiration date, implying no discretionary open-market buying or selling. The minimal net share addition and tax-related share withholding make the economic impact to Dodge and to outside investors modest.

Positive

• Director’s direct ownership increases by roughly 190 shares, modestly enhancing alignment with shareholders.
• All options from the 2017 grant are now settled, simplifying the insider’s capital structure and removing potential dilution from this tranche.

Negative

• No open-market buying; the net share gain is minimal, limiting positive signalling value.
• 4,810 shares were immediately withheld to cover the exercise cost and taxes, effectively offsetting most of the acquisition.

Insights

Financial Analyst

TL;DR Neutral: automatic option exercise; tiny net share gain, no open-market purchase, limited signalling value.

The filing shows a routine cashless exercise tied to the expiration of director options. While Dodge eliminates a derivative position and slightly increases his direct equity stake, the 190-share net addition is immaterial relative to his existing holdings and EchoStar’s 270 m shares outstanding. Because the transaction is non-discretionary and executed under plan terms, it provides little incremental information about management’s view of valuation. I regard the capital-markets impact as negligible.

Corporate Governance Expert

TL;DR Standard expiry-driven exercise; aligns director equity with shareholders but not materially impactful.

From a governance perspective, settling expiring options into shares rather than allowing lapse maintains incentive alignment. The automatic withholding for taxes is consistent with best practices, avoiding insider trading windows. No new derivative grants or sales were disclosed, and Dodge remains a director—not a 10% owner—so Section 16 obligations continue. Overall, the event is procedural, signalling neither concern nor enthusiasm.

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^*

Dodge R Stanton

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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	07/01/2025		M(1)		5,000	A	$27.28	26,365	D
Class A Common Stock	07/01/2025		F(2)		4,810	D	$28.36	21,555	D
Class A Common Stock								1,642	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
Non-Employee Director Stock Options	$27.28	07/01/2025		M(1)			5,000	(4)	07/01/2025	Class A Common Stock	5,000	$27.28	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. By 401(K).

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

	/s/ R. Stanton Dodge, by Dean A. Manson, Attorney-in-Fact	07/03/2025
	** 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 the latest Form 4?

Director R. Stanton Dodge automatically exercised 5,000 options at $27.28 and had 4,810 shares withheld for taxes, netting about 190 new shares.

How many EchoStar shares does R. Stanton Dodge now own?

He holds 26,365 shares directly and 1,642 shares indirectly through a 401(k) after the transaction.

Was this an open-market purchase of SATS stock?

No. The shares were obtained through an automatic option exercise on expiration; no discretionary market purchase occurred.

What happened to the exercised options?

All 5,000 options were exercised and converted to shares; the derivative position is now zero.

Does this transaction materially impact EchoStar’s share count?

No. A net issuance of 190 shares is immaterial relative to the company’s total shares outstanding.