SATS Insider Filing: CFO Sells Shares at $55.65, Exercises Options at $14.04

Rhea-AI Filing Summary

Paul W. Orban, EVP & CFO of EchoStar Corp (SATS), reported multiple insider transactions on 08/27/2025 under a Rule 10b5-1 plan. The filing shows two sales of Class A common stock at $55.65 per share (2,358 and 26,702 shares) and two acquisitions executed at an exercise/price of $14.04 (4,678 and 22,024 shares) that were granted/exercised the same day. The filing also notes 744 Class A shares held indirectly via a 401(k) and that some option grants are performance- and time-vested through April 1, 2026. The transactions were reported via attorney-in-fact on 08/29/2025.

Positive

• Transactions executed under a Rule 10b5-1 plan, indicating pre-established trading instructions adopted on December 3, 2024
• Reported option acquisitions and ESPP purchases, showing use of company compensation mechanisms (options at $14.04 and ESPP participation)
• Disclosure of vesting and performance conditions for grants, including schedule through April 1, 2026

Negative

• Substantial insider sales disclosed (2,358 and 26,702 Class A shares sold at $55.65), which reduce the reporting person’s direct holdings
• Some option grants are performance-dependent, meaning actual future ownership depends on meeting specified criteria through December 31, 2026

Insights

Financial Analyst

TL;DR: Routine insider transactions executed under a 10b5-1 plan with mixed buys and sells; not an unequivocal signal of material change.

The reported activity combines planned sales and option-based acquisitions at substantially lower exercise prices ($14.04) versus the sale price ($55.65). The use of a 10b5-1 trading plan indicates transactions were pre-arranged, reducing immediacy of informational asymmetry. Materiality is limited: this is disclosure of trading mechanics and resulting share counts rather than operational or financial performance data.

Corporate Governance Expert

TL;DR: Governance process followed: transactions executed under a documented 10b5-1 plan and reported promptly.

The filing documents compliance with Rule 10b5-1 and timely reporting, and it discloses vesting conditions for option grants tied to performance through 2026. From a governance standpoint, transparency is appropriate; the mix of sales and acquisitions highlights routine compensation realization and liquidity management rather than extraordinary insider action.

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
Estimated average burden
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).

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^*

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)
08/27/2025

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	08/27/2025		S(1)		2,358(2)	D	$55.65	470	D
Class A Common Stock	08/27/2025		M(1)		4,678	A	$14.04	5,148	D
Class A Common Stock	08/27/2025		M(1)		22,024	A	$14.04	27,172	D
Class A Common Stock	08/27/2025		S(1)		26,702	D	$55.65	470	D
Class A Common Stock								744	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
Class A Common Stock	$14.04	08/27/2025		M(1)			4,678	(4)	04/01/2034	Class A Common Stock	4,678	$0	0	D
Class A Common Stock	$14.04	08/27/2025		M(1)			22,024	(5)	04/01/2034	Class A Common Stock	22,024	$0	33,038	D

Explanation of Responses:

1. The transaction reported was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 3, 2024.

2. Includes shares acquired under the Company's Employee Stock Purchase Plan.

3. By 401(K).

4. The grant is subject to achievement of certain performance criteria prior to December 31, 2026 and will vest based on achievement of such criteria. The performance criteria are not tied to the market price of the Issuer's securities.

5. 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/ Paul W. Orban, by Dean A. Mason, Attorney-in-Fact	08/29/2025
	** 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 transactions did EchoStar insider Paul W. Orban report on Form 4 (SATS)?

The filing reports two sales of Class A shares (2,358 and 26,702 shares at $55.65) and two option-based acquisitions (4,678 and 22,024 shares exercisable at $14.04).

Were the trades by the EchoStar executive part of a preplanned program?

Yes. The filing states the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted December 3, 2024.

Do any shares remain indirectly owned by the reporting person?

Yes. The Form 4 discloses 744 Class A shares beneficially owned indirectly via a 401(k).

Are the option grants fully vested?

No. The filing notes vesting: 40% vested immediately for one grant, and the remainder vests 30% per year on April 1, 2025 and April 1, 2026; other grants are performance-conditioned through December 31, 2026.

When was the Form 4 signed and reported?

The signature block shows the filing signed by Paul W. Orban via attorney-in-fact on 08/29/2025, with the transactions dated 08/27/2025.