[Form 4] EchoStar Corporation Insider Trading Activity

Rhea-AI Filing Summary

Paul W. Orban, reported as an officer (EVP, CFO, DISH) of EchoStar Corporation (ticker SATS), filed a Form 4 disclosing insider sales on 09/09/2025. The filing shows the disposition of 744 shares of Class A common stock at a reported price of $82.37 per share and a separate disposition of 470 shares. The form indicates 0 shares beneficially owned following the reported transactions and notes the shares were held indirectly via a 401(k). The filing is signed on behalf of Mr. Orban by an attorney-in-fact on 09/11/2025. The document contains only the described sale transactions and the 401(k) explanation.

Positive

• Timely disclosure of insider transactions consistent with Section 16 reporting requirements
• Clear identification of indirect ownership through a 401(k), providing transparency on holding form

Negative

• Insider dispositions totaling 1,214 Class A shares (744 and 470 shares) reported on 09/09/2025
• Reported beneficial ownership reduced to 0 following the transactions (per the form)

Insights

Securities Analyst

TL;DR: Officer reported two disposals totaling 1,214 shares, including a 744-share sale at $82.37, leaving zero reported beneficial holdings.

The Form 4 documents two non-derivative dispositions by Paul W. Orban on 09/09/2025: a sale of 744 Class A shares at $82.37 and an additional disposition of 470 Class A shares. The filing states the holdings are indirect via a 401(k) and shows 0 shares beneficially owned after the transactions. For investors, this is a straightforward compliance disclosure of insider sales with no other connected transactions or derivative activity reported. All details presented are transactional facts; the form does not provide context such as reason for sale, price proceeds, or any intended plan.

Corporate Governance Expert

TL;DR: Routine Section 16 disclosure of insider dispositions; indicates compliance but provides no governance concerns beyond the sales themselves.

The filing appears to meet disclosure requirements under Section 16 by reporting timely sales executed on 09/09/2025 and a signature via attorney-in-fact on 09/11/2025. It specifies indirect ownership through a 401(k), which explains the nature of the holdings. The document contains no amendments, grants, option exercises, or other governance actions. As presented, this is a routine insider-reporting submission rather than a governance event with broader corporate implications.

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).

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)
09/09/2025

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	09/09/2025		S		744	D	$82.37	0	I	I(1)
Class A Common Stock								470	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

Explanation of Responses:

1. By 401(K).

	/s/ Paul W. Orban, by Dean A. Manson, Attorney-in-Fact	09/11/2025
	** 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 Paul W. Orban report on the Form 4 for EchoStar (SATS)?

The Form 4 reports dispositions on 09/09/2025 of 744 Class A shares sold at $82.37 and an additional disposition of 470 shares, with 0 shares reported as beneficially owned after the transactions.

How were the shares held according to the Form 4?

The filing states the shares were held indirectly via a 401(k), as noted in the Explanation of Responses.

When was the Form 4 signed and filed?

The signature block shows the form was signed on behalf of Paul W. Orban by an attorney-in-fact on 09/11/2025.

Does the Form 4 show any derivative transactions or option exercises?

No. The filing contains only non-derivative dispositions of Class A common stock and does not report any derivative securities, option exercises, or grants.

Is there any indication this Form 4 is an amendment?

No. The form does not indicate it is an amendment and lists the earliest transaction date as 09/09/2025.