[Form 4] EchoStar Corporation Insider Trading Activity

Rhea-AI Filing Summary

Paul Gaske, EchoStar (SATS) COO, reported option and stock transactions on 09/08/2025. He was granted an employee stock option for 45,000 shares with an exercise price of $14.04 and an April 1, 2034 expiration; 23,520 options are listed as beneficially owned following the grant. The filing also shows a contemporaneous sale of 45,000 Class A shares at $80.25 and an acquisition entry of 45,000 shares at $14.04, reflecting the option grant and related transactions. After the reported transactions the filing lists 1,593 shares held directly and 750 shares held indirectly. The grant’s vesting schedule is disclosed: 40% vested immediately and the remaining 60% vests 30% per year on April 1, 2025 and April 1, 2026.

Positive

• Clear disclosure of grant terms including exercise price, expiration, and vesting schedule
• Timely filing with signature by attorney-in-fact, meeting Section 16 reporting requirements
• Vesting schedule disclosed (40% immediate, remainder vesting dates specified) which provides transparency

Negative

• Contemporaneous sale of 45,000 shares reported the same day, reducing direct holdings to 1,593 shares
• Limited remaining direct ownership (1,593 shares) may be considered small relative to the granted option size

Insights

Securities Analyst

TL;DR: Routine executive option grant with substantial immediate vesting and offsetting sale activity; neutral to stock value absent further context.

The filing documents a standard employee stock option grant of 45,000 options at a $14.04 exercise price with an extended expiration date and a defined vesting schedule that vests 40% immediately and the remainder over two specified dates. The form also reports a same-date sale of 45,000 Class A shares at $80.25 and shows the reporter holding 23,520 derivative securities after the transactions and modest direct and indirect shareholdings. For investors, the transactions disclose insider compensation and liquidity actions but do not by themselves provide information on company performance or guidance.

Corporate Governance Expert

TL;DR: Compensation-related grant disclosed with clear vesting terms and properly reported Section 16 activity; governance disclosure appears complete.

The Form 4 includes the grant terms, exercise price, vesting schedule, and subsequent beneficial ownership counts, which are the key governance disclosures for insider awards. The immediate 40% vesting is explicitly stated and the remaining vesting dates are specified, providing transparency about potential future insider selling pressure as vesting occurs. The filing is timely and signed by an attorney-in-fact, meeting procedural requirements for Section 16 reporting.

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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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^*

Gaske Paul

(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)
	COO, HUGHES

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

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	09/08/2025		M		45,000	A	$14.04	46,593	D
Class A Common Stock	09/08/2025		S		45,000	D	$80.25	1,593	D
Class A Common Stock								750	I	I(1)

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	09/08/2025		M			45,000	(2)	04/01/2034	Class A Common Stock	45,000	$0	23,520	D

Explanation of Responses:

1. By 401(K).

2. 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 Gaske, by Dean A. Manson, Attorney-in-Fact	09/10/2025
	** 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 Paul Gaske report on Form 4 for EchoStar (SATS)?

The Form 4 reports a 45,000-share employee stock option grant with a $14.04 exercise price and a same-day sale of 45,000 Class A shares at $80.25.

How many options does Paul Gaske beneficially own after the reported transactions?

The filing shows 23,520 derivative securities beneficially owned following the reported transactions.

What is the vesting schedule for the option grant reported by Paul Gaske?

The grant vests 40% immediately and the remaining 60% vests 30% per year on April 1, 2025 and April 1, 2026 as disclosed in the explanation.

How many Class A shares does Paul Gaske hold directly and indirectly after the transactions?

The Form 4 lists 1,593 shares held directly and 750 shares held indirectly following the reported transactions.

What is the exercise price and expiration date of the employee stock option granted?

The option has an exercise price of $14.04 and an expiration date of April 1, 2034.

When were these transactions and filings executed?

The transactions are dated 09/08/2025 and the Form 4 is signed on 09/10/2025.