SATS Insider Activity: Swieringa Exercises Options and Sells Multiple Tranches

Rhea-AI Filing Summary

John Swieringa, President, Technology & COO of EchoStar Corporation (SATS), reported multiple option grants, exercises and open-market sales on 09/09/2025. The filing shows several option exercises at exercise prices of $14.04 and $16.57 and contemporaneous open-market sales of Class A common stock at weighted average prices in the range of approximately $80.88–$81.48. Specific transactions include sales of 27,276; 63,840; 11,696; 16,936; and 35,087 shares and related option exercises or conversions for matching amounts. Following the reported transactions the filing lists a total of 140,352 derivative securities (options) beneficially owned across grants shown, and 432 shares reported as owned following several sales. Vesting schedules and performance conditions are disclosed for certain grants, including immediate vesting of 40% of one grant and performance-based vesting for another through 12/31/2026.

Positive

• Detailed disclosure of vesting schedules and performance conditions for several option grants, enhancing transparency
• Retention of substantial option holdings after transactions: 140,352 derivative securities beneficially owned as reported
• Options exercised at materially lower exercise prices ($14.04 and $16.57) than the reported sale prices, realizing intrinsic value

Negative

• Multiple open-market sales totaling large tranches of Class A shares executed at weighted average prices around $80.88–$81.48, which may be viewed negatively by some investors
• Form does not indicate whether sales were made pursuant to a Rule 10b5-1 trading plan, leaving timing context unspecified

Insights

Securities Analyst

TL;DR: Insider executed large option exercises and sold multiple tranches of Class A stock at ~ $81, while retaining substantial option holdings.

The Form 4 documents routine executive option exercises and substantial open-market disposals executed the same day. Transactions include multiple exercises at $14.04 and $16.57 and sales at weighted average prices in the low $80s. The reporting person retains material option positions totaling 140,352 underlying shares after the transactions. Several grants have multi-year vesting schedules and one grant is subject to performance criteria through year-end 2026. From a market-impact perspective these are sizable sales but the filing contains no information about plans or use of proceeds.

Corporate Governance Expert

TL;DR: Transactions are fully disclosed with vesting and performance terms; filings show compliance with Section 16 reporting requirements.

The disclosure includes explicit vesting schedules, performance conditions, and conversion mechanics tied to a merger agreement for option treatment, which supports transparent governance practices. The signature is by attorney-in-fact and the explanation footnotes clarify weighted average sale prices and vesting mechanics. The form does not state whether any sales were executed under a Rule 10b5-1 plan, so governance observers should note that absence of that designation.

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^*

Swieringa John

(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)
	PRES, TECH & COO

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		27,276	D	$81.24(1)	432	D
Class A Common Stock	09/09/2025		M		63,840	A	$14.04	64,272	D
Class A Common Stock	09/09/2025		S		63,840	D	$81.2(2)	432	D
Class A Common Stock	09/09/2025		M		11,696	A	$14.04	12,128	D
Class A Common Stock	09/09/2025		S		11,696	D	$81.18(3)	432	D
Class A Common Stock	09/09/2025		M		16,936	A	$14.04	17,368	D
Class A Common Stock	09/09/2025		S		16,936	D	$81.18(4)	432	D
Class A Common Stock	09/09/2025		M		35,087	A	$16.57	35,519	D
Class A Common Stock	09/09/2025		S		35,087	D	$81.2(5)	432	D
Class A Common Stock								809	I	I(6)

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	09/09/2025		M			63,840	(7)	04/01/2034	Class A Common Stock	63,840	$0	27,362	D
Employee Stock Option (Right to Buy)	$14.04	09/09/2025		M			11,696	(8)	04/01/2034	Class A Common Stock	11,696	$0	5,847	D
Employee Stock Option (Right to Buy)	$14.04	09/09/2025		M			16,936	(9)	04/01/2034	Class A Common Stock	16,936	$0	50,809	D
Employee Stock Option (Right to Buy)	$16.57	09/09/2025		M			35,087	(10)	01/01/2034	Class A Common Stock	35,087	$0	140,352	D

Explanation of Responses:

1. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $81.09 to $81.48. 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.

2. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $80.88 to $81.45. 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 $80.88 to $81.43. 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.

4. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $80.89 to $81.43. 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.

5. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $80.88 to $81.43. 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.

6. By 401(K).

7. 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.

8. 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. The shares exercised and sold represent 100% of the vested shares at the time of sale. The remainder of the shares underlying the options remain subject to performance criteria.

9. The shares underlying these options vest 25% per year on each of April 1, 2025, April 1, 2026, April 1, 2027 and April 1, 2028.

10. The shares underlying these options vest 20% per year on each of January 1, 2025, January 1, 2026, January 1, 2027, January 1, 2028 and January 1, 2029. Pursuant to the Merger Agreement, at the Effective Time, each option to purchase Issuer Class A Common Stock held by the Reporting Person was converted into a corresponding award with respect to EchoStar Class A Common Stock.

	/s/ John Swieringa, 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).
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FAQ

Who filed the Form 4 for EchoStar (SATS)?

The filing reports transactions by John Swieringa, President, Technology & COO of EchoStar Corporation.

What transactions are reported on the Form 4 dated 09/09/2025 for SATS?

The Form 4 reports multiple option exercises and contemporaneous open-market sales of Class A common stock on 09/09/2025.

How many shares were sold and at what prices?

Reported sales include tranches of 27,276; 63,840; 11,696; 16,936; and 35,087 shares sold at weighted average prices ranging approximately $80.88–$81.48 (per the footnotes).

What option exercise prices and remaining option holdings are shown?

Exercises were at $14.04 and $16.57; the filing shows 140,352 derivative securities (options) beneficially owned following the reported transactions.

Are any of the grants subject to performance or vesting conditions?

Yes. One grant vested 40% immediately with remaining time-based vesting; another grant is subject to performance criteria through 12/31/2026; other grants have multi-year time-based vesting schedules described in the footnotes.

Does the form state whether sales were made under a 10b5-1 trading plan?

The filing does not indicate that the transactions were made pursuant to a Rule 10b5-1 plan.