SATS insider Dean Manson unloads 25,000 shares in 10b5-1 trade

Rhea-AI Filing Summary

EchoStar Corp. (SATS) – Form 4 insider activity: On 07/09/2025, Chief Legal Officer Dean A. Manson exercised 25,000 employee stock options at an exercise price of $14.04 (Code M), immediately acquiring the same number of Class A common shares. He then sold the 25,000 shares on the same day at $33.00 per share (Code S). After the transactions, Manson’s direct holding decreased to 2,322 shares, while he retains 1,106 shares indirectly through a 401(k) and 107,331 unexercised options priced at $14.04 that expire 04/01/2034. The options originally vested 40% at grant, with the remaining 60% vesting 30% each on 04/01/2025 and 04/01/2026. The trades were executed under a Rule 10b5-1 trading plan.

Positive

• Retention of 107,331 unexercised options indicates continued long-term equity incentive alignment.

Negative

• Sale of 25,000 shares at $33 lowers the insider’s direct stake to 2,322 shares, potentially signaling reduced short-term confidence.

Insights

Securities Analyst

TL;DR: Officer exercises & sells 25k shares, retaining minimal equity; neutral-to-slightly negative sentiment.

The filing shows a classic option exercise-and-sale: 25,000 options converted at $14.04 and the underlying shares sold the same day at $33, generating cash and neutralizing immediate share-count impact. Post-sale, direct ownership falls to just 2,322 shares, a relatively low stake for a C-suite member, which can be read as modestly bearish on personal conviction. However, the sale was conducted under a 10b5-1 plan, limiting informational signalling. Manson still controls 107,331 options, so long-term incentive alignment remains. Overall impact is limited; investors may note reduced insider exposure but no strategic implication for EchoStar’s operations.

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^*

Manson Dean

(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)
	CHIEF LEGAL OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
07/09/2025

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	07/09/2025		M(1)		25,000	A	$14.04	27,322	D
Class A Common Stock	07/09/2025		S(1)		25,000	D	$33	2,322	D
Class A Common Stock								1,106	I	I(2)

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	07/09/2025		M(1)			25,000	(3)	04/01/2034	Class A Common Stock	25,000	$14.04	107,331	D

Explanation of Responses:

1. The transaction reported was effected pursuant to a Rule 10b5-1 trading plan.

2. By 401(K).

3. 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/ Dean A. Manson, by Daniel W. Conroy, Attorney-in-Fact	07/11/2025
	** 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

How many EchoStar (SATS) shares did Dean Manson sell on July 9 2025?

25,000 Class A common shares were sold at $33.00 each.

At what price were the options exercised by EchoStar’s Chief Legal Officer?

The 25,000 options were exercised at an exercise price of $14.04 per share.

How many EchoStar shares does Dean Manson now hold directly?

Following the transactions, he holds 2,322 shares directly.

Does the filing mention a Rule 10b5-1 trading plan?

Yes. The transactions were executed under a Rule 10b5-1 plan.

What is the vesting schedule of the remaining options?

40% vested at grant; the remaining 60% vest 30% each on 04/01/2025 and 04/01/2026.