SATS Insider Activity: Abernathy Grants 16,754 Options, Sells Corresponding Shares

Rhea-AI Filing Summary

Kathleen Q. Abernathy, a director of EchoStar Corporation (SATS), reported multiple transactions dated 09/09/2025. The filing shows three option grants for Non-Employee Director Stock Options covering 1,754, 10,000, and 5,000 underlying Class A shares with exercise prices of $40.02, $14.04, and $25.19 respectively; the filing states these option shares were 100% vested on the grant date. The same report records corresponding non-derivative transactions on that date: acquisitions (code M) of 1,754, 10,000, and 5,000 Class A shares and sales (code S) of those same share amounts. Reported sale prices are reflected as weighted averages: the 1,754-share sale averaged $82.37, the 10,000-share sale averaged $82.36, and the 5,000-share sale averaged $82.33, with disclosed price ranges for each sale in the explanation. Following the reported sales, the filing shows 0 Class A shares beneficially owned from those transactions.

Positive

• Option grants were fully vested on the grant date, providing immediate ownership rights to the reporting person
• Transparent disclosure of weighted-average sale prices and price ranges for the sales

Negative

• Reported sales reduced beneficial ownership to zero for the shares involved, indicating the director did not retain those shares
• Filing lacks context (e.g., purpose of sales, whether sales were to cover taxes or part of a plan), limiting interpretability

Insights

Corporate Governance Expert

TL;DR: Director received fully vested option grants and immediately reported sales that left no beneficial holdings.

The filing documents standard director compensation via stock options with immediate vesting at grant for the reported awards. The simultaneous reporting of acquisitions and sales of the identical share counts, with weighted-average sale prices in the low $82 range, indicates the director did not retain those shares after the transactions. From a governance perspective, fully vested grants to a director are noteworthy for disclosure but are routine if part of board compensation policy; the filing does not disclose the rationale or any hedging arrangement. Materiality for investors appears limited absent additional context about aggregate ownership or company-level impact.

Securities/Insider Transactions Analyst

TL;DR: Multiple option grants and matched share sales were reported; sale proceeds reflected weighted-average prices around $82.3 per share.

The Form 4 shows three separate option grants (1,754 at $40.02; 10,000 at $14.04; 5,000 at $25.19) and corresponding non-derivative entries showing acquisitions (code M) and sales (code S) of the same share amounts on 09/09/2025. The explanatory footnotes disclose the sale price ranges and that detail by price per share is available upon request. The mechanics (e.g., whether exercises funded sales or plan-based sell-to-cover) are not specified in the filing, so further operational interpretation is not possible from this document alone.

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^*

Abernathy Kathleen Q

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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		M		1,754	A	$40.02	1,754	D
Class A Common Stock	09/09/2025		S		1,754	D	$82.37(1)	0	D
Class A Common Stock	09/09/2025		M		10,000	A	$14.04	10,000	D
Class A Common Stock	09/09/2025		S		10,000	D	$82.36(2)	0	D
Class A Common Stock	09/09/2025		M		5,000	A	$25.19	5,000	D
Class A Common Stock	09/09/2025		S		5,000	D	$82.33(3)	0	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
Non-Employee Director Stock Option	$40.02	09/09/2025		M			1,754	(4)	01/01/2028	Class A Common Stock	1,754	$40.02	0	D
Non-Employee Director Stock Option	$14.04	09/09/2025		M			10,000	(4)	01/01/2029	Class A Common Stock	10,000	$14.04	0	D
Non-Employee Director Stock Option	$25.19	09/09/2025		M			5,000	(4)	01/01/2030	Class A Common Stock	5,000	$25.19	0	D

Explanation of Responses:

1. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $82.00 to $83.10. 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 $81.99 to $83.45. 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 $82.00 to $83.45. 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.

4. The shares underlying the option were 100% vested upon the date of the grant.

	/s/ Kathleen Q. Abernathy, 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 transactions did Kathleen Q. Abernathy report on Form 4 for EchoStar (SATS)?

The Form 4 reports option grants for 1,754, 10,000, and 5,000 Non-Employee Director Stock Options and matching non-derivative acquisitions and sales of those same share amounts on 09/09/2025.

What were the exercise prices and vesting for the options reported?

The options have exercise prices of $40.02, $14.04, and $25.19, and the filing states the shares underlying the options were 100% vested on the grant date.

At what prices were the reported shares sold?

The filing discloses weighted-average sale prices of approximately $82.37 (1,754 shares), $82.36 (10,000 shares), and $82.33 (5,000 shares), with specified price ranges for each sale in the footnotes.

Did the director retain any of the reported shares after the transactions?

No; the Form 4 shows 0 Class A shares beneficially owned following the reported sales for those transactions.

When was the Form 4 signed and filed?

The signature block shows the filing executed by /s/ Kathleen Q. Abernathy, by Dean A. Manson, Attorney-in-Fact on 09/11/2025.