SATS Form 4: Paul Orban Reports 2,089-Share Sale, Retains 2,828 Direct Shares

Rhea-AI Filing Summary

Insider sale under 10b5-1 plan: Paul W. Orban, EVP & CFO of DISH and an officer of EchoStar (SATS), reported a sale of 2,089 shares of Class A common stock at $54.20 per share executed on 08/26/2025. After the sale, Mr. Orban beneficially owned 2,828 shares directly and 744 shares indirectly (held in a 401(k)). The filing states the transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 3, 2024, and includes shares acquired under the company’s Employee Stock Purchase Plan.

Positive

• Transaction executed under a Rule 10b5-1 plan, indicating pre-established trading parameters
• Disclosure includes source of shares (Employee Stock Purchase Plan) and indirect holding via 401(k), improving transparency

Negative

• Insider sold 2,089 shares which reduces direct ownership, though the absolute size is modest

Insights

Corporate Governance Expert

TL;DR: Reported sale follows a pre-established 10b5-1 plan; ownership remains modest and some holdings are in a 401(k).

The reporting indicates routine insider liquidity executed under a Rule 10b5-1 plan, which typically provides an affirmative defense against insider trading claims when properly adopted. The direct holdings remaining after the sale are small in absolute terms, and an additional indirect position is held via a 401(k). The disclosure that some shares were acquired through the Employee Stock Purchase Plan clarifies the source of part of the holding. No derivative positions or other material changes to ownership are reported.

Securities Analyst

TL;DR: Transaction is a limited-size sale by an insider under a pre-established plan, unlikely to be material to company equity.

The size of the sale (2,089 shares at $54.20) and the post-transaction direct ownership (2,828 shares) suggest this is a routine disposition rather than a material change in ownership percentage. The plan adoption date is disclosed, supporting compliance with Rule 10b5-1. There are no reported acquisitions of derivative securities and no indications of accelerated sell-off or significant reduction in insider stake based on reported figures.

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^*

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)
08/26/2025

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	08/26/2025		S(1)		2,089(2)	D	$54.2	2,828	D
Class A Common Stock								744	I	I(3)

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. The transaction reported was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 3, 2024.

2. Includes shares acquired under the Company's Employee Stock Purchase Plan.

3. By 401(K).

	/s/ Paul W. Orban, by Dean A. Mason, Attorney-in-Fact	08/28/2025
	** 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 EchoStar (SATS) insider Paul W. Orban report?

He reported a sale of 2,089 Class A shares at $54.20 per share, executed on 08/26/2025.

Was the sale made under a trading plan for EchoStar (SATS)?

Yes. The filing states the transaction was effected pursuant to a Rule 10b5-1 trading plan adopted on December 3, 2024.

How many EchoStar (SATS) shares does Paul Orban own after the transaction?

After the reported sale he beneficially owned 2,828 shares directly and 744 shares indirectly (via a 401(k)).

Were any derivative securities reported in this Form 4 for EchoStar (SATS)?

No. Table II shows no derivative securities were acquired, disposed of, or beneficially owned in this filing.

Does the filing explain the source of some reported shares?

Yes. The filing notes that included shares were acquired under the company’s Employee Stock Purchase Plan.