[Form 4] EchoStar Corporation Insider Trading Activity

Rhea-AI Filing Summary

Paul W. Orban, an officer of EchoStar Corporation (SATS), reported multiple transactions executed under a Rule 10b5-1 trading plan adopted December 3, 2024. On 08/29/2025 the filing shows purchases at an exercise/conversion price of $14.04 and contemporaneous sales at weighted-average prices around $61.24–$61.26. Total reported market sales on that date equal 50,062 shares (16,518 + 13,544 + 20,000) sold at weighted averages in the $60.65–$61.87 range. The report also discloses related employee stock options with a $14.04 strike and specified vesting schedules, and 744 shares held indirectly via a 401(k).

Positive

• Transactions executed under a documented Rule 10b5-1 plan, which supports orderly, pre-planned trading and reduces ambiguity about timing.
• Detailed vesting schedules and option strike price ($14.04) disclosed, improving transparency about potential future dilution and alignment with management incentives.
• Indirect holdings via 401(k) disclosed (744 shares), adding clarity on total beneficial ownership.

Negative

• Large aggregate sales of 50,062 shares on 08/29/2025 (16,518 + 13,544 + 20,000) at weighted-average prices around $61.24–$61.26 may reduce insider share count materially.
• Form reports weighted-average sale price ranges but not per-lot sale breakdowns; full per-price allocation is available only upon request to the SEC, issuer, or a security holder.

Insights

Securities Analyst

TL;DR: Officer executed sizable sales under a pre-established 10b5-1 plan while holding options with a $14.04 strike.

The Form 4 documents routine, pre-planned insider activity: purchases tied to option exercises or option-related acquisitions at a $14.04 price and near-immediate market sales at ~ $61.25 on 08/29/2025 under a 10b5-1 plan adopted December 3, 2024. The sales total 50,062 shares; the filing provides weighted-average sale price ranges but not per-lot breakdowns. Options disclosed carry a $14.04 exercise price with staggered vesting schedules. This filing is material for share-count and dilution tracking but aligns with a documented trading plan, reducing interpretive ambiguity for investors.

Corporate Governance Expert

TL;DR: Disclosure shows compliance with Rule 10b5-1 and transparent vesting schedules, limiting governance concerns.

The report demonstrates procedural compliance: the transactions were effected pursuant to a written 10b5-1 plan and the Form 4 includes option vesting details and indirect holdings (401(k)). The presence of detailed footnotes on weighted-average sale prices and explicit vesting timetables supports transparency. There is no indication in the filing of unusual transfer methods or related-party arrangements beyond customary option grants and plan-based sales.

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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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)
08/29/2025

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	08/29/2025		M(1)		16,518	A	$14.04	16,988	D
Class A Common Stock	08/29/2025		S(1)		16,518	D	$61.26(2)	470	D
Class A Common Stock	08/29/2025		M(1)		13,544	A	$14.04	14,014	D
Class A Common Stock	08/29/2025		S(1)		13,544	D	$61.24(3)	470	D
Class A Common Stock	08/29/2025		M(1)		20,000	A	$14.04	20,450	D
Class A Common Stock	08/29/2025		S(1)		20,000	D	$61.26(4)	470	D
Class A Common Stock								744	I	I(5)

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
Class A Common Stock	$14.04	08/29/2025		M(1)			16,518	(6)	04/01/2034	Class A Common Stock	16,518	$0	16,520	D
Class A Common Stock	$14.04	08/29/2025		M(1)			13,544	(7)	04/01/2034	Class A Common Stock	13,544	$0	40,633	D
Employee Stock Option (Right To Buy)	$14.04	08/29/2025		M(1)			20,000	(8)	04/01/2034	Class A Common Stock	20,000	$14.04	80,000	D

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. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $60.65 to $61.83. 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 $60.65 to $61.80. 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 $60.65 to $61.87. 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. By 401(K).

6. 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.

7. 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.

8. The shares underlying the options vest at the rate of 20% per year, commencing upon April 1, 2025.

	/s/ Paul W. Orban, by Dean A. Mason, Attorney-in-Fact	09/03/2025
	** 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.
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FAQ

What insider activity did EchoStar (SATS) report on this Form 4?

The filing reports that Paul W. Orban executed multiple transactions on 08/29/2025 under a Rule 10b5-1 plan, including purchases/exercises at $14.04 and sales totaling 50,062 shares at weighted-average prices around $61.24–$61.26.

Was the trading done under a 10b5-1 plan for SATS insider Paul W. Orban?

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

How many shares does the filing show held indirectly by the reporting person?

The Form 4 discloses 744 shares held indirectly through a 401(k) plan.

What option or derivative information is disclosed in the Form 4 for SATS?

The filing shows employee stock options with an exercise/conversion price of $14.04 and vesting schedules: one grant with 40% vested immediately and remaining 60% vesting 30% per year on April 1, 2025 and 2026; other grants vesting 25% per year or 20% per year beginning April 1, 2025.

Are the exact sale prices for each lot provided in the Form 4?

No. The filing provides weighted-average sale price ranges ($60.65–$61.87) and notes that per-price share counts are available upon request to the SEC, issuer, or a security holder.

Who signed the Form 4 and when was it filed?

The Form 4 was signed electronically by Paul W. Orban via attorney-in-fact Dean A. Mason on 09/03/2025.