[Form 4] EchoStar Corporation Insider Trading Activity

Rhea-AI Filing Summary

Dean Manson, EchoStar (SATS) Chief Legal Officer, exercised employee stock options and sold an equal number of shares on 09/09/2025. He exercised options to purchase 60,000 Class A common shares at an exercise price of $14.04 per share and immediately sold 60,000 shares at weighted average prices totaling $81.24 per share (sales ranged $81.10 to $81.50). Following the transactions, the report shows 62,322 Class A shares beneficially owned and 1,106 shares held indirectly through a 401(k). The options exercised have an expiration date of 04/01/2034 and 40% of the grant vested immediately with the remainder vesting on 04/01/2025 and 04/01/2026 as described.

Positive

• Exercised employee stock option to purchase 60,000 Class A shares at $14.04 per share, as disclosed in the filing
• Full disclosure of sale prices provided (sales ranged $81.10 to $81.50) with weighted average price reported as $81.24
• Vesting schedule described: 40% vested immediately; remaining 60% vesting on 04/01/2025 and 04/01/2026

Negative

• Sale of 60,000 shares reduced direct holdings; after the transactions the report shows only 2,322 direct shares retained
• Potential substantial insider liquidity evidenced by immediate sale of all shares acquired through the option exercise

Insights

Financial Analyst

TL;DR: Insider exercised options at $14.04 and sold 60,000 shares at about $81.24, realizing a substantial spread.

The filing documents an option exercise and contemporaneous sale that realize the difference between the $14.04 exercise price and sales proceeds averaging $81.24 per share. This is a routine liquidity event for executives who receive equity compensation. The filing quantifies ownership after the transactions: 62,322 Class A shares directly owned and 1,106 indirectly via a 401(k). For investors, the transaction signals neither an unusual dilution event nor a corporate governance action beyond normal executive compensation mechanics.

Corporate Governance Expert

TL;DR: Transaction follows standard option vesting and disposition practices; disclosure is complete and conforms to Section 16 reporting.

The Form 4 reports that 40% of the option grant vested immediately with remaining vesting scheduled on 04/01/2025 and 04/01/2026, and records the use of an attorney-in-fact signature. The explanation provides the weighted average sale price range and notes the 401(k) indirect holding. From a compliance perspective, the filing appears to include required details about prices, quantities, vesting schedule, and ownership changes.

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^*

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)
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		60,000	A	$14.04	62,322	D
Class A Common Stock	09/09/2025		S		60,000	D	$81.24(1)	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	09/09/2025		M			60,000	(3)	04/01/2034	Class A Common Stock	60,000	$14.04	47,331	D

Explanation of Responses:

1. Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $81.10 to $81.50. 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. 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.
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