EchoStar CORP (SATS) CLO sells 60,000 shares after option exercise

Rhea-AI Filing Summary

EchoStar CORP chief legal officer Dean Manson exercised employee stock options to acquire 60,000 shares of Class A Common Stock at $14.04 per share on September 9, 2025, then sold 60,000 shares at a weighted average price of $81.24, with sale prices ranging from $81.10 to $81.50. After these transactions, he holds 2,322 Class A shares directly and 1,106 shares indirectly.

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.

Insider Trade Summary

Exercise and Sale: 60,000 shares ($4.03M approx. pre-tax spread)

Exercise and Sale 4 txns

Insider Manson Dean

Role CHIEF LEGAL OFFICER

Sold 60,000 shs ($4.87M)

Approx. gross sale proceeds $4.87M

Approx. exercise cost $842K

Approx. pre-tax spread $4.03M

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (Right to Buy)	60,000	$14.04	$842K
Exercise	Class A Common Stock	60,000	$14.04	$842K
Sale	Class A Common Stock	60,000	$81.24	$4.87M
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Employee Stock Option (Right to Buy) — 47,331 shares (Direct); Class A Common Stock — 2,322 shares (Direct); Class A Common Stock — 1,106 shares (Indirect, I)

Footnotes (3)

1. F1. 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. F2. By 401(K).
3. F3. 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.

Key Figures

Options Exercised: 60,000 shares Option Exercise Price: $14.04 per share Shares Sold: 60,000 shares +5 more

8 metrics

Options Exercised 60,000 shares Employee Stock Option exercised on September 9, 2025

Option Exercise Price $14.04 per share Exercise price for the 60,000-share Employee Stock Option

Shares Sold 60,000 shares Class A Common Stock sale reported for September 9, 2025

Weighted Average Sale Price $81.24 per share Sale prices ranged from $81.10 to $81.50 for these shares

Direct Holdings After Transaction 2,322 shares Canonical post-transaction Class A Common Stock held directly

Indirect Holdings After Transaction 1,106 shares Class A Common Stock held indirectly following the reported transactions

Option Expiration Date April 1, 2034 Expiration date of the Employee Stock Option exercised

Option Vesting Percentages 40% immediate, 30% on April 1, 2025, 30% on April 1, 2026 Footnote describing vesting schedule of the option grant

Key Terms

Employee Stock Option (Right to Buy), weighted average sale price, Class A Common Stock, 401(K), +1 more

5 terms

Employee Stock Option (Right to Buy) financial

"Security title listed as Employee Stock Option (Right to Buy)"

weighted average sale price financial

"Based on a weighted average sale price. The shares reported in this transaction"

Class A Common Stock financial

"Underlying security title identified as Class A Common Stock"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

401(K) financial

"Footnote stating: By 401(K)."

A 401(k) is a type of retirement savings plan offered by employers that allows workers to set aside a portion of their paycheck before taxes are taken out. The money saved in a 401(k) can grow over time through investments, helping individuals build funds for their future retirement. It matters to investors because it provides a tax-advantaged way to save and invest for long-term financial security.

vesting financial

"40% of the shares underlying these options vested immediately upon the grant date"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

FAQ

What did EchoStar CORP (SATS) insider Dean Manson do in this Form 4?

Dean Manson, EchoStar’s chief legal officer, exercised 60,000 stock options at $14.04 per share and then sold 60,000 Class A Common shares at a weighted average price of $81.24 on September 9, 2025.

How many EchoStar CORP (SATS) shares did Dean Manson sell and at what price range?

He sold 60,000 Class A Common shares at a weighted average price of $81.24 per share. A footnote states the shares were sold at prices ranging from $81.10 to $81.50, with detailed breakdowns available upon request to authorized parties.

What option exercise is reported for EchoStar CORP (SATS) in this filing?

Manson exercised an Employee Stock Option60,000 EchoStar Class A shares at an exercise price of $14.04 per share. The option is described as expiring on April 1, 2034, with vesting occurring over 2025 and 2026 per a footnote.

What are Dean Manson’s holdings in EchoStar CORP (SATS) after these transactions?

After the reported transactions, Manson holds 2,322 Class A Common shares directly. In addition, a holding entry shows he owns 1,106 Class A shares indirectly, providing a picture of both his direct and indirect equity exposure to EchoStar.

How does the Form 4 describe vesting of EchoStar CORP (SATS) options?

A footnote explains that 40% of the shares underlying the reported options vested immediately on the grant date, while the remaining 60% vest 30% on April 1, 2025 and 30% on April 1, 2026, indicating a staggered vesting schedule.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 09/11/2025 - 05:07 PM Learn about SEC filing dates

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).

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.
* 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.