Company: IRDM
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005302
Chunk: 146

Company: Iridium Communications Inc.
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 146
---
 with 25% vesting after the first year of service and the remainder vesting ratably on a quarterly basis thereafter, (iii) are contingent upon employment on the vesting date, and (iv) have an exercise price equal to the fair market value of the underlying shares at the date of grant. The fair value of stock options was determined at the grant date using the Black-Scholes-Merton option pricing model. The following table summarizes the Company’s stock option award activity:SharesWeighted-AverageExercise PricePer ShareWeighted-AverageRemainingContractualTerm (Years)AggregateIntrinsicValue (In thousands, except years and per share data)Options outstanding at December 31, 20211,681 $9.35 3.28$53,698 Cancelled or expired(1)8.28 Exercised(494)7.83 $18,992 Forfeited(1)18.35 Options outstanding at December 31, 20221,185 $9.97 2.64$49,094 Cancelled or expired(4)10.25 Exercised(505)7.84 $26,928 Options outstanding at December 31, 2023676 $11.55 2.39$20,036 Cancelled or expired— — Exercised(357)9.60 $6,678 Options outstanding and exercisable at December 31, 2024319 $13.74 2.45$4,881 

The total fair value of the shares underlying stock options that vested during the years ended December 31, 2024 and 2023 was immaterial. 

12. Acquisition of SatellesOn April 1, 2024, the Company acquired Satelles, Inc., a provider of satellite-based time and location services that complement and protect GPS and other GNSS systems. This acquisition is intended to support the Company’s long-term business objectives. 

79

The acquisition date fair value of the consideration paid to acquire the remaining 80.5% of the outstanding shares and voting interest of Satelles that was not previously owned by the Company was approximately $125.5 million. The Company accounted for the acquired business using the acquisition method of accounting by recording assets acquired and liabilities assumed at their respective fair values. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:April 1,