Company: IRDM
Filing Date: 2025-03-17
Form Type: PRE 14A
Source: 0001628280-25-013200
Chunk: 126

Company: Iridium Communications Inc.
Filing Date: 2025-03-17
Form: PRE 14A
Chunk 126
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15,000 |

(1) The $70,000 in compensation for Chairman of the Board of Directors is in addition to the member retainer of $250,000.

(2) The Government Advisory Committee is comprised of former U.S. government officials and is not a Board committee. Currently, Messrs. Krongard and Olson also serve on the Government Advisory Committee.

In the fall of 2023, our Compensation Committee retained ClearBridge to conduct a review of our non-employee director compensation program. As part of its review, ClearBridge provided the Compensation Committee with the following services:

• reviewed the companies in our current peer group in relation to non-employee director compensation;

• reviewed our non-employee director compensation practices relative to the market;

• provided a detailed competitive assessment of our non-employee director compensation program, including cash compensation, equity compensation, additional committee compensation, board chair compensation and equity vesting features;

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• provided an overview of corporate governance considerations for non-employee director compensation, including stock ownership guidelines; and

• provided recommendations for adjustments to our non-employee director compensation program for the following year.

Based on ClearBridge’s recommendation, in December 2023, the annual retainer for the Chairman of the Board was increased from $50,000 to $70,000 beginning in 2024. All other annual retainers were kept at their 2023 levels.

At the beginning of each year, each non-employee director can elect to have up to $50,000 of the annual $250,000 retainer for serving on the Board paid in cash, RSUs or a combination of both. The remaining $200,000 of the annual Board retainer is required to be paid entirely in RSUs. In addition, the Chairman of the Board and chairman and member of each committee other than the Government Advisory Committee may elect to have the retainers for their committee positions paid in RSUs, cash or a combination of both. The retainer for service on the Government Advisory Committee is required to be paid entirely in RSUs. The cash component of director compensation is paid on a quarterly basis, and all RSU awards are granted in January and vest in full on the first anniversary of the grant date. Directors may elect annually whether to receive the shares of our common stock subject to the RSU at the time the RSU vests or to have such vested RSUs settled six months after the termination of the director’s service or upon a specified change in control of our