Company: IRDM
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001628280-25-015183
Chunk: 99

Company: Iridium Communications Inc.
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 99
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 officers. We also provide our employees, including our currently employed named executive officers, with the opportunity to participate in our 401(k) plan. We match eligible employee contributions dollar for dollar up to 5% of an employee’s salary, with a maximum match per

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employee of $17,250 in 2024. We believe these insurance and retirement savings benefits are consistent with practices of similarly sized companies and help to recruit and retain key talent at a minimal cost to us.

Sum of 70 Retirement and Benefits Upon Death or Disability

In 2022, we established a company-wide program that provides for accelerated vesting of RSU awards held by eligible participants who retire on or after the six-month anniversary of the RSU award’s grant date. To be an eligible participant, at the time of retirement, the employee must have attained (1) a minimum age of 55, (2) a minimum of 10 years of continuous service with us or one of our subsidiaries, and (3) a minimum of 70 combined years of age and continuous service with us or one of our subsidiaries. We refer to this as our “sum of 70” program.

With respect to awards granted under our performance-based RSU program, if an eligible participant retires prior to the applicable performance certification date, then his or her award will become fully vested based on the actual level of performance, as certified by the Compensation Committee, on such performance certification date. If the participant retires on or after the performance certification date but prior to the completion of any additional service-based vesting requirements, then his or her award, to the extent then-outstanding and unvested, will become fully vested on the date of such retirement.

With respect to RSU awards granted in 2023 or later, including RSUs granted in connection with our annual incentive bonus plan, unvested RSUs will accelerate upon a participant’s death or “disability” (as such term is defined in the 2015 Plan).

Beginning in 2025, our annual incentive bonus plan includes certain additional benefits that may be triggered upon a participant’s death, disability, or qualifying “sum of 70” retirement, as applicable: (1) in the event of a participant’s death or “disability” (as such term is defined in the 2015 Plan) prior to the date the Compensation Committee determines the actual bonus awards payable to participants, or the bonus payout determination date, the participant will be paid a cash