Company: IRDM
Filing Date: 2025-03-17
Form Type: PRE 14A
Source: 0001628280-25-013200
Chunk: 95

Company: Iridium Communications Inc.
Filing Date: 2025-03-17
Form: PRE 14A
Chunk 95
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) If the threshold achievement level is not achieved for either performance goal, then no corresponding shares will be earned for that goal. If performance falls between the threshold and target levels or between the target and maximum levels for either performance goal, then linear interpolation will be used to determine the payout percentage for that goal.

The number of shares earned under the performance-based RSU awards will be determined in the first quarter of 2026, when the Compensation Committee will certify the level of achievement of the performance goals for the two-year performance period ending December 31, 2025. Once the number of shares earned under each award is determined by certification of the performance goals, one-half of the shares earned will vest upon such determination and the remainder will be subject to service-based vesting through March 1, 2027, subject to continued service. If a change in control were to occur before the date the Compensation Committee determines our level of achievement of the performance goals, then, effective as of immediately prior to the change in control, each executive officer will be credited with an award at the target level, subject to the same service-based vesting schedule, with one-half vesting on March 1, 2026 and the remainder vesting on March 1, 2027. Performance-based RSU awards are accelerated in the event of death, disability or a qualified retirement under our “sum of 70” program, which is described below under “Compensation Discussion and Analysis—Other Executive Compensation Matters—Sum of 70 Retirement and Benefits Upon Death or Disability.”

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The service-based RSUs granted to our named executive officers and other employees in 2024 and the performance-based RSUs granted to our named executive officers in 2024 include dividend equivalent rights with respect to vested shares, which allow for a cash payment upon vesting of the RSU award equal to the amount that would have been paid in dividends during the vesting period had the shares underlying the RSU award been outstanding on the dividend payment dates (without payment of any interest). For clarity, with respect to the performance-based RSUs, no dividend equivalents will be paid in cash if the underlying shares do not vest.

Payout for 2023 Performance-based RSU Grants

On March 1, 2023, we granted performance-based RSUs to our named executive officers with a two-year performance period that ended December 31, 2024. Payout of the awards required achievement of a specified average year-over-year percentage increase in our