Company: IRDM
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001418819-25-000009
Chunk: 105

Company: Iridium Communications Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 8
Chunk 105
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1,579,000 service-based RSUs, respectively, to its employees, with an estimated aggregate grant date fair value of $38.9 million and $46.5 million, respectively. Performance-Based RSUsIn March 2025 and 2024, the Company granted approximately 534,000 and 461,000 annual incentive, performance-based RSUs, respectively, to the Company’s executives and employees (the “Bonus RSUs”), with an estimated grant date fair value of $16.9 million and $13.7 million, respectively. Vesting of the Bonus RSUs is dependent upon the Company’s achievement of 

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defined performance goals over the respective fiscal year. The Company records stock-based compensation expense related to performance-based RSUs when it is considered probable that the performance conditions will be met. Substantially all of the Bonus RSUs granted in March 2024 vested in March 2025 upon the determination of the level of achievement of the performance goals. Management believes it is probable that substantially all of the Bonus RSUs granted in March 2025 will vest. The level of achievement, if any, of performance goals will be determined by the compensation committee of the Company’s Board of Directors and, if such goals are achieved, the 2025 Bonus RSUs will vest, subject to continued employment, in March 2026. 

Additionally, in March 2025 and 2024, the Company granted approximately 269,000 and 303,000 long-term, performance-based RSUs, respectively, to the Company’s executives (the “Executive RSUs”), with an estimated aggregate grant date fair value of $8.5 million and $9.0 million, respectively. Vesting of the Executive RSUs is dependent upon the Company’s achievement of defined performance goals over a two-year period. The vesting of the Executive RSUs granted in each of March 2025 and 2024 will range from 0% to 200% of the number of shares underlying the Executive RSUs granted, in each case based on the level of achievement of the performance goals. If the Company achieves the performance goals, 50% of the number of Executive RSUs earned based on performance will vest on the second anniversary of the grant date, and the remaining 50% will vest on the third anniversary of the grant date, in each case subject to the executive’s continued service as of the vesting date, which may be accelerated based on the retirement eligibility of the grantees. During March