Company: IRDM
Filing Date: 2025-03-17
Form Type: PRE 14A
Source: 0001628280-25-013200
Chunk: 91

Company: Iridium Communications Inc.
Filing Date: 2025-03-17
Form: PRE 14A
Chunk 91
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 capped the maximum corporate payout at 190% and capped the maximum bonus award payable at 200% of the overall target level, after taking into account an individual performance factor ranging from 0 to 150%. Pursuant to the 2025 bonus plan, the first 60% of each executive officer’s target annual incentive bonus for the 2025 calendar year, if earned based upon achievement of the performance goals approved by the Compensation Committee, will be paid in the form of RSUs. Accordingly, on March 1, 2025, each of our executive officers was granted RSUs under our 2015 Plan, which will vest, if at all, based upon our corporate performance and each executive officer’s individual performance as set forth under our 2025 bonus plan as certified by our Compensation Committee in the first quarter of 2026, subject to each executive’s continued service with us through the vesting date in March 2026, except in the case of death, disability or a qualifying retirement. The portion of each executive’s annual incentive bonus that exceeds 60% of target, if any, will be paid in cash in March 2026.

#### Long-Term Equity-Based Incentive Compensation
In 2024, as in past years, we awarded equity in the form of service-based RSUs that vest based on continued service over several years and performance-based RSUs that vest based on the achievement of specified corporate goals as well as continued service. The service-based RSUs granted in 2024 vest over a three-year period, which is a change from prior year grants that vest over four years. In making this change, the Compensation Committee considered the recommendation of ClearBridge that a three-year vesting period was a more common market practice among our peers and that it would align with the existing three-year vesting period of the performance-based RSUs.

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In awarding performance-based RSUs, which have been a key element of our executive compensation program since 2012, the Compensation Committee seeks to (1) focus key employees on achieving specific performance targets, (2) reinforce a team-oriented approach, (3) provide significant award potential for achieving outstanding performance, and (4) enhance our ability to attract and retain highly talented individuals. The Compensation Committee grants awards to designated key employees, including each of our named executive officers, with each award representing a specified maximum number of shares of common stock that may ultimately be earned under each award. The maximum award is calculated by reference to