Company: IRDM
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001628280-25-015183
Chunk: 78

Company: Iridium Communications Inc.
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 78
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 2023. Our prior compensation recovery policy, adopted in 2019, remains in effect for compensation received prior to October 2, 2023.

• Appropriate Compensation Risk – We structure our executive compensation programs to minimize the risk of inappropriate risk-taking by our executives.

Pay-for-Performance Philosophy. Our Compensation Committee applies a pay-for-performance philosophy and structures a significant portion of our named executive officers’ target total direct compensation to be variable, at risk and tied directly to our performance over the short- and long-term. Our 2024 annual incentive bonus plan and performance-based equity award payouts illustrate this core objective. The performance goals for our annual incentive plan and the performance goals for our performance-based RSU program, each as discussed below, were adopted by our Compensation Committee in February 2024. Our chief executive officer and our other executive officers received a payout of 113% of their target bonuses under our 2024 annual incentive bonus plan. The payout was the result of achieving 101% of our 2024 operational EBITDA financial target, as well as achieving some, but not all, of our strategic and operational goals set forth in the bonus plan for 2024. Consistent with prior years, the Compensation Committee assigned a significant weight to the operational EBITDA goal in 2024, which represented 65% of the target incentive bonus, with up to an additional 65% credit for outperformance above the target. Under

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the terms of our 2024 annual incentive bonus plan, 60% of each executive’s target incentive bonus earned for the 2024 calendar year was paid in the form of RSUs, with the remaining amount earned being paid in cash. The number of RSUs subject to the target awards was calculated by dividing a dollar value target by the closing price of our common stock on March 1, 2024, the date of grant for such awards.

Paying a portion of our executives’ target annual incentive bonus awards in the form of equity awards further aligns our compensation program with the interests of our stockholders because the awards only vest based upon achievement of our key corporate objectives and the value of the award can increase or decrease with the value of our stock price.

We also maintain a performance-based RSU program for our executives, including our named executive officers, to link our equity-based awards to achievement of specific financial performance targets and further align the interests of our executives with those of our stockholders. Achievement of these awards is determined