Company: IRDM
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001628280-25-015183
Chunk: 76

Company: Iridium Communications Inc.
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 76
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 of executives to fulfill our business objectives. To do so, we believe that a majority of our executives’ target compensation should be based on performance, both of the individual and of our business. We structure our variable compensation programs to recognize both short-term and long-term contributions. The important features of our executive compensation program include:

• Annual Incentives Tied to Performance – A significant portion of executive compensation is at-risk, performance-based compensation in the form of an annual incentive bonus opportunity that is based on achievement of a combination of financial, strategic and operational goals selected annually by our Compensation Committee. Additionally, we typically pay a portion of each annual incentive bonus granted to our employees, including executives, in the form of equity awards, which further aligns the executives’ annual incentive with the value of our common stock. For 2024, the first 60% of each executive’s target annual incentive bonus award was paid in the form of restricted stock units, or RSUs, that vested only upon the Compensation Committee’s certification of achievement of pre-established performance goals and continued service through the vesting date in March 2025. The remaining portion of the annual incentive bonus was paid in cash.

• Significant Percentages of Compensation At-Risk – Our executive compensation is heavily weighted toward at-risk, performance-based compensation in the form of an annual incentive bonus opportunity and long-term equity program which are earned based on performance and continued service. As reflected in the charts below, in 2024, at-risk compensation represented nearly 90% of our chief executive officer’s total direct target compensation, and an average of 83% of our other named executive officers’ total direct target compensation. In 2024, at-risk compensation consisted of (i) annual incentive bonus awards paid in RSUs and cash and (ii) long-term service-based and performance-based RSU grants.

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• Long-Term Equity Incentive Awards – In 2024, 71% of our named executive officers’ total direct target compensation and 78% of our chief executive officer’s total direct target compensation was in the form of long-term equity incentives, comprised 50% of service-based RSUs vesting over three years and 50% of performance-based RSUs.

• Performance-Based Equity Awards – Long-term performance-based equity incentive awards are subject to the achievement of pre-established performance criteria over a two-year performance period. Upon certification of the achievement level, one-half of the earned award vests and the remainder continues to be subject to service-based