Company: IRDM
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001418819-25-000009
Chunk: 104

Company: Iridium Communications Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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 reporting period. RSUs do not carry voting rights until they are vested, although certain unvested RSUs are entitled to accrue dividend equivalent rights, and shares (including additional shares issuable upon satisfaction of any accrued dividend equivalent rights) are issued upon settlement in accordance with the terms of the award. RSU SummaryThe following tables summarize the Company’s RSU activity:Shares Underlying RSUsWeighted-AverageGrant DateFair ValuePer RSU (In thousands) Outstanding at December 31, 20243,870 $32.56 Granted2,163 30.89 Forfeited(188)37.20 Released(1,690)35.09 Outstanding at September 30, 20254,155 $30.45 Vested and unreleased at September 30, 2025 (1)560  Shares Underlying RSUsWeighted-AverageGrant DateFair ValuePer RSU (In thousands) Outstanding at December 31, 20232,795 $40.24 Granted2,497 30.07 Forfeited(83)38.24 Released(1,197)43.69 Outstanding at September 30, 20244,012 $32.92 Vested and unreleased at September 30, 2024 (1)525 (1)     These RSUs were granted to the Company’s Board of Directors as a part of their compensation for board and committee service and had vested but had not yet settled, meaning that the underlying shares of common stock had not been issued and released.Service-Based RSUsThe majority of the annual compensation the Company provides to non-employee members of its Board of Directors is paid in the form of RSUs. Some members of the Company’s Board of Directors may elect to receive the remainder of their annual compensation, or a portion thereof, in the form of RSUs. An aggregate amount of approximately 81,000 and 57,000 service-based RSUs were granted to the non-employee members of the Company’s Board of Directors as a result of these payments and elections during the nine months ended September 30, 2025 and 2024, respectively, with an estimated grant date fair value of $2.4 million and $1.9 million, respectively.During the nine months ended September 30, 2025 and 2024, the Company granted approximately 1,272,000 and