Company: IRDM
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001628280-25-015183
Chunk: 67

Company: Iridium Communications Inc.
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 67
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 or any transaction in which the officer derived an improper personal benefit. The DGCL also does not permit exculpation of such officers from liability for claims brought by or in the right of the corporation, such as derivative claims. Similar to what is already provided with respect to directors, the Exculpation Amendment also provides that if the DGCL is hereafter further amended to further eliminate or limit the liability of officers, then the liability of such officers will be eliminated or limited to the fullest extent permitted by law.

The Board has adopted resolutions approving the Exculpation Amendment in the form attached hereto as Appendix B . The Board also declared the Exculpation Amendment to be advisable and in our best interests and that of our stockholders and is accordingly submitting the proposed amendment for approval by our stockholders and recommending that the stockholders adopt the Exculpation Amendment.

If the amendment is adopted, it will become effective upon filing of a Certificate of Amendment to the Amended and Restated Certificate setting forth the Exculpation Amendment with the Secretary of State of the State of Delaware. Our Board retains the discretion to abandon the Exculpation Amendment at any time before it becomes effective. If the proposed amendment is not approved by the Company’s stockholders, Article Eleven will remain unchanged and our officers will not be entitled to exculpation under the DGCL.

The Board believes it is necessary to provide protection to officers to the fullest extent permitted by law in order to attract and retain top talent. This protection has long been afforded to directors, and accordingly, the Board believes that the proposed amendment, which would extend exculpation to officers, as specifically permitted by Section 102(b)(7) of the DGCL, is advisable and in the best interests of the Company and its stockholders. The Board desires to amend the Amended and Restated Certificate to maintain provisions consistent with the governing statutes contained in the DGCL. Prior to the amendment of Section 102(b)(7) of the DGCL, Delaware law permitted Delaware corporations to exculpate directors from personal liability for monetary damages associated with breaches of fiduciary duty, subject to certain exceptions, but that protection did not extend to a Delaware corporation’s officers. Consequently, stockholder plaintiffs have employed a tactic of bringing certain claims that would otherwise be exculpated if brought against directors, against individual officers to avoid dismissal of such claims. The amendment of Section 102(b)(7) of the DGCL was adopted to address inconsistent treatment between officers and