Company: IRDM
Filing Date: 2025-03-17
Form Type: PRE 14A
Source: 0001628280-25-013200
Chunk: 5

Company: Iridium Communications Inc.
Filing Date: 2025-03-17
Form: PRE 14A
Chunk 5
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 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 vesting through the third anniversary of the award’s grant date.

• Reasonable Cash Severance Amounts. The cash severance benefits that we offer to our executives are reasonable and do not exceed two times their respective base salaries and annual incentive bonus awards.

• Limited Executive Perquisites. We provide limited perquisites to our executive officers. In 2024, this consisted only of financial counseling and tax preparation services for executive officers other than our chief executive officer and reimbursement for the cost of executive physicals and concierge medical services, the latter of which we provided on a tax-neutral basis.

• No Excise Tax Gross-Up Benefits. We do not provide our executive officers with any excise tax gross-ups.

• No Pension or SERP Benefits. We do not provide any defined benefit pension plans or supplemental employee retirement plans to our executive officers.

• Meaningful Executive Stock Ownership Guidelines. Our executives are required to comply with our long-standing stock ownership guidelines. Our chief executive officer is required to accumulate shares of our common stock with a value equal to at least four times his annual base salary, and our executive vice presidents, including our chief financial officer, chief operations officer and chief legal officer, are required to accumulate shares of our common stock with a value equal to at least two times their annual base salaries. Shares subject to unvested RSUs (including unvested performance-based RSUs) and unexercised stock options or similar awards are not counted toward meeting the guidelines.

• Prohibition of Hedging and Pledging Transactions. Our insider trading policy prohibits our employees, including our executives, directors and consultants, from hedging or pledging the economic interest in the Iridium shares they hold.

• Use of Independent Compensation Consultant. Our Compensation Committee has retained an independent third-party compensation consultant for guidance in making compensation decisions.

• Use of Peer Group and Market Data. Our Compensation Committee reviews market practices and makes internal comparisons among our executives when making compensation decisions.

• Incentive Compensation Recovery Policy. In connection with the implementation of SEC and stock exchange clawback policy requirements, our Board adopted a new compensation recovery policy that became effective in October 2023. The policy requires us to recover cash and equity compensation from an executive officer in the event we are required to restate our financial results due to material noncompliance with financial reporting requirements effective for compensation received