Company: IRDM
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001628280-25-018712
Chunk: 18

Company: Iridium Communications Inc.
Filing Date: 2025-04-22
Form: 10-Q
Item: Part I, Item 8
Chunk 18
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 and is based on the grant date fair value of the Company’s common stock and the number of shares expected to vest. The fair value of the awards is not remeasured at the end of each 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. 

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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 Granted1,940 31.51 Forfeited(85)41.16 Released(1,034)34.06 Outstanding at March 31, 20254,691 $31.64 Vested and unreleased at March 31, 2025 (1)552  Shares Underlying RSUsWeighted-AverageGrant DateFair ValuePer RSU (In thousands) Outstanding at December 31, 20232,795 $40.24 Granted1,959 30.35 Forfeited(16)49.49 Released(643)50.08 Outstanding at March 31, 20244,095 $33.92 Vested and unreleased at March 31, 2024 (1)736 (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 68,000 and 51,000 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 three months ended March 31, 2025 and 2024, respectively, with an estimated grant date fair value of $2