Company: IRDM
Filing Date: 2025-03-17
Form Type: PRE 14A
Source: 0001628280-25-013200
Chunk: 79

Company: Iridium Communications Inc.
Filing Date: 2025-03-17
Form: PRE 14A
Chunk 79
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 and the value of the award can increase or decrease with the value of our stock price.

We also maintain a performance-based RSU program for our executives, including our named executive officers, to link our equity-based awards to achievement of specific financial performance targets and further align the interests of our executives with those of our stockholders. Achievement of these awards is determined on a sliding scale based on specified achievement levels for the performance goals over a two-year performance period. The historical percentage of these performance-based RSUs that have vested since inception of the program, as a percentage of the target achievement, is as follows:

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Upon certification of the performance goal achievement level for the two-year performance period, 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. We believe that the structure of this program underscores the emphasis on rewarding our executive officers based on actual company performance. We continue to grant awards under this program because we believe performance-based equity contributes to our goal of heavily weighting executive compensation toward performance-based compensation. The achievement percentage for awards granted in 2024 will be determined in February 2026, and for awards granted in 2025, it will be determined in February 2027.

During 2024, we also granted long-term incentives in the form of RSUs subject to service-based vesting to promote retention and long-term decision-making. The value that may be realized from these equity awards is directly tied to our stock price performance over a multi-year period, during which time a named executive officer must continue to provide effective and satisfactory services to us for such equity awards to vest.

2024 Say-on-Pay Vote. We conduct an advisory vote on executive compensation, or say-on-pay vote, on an annual basis. At our 2024 annual meeting of stockholders, approximately 94.3% of the votes cast on the say-on-pay proposal supported the proposal, which we believe indicates strong support for our executive compensation program as currently structured. Our Board and our Compensation Committee value the opinions of our stockholders, and we believe that it is important for our stockholders to have an opportunity to vote on this proposal annually, which is consistent with the frequency preferred by our stockholders who voted on the preferred frequency at our stockholder meeting in 2023. Our Compensation Committee’s decisions regarding compensation for 2024 reflected our say-on-pay vote result in 2023, which was supported by approximately 96.2