Company: IRDM
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001628280-25-015183
Chunk: 89

Company: Iridium Communications Inc.
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 89
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 to an additional 5% for having no more than a specified number, type and duration of outages in 2024;

• Configuration management – a 5% target weighting for refining and enhancing measurable configuration management service delivery processes and procedures;

• EVMS implementation – a 5% target weighting for implementing an earned value management system (EVMS) in accordance with U.S. government standards; and

• Cybersecurity – a stretch goal of up to 5% for implementing a specified level of defined cybersecurity functionality.

At the time the Compensation Committee set our goals for 2024, the Compensation Committee believed that each of the 2024 bonus plan goals was achievable at the target level, but only with significant effort. Our operational EBITDA target for 2024 was within the range of, but above the midpoint of, our 2024 OEBITDA guidance publicly announced in February 2024. Other targets represented the achievement of significant new product and service milestones, as well as continued improvement across several operational areas.

Performance and Bonus Payouts under 2024 Bonus Plan. In 2024, our performance against our corporate goals resulted in an aggregate corporate performance factor under our 2024 bonus plan of 113%, calculated as follows:

• We achieved operational EBITDA of $470.6 million, which was 101% of our operational EBITDA target, yielding 73% credit under the 2024 bonus plan (65% credit for achieving target plus 8% for performance above target);

• With respect to our strategic goals, we achieved the target goals with respect to launching a new product (5%), launching a new service (5%) and demonstration of NB-IoT capability (5%), resulting in a combined 15% credit under our strategic goals for 2024; and

• With respect to our network and quality metrics, we achieved all target and stretch goals described above, resulting in a combined 25% credit under our network and quality metrics for 2024.

In the first quarter of 2025, our chief executive officer shared his evaluations of the individual performance of each of our other named executive officers with the Compensation Committee. Based upon our chief executive officer’s recommendations, the Compensation Committee’s own observations and, with respect to our chief executive officer, based solely upon the Compensation Committee’s review of our chief executive officer’s performance, the Compensation Committee concluded that each executive would receive an individual performance factor of 100%. As a result, the Bonus RSUs vested in full, and