Company: IRDM
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001628280-25-015183
Chunk: 90

Company: Iridium Communications Inc.
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 90
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085 |

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(1) Derived from actual salary paid as reflected in our 2024 Summary Compensation Table multiplied by the applicable target bonus opportunity.

(2) Represents fair value of shares granted, which was derived from base salary as of March 1, 2024, the date of grant of the Bonus RSUs, using a 260-workday year.

(3) Based on the closing price of our common stock of $29.71 per share on March 1, 2024, the date of grant of the Bonus RSUs, with amount rounded down to the nearest whole share.

(4) Reflects 113% of actual target bonus less the grant date fair value of the Bonus RSUs.

(5) Equal to cash bonus paid plus the grant date fair value of the Bonus RSUs.

(6) Following their respective retirements as executive officers as of the close of business on December 31, 2024, each of Messrs. Fitzpatrick and Hartin continued providing service to us as a member of our Board and as a non-executive employee, respectively, and, as a result, the Bonus RSUs and the cash portion of their annual bonuses were earned as of March 2025.

Because each named executive officer earned an actual bonus equal to 113% of the executive’s target bonus for the 2024 performance year, all of the Bonus RSUs granted to each named executive officer in March 2024 pursuant to the 2024 bonus plan vested in full in March 2025, and the full number of shares of common stock underlying the Bonus RSUs (representing 60% of the target bonus) were issued to the named executive officers, net of any shares withheld for the required payment of withholding taxes. The remaining 53% of each named executive officer’s bonus was paid in cash in March 2025.

2025 Bonus Plan Structure. In February 2025, our Compensation Committee adopted a similar bonus plan for 2025, or the 2025 bonus plan, for our executive officers. The Compensation Committee approved a target incentive bonus award opportunity for each executive, defined a minimum bonus award as zero, capped the maximum corporate payout at 190% and capped the maximum bonus award payable at 200% of the overall target level, after taking into account an individual performance factor ranging from 0 to 150%. Pursuant to the 2025 bonus plan, the first 60% of each executive officer’s target annual incentive bonus for the 2025