Company: IRDM
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001628280-25-015183
Chunk: 96

Company: Iridium Communications Inc.
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 96
---
ed to 50%, 100% and 150% of the target number of RSUs eligible to be earned, respectively. Actual achievement of the performance goal, as certified by the Compensation Committee in February 2025, was an 8.3%, average increase in adjusted service revenue, resulting in each named executive officer earning 82.7% of number of shares underlying the 2023 performance-based RSU awards. Of the shares earned, one-half vested on March 1, 2025, and the remainder will be subject to service-based vesting through March 1, 2026.

Vesting of Equity Awards under “Sum of 70” Retirement

Upon Messrs. Fitzpatrick and Hartin’s respective retirements as executive officers as of the close of business on December 31, 2024, they each were eligible participants under our “sum of 70” retirement program described below under “Compensation Discussion and Analysis—Other Executive Compensation Matters—Sum of 70 Retirement and Benefits Upon Death or Disability.” Accordingly, the vesting of each of their remaining unvested service-based restricted stock unit awards that had been granted in 2022, 2023 and 2024 accelerated to December 31, 2024 upon their qualified retirements, subject to six-month delayed settlement for certain RSUs in compliance with Section 409A of the Internal Revenue Code.

#### Other Executive Compensation Matters

#### Equity Compensation Grant Practices
As a general matter, the Compensation Committee makes compensatory equity grants no more frequently than quarterly on March 1, June 1, September 1 and December 1 of each year. As necessary to meet business needs, the Compensation Committee or the Board may grant equity awards outside of these regularly scheduled dates. The Compensation Committee followed this schedule in 2024 and made the March 1, 2024 equity grants described above to each of our named executive officers. We have not granted stock options, stock appreciation rights, or similar instruments to a director or employee since 2019. In some limited instances, we grant cash-settled stock appreciation rights outside of our 2015 Plan to international contractors. The Compensation Committee has typically determined to grant these awards on October 1 of each year, and the timing of these awards has no relation to the timing of disclosure of material nonpublic information. Beginning in 2025, the Compensation Committee delegated authority to grant these stock appreciation rights to our equity grant committee, consisting of our chief executive officer, chief financial officer and chief legal