Company: IRDM
Filing Date: 2025-03-17
Form Type: PRE 14A
Source: 0001628280-25-013200
Chunk: 111

Company: Iridium Communications Inc.
Filing Date: 2025-03-17
Form: PRE 14A
Chunk 111
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(2) For all named executive officers, consists of vesting of performance-based RSU grants made in 2021 and 2022, vesting of RSUs granted under our 2023 annual incentive bonus plan, and service-based RSUs granted between 2020 and 2023. For all named executive officers other than Ms. McBride, includes amounts received in December 2024 equal to the value of the tax withholding obligation due because the named executive officer is retirement-eligible under the “sum of 70” retirement program. The amounts for tax withholding represent the aggregate number of shares prior to the concurrent disposition of the shares to the Company to satisfy the tax withholding obligation. For Messrs. Fitzpatrick and Hartin, amounts also include accelerated vesting of RSUs upon their qualifying retirement on December 31, 2024, although settlement of certain of the RSUs is subject to a delay of six months in compliance with Section 409A of the Internal Revenue Code. See “Compensation Discussion and Analysis—Other Executive Compensation Matters—Sum of 70 Retirement and Benefits Upon Death or Disability” for more information on our “sum of 70” program.

(3) The value realized on vesting is equal to the closing price of our common stock on the vesting date multiplied by the number of shares vested on that date. Amounts do not represent the value that may be realized by the officer upon sale of the shares.

Employment Agreements with Named Executive Officers

Matthew J. Desch. We entered into an amended and restated employment agreement with Mr. Desch in 2011, pursuant to which he serves as our chief executive officer and a member of our Board. The agreement, as amended, had an initial term through September 18, 2013 and automatically renews for successive one-year periods unless we or Mr. Desch give written notice of intent not to renew the agreement not less than six months prior to the renewal date. The employment agreement provided for an initial annual base salary, which is subject to further increase by the Board or Compensation Committee. Pursuant to his employment agreement, Mr. Desch is eligible to earn an annual incentive bonus, with a target bonus equal in value to 90% of his then-current base salary (increased by the Compensation Committee to 100% in February 2023), with the actual amount of the bonus determined by our Compensation Committee and based upon performance goals set by such committee for the year.

Mr. Desch is eligible to