Company: IRDM
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005302
Chunk: 144

Company: Iridium Communications Inc.
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 144
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 related to RSUs in the years ended December 31, 2024, 2023 and 2022, respectively.Service-Based RSUsThe majority of the annual compensation the Company provides to non-employee members of its board of directors is paid in the form of RSUs. In addition, some members of the Company’s board of directors elect to receive their cash retainers, or a portion thereof, in the form of RSUs. An aggregate amount of approximately 60,000, 55,000 and 57,000 service-based RSUs were granted to the Company’s non-employee directors as a result of these payments and elections during the years ended December 31, 2024, 2023 and 2022, respectively, with an estimated grant date fair value of $1.9 million, $2.9 million and $2.2 million, respectively. During the years ended December 31, 2024, 2023 and 2022, the Company granted approximately 1,691,000, 746,000 and 1,082,000 service-based RSUs, respectively, to its employees, with an estimated aggregate grant date fair value of $49.9 million, $43.0 million and $44.2 million, respectively. During the years ended December 31, 2024, 2023 and 2022, the Company granted approximately 14,000, 1,000 and 7,000 service-based RSUs, respectively, to non-employee consultants, with an estimated grant date fair value of $0.8 million, $0.1 million and $0.3 million, respectively. Performance-Based RSUsIn March 2024, 2023 and 2022, the Company awarded approximately 461,000, 193,000 and 248,000 performance-based RSUs, respectively, to the Company’s executives and employees (the “Bonus RSUs”), with an estimated grant date fair value of $13.7 million, $11.9 million and $9.7 million, respectively. Vesting of the Bonus RSUs is and was dependent upon the Company’s achievement of defined performance goals for the respective fiscal year in which the Bonus RSUs were granted. The Company records stock-based compensation expense related to performance-based RSUs when it is considered probable that the 

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performance conditions will be met. Management believes it is probable that substantially all of the 2024 Bonus RSUs will vest. The level of