Form 4: Ergen Family Transactions: Distribution from GRAT and Holdings in EchoStar Corp (SATS)
SEC Form 4
Charles W. Ergen and Cantey M. Ergen report changes in beneficial ownership of EchoStar Corp shares, including a distribution from a Grantor Retained Annuity Trust (GRAT) and holdings across various trusts and entities.
Summary
- This Form 4 filing details changes in beneficial ownership of EchoStar Corp (SATS) stock by Charles W. Ergen, Chairman, and Cantey M. Ergen, Senior Advisor.
- On June 26, 2024, 16,298,707 Class B shares were distributed to Mr. Ergen from the Ergen Two-Year June 2023 DISH GRAT.
- Following the distribution, the 2023 June GRAT holds 15,104,784 Class B shares and is scheduled to expire on June 26, 2025.
- The filing also lists holdings of Class A and Class B common stock by Mr. and Mrs. Ergen directly, through 401(k) accounts, a child's account, a charitable foundation, and Telluray Holdings, LLC.
- Several GRATs established by Mr. Ergen hold significant amounts of EchoStar Class B shares, including the 2022 December GRAT (5,181,574 shares), the 2023 May DISH GRAT (7,563,458 shares), the 2023 June SATS GRAT (6,927,672 shares), the 2023 December GRAT (28,799,989 shares), and the 2024 May GRAT (6,000,000 shares).
- These GRATs are scheduled to expire between December 2024 and May 2026.
- Mrs. Ergen serves as the trustee for all the listed GRATs.
- Mr. Ergen directly owns 11,353,060 Class A Common Stock shares and 26,580,125 Class B Common Stock shares.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing transactions, so the sentiment is neutral.
Future Outlook
The Ergen family's holdings will continue to be managed through various trusts with expirations scheduled through May 2026.
Industry Context
This filing reflects the ongoing management of ownership stakes by key figures in EchoStar, which is common after major corporate events like the merger with DISH Network.
Key Dates
| Date | Description |
|---|---|
| 06/26/2024 | Distribution of 16,298,707 Class B shares to Mr. Ergen from the Ergen Two-Year June 2023 DISH GRAT |
| 06/26/2025 | Expiration date of the Ergen Two-Year June 2023 DISH GRAT |
| 12/21/2024 | Expiration date of the Ergen Two-Year December 2022 SATS GRAT |
| 05/12/2025 | Expiration date of the Ergen Two-Year May 2023 DISH GRAT |
| 06/23/2025 | Expiration date of the Ergen Two-Year June 2023 SATS GRAT |
| 12/22/2025 | Expiration date of the Ergen Two-Year December 2023 SATS GRAT |
| 05/13/2026 | Expiration date of the Ergen Two-Year May 2024 SATS GRAT |
| 06/28/2024 | Date of filing |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.