Form 4: Iridium CFO Thomas Fitzpatrick Reports Changes in Beneficial Ownership

Thomas Fitzpatrick, CFO of Iridium Communications Inc., reports changes in beneficial ownership of company stock due to vesting of restricted stock units and withholding of shares for tax obligations.

Summary

• On March 1, 2024, Thomas Fitzpatrick, the CFO of Iridium Communications Inc., had shares withheld by the issuer to cover tax obligations related to the vesting and settlement of restricted stock units.
• Specifically, 4,143 shares were withheld at a price of $29.71.
• An additional 7,061 shares were withheld at $29.71 to cover tax obligations related to restricted stock units that vested partially on March 1, 2023, and the remaining half on March 1, 2024.
• Fitzpatrick acquired 48,088 shares through restricted stock units vesting on March 1, 2024.
• 11,219 shares were withheld at $29.71 to cover tax obligations related to the vesting of these restricted stock units.
• He also acquired 42,073 shares through restricted stock units, with vesting occurring in stages until March 1, 2027.
• On March 2, 2024, Fitzpatrick acquired 4,453 shares representing the vested portion of a performance-based restricted stock unit award.
• 2,008 shares were withheld at $29.71 to cover tax obligations related to the vesting of these performance-based restricted stock units.
• Following these transactions, Fitzpatrick's total beneficial ownership of Iridium Communications Inc. common stock is 249,187 shares.

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing detailing stock transactions. It doesn't contain overtly positive or negative information, reflecting a neutral sentiment.

Positives

• The vesting of restricted stock units suggests that Fitzpatrick is meeting performance criteria and remaining with the company.

Future Outlook

The document outlines the vesting schedule for restricted stock units, indicating future vesting events through March 1, 2027, contingent on continued service.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency into the equity-based compensation of key executives.

Comparison to Industry Standards

• Stock-based compensation is a common practice in the technology and communications industries to align executive interests with shareholder value.
• Companies like Intelsat, Globalstar, and SES also utilize stock options and restricted stock units as part of their executive compensation packages.
• The vesting schedules and performance-based criteria are typical components designed to incentivize long-term performance and retention.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they relate to executive compensation and do not represent a significant dilution of ownership.

Key Dates