secwatch.observer — SEC 8-K summary
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Issuer:     Iridium Communications Inc. (IRDM)
CIK:        0001418819
Form:       8-K
Filed at:   2022-02-16T23:59:59+00:00
Accession:  0001193125-22-044353
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Iridium director Pfeiffer to retire; annual comp awards set for executives
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- Director Steven B. Pfeiffer will retire and not stand for re-election at May 2022 annual meeting; no disagreement.
- CEO Desch receives performance share target award of $2.5M (max $3.75M) tied to 2022-2023 service revenue growth.
- CFO Fitzpatrick and COO McBride each get $1.25M target awards; EVPs Hartin and Scheimreif get $625K each.
- 2022 Bonus Plan sets target bonus percentages: CEO 90%, CFO/COO 75%, EVPs 60%.
- 60% of target bonus paid in RSUs granted March 1, 2022; vest in March 2023 based on OEBITDA and strategic goals.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1418819/000119312522044353/0001193125-22-044353-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1418819/000119312522044353/d308361d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-044353

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer