secwatch.observer — SEC 8-K summary
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Issuer:     Iridium Communications Inc. (IRDM)
CIK:        0001418819
Form:       8-K
Filed at:   2023-02-15T23:59:59+00:00
Accession:  0001193125-23-040185
Event type: other_material
Sentiment:  neutral
Materiality: 0.30
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Iridium approves 2023 performance share awards and bonus plan for executives
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- CEO Matthew Desch gets $3.5M target award ($5.25M max) under performance share program.
- Performance goal is growth of average service revenue for 2023-2024 excluding Russian ops.
- CEO target bonus percentage 100% of base salary; CFO and COO at 80%; EVPs at 65%.
- Bonus awards capped at 180% of target; 60% in restricted stock units, rest in cash.
- Awards vest 50% in Q1 2025 and 50% in March 2026, subject to continued employment.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1418819/000119312523040185/0001193125-23-040185-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1418819/000119312523040185/d273261d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-040185

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