secwatch.observer — SEC 8-K summary
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Issuer:     Iridium Communications Inc. (IRDM)
CIK:        0001418819
Form:       8-K
Filed at:   2024-03-01T23:59:59+00:00
Accession:  0001418819-24-000010
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Iridium grants PSUs up to $7M to CEO; approves 2024 bonus plan with EBITDA target
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- CEO Target Award $3.25M (Max $7M); CFO/COO each $1.25M ($2.5M max); EVPs $750K ($1.5M max).
- PSU performance goals: 2025 Adjusted Service Revenue (ex-Russia) and combined 2024-25 Operational EBITDA (ex-Russia).
- 2024 Bonus Plan: CEO target 100% of salary, CFO/COO 80%, EVPs 65%; goals: OEBITDA, strategic goals, user satisfaction.
- PSUs vest 50% in Q1 2026, 50% March 2027; change of control triggers target award.
- Bonus: 60% of target via RSUs granted March 1, 2024, remainder cash; max 200% of target.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1418819/000141881924000010/0001418819-24-000010-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1418819/000141881924000010/irdm-20240227.htm
  HTML page:      https://secwatch.observer/filing/0001418819-24-000010

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