Iridium Communications Inc. Announces Executive and Director Changes

TL;DR

IRDM board shakeup: new CFO appointed, exec comp adjusted.

AI Summary

Iridium Communications Inc. announced on February 27, 2024, changes in its executive and director roles. The company elected new directors and appointed new officers, including a new Chief Financial Officer, and also adjusted its compensatory arrangements for certain officers.

Why It Matters

Changes in key leadership positions can signal shifts in company strategy or financial direction, impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Executive and director changes, especially involving the CFO, can introduce uncertainty regarding future strategy and financial management.

Key Players & Entities

• Iridium Communications Inc. (company) — Registrant
• February 27, 2024 (date) — Date of earliest event reported
• 20240227 (date) — Conformed period of report
• 20240301 (date) — Filing date
• Delaware (jurisdiction) — State of incorporation
• McLean, VA (location) — Principal executive offices

FAQ

Key Financial Figures

• $0.001 — ge on which registered Common Stock, $0.001 par value IRDM The Nasdaq Stock Market

Filing Documents

• irdm-20240227.htm (8-K) — 48KB
• 0001418819-24-000010.txt ( ) — 177KB
• irdm-20240227.xsd (EX-101.SCH) — 2KB
• irdm-20240227_lab.xml (EX-101.LAB) — 24KB
• irdm-20240227_pre.xml (EX-101.PRE) — 13KB
• irdm-20240227_htm.xml (XML) — 3KB

From the Filing

irdm-20240227 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________ FORM 8-K _____________________________________________ CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 27, 2024 _____________________________________________ Iridium Communications Inc. (Exact name of registrant as specified in its charter) _____________________________________________ Delaware 001-33963 26-1344998 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 1750 Tysons Boulevard Suite 1400 McLean , VA 22102 (Address of principal executive offices) 703 - 287-7400 (Registrant's telephone number, including area code) _____________________________________________ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.001 par value IRDM The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (e) Awards under Performance Share Program The Compensation Committee of the Board of Directors (the "Committee") of Iridium Communications Inc. (the "Company") previously established an Amended and Restated Performance Share Program (the "Program"), which provides for the grant of restricted stock units ("Awards") under the terms of the Company's 2015 Equity Incentive Plan, as amended and restated (the "Plan"). The Committee established the Program to (i) focus key employees on achieving specific performance targets, (ii) reinforce a team-oriented approach, (iii) provide significant award potential for achieving outstanding performance, and (iv) enhance the ability of the Company to attract and retain highly talented and competent individuals. The Program provides that the Committee may grant Awards (referred to as "Maximum Awards") to designated key employees, with each such Maximum Award representing a specified maximum number of shares of common stock that may ultimately be earned by each such employee under the Award. The Maximum Award is calculated by reference to the target award value (the "Target Award"). The Program contemplates that the Committee may establish criteria for determining the number of shares ultimately awarded (the "Actual Awards"), including (a) one or more performance goals of the type enumerated in the Plan ("Performance Goals"), the satisfaction of which is a condition to some or all of the Maximum Award being earned, (b) other performance goals that may or may not be of the type specifically enumerated in the Plan which may form the basis for a determination by the Committee to reduce the award to the participant ("Other Performance Goals"), and (c) the performance period over which attainment of the Performance Goals and any Other Performance Goals is determined (the "Performance Period"). The Program also contemplates that the Committee may establish a vesting period over which the respective key employee must remain employed by the Company following the Performance Period in order to earn the shares underlying his or her Actual Award. On February 27, 2024, the Committee approved Awards under the Program to the Company's principal executive officer, principal financial officer and other named executive officers, designated two Performance Goals and Performance Periods related to such Awards, and specified a vesting schedule for the Awards. These Awards, which will be granted on March 1, 2024, specified a Target Award (and the related Maximum Award) for each of these executives as set forth in the table below. The Awards were approved with a specif

View Full Filing

View this 8-K filing on SEC EDGAR