Manson Dean 4

What Happened
Manson Dean, Chief Legal Officer of EchoStar Corp. (SATS), exercised company stock options and sold most of the resulting shares on March 5, 2026. He exercised 21,631 shares of options at a $14.04 exercise price (cash paid ≈ $303,699). On the same day he sold 7,631 shares at an average price of $114.51 (proceeds ≈ $873,826) and 11,400 shares at an average price of $114.60 (proceeds ≈ $1,306,440), for total cash proceeds of about $2.18 million. The filing also reports two matching derivative conversion/disposition line items at $0.00, which reflect the option-to-stock conversions/settlements disclosed in the Form 4.

Key Details

• Transaction date: March 5, 2026; Form 4 filed March 9, 2026 (appears timely).
• Exercises (code M): 7,631 shares @ $14.04 ($107,139) and 14,000 shares @ $14.04 ($196,560) — total exercised 21,631 shares.
• Open-market sales (code S): 7,631 shares @ avg $114.51 (range $114.31–$114.80 per footnote F1) and 11,400 shares @ avg $114.60 (range $114.33–$114.80 per footnote F2). Total sold ≈ 19,031 shares for ≈ $2.18M.
• Derivative disposals: two M entries showing 7,631 and 14,000 shares disposed at $0.00 (reflecting conversion/settlement of derivatives).
• Shares owned after transaction: not specified in the filing.
• Notable footnotes: F1/F2 show sale price ranges; F3 references a 401(k); F4 and F5 describe vesting schedules for the options underlying the exercised shares.

Context
The sequence — exercising options at the strike price and then selling shares the same day — is commonly a cashless exercise or sell-to-cover pattern used to realize value and cover option cost/taxes. The Form 4 shows both the option exercise (acquisition) and nearly immediate open-market sales (dispositions). These are ordinary insider transactions and do not, by themselves, indicate management sentiment; purchases (cash outflows to acquire stock) tend to be more informative about bullish conviction than routine option exercises followed by sales.