Ergen Two-Year July 2024 SATS GRAT 4

What Happened
The reporting entity, the Ergen Two-Year July 2024 SATS GRAT (a 10% owner), made a gift of 18,561,842 EchoStar Class B shares on July 10, 2026. The reported transaction is a derivative disposition (code G) at $0.00 per share, so no cash proceeds were received. Per the filing, 2,622,061 Class B shares were distributed as an annuity to Mr. Charles W. Ergen and the remaining 15,939,781 Class B shares were contributed to Telluray Holdings, LLC in exchange for membership units; the GRAT then expired.

Key Details

• Transaction date: July 10, 2026; transaction type: Gift (code G); price reported: $0.00; total shares: 18,561,842 (derivative shares).
• Distribution breakdown (per footnote): 2,622,061 shares to Charles W. Ergen; 15,939,781 shares contributed to Telluray Holdings, LLC for membership units.
• Conversion right: Holder of Class B shares may convert any or all Class B shares into an equal number of Class A shares for no additional consideration (footnote).
• Filing: Form 4 was filed July 14, 2026 — within the two-business-day reporting window following the July 10 transaction (timely).
• Shares owned after transaction: not specified in the provided filing excerpt.

Context
This was a gift/estate-planning style transfer by a trust (a 10% owner), not an open-market sale or purchase by company management; gifts and trust transfers generally do not signal the same market sentiment as outright purchases by insiders. The transaction involved derivative Class B shares and internal restructuring (annuity distribution plus contribution to an LLC) rather than a cash transaction.