SEC Form 4 filed by CHAIRMAN Ergen Charles W

6/30/25 9:17:03 PM ET

$SATS

Telecommunications Equipment

Consumer Discretionary

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SEC FORM 4 SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ERGEN CHARLES W

(Last)

(First)

(Middle)

9601 S. MERIDIAN BLVD.

(Street)

ENGLEWOOD

80112

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
EchoStar CORP [ SATS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CHAIRMAN

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock								11,272,090	D
Class A Common Stock								11,367	I	I⁽¹⁾
Class A Common Stock								213	I	I⁽²⁾
Class A Common Stock								1,276	I	I⁽³⁾
Class A Common Stock								11,566	I	I⁽⁴⁾
Class A Common Stock								766,443	I	I⁽⁵⁾
Class A Common Stock								2,350,696	I	I⁽⁶⁾
Class A Common Stock								1,551,355	I	I⁽⁷⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common Stock	⁽⁸⁾	06/26/2025		G⁽⁹⁾			15,104,784	⁽⁸⁾	⁽⁸⁾	Class A Common Stock	15,104,784	$0	0	I	I⁽⁹⁾
Class B Common Stock	⁽⁸⁾	06/26/2025		G⁽⁹⁾		11,342,203		⁽⁸⁾	⁽⁸⁾	Class A Common Stock	11,342,203	$0	16,889,611	D
Class B Common Stock	⁽⁸⁾	06/26/2025		G⁽¹⁰⁾			16,800,000	⁽⁸⁾	⁽⁸⁾	Class A Common Stock	16,800,000	$0	89,611	D
Class B Common Stock	⁽⁸⁾	06/26/2025		G⁽¹⁰⁾		16,800,000		⁽⁸⁾	⁽⁸⁾	Class A Common Stock	16,800,000	$0	16,800,000	I	I⁽¹⁰⁾
Class B Common Stock	⁽⁸⁾							⁽⁸⁾	⁽⁸⁾	Class A Common Stock	35,190,866		35,190,866	I	I⁽⁶⁾
Class B Common Stock	⁽⁸⁾							⁽⁸⁾	⁽⁸⁾	Class A Common Stock	19,038,378		19,038,378	I	I⁽¹¹⁾
Class B Common Stock	⁽⁸⁾							⁽⁸⁾	⁽⁸⁾	Class A Common Stock	26,500,000		26,500,000	I	I⁽¹²⁾
Class B Common Stock	⁽⁸⁾							⁽⁸⁾	⁽⁸⁾	Class A Common Stock	3,306,885		3,306,885	I	I⁽¹³⁾
Class B Common Stock	⁽⁸⁾							⁽⁸⁾	⁽⁸⁾	Class A Common Stock	25,000,000		25,000,000	I	I⁽¹⁴⁾

1. Name and Address of Reporting Person^*

ERGEN CHARLES W

(Last)

(First)

(Middle)

9601 S. MERIDIAN BLVD.

(Street)

ENGLEWOOD

80112

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CHAIRMAN

1. Name and Address of Reporting Person^*

ERGEN CANTEY

(Last)

(First)

(Middle)

9601 S. MERIDIAN BLVD.

(Street)

ENGLEWOOD

80112

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)	X	Other (specify below)
			SENIOR ADVISOR

Explanation of Responses:

1. By 401(K).

2. Held by Mrs. Cantey M. Ergen, Mr. Ergen's spouse.

3. Held by Mrs. Ergen in a 401(k) account.

4. The shares are owned beneficially by the reporting persons' child. The reporting persons disclaim beneficial ownership of the shares, except to the extent of their pecuniary interest therein.

5. The shares are held by a charitable foundation. The reporting persons are officers of the charitable foundation and share voting and dispositive power for the foundation. The reporting persons disclaim beneficial ownership of the shares, except to the extent of their pecuniary interest therein.

6. The shares are held by Telluray Holdings, LLC. Mr. Ergen and Mrs. Ergen are the managers of Telluray Holdings, LLC. Mrs. Ergen, as a manager of Telluray Holdings, LLC, has sole voting power over the Class A shares and Class B shares held by Telluray Holdings, LLC, and Mr. Ergen and Mrs. Ergen, as the managers of Telluray Holdings, LLC, share dispositive power over the Class A shares and Class B shares held by Telluray Holdings, LLC. The reporting persons disclaim beneficial ownership of the shares, except to the extent of their pecuniary interest therein.

7. These shares are beneficially owned indirectly by Mr. Ergen through nXgen Opportunities, LLC, which controls CONX Corp. The reporting persons disclaim beneficial ownership of the shares except to the extent of their pecuniary interest therein.

8. The holder of Class B shares may elect to convert any or all of their Class B shares into an equal number of Class A shares at any time for no additional consideration.

9. Pursuant to the terms of the Ergen Two-Year June 2023 DISH GRAT (the "2023 June GRAT"), on June 26, 2025, the 2023 June GRAT distributed: (i) 11,342,203 Class B shares held by the 2023 June GRAT to Mr. Ergen as an annuity payment; and (ii) the remaining 3,762,581 Class B shares to a trust, the beneficiaries of which are members of Mr. Ergen's family, and the 2023 June GRAT expired in accordance with its terms.

10. On June 26, 2025, Mr. Ergen established the Ergen Two-Year June 2025 SATS GRAT (the "2025 June GRAT") and contributed 16,800,000 Class B shares to the 2025 June GRAT. The 2025 June GRAT is scheduled to expire in accordance with its terms on June 26, 2027. Mrs. Cantey M. Ergen serves as the trustee of the 2025 June GRAT.

11. On December 22, 2023, Mr. Ergen established the Ergen Two-Year December 2023 SATS GRAT (the "2023 December GRAT") and contributed a total of 8,800,000 Class B shares and 57,000,000 DISH Class B shares to the 2023 December GRAT. In connection with the Merger, such DISH Class B shares converted into the right to receive 19,999,989 EchoStar Class B shares. After the Merger, the 2023 December GRAT held a total of 28,799,989 Class B shares. The 2023 December GRAT currently holds 19,038,378 Class B shares. The 2023 December GRAT is schedule to expire in accordance with its terms on December 22, 2025. Mrs. Cantey M. Ergen serves as trustee of the 2023 December GRAT.

12. On July 10, 2024, Mr. Ergen established the Ergen Two-Year July 2024 SATS GRAT (the "2024 July GRAT") and contributed 26,500,000 Class B shares to the 2024 July GRAT. The 2024 July GRAT is scheduled to expire in accordance with its terms on July 10, 2026. Mrs. Cantey M. Ergen serves as the trustee of the 2024 July GRAT.

13. On May 13, 2024, Mr. Ergen established the Ergen Two-Year May 2024 SATS GRAT (the "2024 May GRAT") and contributed 6,000,000 Class B shares to the 2024 May GRAT. The 2024 May GRAT currently holds 3,306,885 Class B shares and is scheduled to expire in accordance with its terms on May 13, 2026. Mrs. Cantey M. Ergen serves as the trustee of the 2024 May GRAT.

14. On May 13, 2025, Mr. Ergen established the Ergen Two-Year May 2025 SATS GRAT (the "2025 May GRAT") and contributed 25,000,000 Class B shares to the 2025 May GRAT. The 2025 May GRAT is scheduled to expire in accordance with its terms on May 13, 2027. Mrs. Cantey M. Ergen serves as the trustee of the 2025 May GRAT.

	/s/ Charles W. Ergen, by Dean A. Manson, Attorney-in-Fact	06/30/2025
	/s/ Cantey M. Ergen, by Dean A. Manson, Attorney-in-Fact	06/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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Date	Price Target	Rating	Analyst
12/16/2024	$25.00	Equal-Weight	Morgan Stanley
10/1/2024		Strong Buy → Mkt Perform	Raymond James
8/12/2024	$12.00	Neutral → Underweight	JP Morgan
1/17/2024	$18.00	Neutral	JP Morgan
8/7/2023	$28.00	Outperform → Strong Buy	Raymond James
11/4/2022	$57.00 → $27.00	Strong Buy → Outperform	Raymond James
2/25/2022	$64.00 → $60.00	Strong Buy	Raymond James
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security (Instr. 3)

2. Transaction Date (Month/Day/Year)

2A. Deemed Execution Date, if any (Month/Day/Year)

3. Transaction Code (Instr. 8)

4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)

5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)

6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)

7. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

Amount

(A) or (D)

Price

Class A Common Stock

11,272,090

Class A Common Stock

11,367

I⁽¹⁾

Class A Common Stock

213

I⁽²⁾

Class A Common Stock

1,276

I⁽³⁾

Class A Common Stock

11,566

I⁽⁴⁾

Class A Common Stock

766,443

I⁽⁵⁾

Class A Common Stock

2,350,696

I⁽⁶⁾

Class A Common Stock

1,551,355

I⁽⁷⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Class B Common Stock

⁽⁸⁾

06/26/2025

G⁽⁹⁾

15,104,784

⁽⁸⁾

Class A Common Stock

15,104,784

I⁽⁹⁾

Class B Common Stock

⁽⁸⁾

06/26/2025

G⁽⁹⁾

11,342,203

⁽⁸⁾

Class A Common Stock

11,342,203

16,889,611

Class B Common Stock

⁽⁸⁾

06/26/2025

G⁽¹⁰⁾

16,800,000

⁽⁸⁾

Class A Common Stock

16,800,000

89,611

Class B Common Stock

⁽⁸⁾

06/26/2025

G⁽¹⁰⁾

16,800,000

⁽⁸⁾

Class A Common Stock

16,800,000

I⁽¹⁰⁾

Class B Common Stock

⁽⁸⁾

Class A Common Stock

35,190,866

I⁽⁶⁾

Class B Common Stock

⁽⁸⁾

Class A Common Stock

19,038,378

I⁽¹¹⁾

Class B Common Stock

⁽⁸⁾

Class A Common Stock

26,500,000

I⁽¹²⁾

Class B Common Stock

⁽⁸⁾

Class A Common Stock

3,306,885

I⁽¹³⁾

Class B Common Stock

⁽⁸⁾

Class A Common Stock

25,000,000

I⁽¹⁴⁾

Recent Analyst Ratings for

$SATS

Date	Price Target	Rating	Analyst
12/16/2024	$25.00	Equal-Weight	Morgan Stanley
10/1/2024		Strong Buy → Mkt Perform	Raymond James
8/12/2024	$12.00	Neutral → Underweight	JP Morgan
1/17/2024	$18.00	Neutral	JP Morgan
8/7/2023	$28.00	Outperform → Strong Buy	Raymond James
11/4/2022	$57.00 → $27.00	Strong Buy → Outperform	Raymond James
2/25/2022	$64.00 → $60.00	Strong Buy	Raymond James
11/10/2021	$63.00 → $64.00	Strong Buy	Raymond James

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