EchoStar CORP — Director's Dealing 2025

Dec 29, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EchoStar CORP (SATS)
CIK: 0001415404
Period of Report: 2025-12-22

Reporting Person: ERGEN CHARLES W (N/A)
Reporting Person: ERGEN CANTEY (Director, 10% Owner, SENIOR ADVISOR)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-26	Class A Common Stock	G	11821	—	Disposed	11140269	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-22	Class B Common Stock	$	G	19038378	Disposed		Class A Common Stock (19038378)	Indirect
2025-12-22	Class B Common Stock	$	G	2060220	Acquired		Class A Common Stock (2060220)	Direct
2025-12-22	Class B Common Stock	$	J	16978158	Acquired		Class A Common Stock (16978158)	Indirect
2025-12-22	Class B Common Stock	$	J	5422728	Acquired		Class A Common Stock (5422728)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	11367	Indirect
Class A Common Stock	213	Indirect
Class A Common Stock	1276	Indirect
Class A Common Stock	11921	Indirect
Class A Common Stock	766443	Indirect
Class A Common Stock	2350696	Indirect
Class A Common Stock	1551355	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Class B Common Stock	$		Class A Common Stock (3306885)	3306885	Indirect
Class B Common Stock	$		Class A Common Stock (18561842)	18561842	Indirect
Class B Common Stock	$		Class A Common Stock (25000000)	25000000	Indirect
Class B Common Stock	$		Class A Common Stock (16800000)	16800000	Indirect
Class B Common Stock	$		Class A Common Stock (8000000)	8000000	Indirect

Footnotes

F1: By 401(K).

F2: Held by Mrs. Cantey M. Ergen, Mr. Ergen's spouse.

F3: Held by Mrs. Ergen in a 401(k) account.

F4: 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.

F5: 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.

F6: 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.

F7: 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.

F8: 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.

F9: Pursuant to the terms of the Ergen Two-Year December 2023 SATS GRAT (the "2023 December GRAT"), on December 22, 2025, the 2023 December GRAT: (i) distributed 2,060,220 Class B shares held by the 2023 December GRAT to Mr. Ergen as an annuity payment; and (ii) contributed the remaining 16,978,158 Class B shares to Telluray Holdings in exchange for membership units in Telluray Holdings, and the 2023 December GRAT expired in accordance with its terms.

F10: On December 22, 2025, certain trusts established by Mr. Ergen for the benefit of his family contributed 5,422,728 Class B shares to Telluray holdings in exchange for membership units in Telluray Holdings.

F11: 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.

F12: 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 currently holds 18,561,842 Class B shares. 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.

F13: 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.

F14: 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.

F15: On July 29, 2025, Mr. Ergen established the Ergen Two-Year July 2025 SATS GRAT (the "2025 July GRAT") and contributed 8,000,000 Class B shares to the 2025 July GRAT. The 2025 July GRAT is scheduled to expire in accordance with its terms on July 29, 2027. Mrs. Cantey M. Ergen serves as the trustee of the 2025 July GRAT.