ECHO insider ownership: who sold, why, and what they still hold

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
John Swieringa Pres, Tech & COO	21,875	$88.25	n/a	n/a	Oct 1, 2026	Oct 5, 2026

What stands out

Three officers sold $17.0M with no disclosed plan: Hamid Akhavan ($7.6M), John Swieringa ($7.2M) and Dean Manson ($2.2M). The filings don't state a reason.Hamid Akhavan: largest such sale, Mar 6, 2026 · John Swieringa: largest such sale, Mar 4, 2026 · Dean Manson: largest such sale, Mar 5, 2026

George Brokaw bought 1K shares for $68K, first on Nov 18, 2025.Purchase, Nov 18, 2025

Percentages cover 5 of 15 officers and directors. 10 are left out

Left out: Charles Ergen, James Defranco, Hamid Akhavan, Tom Ortolf, John Swieringa and Dean Manson (holdings couldn't be fully reconciled); Paul Gaske (most holdings were last confirmed in 2023); Lisa Hershman, Kathleen Abernathy and Robert Rupczynski (held no vested shares at the start).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is the insider's vested stake at the start of the period (Oct 8, 2025). The gold part is what they sold.

SoldRest of starting stakeAdded during the period

Hamid Akhavan

CEO, EchoStar Capital, Director

No bar: holdings couldn't be fully reconciled.

$44.1M83% planned

John Swieringa

Pres, Tech & COO

No bar: holdings couldn't be fully reconciled.

$7.2MNo plan disclosed

Dean Manson

Chief Legal Officer

No bar: holdings couldn't be fully reconciled.

$4.7M53% planned

Stephen Bye

Director

Sold 91% of the shares held or received (after tax withholding) during the period†. No bar against the starting stake: most of these shares arrived during the period.

$764KNo plan disclosed

William Wade

Director

Sold 87% of the shares held or received (after tax withholding) during the period†. No bar against the starting stake: most of these shares arrived during the period.

$460KNo plan disclosed

All 6 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosed

Outside holders, reported separately

Telluray Holdings, LLC, Two-Year Ergen and Two-Year Ergen and 2 more reported no open-market sales in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.

Details

Common questions

Is the EchoStar CEO selling stock?

No. Charles Ergen reported no open-market sales in the past 12 months.

Why are EchoStar insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 68% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 32% had no disclosed plan. A trading plan schedules sales in advance.

Are any EchoStar insiders buying?

Yes. 1 officer or director reported 1 purchase in the past 12 months (Form 4 code P, which includes private purchases).

How much of their stake did EchoStar insiders sell?

About 28% of the shares they held or received (after tax withholding) during the period. The usual measure, against starting holdings alone, can't be used here because most of the shares sold arrived during the period. That covers the 12 months to Oct 8, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold6 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Hamid Akhavan CEO, EchoStar Capital, Director	$44.1M 409K shares	i No percentage: holdings couldn't be fully reconciled.	83% under a disclosed plan
John Swieringa Pres, Tech & COO	$7.2M 72K shares	i No percentage: holdings couldn't be fully reconciled.	No plan disclosed
Dean Manson Chief Legal Officer	$4.7M 39K shares	i No percentage: holdings couldn't be fully reconciled.	53% under a disclosed plan
Stephen Bye Director	$764K 8.5K shares	91%† i † Most of the shares Stephen Bye sold arrived during the period, so this is shares sold as a share of the 819 held at the start plus the 8.5K received, less 0 withheld by the company for taxes.	No plan disclosed
William Wade Director	$460K 5K shares	87%† i † Most of the shares William Wade sold arrived during the period, so this is shares sold as a share of the 767 held at the start plus the 5K received, less 0 withheld by the company for taxes.	No plan disclosed
Tom Ortolf Director	$183K 1.8K shares	i No percentage: holdings couldn't be fully reconciled.	No plan disclosed

Outside holder, reported separately: Telluray Holdings, LLC (a 10% owner, not part of management). No open-market sales reported in the period. Holds 78.81M shares. Latest filing

Outside holder, reported separately: Two-Year Ergen (a 10% owner, not part of management). No open-market sales reported in the period. Latest filing

Outside holder, reported separately: Two-Year Ergen (a 10% owner, not part of management). No open-market sales reported in the period. Holds 23.10M shares. Latest filing

Outside holder, reported separately: Two-Year Ergen (a 10% owner, not part of management). No open-market sales reported in the period. Latest filing

Outside holder, reported separately: Two-Year Ergen (a 10% owner, not part of management). No open-market sales reported in the period. Holds 14.48M shares. Latest filing

The full ownership picture9 of 15 insiders fully reconciled · 14 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 8, 2025

Sold

Held Oct 8, 2026

Still held

Charles Ergen

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +122,676,554 shares on Jun 15, 2026 (I). See the filing Sales and other transactions for Charles Ergen are complete.

CHAIRMAN, PRES and CEO, Director

n/a

Vesting, gifts, unvested awards and holding lines for Charles Ergen

+1.8Kshares vested or exercised

−35.98Mgifted (net of own trusts)

−17withheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +122,676,554 shares on Jun 15, 2026 (I). The balances below are as reported, not verified totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Class A Common Stock	11,272,090	11,140,269
I	Class A Common Stock	4,692,916	4,695,280
Charitable Foundation	Class A Common Stock	766,443	766,443
child	Class A Common Stock	9,966	9,966
401(k)	Class A Common Stock	1,189	1,189
spouse's 401(k)	Class A Common Stock	201	201
Spouse	Class A Common Stock	47	47
Direct	Class B Common Stock	27,769	1,512,948
I	Class B Common Stock	117,897,971	123,337,960

Additional holdings last reported May 31, 2016, not confirmed since: 1,100,603 shares. Not included in any total or percentage on this page.

children, Class A Common Stock: 12,244 shares, last reported May 31, 2016
Custodian for Children, Class A Common Stock: 10,734 shares, last reported Mar 28, 2013
custodian for child, Class A Common Stock: 6,122 shares, last reported Jan 1, 2016
GRATs, Class B Common Stock: 1,071,503 shares, last reported Dec 1, 2014

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
21,052	$165.11	Jan 1, 2027	$0
4,385,962	$78.98	Feb 6, 2031	$54.8M
35,087	$100.95	Oct 1, 2028	$0
17,543	$100.95	Oct 1, 2028	$0
1,754	$101.09	Jan 1, 2025	$0
1,754	$92.17	Jan 1, 2026	$0
1,754	$92.44	Jan 1, 2027	$0
1,754	$40.02	Jan 1, 2028	$90K
5,000	$25.19	Apr 1, 2030	$331K
5,000	$120.60	Apr 1, 2031	$0

Estimate: options held × ($91.48 − strike price), using the most recent insider trade price on Form 4 (Aug 13, 2026), not a market close.

James Defranco

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -305,263 shares on Jul 1, 2026 (Direct). See the filing Sales and other transactions for James Defranco are complete.

Director

n/a

Vesting, gifts, unvested awards and holding lines for James Defranco

0shares vested or exercised

0gifted (net of own trusts)

−16withheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -305,263 shares on Jul 1, 2026 (Direct). The balances below are as reported, not verified totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Class A Common Stock	306,951	1,870
I	Class A Common Stock	4,447,246	4,723,261
Reporting Person in an irrevocable trust for the benefit of his children and grandchildren	Class A Common Stock	10,000	10,000

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
21,052	$165.11	Jan 1, 2027	$0
35,087	$100.95	Oct 1, 2028	$0

Estimate: options held × ($91.48 − strike price), using the most recent insider trade price on Form 4 (Aug 13, 2026), not a market close.

Hamid Akhavan

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -35,087 shares on Dec 31, 2025 (Direct). See the filing Sales and other transactions for Hamid Akhavan are complete.

CEO, EchoStar Capital, Director

n/a

−409K

n/a

Vesting, gifts, unvested awards and holding lines for Hamid Akhavan

+946Kshares vested or exercised

0gifted (net of own trusts)

263K → 263Kunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -35,087 shares on Dec 31, 2025 (Direct). The balances below are as reported, not verified totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	376,805	878,537
I	Class A Common Stock	327	364

Additional holdings last reported Apr 1, 2023, not confirmed since: 240 shares. Not included in any total or percentage on this page.

401(k), Class A Common Stock: 240 shares, last reported Apr 1, 2023

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
701,754	$16.57	Dec 31, 2033	$52.6M
408,333	$14.04	Apr 1, 2034	$31.6M
81,667	$14.04	Apr 1, 2034	$6.3M
467,836	$16.57	Dec 31, 2033	$35.0M
40,834	$14.04	Apr 1, 2034	$3.2M
233,919	$16.57	Dec 31, 2033	$17.5M

Estimate: options held × ($91.48 − strike price), using the most recent insider trade price on Form 4 (Aug 13, 2026), not a market close.

Tom Ortolf

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +35,644 shares on Dec 11, 2025 (I). See the filing Sales and other transactions for Tom Ortolf are complete.

Director

n/a

−1.8K

n/a

Vesting, gifts, unvested awards and holding lines for Tom Ortolf

+1.8Kshares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

New Form 3 filed 2024-01-03; earlier filings set aside.

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +35,644 shares on Dec 11, 2025 (I). The balances below are as reported, not verified totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	3,698	3,698
Partnership	Class A Common Stock	35,644	35,644
I	Class A Common Stock	70	35,714

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,754	$71.17	Jan 1, 2024	$36K
1,754	$101.09	Jan 1, 2025	$0
1,754	$92.46	Jan 1, 2027	$0
1,754	$40.02	Jan 1, 2028	$90K
10,000	$14.04	Apr 1, 2029	$774K
5,000	$25.19	Apr 1, 2030	$331K
5,000	$120.60	Apr 1, 2031	$0
1,403	$16.57	Jan 1, 2034	$105K

Estimate: options held × ($91.48 − strike price), using the most recent insider trade price on Form 4 (Aug 13, 2026), not a market close.

John Swieringa

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -7,018 shares on Mar 4, 2026 (Direct). See the filing Sales and other transactions for John Swieringa are complete.

Pres, Tech & COO

n/a

−72K

n/a

Vesting, gifts, unvested awards and holding lines for John Swieringa

+35Kshares vested or exercised

0gifted (net of own trusts)

−30Kwithheld by the company for taxes

348K → 348Kunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Unvested RSUs stated in footnotes are excluded from owned shares.

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -7,018 shares on Mar 4, 2026 (Direct). The balances below are as reported, not verified totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Class A Common Stock	28,316	231,660
I	Class A Common Stock	809	845

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
9,588	$57.01	Jul 22, 2032	$330K
35,200	$57.01	Jul 22, 2022	$1.2M
21,052	$165.11	Jan 1, 2027	$0
105,264	$16.57	Jan 1, 2034	$7.9M
27,362	$14.04	Apr 1, 2034	$2.1M
50,809	$14.04	Apr 1, 2034	$3.9M
5,847	$14.04	Apr 1, 2034	$453K
15,000	$79.50	Oct 1, 2035	$180K

Estimate: options held × ($91.48 − strike price), using the most recent insider trade price on Form 4 (Aug 13, 2026), not a market close.

Stanton Dodge

Director

24K

27K

no sales

Vesting, gifts, unvested awards and holding lines for Stanton Dodge

+5Kshares vested or exercised

0gifted (net of own trusts)

−1.2Kwithheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	21,555	25,341
I	Class A Common Stock	1,642	1,642
401(k)	Class A Common Stock	428	428

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
10,000	$14.04	Apr 1, 2029	$774K
5,000	$25.19	Apr 1, 2030	$331K
5,000	$120.60	Apr 1, 2031	$0

Estimate: options held × ($91.48 − strike price), using the most recent insider trade price on Form 4 (Aug 13, 2026), not a market close.

Dean Manson

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +76 shares on Mar 5, 2026 (Direct). See the filing Sales and other transactions for Dean Manson are complete.

Chief Legal Officer

n/a

−39K

n/a

Vesting, gifts, unvested awards and holding lines for Dean Manson

+42Kshares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +76 shares on Mar 5, 2026 (Direct). The balances below are as reported, not verified totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	2,322	5,058
I	Class A Common Stock	1,106	1,143

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
33,700	$14.04	Apr 1, 2034	$2.6M
28,000	$14.04	Apr 1, 2034	$2.2M
15,000	$79.50	Oct 1, 2035	$180K

Estimate: options held × ($91.48 − strike price), using the most recent insider trade price on Form 4 (Aug 13, 2026), not a market close.

George Brokaw

Director

1.8K

4.5K

no sales

Vesting, gifts, unvested awards and holding lines for George Brokaw

+1.8Kshares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	1,754	4,508

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,754	$71.17	Jan 1, 2024	$36K
1,754	$101.09	Jan 1, 2025	$0
1,754	$92.46	Jan 1, 2027	$0
1,754	$40.02	Jan 1, 2028	$90K
10,000	$14.04	Apr 1, 2029	$774K
5,000	$25.19	Apr 1, 2030	$331K
5,000	$120.60	Apr 1, 2031	$0

Estimate: options held × ($91.48 − strike price), using the most recent insider trade price on Form 4 (Aug 13, 2026), not a market close.

Paul Orban

Minor difference of 213 shares. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed. Unvested RSUs stated in footnotes are excluded from owned shares. New Form 3 filed 2024-01-03; earlier filings set aside.

EVP, Chief Financial Officer

1.1K

52K

no sales

Vesting, gifts, unvested awards and holding lines for Paul Orban

0shares vested or exercised

0gifted (net of own trusts)

−9withheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Unvested RSUs stated in footnotes are excluded from owned shares.
New Form 3 filed 2024-01-03; earlier filings set aside.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Class A Common Stock	470	50,934
401(K)	Class A Common Stock	656	656
I	Class A Common Stock	0	37

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
13,681	$57.01	Jul 22, 2032	$472K
14,148	$57.01	Feb 1, 2032	$488K
10,526	$165.11	Jan 1, 2027	$0
80,000	$14.04	Apr 1, 2034	$6.2M
55,062	$14.04	Apr 1, 2034	$4.3M
54,177	$14.04	Apr 1, 2034	$4.2M
7,017	$14.04	Apr 1, 2034	$543K

Estimate: options held × ($91.48 − strike price), using the most recent insider trade price on Form 4 (Aug 13, 2026), not a market close.

Reconciliation: minor difference of 213 shares. Difference is under 0.5% of holdings.

Stephen Bye

Minor difference of 1 share. Difference is under 0.5% of holdings.

Director

819

−8.5K

820

not meaningful

Vesting, gifts, unvested awards and holding lines for Stephen Bye

+8.5Kshares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	652	653
401 (k)	Class A Common Stock	167	167

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
10,000	$14.04	Apr 1, 2029	$774K
5,000	$120.60	Apr 1, 2031	$0

Estimate: options held × ($91.48 − strike price), using the most recent insider trade price on Form 4 (Aug 13, 2026), not a market close.

Reconciliation: minor difference of 1 share. Difference is under 0.5% of holdings.

William Wade

Director

767

−5K

767

not meaningful

Vesting, gifts, unvested awards and holding lines for William Wade

+5Kshares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	324	324
I	Class A Common Stock	443	443

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
10,000	$14.04	Apr 1, 2029	$774K
5,000	$25.19	Apr 1, 2030	$331K
5,000	$120.60	Apr 1, 2031	$0

Estimate: options held × ($91.48 − strike price), using the most recent insider trade price on Form 4 (Aug 13, 2026), not a market close.

Paul Gaske

Most of this insider's holdings were last confirmed in 2023. Confirmed in the last three years: 149 shares. Not confirmed since: 426 shares, left out of this row. "Still held" is not shown because it would cover only the smaller, confirmed part.

COO, Hughes

149

see note

Vesting, gifts, unvested awards and holding lines for Paul Gaske

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	149	149

Additional holdings last reported Jan 1, 2023, not confirmed since: 426 shares. Not included in any total or percentage on this page.

401(k) Plan, Class A Common Stock: 426 shares, last reported Jan 1, 2023

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
20,556	$14.04	Apr 1, 2034	$1.6M
15,225	$14.04	Apr 1, 2034	$1.2M
15,000	$79.50	Oct 1, 2035	$180K

Estimate: options held × ($91.48 − strike price), using the most recent insider trade price on Form 4 (Aug 13, 2026), not a market close.

Lisa Hershman

Director

7.6K

no sales

Vesting, gifts, unvested awards and holding lines for Lisa Hershman

+10Kshares vested or exercised

0gifted (net of own trusts)

−2.4Kwithheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	0	7,572

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
10,000	$14.04	Apr 1, 2029	$774K
5,000	$25.19	Apr 1, 2030	$331K
5,000	$120.60	Apr 1, 2031	$0

Estimate: options held × ($91.48 − strike price), using the most recent insider trade price on Form 4 (Aug 13, 2026), not a market close.

Kathleen Abernathy

Director

266

no sales

Vesting, gifts, unvested awards and holding lines for Kathleen Abernathy

+1.8Kshares vested or exercised

0gifted (net of own trusts)

−1.5Kwithheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	0	266

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
3,070	$94.45	Apr 1, 2024	$0
1,754	$101.09	Jan 1, 2025	$0
1,754	$92.46	Jan 1, 2027	$0
5,000	$120.60	Apr 1, 2031	$0

Estimate: options held × ($91.48 − strike price), using the most recent insider trade price on Form 4 (Aug 13, 2026), not a market close.

9 of 15 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (7 exactly, 2 with a minor or footnoted difference). For 6 we show sales but not holdings; the ! icon on their rows explains why. Percentages cover 5 of 15 officers and directors. Left out: Charles Ergen, James Defranco, Hamid Akhavan, Tom Ortolf, John Swieringa and Dean Manson (holdings couldn't be fully reconciled); Paul Gaske (most holdings were last confirmed in 2023); Lisa Hershman, Kathleen Abernathy and Robert Rupczynski (held no vested shares at the start). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$57.4M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $57.4M across 535,804 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $39.0M · 68%

32%

The lighter segment is sales with no plan disclosed in the filing ($18.4M), including tax-related sales outside a plan.

No plan disclosed · $18.4M

Sales with no 10b5-1 plan and no tax reference in the filing. $7.6M of it is Hamid Akhavan. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Hamid Akhavan, Mar 6, 2026

Taxes

35,011 shares ($3.4M) were withheld by the company for taxes, which isn't a market sale.

Purchases · 1 buyer (1 trade)

1 officer or director bought shares in this period, in 1 trade(Form 4 code P). Across all their filings on record there are 7 purchase trades.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Hamid Akhavan CEO, EchoStar Capital, Director	409K	$44.1M	83%	77%	Dec 11, 2025 to Jun 5, 2026
John Swieringa Pres, Tech & COO	72K	$7.2M	0%	13%	Nov 21, 2025 to Mar 4, 2026
Dean Manson Chief Legal Officer	39K	$4.7M	53%	8%	Mar 5, 2026 to Jun 12, 2026
Stephen Bye Director	8.5K	$764K	0%	1%	Aug 7, 2026 to Aug 7, 2026
William Wade Director	5K	$460K	0%	0.8%	Aug 12, 2026 to Aug 13, 2026
Tom Ortolf Director	1.8K	$183K	0%	0.3%	Dec 11, 2025 to Dec 11, 2025

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$1.5M	$0	$0	$1.5M
Dec 2025	$30.3M	$30.1M	$0	$183K
Jan 2026	$0	$0	$0	$0
Feb 2026	$0	$0	$0	$0
Mar 2026	$15.5M	$0	$0	$15.5M
Apr 2026	$0	$0	$0	$0
May 2026	$0	$0	$0	$0
Jun 2026	$8.9M	$8.9M	$0	$0
Jul 2026	$0	$0	$0	$0
Aug 2026	$1.2M	$0	$0	$1.2M
Sep 2026	$0	$0	$0	$0
Oct 2026	$0	$0	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

More than usual: about 4x the 5-year average. 6 insiders sold; the average is 1 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 8, 2026 Latest 12 months	536K	6	$57.4M
Oct 8, 2025 1 year earlier	633K	6	$46.7M
Oct 8, 2024 2 years earlier	3K	1	$37K
Oct 9, 2023 3 years earlier	0	0	$0
Oct 9, 2022 4 years earlier	0	0	$0
Oct 9, 2021 5 years earlier	0	0	$0

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty6 insiders whose holdings couldn't be fully reconciled

Charles Ergen: holdings couldn't be fully reconciled (difference of 1,502,869 shares). Balance changed without a matching transaction, and the footnote does not state the amount: +122,676,554 shares on Jun 15, 2026 (I). Filing, Jun 15, 2026

Footnote: "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. | 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 Holding"

James Defranco: holdings couldn't be fully reconciled (difference of -29,248 shares). Balance changed without a matching transaction, and the footnote does not state the amount: -305,263 shares on Jul 1, 2026 (Direct). Filing, Jul 1, 2026

Footnote: "Represents the acquisition of restricted stock units (RSUs). The RSUs vest at the rate of 25% per year beginning on July 1, 2026. Each RSU represents a contingent right to receive one share of Class A Common Stock of the Issuer, which will be issued to the Reporting Person immediately upon vesting. | The reported transaction involved the reporting person's receipt of a grant of 198 RSUs. The total reported in Column 5 includes the 198 newly awarded RSUs and 306,951 shares of Class A Common Stock."

Hamid Akhavan: holdings couldn't be fully reconciled (difference of -35,050 shares). Balance changed without a matching transaction, and the footnote does not state the amount: -35,087 shares on Dec 31, 2025 (Direct). Filing, Dec 31, 2025

Footnote: "Each Restricted Stock Unit ("RSU") converted into Class A Common Stock on a one-for-one basis on the vesting date."

Tom Ortolf: holdings couldn't be fully reconciled (difference of 35,644 shares). Balance changed without a matching transaction, and the footnote does not state the amount: +35,644 shares on Dec 11, 2025 (I). Filing, Dec 11, 2025

Footnote: "By the Reporting Person's child."

John Swieringa: holdings couldn't be fully reconciled (difference of -6,974 shares). Balance changed without a matching transaction, and the footnote does not state the amount: -7,018 shares on Mar 4, 2026 (Direct). Filing, Mar 4, 2026

Footnote: "Based on a weighted average sale price. The shares reported in this transaction were sold at prices ranging from $114.00 to $114.15. Information regarding the number of shares sold at each separate price will be made available upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer. | Includes shares acquired under the Company's Employee Stock Purchase Plan."

Dean Manson: holdings couldn't be fully reconciled (difference of 173 shares). Balance changed with no matching transaction and no footnote: +76 shares on Mar 5, 2026 (Direct). Filing, Mar 5, 2026

Paul Orban: minor difference of 213 shares. Difference is under 0.5% of holdings.

Stephen Bye: minor difference of 1 share. Difference is under 0.5% of holdings.

Inferred rename: "I" is treated as the same holder as "401(k)", because the old name was never reported again and the new one opened with the same balance (1,156 shares). Old name, new name

Inferred rename: "Child" is treated as the same holder as "I", because the old name was never reported again and the new one opened with the same balance (70 shares). Old name, new name

Inferred rename: "I" is treated as the same holder as "401(k)", because the old name was never reported again and the new one opened with the same balance (174 shares). Old name, new name

Inferred rename: "Spouse" is treated as the same holder as "I", because the old name was never reported again and the new one opened with the same balance (443 shares). Old name, new name

Inferred rename: "401(k) Plan" is treated as the same holder as "401(k)", because the old name was never reported again and the new one opened with the same balance (240 shares). Old name, new name

Inferred rename: "401(k)" is treated as the same holder as "I", because the old name was never reported again and the new one opened with the same balance (240 shares). Old name, new name

Inferred rename: "401(K)" is treated as the same holder as "I", because the old name was never reported again and the new one opened with the same balance (721 shares). Old name, new name

Inferred rename: "401 (K)" is treated as the same holder as "I", because the old name was never reported again and the new one opened with the same balance (3,704 shares). Old name, new name

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology583 filings from SEC EDGAR, and how we read them

All 583 Forms 3, 4 and 5 filed for EchoStar (SEC CIK 1415404) from Jan 4, 2008 to Oct 5, 2026, retrieved from SEC EDGAR on Oct 8, 2026. Prices are the ones reported in each filing, often weighted averages. 1 filing was left out because EchoStar filed them as an owner of another company's stock.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (41)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Two-Year Ergen	Jun 28, 2024	15,104,784 shares, last reported balance as of Jun 26, 2024
Two-Year Ergen	May 15, 2024	7,563,458 shares, last reported balance as of May 13, 2024
Gary Schanman	Apr 3, 2024	No balance on record
Michael Kelly	Jan 3, 2024	53,384 shares, last reported balance as of Dec 31, 2023
Two-Year Ergen	Dec 22, 2023	5,181,574 shares, last reported balance as of Dec 21, 2023
Mike Schroeder	Dec 13, 2023	5,000 shares, last reported balance as of May 16, 2018
Jeffrey Tarr	Jul 5, 2023	No balance on record
Two-Year Ergen	Jul 3, 2023	14,500,000 shares, last reported balance as of Jun 23, 2023
Two-Year Ergen	Jun 27, 2023	2,687,900 shares, last reported balance as of Jun 23, 2023
Two-Year Ergen	Jun 13, 2023	No balance on record
Pradman Kaul	Apr 5, 2023	No balance on record
Two-Year Ergen	Apr 4, 2023	3,693,428 shares, last reported balance as of Mar 31, 2023
Veronika Takacs	Apr 4, 2023	No balance on record
Adrian Morris	Feb 15, 2023	1,182 shares, last reported balance as of Feb 6, 2023
Michelle Pearre	Feb 15, 2023	1,182 shares, last reported balance as of Feb 6, 2023
Ramesh Ramaswamy	Feb 15, 2023	5,251 shares, last reported balance as of Feb 6, 2023
Jeffrey Boggs	Jan 17, 2023	3,935 shares, last reported balance as of Jan 6, 2023
Two-Year Ergen	Dec 23, 2022	No balance on record
Muhammad Butt	Oct 11, 2022	190 shares, last reported balance as of Oct 7, 2022
David Rayner	Apr 5, 2022	4,195 shares, last reported balance as of Feb 28, 2018
Anders Johnson	Apr 5, 2022	23,255 shares, last reported balance as of Feb 25, 2021
Two-Year Ergen	Jun 3, 2021	2,299,691 shares, last reported balance as of Jun 1, 2021
Two-Year Ergen	Dec 9, 2020	1,724,153 shares, last reported balance as of Dec 7, 2020
Three Ergen	Dec 2, 2020	No balance on record
Anthony Federico	Jul 6, 2020	146 shares, last reported balance as of Jun 27, 2018
Michael Dugan	Nov 14, 2019	44,192 shares, last reported balance as of Nov 13, 2019
Kranti Kilaru	Nov 21, 2016	1,120 shares, last reported balance as of Nov 18, 2016
Kenneth Carroll	Sep 2, 2016	3,037 shares, last reported balance as of Aug 31, 2016
Mark Jackson	Aug 16, 2016	6,713 shares, last reported balance as of Aug 12, 2016
Sandra Kerentoff	Jul 3, 2013	No balance on record
Steven Schaver	Mar 7, 2013	7,348 shares, last reported balance as of Mar 5, 2013
Roger Lynch	Feb 27, 2013	174 shares, last reported balance as of Feb 25, 2013
Joseph Clayton	Jul 2, 2010	2,000 shares, last reported balance as of Nov 26, 2008
William Gouger	Dec 7, 2009	1,478 shares, last reported balance as of Nov 30, 2009
2005 Ergen	Nov 12, 2008	1,156,996 shares, last reported balance as of Nov 10, 2008
David Moskowitz	Nov 7, 2008	36,892 shares, last reported balance as of Nov 5, 2008
Carl Vogel	Oct 2, 2008	2,083 shares, last reported balance as of Oct 1, 2008
Steven Goodbarn	Jul 2, 2008	2,000 shares, last reported balance as of May 21, 2008
Dean Olmstead	Apr 2, 2008	No balance on record
Bernard Han	Jan 4, 2008	No balance on record
Vivek Khemka		No balance on record

EchoStar insiders sold $57.4M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Outside holders, reported separately

Common questions

Is the EchoStar CEO selling stock?

Why are EchoStar insiders selling?

Are any EchoStar insiders buying?

How much of their stake did EchoStar insiders sell?

The evidence

No plan disclosed · $18.4M

Taxes

Purchases · 1 buyer (1 trade)

Sales by month