Business Context and Reporting Period
This Form 8-K Current Report was filed by Iridium Communications Inc. on December 6, 2011. The filing reports a corporate governance event: the appointment of a new director to the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The material change reported is the appointment of Admiral (Ret.) Eric T. Olson as a director of the Company, effective December 6, 2011. His term is set to expire at the 2012 Annual Meeting of Stockholders.
Guidance, Outlook, and Management Commentary
There is no guidance, outlook, or management commentary regarding future financial performance in this filing. The document details the compensation arrangement for the new director:
- Annual Retainer: $140,000.
- Payment Structure: The retainer may be paid entirely in stock options, restricted stock, or restricted stock units (RSUs), or a combination thereof, with up to $50,000 payable in cash.
- Vesting and Restrictions: Equity components vest quarterly. Shares and RSUs are subject to a six-month lock-up period following the termination of service or a change in control.
- Expenses: The Company will reimburse reasonable out-of-pocket expenses for Board meetings.
Admiral Olson retired from active military service in September 2011 after serving as commander of the United States Special Operations Command (USSOCOM).
Key Facts for Investor Verification
- Admiral (Ret.) Eric T. Olson was appointed to the Board of Directors on December 6, 2011.
- The appointment is subject to the Company's non-employee director compensation policy, with a base retainer of $140,000.
- No financial results or operational metrics are disclosed in this specific filing.
- A press release regarding this appointment is filed as Exhibit 99.1.