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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of The Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): February&nbsp;13, 2019 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Iridium Communications Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-33963</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">26-1344998</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1750 Tysons Boulevard </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Suite 1400 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>McLean, VA
22102 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices, including zip code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(703) <FONT STYLE="white-space:nowrap">287-7400</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N/A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or
former address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(e)</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B><B><I>Amended and Restated Performance Share Program</I></B><B> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;13, 2019, the Compensation Committee of the Board of Directors (the &#147;<B><I>Committee</I></B>&#148;) of Iridium
Communications Inc. (the &#147;<B><I>Company</I></B>&#148;) approved the Amended and Restated Performance Share Program (the &#147;<B></B><B><I>A&amp;R Program</I></B><B></B>&#148;), which provides for the grant of restricted stock units
(&#147;<B><I>Awards</I></B>&#148;) under the terms of the Company&#146;s 2015 Equity Incentive Plan, as amended and restated (the &#147;<B><I>Plan</I></B>&#148;). The A&amp;R Program replaces the Performance Share Program the Company previously
adopted under the terms of the Company&#146;s 2015 Equity Incentive Plan (the &#147;<B><I>Prior Program</I></B>&#148;) with respect to the grant of new Awards upon and following the adoption of the A&amp;R Program. Effective as of the effective date
of the A&amp;R Program, no additional awards will be granted pursuant to the Prior Program, but the terms of the Prior Program will continue to govern the restricted stock unit awards previously granted and outstanding under the Prior Program. The
adoption of the A&amp;R Program does not apply to or affect the terms of any restricted stock unit awards previously granted under the Prior Program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Committee adopted the A&amp;R Program to remove all references and provisions related to the exception for &#147;performance-based
compensation&#148; under Section&nbsp;162(m) of the Internal Revenue Code, which was repealed by the Tax Cuts and Jobs Act of 2017 for taxable years beginning after December&nbsp;31, 2017. Similar to the Prior Program, the Committee established the
A&amp;R Program for the grant of Awards on and after the effective date of the A&amp;R Program to (i)&nbsp;focus key employees on achieving specific performance targets, (ii)&nbsp;reinforce a team-oriented approach, (iii)&nbsp;provide significant
award potential for achieving outstanding performance, and (iv)&nbsp;enhance the ability of the Company to attract and retain highly talented and competent individuals. The A&amp;R Program provides that the Committee may grant Awards (referred to as
&#147;<B><I>Maximum Awards</I></B>&#148;) to designated key employees, with each such Maximum Award representing a specified maximum number of shares of common stock that may ultimately be earned by each such employee under the Award. The Maximum
Award is calculated by reference to the target award value (the &#147;<B><I>Target Award</I></B>&#148;). The A&amp;R Program contemplates that the Committee may establish criteria for determining the number of shares ultimately awarded (the
&#147;<B><I>Actual Awards</I></B>&#148;), including (a)&nbsp;one or more performance goals of the type enumerated in the Plan, the satisfaction of which is a condition to some or all of the Maximum Award being earned, (b)&nbsp;other performance
goals that may or may not be of the type specifically enumerated in the Plan which may form the basis for a determination by the Committee to reduce the award to the participant (&#147;<B><I>Other Performance Goals</I></B>&#148;), and (c)&nbsp;the
performance period over which attainment of the Performance Goals and Other Performance Goals is determined (the &#147;<B><I>Performance Period</I></B>&#148;). The A&amp;R Program also contemplates that the Committee may establish a vesting period
over which the respective key employee must remain employed by the Company following the Performance Period in order to earn the shares underlying his or her Actual Award. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;13, 2019, the Committee approved Awards under the A&amp;R Program to be granted on March&nbsp;1, 2019 to the Company&#146;s
principal executive officer, principal financial officer and other executive officers, designated a Performance Goal, an Other Performance Goal and a Performance Period related to such Awards and specified a vesting schedule for the Awards. These
Awards specified a Target Award (and the related Maximum Award) for each of these executives. Target Awards and the related Maximum Awards for the principal executive officer, principal financial officer and other named executive officers are set
forth in the table below. The Awards were approved with a specified dollar value and will be converted to an equivalent number of shares of common stock based on the closing price of the common stock on the grant date, rounded down to the nearest
whole share. As described in the Company&#146;s Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on February&nbsp;1, 2019, S. Scott Smith will be retiring and resigning from his positions with the Company effective as of March&nbsp;15, 2019
and ceased serving as the Company&#146;s principal operating officer as of February&nbsp;11, 2019, and therefore did not receive an Award pursuant to the A&amp;R Program for 2019. Suzanne E. McBride was appointed as the Company&#146;s Chief
Operations Officer effective as of February&nbsp;11, 2019, and the terms of her Award are also included in the table below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Officer</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Target&nbsp;Award&nbsp;($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maximum&nbsp;Award&nbsp;($)</B></TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Matthew J. Desch</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">850,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,275,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Thomas J. Fitzpatrick</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Financial Officer and</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief
Administrative Officer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">375,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">562,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Suzanne E. McBride</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chief Operations Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">300,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">450,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bryan J. Hartin</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Sales and
Marketing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">375,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Thomas D. Hickey</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chief Legal Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">187,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">281,250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Actual Awards for each executive will be based on the level of achievement of the
Performance Goal, which is the growth of the Company&#146;s average service revenue for 2019 and 2020, calculated in accordance with generally accepted accounting principles (&#147;<B><I>GAAP</I></B>&#148;), over the service revenue that was
reported by the Company for 2018. The Actual Awards will be reduced to zero if the Company fails to achieve the Other Performance Goal specified by the Committee, which is the achievement of a specified average OEBITDA margin for 2019 and 2020.
&#147;OEBITDA margin&#148; is OEBITDA expressed as a percentage of revenue. &#147;OEBITDA&#148; is defined as earnings before interest, income taxes, depreciation and amortization, loss from the Company&#146;s investment in its Aireon LLC joint
venture, share-based compensation expenses, and the impact of purchase accounting. In addition, GAAP requires that a portion of the approximately $3&nbsp;billion construction costs of the Company&#146;s recently completed constellation upgrade (the
&#147;<B><I>Construction Costs</I></B>&#148;) be expensed. These expensed Construction Costs, which are principally <FONT STYLE="white-space:nowrap">in-orbit</FONT> insurance, are also excluded from the calculation of OEBITDA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Actual Award will vest as to 50% of the underlying shares when the Committee determines the Company&#146;s level of achievement of the
Performance Goal and the Other Performance Goal, which would occur in the first quarter of 2021, and as to the remaining 50% on March&nbsp;1, 2022, subject to continuous employment of the participant through such dates. If a change in control of the
Company occurs before the date the Committee determines the Company&#146;s level of achievement of the Performance Goal and Other Performance Goal, each participant will be credited with an Actual Award equal to the participant&#146;s Target Award,
and the Actual Award will remain subject to the same time-based vesting schedule with the first vesting date being March&nbsp;1, 2021. Actual Awards and any shares issued thereunder are subject to recoupment from participants in accordance with any
clawback policy that the Company is required to adopt pursuant to applicable laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The description of the A&amp;R Program contained
herein is a summary of its material terms, does not purport to be complete and is qualified in its entirety by reference to the A&amp;R Program and the Plan. The A&amp;R Program and forms of Performance Share Award Grant Notice and Performance Share
Award Agreement for use in connection with grants under the A&amp;R Program will be filed as exhibits to the Company&#146;s Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ending March&nbsp;31, 2019. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Iridium 2019 Performance Bonus Plan </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;13, 2019, the Committee approved the terms of the Company&#146;s 2019 Performance Bonus Plan (the &#147;<B><I>Iridium Bonus
Plan</I></B>&#148;). Employees of the Company who are employed during the 2019 calendar year, including the Company&#146;s principal executive officer, principal financial officer and other named executive officers are eligible to participate in the
Iridium Bonus Plan, provided that a participant must be employed through the date bonuses are paid in order to be eligible to receive a bonus, except as provided in an applicable severance plan or individual agreement. Pursuant to the Iridium Bonus
Plan, each participant is eligible to receive an incentive bonus (the &#147;<B><I>Bonus Award</I></B>&#148;) calculated in part by reference to a &#147;Target Bonus Award&#148; determined for such participant by the Committee. The Target Bonus Award
is calculated by multiplying the participant&#146;s base salary earned during the 2019 calendar year by a Committee approved Target Bonus Percentage. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;13, 2019, the Committee established the Target Bonus Percentage (expressed as a percentage of earned base salary) under the
Iridium Bonus Plan for each of the Company&#146;s principal executive officer, principal financial officer and other named executive officers as well, as set forth in the table below. Due to his retirement and resignation, Mr.&nbsp;Smith is not
eligible for an annual bonus for 2019 under the Iridium Bonus Plan. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Officer</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Target&nbsp;Bonus<BR>Percentage</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Matthew J. Desch</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">90%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Thomas J. Fitzpatrick</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer and Chief Administrative Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">75%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Suzanne E. McBride</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chief Operations Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">60%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Bryan J. Hartin</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President, Sales and Marketing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">60%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Thomas D. Hickey</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chief Legal Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">60%</TD></TR>
</TABLE>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The actual Bonus Award will be calculated by multiplying the Target Bonus Award by a
corporate performance factor determined by the Committee based on the achievement of the following corporate performance goals: (i)&nbsp;OEBITDA (as defined under &#147;Performance Share Program&#148; above); (ii) specified strategic goals; and
(iii)&nbsp;specified measures of user satisfaction. The resulting amount may then be reduced but not increased by the Committee based on a personal performance factor ranging from 0% to 100%. Any actual Bonus Award earned by any participant may not
exceed 200% of the participant&#146;s Target Bonus Award. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Bonus Awards up to the Target Bonus Award will be paid in a combination of
common stock of the Company in the form of restricted stock units granted under the Plan and cash. Restricted stock units equal in value to 20% of each executive&#146;s Target Bonus Award will be granted on March&nbsp;1, 2019 and will vest, if at
all, in March 2020 upon the determination by the Committee as to the achievement of the specified performance goals and the executive&#146;s personal performance factor and the executive&#146;s continued service through the applicable vesting date.
The first 20% of the Target Bonus Award, if earned, will be paid via these restricted stock units, with any excess actual bonus award to be paid in cash no later than March&nbsp;15, 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any amounts paid under the Iridium Bonus Plan are subject to recoupment from participants in accordance with any clawback policy that the
Company is required to adopt pursuant to applicable laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The description of the Iridium Bonus Plan contained herein is a summary of the
material terms of the Iridium Bonus Plan, does not purport to be complete, and is qualified in its entirety by reference to the Iridium Bonus Plan, which will be filed as an exhibit to the Company&#146;s Quarterly Report on Form <FONT
STYLE="white-space:nowrap">10-Q</FONT> for the quarter ending March&nbsp;31, 2019.</P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>IRIDIUM COMMUNICATIONS INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Matthew J. Desch</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: February&nbsp;15, 2019</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Matthew J. Desch</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief Executive
Officer</P></TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
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8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 13, 2019
Iridium Communications Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-33963
26-1344998
(State or other jurisdiction of
incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1750 Tysons Boulevard
Suite 1400
McLean, VA
22102
(Address of principal executive offices, including zip code)
(703)
287-7400
(Registrant's telephone number, including area code)
N/A
(Former name or
former address, if changed since last report)
Check the appropriate box below
if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17
CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
Emerging growth company  ☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act.  ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
(e)
Amended and Restated Performance Share Program
On February 13, 2019, the Compensation Committee of the Board of Directors (the "
Committee
") of Iridium
Communications Inc. (the "
Company
") approved the Amended and Restated Performance Share Program (the "
A&R Program
"), which provides for the grant of restricted stock units
("
Awards
") under the terms of the Company's 2015 Equity Incentive Plan, as amended and restated (the "
Plan
"). The A&R Program replaces the Performance Share Program the Company previously
adopted under the terms of the Company's 2015 Equity Incentive Plan (the "
Prior Program
") with respect to the grant of new Awards upon and following the adoption of the A&R Program. Effective as of the effective date
of the A&R Program, no additional awards will be granted pursuant to the Prior Program, but the terms of the Prior Program will continue to govern the restricted stock unit awards previously granted and outstanding under the Prior Program. The
adoption of the A&R Program does not apply to or affect the terms of any restricted stock unit awards previously granted under the Prior Program.
The Committee adopted the A&R Program to remove all references and provisions related to the exception for "performance-based
compensation" under Section 162(m) of the Internal Revenue Code, which was repealed by the Tax Cuts and Jobs Act of 2017 for taxable years beginning after December 31, 2017. Similar to the Prior Program, the Committee established the
A&R Program for the grant of Awards on and after the effective date of the A&R Program to (i) focus key employees on achieving specific performance targets, (ii) reinforce a team-oriented approach, (iii) provide significant
award potential for achieving outstanding performance, and (iv) enhance the ability of the Company to attract and retain highly talented and competent individuals. The A&R Program provides that the Committee may grant Awards (referred to as
"
Maximum Awards
") to designated key employees, with each such Maximum Award representing a specified maximum number of shares of common stock that may ultimately be earned by each such employee under the Award. The Maximum
Award is calculated by reference to the target award value (the "
Target Award
"). The A&R Program contemplates that the Committee may establish criteria for determining the number of shares ultimately awarded (the
"
Actual Awards
"), including (a) one or more performance goals of the type enumerated in the Plan, the satisfaction of which is a condition to some or all of the Maximum Award being earned, (b) other performance
goals that may or may not be of the type specifically enumerated in the Plan which may form the basis for a determination by the Committee to reduce the award to the participant ("
Other Performance Goals
"), and (c) the
performance period over which attainment of the Performance Goals and Other Performance Goals is determined (the "
Performance Period
"). The A&R Program also contemplates that the Committee may establish a vesting period
over which the respective key employee must remain employed by the Company following the Performance Period in order to earn the shares underlying his or her Actual Award.
On February 13, 2019, the Committee approved Awards under the A&R Program to be granted on March 1, 2019 to the Company's
principal executive officer, principal financial officer and other executive officers, designated a Performance Goal, an Other Performance Goal and a Performance Period related to such Awards and specified a vesting schedule for the Awards. These
Awards specified a Target Award (and the related Maximum Award) for each of these executives. Target Awards and the related Maximum Awards for the principal executive officer, principal financial officer and other named executive officers are set
forth in the table below. The Awards were approved with a specified dollar value and will be converted to an equivalent number of shares of common stock based on the closing price of the common stock on the grant date, rounded down to the nearest
whole share. As described in the Company's Form
8-K
filed on February 1, 2019, S. Scott Smith will be retiring and resigning from his positions with the Company effective as of March 15, 2019
and ceased serving as the Company's principal operating officer as of February 11, 2019, and therefore did not receive an Award pursuant to the A&R Program for 2019. Suzanne E. McBride was appointed as the Company's Chief
Operations Officer effective as of February 11, 2019, and the terms of her Award are also included in the table below.
Officer
Title
Target Award ($)
Maximum Award ($)
Matthew J. Desch
Chief Executive Officer
$
850,000
$
1,275,000
Thomas J. Fitzpatrick
Chief Financial Officer and
Chief
Administrative Officer
$
375,000
$
562,500
Suzanne E. McBride
Chief Operations Officer
$
300,000
$
450,000
Bryan J. Hartin
Executive Vice President
Sales and
Marketing
$
250,000
$
375,000
Thomas D. Hickey
Chief Legal Officer
$
187,500
$
281,250
The Actual Awards for each executive will be based on the level of achievement of the
Performance Goal, which is the growth of the Company's average service revenue for 2019 and 2020, calculated in accordance with generally accepted accounting principles ("
GAAP
"), over the service revenue that was
reported by the Company for 2018. The Actual Awards will be reduced to zero if the Company fails to achieve the Other Performance Goal specified by the Committee, which is the achievement of a specified average OEBITDA margin for 2019 and 2020.
"OEBITDA margin" is OEBITDA expressed as a percentage of revenue. "OEBITDA" is defined as earnings before interest, income taxes, depreciation and amortization, loss from the Company's investment in its Aireon LLC joint
venture, share-based compensation expenses, and the impact of purchase accounting. In addition, GAAP requires that a portion of the approximately $3 billion construction costs of the Company's recently completed constellation upgrade (the
"
Construction Costs
") be expensed. These expensed Construction Costs, which are principally
in-orbit
insurance, are also excluded from the calculation of OEBITDA.
The Actual Award will vest as to 50% of the underlying shares when the Committee determines the Company's level of achievement of the
Performance Goal and the Other Performance Goal, which would occur in the first quarter of 2021, and as to the remaining 50% on March 1, 2022, subject to continuous employment of the participant through such dates. If a change in control of the
Company occurs before the date the Committee determines the Company's level of achievement of the Performance Goal and Other Performance Goal, each participant will be credited with an Actual Award equal to the participant's Target Award,
and the Actual Award will remain subject to the same time-based vesting schedule with the first vesting date being March 1, 2021. Actual Awards and any shares issued thereunder are subject to recoupment from participants in accordance with any
clawback policy that the Company is required to adopt pursuant to applicable laws.
The description of the A&R Program contained
herein is a summary of its material terms, does not purport to be complete and is qualified in its entirety by reference to the A&R Program and the Plan. The A&R Program and forms of Performance Share Award Grant Notice and Performance Share
Award Agreement for use in connection with grants under the A&R Program will be filed as exhibits to the Company's Quarterly Report on Form
10-Q
for the quarter ending March 31, 2019.
Iridium 2019 Performance Bonus Plan
On February 13, 2019, the Committee approved the terms of the Company's 2019 Performance Bonus Plan (the "
Iridium Bonus
Plan
"). Employees of the Company who are employed during the 2019 calendar year, including the Company's principal executive officer, principal financial officer and other named executive officers are eligible to participate in the
Iridium Bonus Plan, provided that a participant must be employed through the date bonuses are paid in order to be eligible to receive a bonus, except as provided in an applicable severance plan or individual agreement. Pursuant to the Iridium Bonus
Plan, each participant is eligible to receive an incentive bonus (the "
Bonus Award
") calculated in part by reference to a "Target Bonus Award" determined for such participant by the Committee. The Target Bonus Award
is calculated by multiplying the participant's base salary earned during the 2019 calendar year by a Committee approved Target Bonus Percentage.
On February 13, 2019, the Committee established the Target Bonus Percentage (expressed as a percentage of earned base salary) under the
Iridium Bonus Plan for each of the Company's principal executive officer, principal financial officer and other named executive officers as well, as set forth in the table below. Due to his retirement and resignation, Mr. Smith is not
eligible for an annual bonus for 2019 under the Iridium Bonus Plan.
Officer
Title
Target Bonus
Percentage
Matthew J. Desch
Chief Executive Officer
90%
Thomas J. Fitzpatrick
Chief Financial Officer and Chief Administrative Officer
75%
Suzanne E. McBride
Chief Operations Officer
60%
Bryan J. Hartin
Executive Vice President, Sales and Marketing
60%
Thomas D. Hickey
Chief Legal Officer
60%
The actual Bonus Award will be calculated by multiplying the Target Bonus Award by a
corporate performance factor determined by the Committee based on the achievement of the following corporate performance goals: (i) OEBITDA (as defined under "Performance Share Program" above); (ii) specified strategic goals; and
(iii) specified measures of user satisfaction. The resulting amount may then be reduced but not increased by the Committee based on a personal performance factor ranging from 0% to 100%. Any actual Bonus Award earned by any participant may not
exceed 200% of the participant's Target Bonus Award.
Bonus Awards up to the Target Bonus Award will be paid in a combination of
common stock of the Company in the form of restricted stock units granted under the Plan and cash. Restricted stock units equal in value to 20% of each executive's Target Bonus Award will be granted on March 1, 2019 and will vest, if at
all, in March 2020 upon the determination by the Committee as to the achievement of the specified performance goals and the executive's personal performance factor and the executive's continued service through the applicable vesting date.
The first 20% of the Target Bonus Award, if earned, will be paid via these restricted stock units, with any excess actual bonus award to be paid in cash no later than March 15, 2020.
Any amounts paid under the Iridium Bonus Plan are subject to recoupment from participants in accordance with any clawback policy that the
Company is required to adopt pursuant to applicable laws.
The description of the Iridium Bonus Plan contained herein is a summary of the
material terms of the Iridium Bonus Plan, does not purport to be complete, and is qualified in its entirety by reference to the Iridium Bonus Plan, which will be filed as an exhibit to the Company's Quarterly Report on Form
10-Q
for the quarter ending March 31, 2019.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
IRIDIUM COMMUNICATIONS INC.
By:
/s/ Matthew J. Desch
Date: February 15, 2019
Matthew J. Desch
Chief Executive
Officer