Rocket Lab Corp S-4/A, filed Aug 24, 2026

Rocket Lab Corp (RKLB)

S-4/A 2026-08-24

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Added on October 27, 2026

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Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨
		Emerging growth company	¨

	Page
NOTICE OF SPECIAL MEETING OF IRIDIUM STOCKHOLDERS	iv
REFERENCES TO ADDITIONAL INFORMATION	vi
DEFINED TERMS	vii
ABOUT THIS PROXY STATEMENT/PROSPECTUS	xi
QUESTIONS AND ANSWERS ABOUT THE MERGERS AND THE SPECIAL MEETING	1
About the Merger Agreement and the Mergers	1
About the Iridium Special Meeting	5
SUMMARY	11
Information about the Parties to the Mergers	11
The Iridium Special Meeting	12
The Mergers; Merger Consideration; Treatment of Stock-Based Awards	13
Treatment of Iridium Equity Awards	14
Iridium’s Reasons for the Mergers; Recommendation of the Iridium Board of Directors	15
Opinion of Iridium’s Financial Advisor	15
Interests of Iridium Directors and Executive Officers in the Mergers	15
Accounting Treatment of the Mergers	15
Financing the Mergers	16
Termination of Iridium’s Existing Debt	16
Appraisal Rights in the Mergers	16
Nasdaq Listing of Rocket Lab Common Stock; Delisting and Deregistration of Iridium Common Stock	17
Expected Timing of the Mergers	17
Material U.S. Federal Income Tax Consequences of the Mergers	17
Litigation Related to the Mergers	18
The Merger Agreement	18
Comparison of Rights of Stockholders of Rocket Lab and Iridium	21
Support Agreement	21
Risk Factors	22
RISK FACTORS	23
Risks Relating to the Mergers	23
Risks Relating to Rocket Lab after Consummation of the Mergers	30
Other Risk Factors of Rocket Lab and Iridium	32
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION	33
Notes to the Unaudited Pro Forma Condensed Combined Financial Information	42
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS	53
INFORMATION ABOUT THE PARTIES TO THE TRANSACTION	57
Rocket Lab Corporation	57
Iridium Communications Inc.	57
Ion Merger Sub I, Inc.	58
Ion Merger Sub II, LLC	58
THE IRIDIUM SPECIAL MEETING	59
Date, Time, Place and Purpose of the Iridium Special Meeting	59
Recommendation of the Iridium Board	59
Iridium Record Date; Outstanding Shares; Stockholders Entitled to Vote	60
Quorum	60
Required Vote	60
Voting Rights; Proxies; Revocation	61
Stock Ownership of and Voting by Iridium Directors and Executive Officers	62
Solicitation of Proxies; Expenses of Solicitation	63
THE MERGERS	64

	Page
Background of the Mergers	64
Iridium’s Reasons for the Mergers; Recommendation of the Iridium Board of Directors	73
Certain Iridium Unaudited Prospective Financial Information	78
Opinion of Iridium’s Financial Advisor	81
Interests of Iridium Directors and Executive Officers in the Mergers	90
Accounting Treatment of the Mergers	96
Regulatory Approvals Required for the Mergers	96
Financing the Mergers	98
Termination of Iridium’s Existing Debt	98
Appraisal Rights in the Mergers	98
Nasdaq Listing of Rocket Lab Common Stock; Delisting and Deregistration of Iridium Common Stock	103
Expected Timing of the Mergers	103
Material U.S. Federal Income Tax Consequences of the Mergers	103
Litigation Related to the Mergers	107
THE MERGER AGREEMENT	108
Explanatory Note Regarding the Merger Agreement	108
Structure of the Mergers	108
Closing	109
Merger Consideration Received by Iridium Stockholders; Withholding Rights	109
Conversion of Shares; Exchange of Certificates; No Fractional Shares	111
Dissenting Shares	112
Treatment of Iridium Equity Awards	113
Representations and Warranties	113
Covenants and Agreements	116
Iridium Stockholder Meeting and Recommendation of Iridium’s Board of Directors	123
Conditions to the Mergers	127
Termination	128
Effect of Termination	129
Termination Fees and Other Fees	130
Expenses	130
Amendment or Supplement; Extension of Time; Waiver	131
No Third-Party Beneficiary	131
Applicable Law; Jurisdiction	131
Specific Performance	131
SUPPORT AGREEMENT	132
Voting Covenant	132
Waiver of Appraisal Rights	132
Capacity as a Stockholder	132
Termination	133
IRIDIUM PROPOSALS	134
Proposal 1: The Merger Agreement Proposal	134
Proposal 2: The Merger-Related Compensation Proposal	134
Proposal 3: The Adjournment Proposal	135
DESCRIPTION OF ROCKET LAB CAPITAL STOCK	136
General	136
Rocket Lab Common Stock	136
Preferred Stock	136
Description of Certain Terms in Rocket Lab’s Charter Documents and Delaware Law That May Have Anti-Takeover Effects	138
Transfer Agent and Registrar	141

	Page
Exchange Listing	141
COMPARISON OF RIGHTS OF STOCKHOLDERS OF ROCKET LAB AND IRIDIUM	142
LEGAL MATTERS	148
EXPERTS	148
IRIDIUM STOCKHOLDER PROPOSALS	148
HOUSEHOLDING	148
WHERE YOU CAN FIND MORE INFORMATION	149
Rocket Lab	149
Iridium	150
ANNEX A—AGREEMENT AND PLAN OF MERGER	A-1
ANNEX B—SUPPORT AGREEMENT	B-1
ANNEX C—OPINION OF IRIDIUM’S FINANCIAL ADVISOR	C-1
ANNEX D—SECTION 262 OF THE GENERAL CORPORATION LAW OF THE STATE OF DELAWARE	D-1
PART II—INFORMATION NOT REQUIRED IN PROSPECTUS	II-1
Item 20. Indemnification of Directors and Officers	II-1
Item 21. Exhibits	II-1
Item 22. Undertakings	II-3

			Iridium		Transaction				Transaction
			Historical, as		Accounting				Accounting
	Rocket Lab		Reclassified		Adjustments -				Adjustments -			Pro Forma
	(Historical)		(Note 3)		Purchase			(Note 5)	Financing		(Note 6)	Combined
Assets
Current assets:
Cash and cash equivalents	$	2,129,485	$	184,214	$	(4,882,776	)	(a)(b)(h)	$	3,574,340	(a)	$	1,005,263
Marketable securities, current		172,700		—		—				—			172,700
Accounts receivable, net		112,889		104,515		—				—			217,404
Contract assets		94,245		3,086		—				—			97,331
Inventories		266,931		63,470		—				—			330,401
Prepaids and other current assets		119,509		21,781		(12,600	)	(b)		—			128,690
Total current assets		2,895,759		377,066		(4,895,376	)			3,574,340			1,951,789
Non-current assets:
Property, plant and equipment, net		393,946		1,927,018		9,209		(c)		—			2,330,173
Intangible assets, net		320,415		82,666		4,246,672		(d)		—			4,649,753
Goodwill		299,072		98,942		2,102,842		(e)		—			2,500,856
Right-of-use assets - operating leases		113,690		25,096		—				—			138,786
Right-of-use assets - finance leases		12,349		—		—				—			12,349
Marketable securities, non-current		85,405		—		—				—			85,405
Restricted cash		8,413		199		—				—			8,612
Deferred income tax assets, net		1,057		2,198		—				—			3,255
Other non-current assets		57,268		51,908		(7,100	)	(f)		—			102,076
Total assets	$	4,187,374	$	2,565,093	$	1,456,247			$	3,574,340		$	11,783,054


Liabilities and Stockholders’ Equity
Current liabilities:
Trade payables	$	74,512	$	28,460	$	(11,292	)	(b)	$	—		$	91,680
Accrued expenses		44,206		291		(18,661	)	(b)		—			25,836
Employee benefits payable		29,118		32,685		—				—			61,803
Contract liabilities		351,193		79,181		—				—			430,374
Current installments of long-term borrowings		—		12,532		(12,532	)	(f)		—			—
Bridge Facility, net		—		—		—				3,574,340	(a)		3,574,340

				Iridium			Transaction				Transaction
	Rocket Lab			Historical, as Reclassified			Accounting Adjustments -				Accounting Adjustments -				Pro Forma
	(Historical)			(Note 3)			Purchase			(Note 5)	Financing			(Note 6)	Combined
Revenues:
Product revenues	$	308,835		$	40,986		$	—			$	—			$	349,821
Service revenues		125,579			403,308			—				—				528,887
Total revenues		434,414			444,294			—				—				878,708

Cost of revenues:
Cost of product revenues		198,523			35,549			1,748		(i)(j)		—				235,820
Cost of service revenues		74,822			190,285			24,087		(i)(j)		—				289,194
Total cost of revenues		273,345			225,834			25,835				—				525,014
Gross profit		161,069			218,460			(25,835	)			—				353,694

Operating expenses:
Research and development, net		162,942			11,704			548		(j)		—				175,194
Selling, general and administrative		111,610			122,035			50,945		(i)(j)(k)		—				284,590
Total operating expenses		274,552			133,739			51,493				—				459,784
Operating income (loss)		(113,483	)		84,721			(77,328	)			—				(106,090	)

Other income (expense):
Interest expense		(1,855	)		(41,859	)		41,859		(l)		(141,357	)	(b)		(143,212	)
Interest income		26,635			3,247			—				—				29,882
Loss on foreign exchange		(1,798	)		(645	)		—				—				(2,443	)
Other income, net		(244	)		(2,239	)		—				—				(2,483	)
Total other income (expense), net		22,738			(41,496	)		41,859				(141,357	)			(118,256	)
Income (loss) before income taxes		(90,745	)		43,225			(35,469	)			(141,357	)			(224,346	)

Benefit (provision) for income taxes		(3,535	)		(11,952	)		52,305		(m)		32,851		(c)		69,669
Net income (loss)	$	(94,280	)	$	31,273		$	16,836			$	(108,506	)		$	(154,677	)
Weighted-average common shares outstanding																(Note 7)
Basic and diluted		617,625			106,648											658,944
Net income (loss) per share

	Rocket Lab			Iridium Historical, as Reclassified			Transaction Accounting Adjustments-				Transaction Accounting Adjustments -				Pro Forma
	(Historical)			(Note 3)			Purchase			(Note 5)	Financing			(Note 6)	Combined
Revenues:
Product revenues	$	371,617		$	81,109		$	—			$	—			$	452,726
Service revenues		230,182			790,550			—				—				1,020,732
Total revenues		601,799			871,659			—				—				1,473,458

Cost of revenues:
Cost of product revenues		252,848			68,659			3,546		(i)(j)		—				325,053
Cost of service revenues		141,770			375,723			59,928		(i)(j)		—				577,421
Total cost of revenues		394,618			444,382			63,474				—				902,474
Gross profit		207,181			427,277			(63,474	)			—				570,984

Operating expenses:
Research and development, net		270,716			19,758			2,317		(j)		—				292,791
Selling, general and administrative		165,303			171,539			254,793		(i)(j)(k)		—				591,635
Total operating expenses		436,019			191,297			257,110				—				884,426
Operating income (loss)		(228,838	)		235,980			(320,584	)			—				(313,442	)

Other income (expense):
Interest expense		(26,489	)		(93,529	)		93,529		(l)		(285,669	)	(b)		(312,158	)
Interest income		25,512			5,277			—				—				30,789
Loss on foreign exchange		(463	)		(2,823	)		—				—				(3,286	)
Other income, net		4,381			(2,915	)		—				—				1,466
Total other income (expense), net		2,941			(93,990	)		93,529				(285,669	)			(283,189	)
Income (loss) before income taxes		(225,897	)		141,990			(227,055	)			(285,669	)			(596,631	)

Benefit (provision) for income taxes		27,688			(27,618	)		327,134		(m)		66,389		(c)		393,593

Consolidated Balance Sheet presentation as of June 30, 2026
Rocket Lab	Iridium	Iridium Historical			Reclassification			Note	Iridium Historical, as Reclassified
Cash and cash equivalents	Cash and cash equivalents	$	184,214		$	—			$	184,214
Accounts receivable, net	Accounts receivable, net		104,515			—				104,515
Contract assets			—			3,086		(a)		3,086
Inventories	Inventory		63,470			—				63,470
Prepaids and other current assets	Prepaid expenses and other current assets		24,867			(3,086	)	(a)		21,781
Property, plant and equipment, net	Property and equipment, net		1,927,018			—				1,927,018
Intangible assets, net	Intangible assets, net		82,666			—				82,666
Goodwill	Goodwill		98,942			—				98,942
Right-of-use assets - operating leases			—			25,096		(b)		25,096
Restricted cash			—			199		(b)		199
Deferred income tax assets, net			—			2,198		(b)		2,198
Other non-current assets	Other assets		41,890			10,018		(b) (c)		51,908
	Equity method investments		37,511			(37,511	)	(c)		—
Trade payables	Accounts payable		11,521			16,939		(d)		28,460
Accrued expenses	Accrued expenses and other current liabilities		74,260			(73,969	)	(d)		291
Employee benefits payable			—			32,685		(d)		32,685
Contract liabilities	Deferred revenue		37,222			41,959		(e)		79,181
Current installments of long-term borrowings	Short-term secured debt		12,532			—				12,532
Other current liabilities			—			24,345		(d)		24,345
Long-term borrowings, net excluding current installments	Long-term secured debt, net		1,749,342			—				1,749,342
Non-current operating lease liabilities			—			25,289		(f)		25,289
Deferred tax liabilities	Deferred income tax liabilities, net		138,424			—				138,424
	Deferred revenue, net of current portion		41,959			(41,959	)	(e)		—
Other non-current liabilities	Other long-term liabilities		27,322			(25,289	)	(f)		2,033
Common stock	Common stock		106			—				106
Additional paid-in capital	Additional paid-in capital		864,367			—				864,367
Accumulated deficit	Accumulated deficit		(387,281	)		—				(387,281	)
Accumulated other comprehensive loss	Accumulated other comprehensive income (loss), net of tax	$	(4,681	)	$	—			$	(4,681	)

Consolidated Statement of Operations presentation for the six months ended June 30, 2026
Rocket Lab	Iridium	Iridium Historical			Reclassification			Note	Iridium Historical, as Reclassified
Product revenues	Subscriber equipment	$	40,986		$	—			$	40,986
Service revenues	Services		319,357			83,951		(a)		403,308
	Engineering and support services		83,951			(83,951	)	(a)		—
Cost of product revenues	Cost of subscriber equipment		26,492			9,057		(b)		35,549
Cost of service revenues	Cost of services		100,950			89,335		(b)		190,285
Research and development, net	Research and development		11,704			—				11,704
Selling, general and administrative	Selling, general, and administrative		112,823			9,212		(b)		122,035
	Depreciation and amortization		107,604			(107,604	)	(b)		—
Interest expense	Interest expense, net		(38,612	)		(3,247	)	(c)		(41,859	)
Interest income			—			3,247		(c)		3,247
Loss on foreign exchange			—			(645	)	(d)		(645	)
Other income, net	Other expense, net		(642	)		(1,597	)	(d) (e)		(2,239	)
	Loss on equity method investments		(2,242	)		2,242		(e)		—
Benefit (provision) for income taxes	Income tax expense		(11,952	)		—				(11,952	)

(in thousands, except price per share).		Estimated Purchase Price
Shares of Iridium Common Stock outstanding at June 30, 2026	[A]		105,956,272
Total Stock Consideration
Exchange Ratio	[B]		0.3894
Estimated shares of Rocket Lab Common Stock issuable to Iridium stockholders	[A] * [B] = [C]		41,259,372
Multiplied by 10-day VWAP per share of Rocket Lab Common Stock ending August 7, 2026	[D]	$	69.33

(in thousands, except price per share).		Estimated Purchase Price
Estimated fair value of Stock Consideration	[C] * [D] = [E]		2,860,533
Total Cash Consideration
Cash Consideration per share	[F]	$	27
Total Cash Consideration	[A] * [F] = [G]		2,860,819
Acquisition date fair value attributable to:
Iridium RSU Awards		$	80,682
Iridium CSAR Awards¹			5,443
Iridium Option Awards ²			7,674
Total fair value from stock awards	[H]		93,799
Pay-off of Iridium’s existing debt	[I]		1,774,721
Total estimated preliminary consideration	[E] + [G] + [H] +[I]	$	7,589,872

	Estimated Fair Value
Total estimated purchase price	$	7,589,872
Assets:
Cash and cash equivalents		184,214
Accounts receivable, net		104,515
Contract assets		3,086
Inventories		63,470
Prepaids and other current assets		21,781
Property, plant and equipment, net		1,927,018
Intangible assets, net		4,329,338
Right-of-use assets - operating leases		25,096
Restricted cash		199
Deferred income tax assets, net		2,198
Other non-current assets		44,808
Total assets acquired		6,705,723
Liabilities:
Trade payables		28,460
Accrued expenses		291
Employee benefits payable		32,685
Contract liabilities		79,181
Other current liabilities		24,345
Non-current operating lease liabilities		25,289
Deferred tax liabilities		1,125,351
Other non-current liabilities		2,033
Total liabilities assumed		1,317,635
Identifiable net assets acquired		5,388,088
Goodwill		2,201,784
Total estimated purchase price	$	7,589,872

Description	Amount
Cash Consideration	$	(2,860,819	)
Pay-off of Iridium’s existing debt		(1,774,721	)
Equity issuance cost		(18,000	)
Transaction costs paid at the Closing		(229,236	)
Total pro forma adjustment	$	(4,882,776	)

	As of June 30, 2026
Estimated goodwill	$	2,201,784
Elimination of Iridium historical goodwill		(98,942	)
Net adjustment to goodwill	$	2,102,842

	As of June 30, 2026
Other non-current assets	$	7,100
Current installments of long-term borrowings		12,532
Long-term borrowings, net excluding current installments		1,749,342

	Preferred Stock		Common Stock			Additional paid-in capital			Accumulated other comprehensive loss		Accumulated deficit
Elimination of Iridium’s historical equity balances	$	—	$	(106	)	$	(864,367	)	$	4,681	$	387,281
Rocket Lab transaction-related costs⁽¹⁾		—		—			—			—		(211,883	)
Aggregate Stock Consideration				4,126			2,950,206			—
Capitalization of Iridium converted equity awards⁽²⁾		—		—			—			—		9,209
Tax adjustments		—		—			—			—		313,719
Equity issuance cost		—		—			(18,000	)		—		—
Total pro forma adjustment	$	—	$	4,020		$	2,067,839		$	4,681	$	498,326

				Pro Forma Amortization Expense
(in thousands, except for useful lives)	Preliminary Fair Value		Estimated Useful Life (in years)	Six Months Ended June 30, 2026		Year Ended December 31, 2025
Spectrum	$	3,315,500	Indefinite		N/A		N/A
Customer Relationships		447,379	15		14,913		29,825
Technology		566,459	15		18,882		37,765
Total	$	4,329,338		$	33,795	$	67,590
Less: Historical amortization expense					4,262	$	3,949
Total pro forma adjustment for amortization expense				$	29,533	$	63,641

	Six Months Ended June 30, 2026
	Historical Amortization Expense (Note 3)		Pro Forma Amortization Expense		Total Pro Forma Adjustment
Cost of product revenues	$	—	$	1,742	$	1,742
Cost of service revenues		217		17,140		16,923
Selling, general and administrative		4,045		14,913		10,868
Total amortization expense	$	4,262	$	33,795	$	29,533

	Year Ended December 31, 2025
	Historical Amortization Expense (Note 3)		Pro Forma Amortization Expense		Total Pro Forma Adjustment
Cost of product revenues	$	—	$	3,514	$	3,514
Cost of service revenues		434		34,251		33,817
Selling, general and administrative		3,515		29,825		26,310
Total amortization expense	$	3,949	$	67,590	$	63,641

	Six Months Ended June 30, 2026		Year Ended December 31, 2025
Iridium RSU Awards converted to Rocket Lab RSUs	$	21,824	$	55,070
Iridium PSU Awards converted to Rocket Lab RSUs		4,062		7,845
Iridium CSAR Awards		909		2,581
Iridium Option Awards		—		564
Total pro forma adjustment	$	26,795	$	66,060

Description	Amount
Gross proceeds from Bridge Facility	$	3,600,000
Less: Bridge Facility issuance costs		(25,660	)
Total pro forma adjustment	$	3,574,340

	Six Months Ended June 30, 2026			Year Ended December 31, 2025
Pro forma net income (loss)	$	(154,677	)	$	(203,038	)
Weighted average common shares outstanding—
Historical Rocket Lab weighted average common shares outstanding		617,625,210			530,664,781

	Six Months Ended June 30, 2026			Year Ended December 31, 2025
Shares of Rocket Lab Common Stock issued in the Mergers		41,259,372			40,855,184
Iridium Options, as converted		59,848			76,104
Pro forma Rocket Lab weighted average common shares outstanding		658,944,430			571,596,069
Pro forma combined basic and diluted net income (loss) per share	$	(0.23	)	$	(0.36	)

	Six Months Ended June 30, 2026						Year Ended December 31, 2025
	Minimum			Maximum			Minimum			Maximum
Shares of Iridium Common Stock as of June 30, 2026		105,956,272			105,956,272			105,956,272			105,956,272
Rocket Lab Stock Price (minimum and maximum ends of range)	$	67.50		$	112.50		$	67.50		$	112.50
Exchange Ratio (minimum and maximum ends of range)		0.4000			0.2400			0.4000			0.2400

Historical Rocket Lab weighted average common shares outstanding		617,625,210			617,625,210			530,664,781			530,664,781
Stock Consideration, as converted		42,382,509			25,429,505			42,382,509			25,429,505
Iridium Options, as converted		59,848			59,848			76,104			76,104
Pro forma Rocket Lab weighted average common shares outstanding		660,067,567			643,114,563			573,123,394			556,170,390
Pro forma combined basic net income (loss) per share	$	(0.23	)	$	(0.24	)	$	(0.35	)	$	(0.37	)

	2026		2027		2028		2029		2030
Revenue	$	892	$	896	$	929	$	972	$	1,016
Adj. OEBITDA ⁽¹⁾	$	475	$	509	$	540	$	570	$	603
Unlevered FCF ⁽²⁾	$	383	$	430	$	614	$	415	$	427

	2026 2H		2027		2028		2029		2030		2031			2032		2033		2034		2035
Revenue	$	505	$	1,039	$	1,099	$	1,167	$	1,242	$	1,323		$	1,405	$	1,466	$	1,531	$	1,594
Adj. OEBITDA ⁽¹⁾	$	269	$	577	$	633	$	687	$	748	$	814		$	880	$	928	$	977	$	1,024
Unlevered FCF ⁽²⁾	$	196	$	395	$	444	$	484	$	529	$	(21	)	$	28	$	66	$	103	$	135

Company	TEV / 2026E EBITDA ⁽¹⁾	TEV / 2027E EBITDA ⁽¹⁾
AST SpaceMobile, Inc.	NM	NM
Viasat, Inc.	8.8x	8.5x
SES S.A.	6.5x	6.4x

Month and Year Announced	Acquirer	Target	TEV / LTM Adjusted EBITDA ⁽¹⁾
August 2020	IntelSat S.A.	Gogo Commercial Aviation	11.1x ⁽²⁾
October 2020	Centerbridge Partners	Speedcast Ltd.	11.9x ⁽³⁾
December 2020	Viasat, Inc.	RigNet, Inc.	5.9x
April 2021	GI Partners	ORBCOMM Inc.	20.5x
September 2021	Providence Equity Partners	Marlink	10.0x

Company	TEV / 2027E Revenue	TEV / 2028E Revenue
ARM Holdings PLC	47x	35x
Rocket Lab	42x	33x
AST SpaceMobile, Inc.	37x	15x
Astera Labs, Inc.	31x	25x
SpaceX	30x	20x
Palantir Technologies Inc.	25x	17x
Cloudflare Inc.	23x	18x
Marvell Technology, Inc.	15x	11x
AppLovin Corporation	15x	12x
Cerebras Systems Inc.	14x	6x
Credo Technology Group Holding Ltd.	13x	10x
Bloom Energy	13x	8x
Western Digital Corporation	11x	9x
Seagate Technology Holdings PLC	11x	9x
Tower Semiconductor Ltd.	11x	9x
Advanced Micro Devices, Inc.	11x	8x
Snowflake Inc.	11x	9x
Broadcom Inc.	10x	8x
NVIDIA Corporation	9x	7x
Axon Enterprise Inc.	8x	6x
Ciena Corporation	8x	7x
Reddit	7x	6x
Nebius Group N.V.	6x	3x
FTAI Aviation Ltd.	6x	4x
Oracle Corporation	5x	4x
CoreWeave, Inc.	3x	2x

Transaction Consideration	1-Day Premia Average			1-Day Premia Median			1-Week VWAP Premia Average			1-Week VWAP Premia Median			4-Week VWAP Premia Average			4-Week VWAP Premia Median
All Transactions		44.3	%		33.6	%		44.7	%		34.6	%		48.5	%		38.4	%
All Cash		44.3	%		34.5	%		45.3	%		35.7	%		48.4	%		39.1	%
Cash and Stock		43.6	%		26.9	%		41.3	%		26.4	%		47.1	%		33.7	%

Name		Position
Matthew J. Desch		Chief Executive Officer
Vincent J. O’Neill		Chief Financial Officer
Suzanne E. McBride		Chief Operations Officer
Kathleen A. Morgan		Chief Legal Officer and Corporate Secretary
Scott T. Scheimreif		Executive Vice President, Government Programs

Name	Cash ⁽¹⁾		Equity⁽²⁾		Perquisites/ Benefits⁽³⁾		Total
Matthew J. Desch	$	5,254,165	$	30,135,360	$	24,915	$	35,414,440
Vincent J. O’Neill	$	1,691,250	$	6,837,456	$	35,411	$	8,564,117
Suzanne E. McBride	$	1,737,302	$	13,874,100	$	27,997	$	15,639,399
Kathleen A. Morgan	$	2,237,155	$	6,911,141	$	28,298	$	9,176,594
Scott T. Scheimreif	$	1,292,716	$	6,684,384	$	27,997	$	8,005,097

Name	Cash Severance^(a⁾		Annual Target Bonus Severance^(b)		Retention Award^(c)		Total
Matthew J. Desch	$	4,203,332	$	1,050,833	$	-	$	5,254,165
Vincent J. O’Neill	$	1,014,750	$	266,500	$	410,000	$	1,691,250
Suzanne E. McBride	$	1,340,204	$	397,098	$	-	$	1,737,302
Kathleen A. Morgan	$	1,080,382	$	283,737	$	873,036	$	2,237,155
Scott T. Scheimreif	$	1,023,831	$	268,885	$	-	$	1,292,716

	Iridium RSU Awards^(a)				Iridium PSU Awards ^(b)
Name	Number of Shares (#)		Value		Number of Shares (#)		Value		Total Value
Matthew J. Desch		396,133	$	21,510,022		158,846	$	8,625,338	$	30,135,360
Vincent J. O’Neill		102,156	$	5,547,071		23,764	$	1,290,385	$	6,837,456
Suzanne E. McBride^(c)		175,279	$	9,517,650		64,652	$	3,510,604	$	13,028,253
Kathleen A. Morgan		93,239	$	5,062,878		34,038	$	1,848,263	$	6,911,141
Scott T. Scheimreif		89,063	$	4,836,121		34,038	$	1,848,263	$	6,684,384

	(a)	Unvested Iridium RSU Awards and applicable service-based conditions of Iridium PSU Awards held by the executive officers may otherwise accelerate in connection with a qualified retirement under the Company’s “sum of 70 program.” To be an eligible participant, at the time of retirement, the award must have been outstanding for at least six (6) months, and the executive officer must have attained (1) a minimum age of 55, (2) a minimum of 10 years of continuous service with us or one of our subsidiaries, and (3) a minimum of 70 combined years of age and continuous service with us or one of our subsidiaries. As of August 10, 2026, each executive officer, except for Ms. McBride, is retirement-eligible under the sum of 70 program.
	(b)	Includes Iridium PSU Awards granted in the fiscal year 2024 for which performance was certified in March 2026 and which remain subject to vesting based on continued service.
	(c)	Ms. McBride also holds 27,154 fully vested stock options, each with a per-share exercise price of $23.15, all of which will be cancelled and converted into the right to receive the Merger Consideration, as described above in the section titled “—Treatment of Iridium Equity Awards Held by Iridium’s Directors and Executive Officers,” the aggregate estimated value of which is $845,847. Such amounts are considered “single-trigger” payments and are included in the “Equity” column in the “Golden Parachute Compensation” table above.