Material agreement

Summary

• Iridium entered into the Agreement and Plan of Merger with Rocket Lab Corporation and two merger subsidiaries on June 28, 2026.
• Each share of Iridium common stock will be converted into the right to receive $27.00 in cash plus a number of Rocket Lab shares set by the Exchange Ratio.
• The Exchange Ratio is 0.4000 if the Rocket Lab stock price is at or below $67.50, the quotient of $27.00 divided by the price between $67.50 and $112.50, and 0.2400 at or above $112.50.
• Iridium's board of directors unanimously approved the Merger Agreement and resolved to recommend that stockholders approve its adoption.
• The agreement provides for a termination fee of $223.62 million payable by Iridium to Rocket Lab under specified circumstances.
• Either party may terminate if the transaction has not been completed on or before June 28, 2027, a date that may be extended to September 28, 2027 and December 28, 2027.

Why it mattersThese are the definitive terms Iridium stockholders will vote on. The collar fixes the stock component's range and the fee sets the cost of walking away.