Proxy Statement

The company is seeking stockholder approval to increase the share reserve under its 2024 Incentive Award Plan by 10 million shares and extend the plan's expiration date to October 2035, citing the need for sufficient equity compensation tools to attract and retain talent as the company develops its satellite-based mobile broadband service. As of mid-2025, the company had 3.4 million outstanding restricted stock units and 67,000 stock options outstanding, with only 527,006 shares remaining available under the current plan as of the record date. The executive compensation program for 2024 included base salaries ranging from $250,000 for operating executives, discretionary cash bonuses totaling $525,000 across two executives, and substantial equity awards with grant date values exceeding $2.3 million per executive for the three most-compensated named officers.