SBAC CFO reports 1,588 RSUs vested; 624.878 shares withheld

SBA Communications (SBAC) insider transaction: The EVP–Chief Financial Officer reported RSU vesting and related tax withholding on 10/17/2025.

Rhea-AI Filing Summary

SBA Communications (SBAC) insider transaction: The EVP–Chief Financial Officer reported RSU vesting and related tax withholding on 10/17/2025. An RSU conversion (code M) delivered 1,588 shares of Class A Common Stock at $0. To cover taxes, 624.878 shares were withheld at $197.42 (code F). Following these events, direct beneficial ownership stands at 3,320.45 shares.

Outstanding equity awards disclosed include time-based RSUs and performance RSUs with scheduled or performance-based vesting through March 6, 2027 and March 6, 2028, per the award terms.

Insider Trade Summary

1,588 shares exercised/converted

Exercise 7 txns

Insider Montagner Marc

Role EVP - CHIEF FINANCIAL OFFICER

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	1,588	$0.00	$0.00
Exercise	Class A Common Stock	1,588	$0.00	$0.00
Exercise Price or Tax Liability	Class A Common Stock	624.878	$197.42	$123K
holding	Restricted Stock Units	--	--	--
holding	Performance Restricted Stock Units	--	--	--
holding	Restricted Stock Units	--	--	--
holding	Performance Restricted Stock Units	--	--	--

Holdings After Transaction: Restricted Stock Units — 13,086 contracts for 11,498 underlying shares (Direct); Class A Common Stock — 3,320.45 shares (Direct); Performance Restricted Stock Units — 13,569 contracts (Direct)

Footnotes (9)

1. F1. Includes 36.401 shares acquired through a dividend reinvestment plan.
2. F2. Shares withheld for payment of tax liability.
3. F3. Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
4. F4. These restricted stock units vest in accordance with the following schedule: 1,588 vested on each of the first and second anniversaries and 1,588 vests on the third anniversary of the grant date (October 17, 2023).
5. F5. These restricted stock units vest in accordance with the following schedule: 2,071 vested on the first anniversary and 2,072 vest on the second and third anniversaries of the grant date (March 6, 2024).
6. F6. Each performance restricted stock unit represents a contingent right to received one share of Class A Common Stock.
7. F7. These performance restricted stock units will be earned based upon the Issuer's performance on each of three different financial metrics during the three-year performance period. Once earned, the performance restricted stock units will vest on March 6, 2027. The number of shares of Class A Common Stock that will be earned is subject to decrease or increase (up to 200%) based on the results of the performance conditions.
8. F8. These restricted stock units vest in accordance with the following schedule: 2,451 vest on the first and second anniversaries and 2,452 vest on the third anniversary of the grant date (March 6, 2025).
9. F9. These performance restricted stock units will be earned based upon the Issuer's performance on each of three different financial metrics during the three-year performance period. Once earned, the performance restricted stock units will vest on March 6, 2028. The number of shares of Class A Common Stock that will be earned is subject to decrease or increase (up to 200%) based on the results of the performance conditions.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did SBAC’s CFO report on Form 4?

On 10/17/2025, an RSU conversion delivered 1,588 shares and 624.878 shares were withheld at $197.42 for taxes.

How many SBAC shares does the CFO own after the transaction?

Direct beneficial ownership is 3,320.45 shares of Class A Common Stock.

What was the nature of the share acquisition?

Shares were acquired via an RSU conversion (transaction code M) delivering 1,588 shares at $0.

Were any shares sold on the market?

The filing shows 624.878 shares withheld for taxes at $197.42 (code F), not an open-market sale.

What equity awards remain outstanding for the CFO at SBAC?

Disclosed awards include time-based RSUs and performance RSUs, with vesting schedules extending to March 6, 2027 and March 6, 2028.

What vesting detail was noted for the October 17, 2023 RSU grant?

It vests in three tranches: 1,588 on each of the first and second anniversaries and 1,588 on the third anniversary.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 10/27/2025 - 06:39 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Montagner Marc

(Last) (First) (Middle)

C/O SBA COMMUNICATIONS CORPORATION

8051 CONGRESS AVENUE

(Street)

BOCA RATON FL 33487

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SBA COMMUNICATIONS CORP [ SBAC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP - CHIEF FINANCIAL OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
10/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	10/17/2025		M		1,588	A	$0	3,945.328(1)	D
Class A Common Stock	10/17/2025		F		624.878(2)	D	$197.42	3,320.45	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(3)	10/17/2025		M			1,588	(4)	(4)	Class A Common Stock	1,588	$0	1,588	D
Restricted Stock Units	(3)							(5)	(5)	Class A Common Stock	4,144		4,144	D
Performance Restricted Stock Units	(6)							(7)	(7)	Class A Common Stock	6,215		6,215	D
Restricted Stock Units	(3)							(8)	(8)	Class A Common Stock	7,354		7,354	D
Performance Restricted Stock Units	(6)							(9)	(9)	Class A Common Stock	7,354		7,354	D

Explanation of Responses:

1. Includes 36.401 shares acquired through a dividend reinvestment plan.

2. Shares withheld for payment of tax liability.

3. Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

4. These restricted stock units vest in accordance with the following schedule: 1,588 vested on each of the first and second anniversaries and 1,588 vests on the third anniversary of the grant date (October 17, 2023).

5. These restricted stock units vest in accordance with the following schedule: 2,071 vested on the first anniversary and 2,072 vest on the second and third anniversaries of the grant date (March 6, 2024).

6. Each performance restricted stock unit represents a contingent right to received one share of Class A Common Stock.

7. These performance restricted stock units will be earned based upon the Issuer's performance on each of three different financial metrics during the three-year performance period. Once earned, the performance restricted stock units will vest on March 6, 2027. The number of shares of Class A Common Stock that will be earned is subject to decrease or increase (up to 200%) based on the results of the performance conditions.

8. These restricted stock units vest in accordance with the following schedule: 2,451 vest on the first and second anniversaries and 2,452 vest on the third anniversary of the grant date (March 6, 2025).

9. These performance restricted stock units will be earned based upon the Issuer's performance on each of three different financial metrics during the three-year performance period. Once earned, the performance restricted stock units will vest on March 6, 2028. The number of shares of Class A Common Stock that will be earned is subject to decrease or increase (up to 200%) based on the results of the performance conditions.

	/s/ Joshua Koenig, Attorney in Fact	10/27/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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