SBA Communications (NASDAQ: SBAC) EVP Day gains stock via awards and tax withholding

Rhea-AI Filing Summary

SBA Communications EVP - Site Leasing Donald Day reported equity award activity and related tax withholding. On March 5, 2026, he was granted 5,005 restricted stock units and 5,005 performance restricted stock units, each representing a contingent right to one share of Class A Common Stock. On March 6, 2026, several previously granted RSU and PSU awards vested, including 809 performance RSUs from March 6, 2023 that vested at 200% of target, making 1,618 Class A shares issuable. The company withheld portions of the vested stock at $195.69 per share to cover tax liabilities. Following these exercises, conversions and withholdings, Day directly owned 9,706.031 shares of SBA Communications Class A Common Stock.

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

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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^*

DAY DONALD

(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 - SITE LEASING

3. Date of Earliest Transaction (Month/Day/Year)
03/05/2026

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	03/06/2026		M		270	A	$0	7,600.969	D
Class A Common Stock	03/06/2026		F		100.845(1)	D	$195.69	7,500.124	D
Class A Common Stock	03/06/2026		M		1,618(2)	A	$0	9,118.124	D
Class A Common Stock	03/06/2026		F		604.323(1)	D	$195.69	8,513.801	D
Class A Common Stock	03/06/2026		M		555	A	$0	9,068.801	D
Class A Common Stock	03/06/2026		F		207.292(1)	D	$195.69	8,861.509	D
Class A Common Stock	03/06/2026		M		1,348	A	$0	10,209.509	D
Class A Common Stock	03/06/2026		F		503.478(1)	D	$195.69	9,706.031	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)	03/06/2026		M			270	(4)	(4)	Class A Common Stock	270	$0	0	D
Performance Restricted Stock Units	(5)	03/06/2026		M			809(2)	(6)	(6)	Class A Common Stock	809	$0	0	D
Performance Restricted Stock Units	(5)	03/06/2026		D			809(7)	(8)	(8)	Class A Common Stock	809	$0	0	D
Restricted Stock Units	(3)	03/06/2026		M			555	(9)	(9)	Class A Common Stock	555	$0	555	D
Performance Restricted Stock Units	(5)							(10)	(10)	Class A Common Stock	1,665		1,665	D
Restricted Stock Units	(3)							(11)	(11)	Class A Common Stock	914		914	D
Restricted Stock Units	(3)	03/06/2026		M			1,348	(12)	(12)	Class A Common Stock	1,348	$0	2,697	D
Performance Restricted Stock Units	(5)							(13)	(13)	Class A Common Stock	4,045		4,045	D
Restricted Stock Units	(3)	03/05/2026		A		5,005		(14)	(14)	Class A Common Stock	5,005	$0	5,005	D
Performance Restricted Stock Units	(5)	03/05/2026		A		5,005		(15)	(15)	Class A Common Stock	5,005	$0	5,005	D

Explanation of Responses:

1. Shares withheld for payment of tax liability.

2. As previously reported on a Form 4, the Reporting Person was awarded 809 performance restricted stock units ("PSUs") on March 6, 2023 which were subject to increase or decrease based on the results of the performance condition. On March 6, 2026, these PSUs vested at 200% of target based on the results of the performance condition, such that 1618 shares of Class A Common Stock became issuable to the Reporting Person.

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: 269 vested on the first anniversary of the grant date and 270 vested on the second anniversary and 270 vested on the third anniversary of the grant date (March 6, 2023).

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

6. These performance restricted stock units have a three-year performance period and to the extent earned will vest on March 6, 2026. The number of shares of Class A Common Stock that will be earned is subject to increase (up to 200%) or decrease based on the results of the performance condition.

7. The PSUs previously reported as acquired by the reporting person were forfeited because the minimum performance criteria required for vesting was not met.

8. These performance restricted stock units have a three-year performance period and to the extent earned will vest on March 6, 2026. The number of shares of Class A Common Stock that will be earned is subject to increase (up to 200%) or decrease based on the results of the performance condition.

9. These restricted stock units vest in accordance with the following schedule: 555 vested on the first and second anniversary and 555 will vest on the third anniversaries of the grant date (March 6, 2024).

10. 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 at the end of the three-year performance period is subject to decrease or increase (up to 200%) based on the results of the performance conditions.

11. These restricted stock units vest in accordance with the following schedule: 456 vest on the first anniversary of the grant date and 457 vest on the second and third anniversaries of the grant date (August 1, 2024).

12. These restricted stock units vest in accordance with the following schedule: 1,348 vested on the first anniversary; 1,348 will vest on the second anniversary of the grant date and 1,349 vest on the third anniversary of the grant date (March 6, 2025).

13. 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.

14. These restricted stock units vest in accordance with the following schedule: 1,668 will vest on the first and second anniversaries and 1,669 will vest on the third anniversary of the grant date (March 5, 2026).

15. 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 5, 2029. 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 Westerman, Attorney-in-Fact	03/09/2026
	** 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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FAQ

What insider transactions did SBA Communications (SBAC) EVP Donald Day report?

Donald Day reported RSU and performance RSU grants plus vesting-related share issuances. Several awards converted into Class A Common Stock, while a portion of the resulting shares was withheld by SBA Communications to settle associated tax liabilities at a disclosed market price.

How many restricted stock units were granted to SBAC EVP Donald Day?

Donald Day received 5,005 restricted stock units and 5,005 performance restricted stock units on March 5, 2026. Each unit represents a contingent right to one share of SBA Communications Class A Common Stock, subject to service-based vesting or performance conditions over multi-year periods.

What happened with Donald Day’s March 6, 2023 performance RSUs at SBA Communications (SBAC)?

On March 6, 2026, 809 performance restricted stock units granted March 6, 2023 vested at 200% of target. Based on the achieved performance condition, this vesting resulted in 1,618 shares of SBA Communications Class A Common Stock becoming issuable to Donald Day.

Why were some SBAC shares disposed of in Donald Day’s Form 4 filing?

Dispositions reported under code F reflect shares withheld to pay tax liabilities. SBA Communications retained portions of vested Class A Common Stock at a price of $195.69 per share, using those shares to satisfy exercise price or withholding tax obligations instead of cash payments.

How many SBA Communications (SBAC) shares does Donald Day own after these transactions?

After the reported exercises, conversions, and tax-withholding dispositions, Donald Day directly owned 9,706.031 shares of SBA Communications Class A Common Stock. This figure reflects net ownership following both the issuance of shares from vested units and the shares withheld for taxes.

How do SBA Communications performance restricted stock units for Donald Day vest?

Performance restricted stock units generally have a three-year performance period, with shares earned based on financial metrics. Once earned, they vest on specified dates such as March 6, 2026, March 6, 2027, March 6, 2028, or March 5, 2029, with potential payouts up to 200% of target.