SBA Communications (SBAC) EVP logs RSU grants, PSU vesting and tax share withholdings

Rhea-AI Filing Summary

SBA Communications EVP and President – International Richard M. Cane reported multiple equity award grants, vestings, and related share conversions. On March 5, 2026, he received 6,717 restricted stock units and 6,716 performance restricted stock units, each representing a contingent right to receive one share of Class A Common Stock.

On March 6, 2026, previously granted restricted stock units and performance restricted stock units vested and were converted into Class A Common Stock, including a 2023 performance award of 2,081 PSUs that vested at 200% of target, making 4,162 shares issuable based on the performance condition. Several time-based restricted stock unit tranches of 694, 1,543, and 1,920 units also vested and converted into shares.

To cover tax liabilities, Cane had Class A Common Stock automatically withheld in multiple transactions coded “F,” totaling several hundred shares at a price of 195.6900 per share, as noted in the footnote that these shares were withheld for tax payment. After all transactions, he directly owned 12,404.064 shares of Class A Common Stock, which includes 238.733 shares acquired through a dividend reinvestment and employee stock purchase plan.

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

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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^*

CANE RICHARD M

(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; PRES. - INTERNATIONAL

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		694	A	$0	7,305.365(1)	D
Class A Common Stock	03/06/2026		F		273.089(2)	D	$195.69	7,032.276	D
Class A Common Stock	03/06/2026		M		4,162(3)	A	$0	11,194.276	D
Class A Common Stock	03/06/2026		F		1,032.741(2)	D	$195.69	10,161.535	D
Class A Common Stock	03/06/2026		M		1,543	A	$0	11,704.535	D
Class A Common Stock	03/06/2026		F		607.17(2)	D	$195.69	11,097.365	D
Class A Common Stock	03/06/2026		M		1,920	A	$0	13,017.365	D
Class A Common Stock	03/06/2026		F		613.301(2)	D	$195.69	12,404.064	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	(4)	03/06/2026		M			694	(5)	(5)	Class A Common Stock	694	$0	0	D
Performance Restricted Stock Units	(6)	03/06/2026		M			2,081(3)	(7)	(7)	Class A Common Stock	2,081	$0	0	D
Performance Restricted Stock Units	(6)	03/06/2026		D			2,081(8)	(9)	(10)	Class A Common Stock	2,081	$0	0	D
Restricted Stock Units	(4)	03/06/2026		M			1,543	(11)	(11)	Class A Common Stock	1,543	$0	1,543	D
Performance Restricted Stock Units	(6)							(10)	(10)	Class A Common Stock	4,629		4,629	D
Restricted Stock Units	(4)	03/06/2026		M			1,920	(12)	(12)	Class A Common Stock	1,920	$0	3,840	D
Performance Restricted Stock Units	(6)							(13)	(13)	Class A Common Stock	5,760		5,760	D
Restricted Stock Units	(4)	03/05/2026		A		6,717		(14)	(14)	Class A Common Stock	6,717	$0	6,717	D
Performance Restricted Stock Units	(6)	03/05/2026		A		6,716		(15)	(15)	Class A Common Stock	6,716	$0	6,716	D

Explanation of Responses:

1. Includes 238.733 shares acquired through a dividend reinvestment plan and the SBA Communications Corporation 2018 Employee Stock Purchase Plan.

2. Shares withheld for the payment of tax liability.

3. As previously reported on a Form 4, the Reporting Person was awarded 2,081 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 4,162 shares of Class A Common Stock became issuable to the Reporting Person.

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

5. These restricted stock units vest in accordance with the following schedule: 693 vested on the first anniversary of the grant date and 694 vested on each of the second and third anniversaries of the grant date (March 6, 2023).

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

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

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

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

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 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 to the following schedule; 1,543 vested on the first and second anniversaries and 1,543 vest on the third anniversary of the grant date (March 6, 2024).

12. These restricted stock units vest in accordance to the following schedule; 1,920 vested on the first anniversary and 1,920 vest on the second through third anniversaries 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: 2,239 vest on the first through third anniversaries 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	03/06/2026
	** Signature of Reporting Person	Date
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FAQ

What did SBA Communications (SBAC) executive Richard M. Cane report on this Form 4?

Richard M. Cane reported vesting and conversion of previously granted restricted and performance stock units into SBA Communications Class A Common Stock, new grants of 13,433 units on March 5, 2026, and automatic share withholdings used to satisfy tax liabilities associated with these equity awards.

What new equity awards did Richard M. Cane receive from SBA Communications (SBAC) on March 5, 2026?

On March 5, 2026, Cane received 6,717 restricted stock units and 6,716 performance restricted stock units, each representing a contingent right to one share of SBA Communications Class A Common Stock, with the performance units subject to a three-year performance period and payout that can vary up to 200% of target.

How did performance conditions affect Richard M. Cane’s 2023 SBA Communications PSU award?

Cane’s 2,081 performance restricted stock units granted March 6, 2023 vested on March 6, 2026 at 200% of target based on the performance condition, so 4,162 shares of SBA Communications Class A Common Stock became issuable to him under the performance formula described in the footnotes.

Why were SBA Communications (SBAC) shares withheld at $195.69 in Richard M. Cane’s Form 4?

Shares coded “F” were withheld at $195.6900 per share to pay tax liabilities tied to the vesting and settlement of Cane’s equity awards. The footnote specifies that these Class A Common Stock shares were retained by the issuer for tax payment rather than sold in open market transactions.

How many SBA Communications (SBAC) shares does Richard M. Cane own after these transactions?

After the reported transactions, Cane directly owns 12,404.064 shares of SBA Communications Class A Common Stock. This total includes 238.733 shares that were previously acquired through a dividend reinvestment plan and the SBA Communications Corporation 2018 Employee Stock Purchase Plan, as disclosed in the footnotes.

How do Richard M. Cane’s SBA Communications performance restricted stock units vest?

Performance restricted stock units generally have a three-year performance period and are earned based on SBA Communications’ results on specified financial metrics. Once earned, they vest on scheduled dates such as March 6, 2027 or March 5, 2029, with actual shares earned adjustable up to 200% of the target number.