SBA Communications (SBAC) EVP logs major equity grants and vesting

Rhea-AI Filing Summary

SBA Communications EVP – Operations Mark R. Ciarfella reported multiple equity-compensation transactions in company securities. On March 5, 2026, he received grants of 6,717 restricted stock units and 6,716 performance restricted stock units, each representing a contingent right to one share of Class A Common Stock, with multi-year vesting and performance conditions.

On March 6, 2026, previously awarded restricted stock units and performance restricted stock units vested, including 2,144 performance units granted in 2023 that vested at 200% of target, making 4,288 shares of Class A Common Stock issuable. Several Class A Common Stock transactions coded “F” reflect shares delivered at $195.69 per share to cover exercise price or tax liabilities, and his direct Class A Common Stock holdings after these transactions were 42,820.9871 shares.

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^*

Ciarfella Mark R

(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 - OPERATIONS

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		715	A	$0	38,323.6651	D
Class A Common Stock	03/06/2026		F		264.55(1)	D	$195.69	38,059.1151	D
Class A Common Stock	03/06/2026		M		4,288(2)	A	$0	42,347.1151	D
Class A Common Stock	03/06/2026		F		1,663.75(1)	D	$195.69	40,683.3651	D
Class A Common Stock	03/06/2026		M		1,532	A	$0	42,215.3651	D
Class A Common Stock	03/06/2026		F		566.84(1)	D	$195.69	41,648.5251	D
Class A Common Stock	03/06/2026		M		1,848	A	$0	43,496.5251	D
Class A Common Stock	03/06/2026		F		675.538(1)	D	$195.69	42,820.9871	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			715	(4)	(4)	Class A Common Stock	715	$0	0	D
Performance Restricted Stock Units	(5)	03/06/2026		M			2,144	(6)	(6)	Class A Common Stock	2,144	$0	0	D
Performance Restricted Stock Units	(5)	03/06/2026		D			2,144(7)	(8)	(8)	Class A Common Stock	2,144	$0	0	D
Restricted Stock units	(3)	03/06/2026		M			1,532	(9)	(9)	Class A Common Stock	1,532	$0	1,531	D
Performance Restricted Stock Units	(5)							(10)	(10)	Class A Common Stock	4,771		4,771	D
Restricted Stock Units	(3)	03/06/2026		M			1,848	(11)	(11)	Class A Common Stock	1,848	$0	3,697	D
Performance Restricted Stock Units	(5)							(12)	(12)	Class A Common Stock	5,760		5,760	D
Restricted Stock Units	(3)	03/05/2026		A		6,717		(13)	(13)	Class A Common Stock	6,717	$0	6,717	D
Performance Restricted Stock Units	(5)	03/05/2026		A		6,716		(14)	(14)	Class A Common Stock	6,716	$0	6,716	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 2,144 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 4,288 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: 714 vested on the first anniversary of the grant date and 715 vested on the second and 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. 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.

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. 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.

9. These restricted stock units vest in accordance with the following schedule: 1,530 vested on the first anniversary, 1,532 vested on the second anniversary and 1,531 will vest on the third anniversary 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 will vest in accordance with the following schedule: 1,848 vested on the first anniversary, 1,849 vest on the second anniversary and 1,848 vest on the third anniversary of the grant date (March 6, 2025).

12. 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.

13. These restricted stock units vest in accordance with the following schedule: 2,239 vesting on the first through third anniversaries of the grant date (March 5, 2026).

14. 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 SBAC executive Mark R. Ciarfella report?

Mark R. Ciarfella reported equity-compensation activity, including new grants of restricted stock units and performance units and vesting of prior awards, plus related share deliveries to cover tax or exercise obligations, all tied to SBA Communications Class A Common Stock.

How many new restricted stock units did SBAC grant to Mark Ciarfella?

SBA Communications granted Mark Ciarfella 6,717 restricted stock units and 6,716 performance restricted stock units on March 5, 2026. Each unit represents a contingent right to receive one share of Class A Common Stock, subject to vesting and, for performance units, performance conditions.

What happened with Mark Ciarfella’s 2023 performance restricted stock units at SBAC?

Performance restricted stock units awarded in 2023 vested on March 6, 2026 at 200% of target, based on the performance condition. As a result, 4,288 shares of SBA Communications Class A Common Stock became issuable to Mark Ciarfella under that performance award.

Why did SBAC Class A Common Stock transactions show code “F” for Mark Ciarfella?

Transactions coded “F” represent shares used for payment of exercise price or tax liability. Mark Ciarfella delivered SBA Communications Class A Common Stock, at $195.69 per share, to satisfy obligations arising from equity award vesting and derivative exercises, not as ordinary open-market sales.

How many SBAC Class A Common shares did Mark Ciarfella hold after these transactions?

After the reported March 2026 transactions, Mark Ciarfella’s direct holdings of SBA Communications Class A Common Stock were 42,820.9871 shares, as shown in the Form 4 totals following the final listed transaction in the non-derivative securities section.

How do SBAC performance restricted stock units for Mark Ciarfella vest?

SBA Communications performance restricted stock units for Mark Ciarfella generally have a three-year performance period. Units are earned based on specified financial metrics, can increase up to 200% of target, and then vest on stated dates such as March 6, 2026, 2027, or March 5, 2029.