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SBA Communications CFO reports equity award moves

SBA Communications executive vice president and chief financial officer Marc Montagner reported several equity award transactions.

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

SBA Communications executive vice president and chief financial officer Marc Montagner reported several equity award transactions. On March 6, 2026, he acquired Class A Common Stock through exercises of restricted stock units and disposed of shares to cover tax liabilities at a reported price of $195.69 per share. Earlier, on March 5, 2026, he received grants of 8,561 restricted stock units and 8,561 performance restricted stock units, each representing the right to receive one Class A share, with multi‑year vesting and performance conditions that can adjust the number earned up to 200%.

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Insider Montagner Marc
Role EVP - CHIEF FINANCIAL OFFICER
Type Security Shares Price Value
Exercise Restricted Stock Units 2,072 $0.00 $0.00
Exercise Restricted Stock Units 2,451 $0.00 $0.00
Exercise Class A Common Stock 2,072 $0.00 $0.00
Exercise Price or Tax Liability Class A Common Stock 815.332 $195.69 $160K
Exercise Class A Common Stock 2,451 $0.00 $0.00
Exercise Price or Tax Liability Class A Common Stock 978.786 $195.69 $192K
Grant/Award Restricted Stock Units 8,561 $0.00 $0.00
Grant/Award Perfomance Restricted Stock Units 8,561 $0.00 $0.00
holding Restricted Stock Units -- -- --
holding Performance Restricted Stock Units -- -- --
holding Performance Restricted Stock Units -- -- --
Holdings After Transaction: Restricted Stock Units — 17,124 contracts for 1,588 underlying shares (Direct); Perfomance Restricted Stock Units — 8,561 contracts (Direct); Class A Common Stock — 6,068.508 shares (Direct); Performance Restricted Stock Units — 13,569 contracts (Direct)
Footnotes (11)
  1. F1. Includes 19.176 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; 2,072 vested on the second anniversary and 2,072 will vest on the third anniversary 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 vested on the first anniversary; 2,451 will vest on the second anniversary 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.
  10. F10. These restricted stock units vest in accordance with the following schedule: 2,853 vest on the first anniversary and 2,854 vest on the second and third anniversaries of the grant date (March 5, 2026).
  11. F11. 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 best on March 5, 2029. The number of shares of Class A Common Stock that will be earned 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 insider transactions did SBA Communications (SBAC) CFO Marc Montagner report?
Marc Montagner reported equity award activity, including exercises of restricted stock units into Class A Common Stock and share dispositions to cover tax liabilities, plus new grants of 8,561 restricted stock units and 8,561 performance restricted stock units with multi-year vesting and performance-based conditions that can adjust amounts earned.

Were the SBA Communications (SBAC) share disposals by the CFO open-market sales?
No. The reported share disposals were coded as tax-withholding transactions. Shares of Class A Common Stock were withheld at a reported price of $195.69 per share specifically to satisfy tax liabilities arising from equity award exercises, rather than discretionary open-market selling activity by the executive.

What restricted stock unit grants did the SBA Communications (SBAC) CFO receive?
On March 5, 2026, the CFO received 8,561 restricted stock units and 8,561 performance restricted stock units. Each unit represents a contingent right to one Class A Common share, with time-based vesting schedules and performance conditions that can reduce or increase earned shares up to 200% based on results.

How do SBA Communications (SBAC) performance restricted stock units for the CFO vest?
The performance restricted stock units are earned based on SBA Communications’ performance on three financial metrics over a three-year period. Once earned, they vest on scheduled dates in 2027, 2028, or 2029, and the number of shares earned can decrease or increase up to 200% depending on performance.

What price was used for SBA Communications (SBAC) CFO tax-withholding share dispositions?
The tax-withholding dispositions of Class A Common Stock used a reported price of $195.69 per share. These transactions satisfied tax liabilities arising from equity award exercises, with shares delivered back rather than cash, and did not reflect an ordinary open-market sale decision.

Do SBA Communications (SBAC) restricted stock units equal common shares for the CFO?
Each restricted stock unit reported for the CFO represents a contingent right to receive one share of SBA Communications Class A Common Stock. Actual receipt depends on vesting conditions being met, including time-based schedules and, for performance units, achievement of specified financial performance metrics over the measurement period.

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

Form 4 Insider Transactions: What Each Field Means →
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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)
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 2,072 A $0 5,411.626(1) D
Class A Common Stock 03/06/2026 F 815.332(2) D $195.69 4,596.294 D
Class A Common Stock 03/06/2026 M 2,451 A $0 7,047.294 D
Class A Common Stock 03/06/2026 F 978.786(2) D $195.69 6,068.508 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) (4) (4) Class A Common Stock 1,588 1,588 D
Restricted Stock Units (3) 03/06/2026 M 2,072 (5) (5) Class A Common Stock 2,072 $0 2,072 D
Performance Restricted Stock Units (6) (7) (7) Class A Common Stock 6,215 6,215 D
Restricted Stock Units (3) 03/06/2026 M 2,451 (8) (8) Class A Common Stock 2,451 $0 4,903 D
Performance Restricted Stock Units (6) (9) (9) Class A Common Stock 7,354 7,354 D
Restricted Stock Units (3) 03/05/2026 A 8,561 (10) (10) Class A Common Stock 8,561 $0 8,561 D
Perfomance Restricted Stock Units (6) 03/05/2026 A 8,561 (11) (11) Class A Common Stock 8,561 $0 8,561 D
Explanation of Responses:
1. Includes 19.176 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; 2,072 vested on the second anniversary and 2,072 will vest on the third anniversary 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 vested on the first anniversary; 2,451 will vest on the second anniversary 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.
10. These restricted stock units vest in accordance with the following schedule: 2,853 vest on the first anniversary and 2,854 vest on the second and third anniversaries of the grant date (March 5, 2026).
11. 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 best on March 5, 2029. The number of shares of Class A Common Stock that will be earned 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.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

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