SBA Communications (SBAC) CEO exercises options, withholds 53,792 shares
Rhea-AI Filing Summary
SBA Communications president and CEO Brendan Thomas Cavanagh reported an option exercise and related share withholding on January 20, 2026. He exercised 55,741 stock options for Class A Common Stock at an exercise price of $182.30 per share, receiving the same number of common shares. To cover tax liabilities and the exercise price, 53,792 shares of Class A Common Stock were withheld at $194.11 per share, leaving 51,941.113 Class A shares held directly afterward.
Cavanagh also reports indirect ownership of 19,055 Class A shares through Cavanagh Investments, LLC, for which he disclaims beneficial ownership except for his pecuniary interest, and 14,254 shares through Eagle SC LLC. In addition, he holds multiple equity awards, including restricted stock units and performance restricted stock units that each represent a right to receive one Class A share, with various three-year vesting and performance schedules extending to March 6, 2028.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Options (Right to Buy) | 55,741 | $0.00 | -- |
| Exercise | Class A Common Stock | 55,741 | $182.30 | $10.16M |
| Tax Withholding | Class A Common Stock | 53,792 | $194.11 | $10.44M |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Performance Restricted Stock Units | -- | -- | -- |
| holding | Performance Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Performance Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Performance Restricted Stock Units | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
Footnotes (1)
- Shares withheld for payment of tax liability and exercise price. These shares are owned by Cavanagh Investments, LLC. The Reporting Person is the manager of Cavanagh Investments, LLC and a trust for the benefit of the Reporting Person's spouse owns all of the equity interests in Cavanagh Investments, LLC. The Reporting Person disclaims beneficial ownership of the shares owned by Cavanagh Investments, LLC, except to the extent of his pecuniary interest therein. These shares are owned by Eagle SC LLC. The Reporting Person's spouse is the manager of Eagle SC LLC and a trust for the benefit of the Reporting Person owns 95.646% of Eagle SC LLC, and the Reporting Person is the trustee of the trust. These stock options are fully vested and exercisable. Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock. These restricted stock units units vest in accordance with the following schedule: 1,445 vest on the first through third anniversaries of the grant date (March 6, 2023). Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock. These 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. These 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. These restricted stock units vest in accordance with the following schedule: 3,966 vest on the first through third anniversaries of the grant date (March 6, 2024). 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. These restricted stock units vest in accordance with the following schedule: 5,003 vest on the first anniversary of the grant date and 5,004 vest on the second and third anniversaries of the grant dare (March 6, 2025). 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
What insider transaction did SBAC CEO Brendan Cavanagh report on January 20, 2026?
Brendan Thomas Cavanagh, president and CEO of SBA Communications (SBAC), reported exercising 55,741 stock options for Class A Common Stock on January 20, 2026 at an exercise price of $182.30 per share, receiving the same number of common shares.
What equity awards in SBA Communications stock does Brendan Cavanagh hold after this Form 4?
The Form 4 shows several derivative holdings, including restricted stock units and performance restricted stock units, each representing a contingent right to receive one share of Class A Common Stock. Examples include 7,932 restricted stock units and 22,516 performance restricted stock units, along with other tranches with totals such as 1,445, 4,335, 17,846 and 15,011 units.
What are the vesting terms for Brendan Cavanagh’s SBA Communications restricted stock units and performance units?
The filing explains that certain restricted stock units vest over time, such as 1,445 units vesting on each of the first through third anniversaries of the March 6, 2023 grant date, and 3,966 units vesting on each of the first through third anniversaries of the March 6, 2024 grant date. Performance restricted stock units generally have three-year performance periods, with awards that, if earned, vest on dates including March 6, 2026, March 6, 2027, and March 6, 2028, and their share counts can increase or decrease based on specified performance metrics, in some cases up to 200% of target.