SBA Communications (SBAC) CEO logs new RSU grants and tax share disposals

Rhea-AI Filing Summary

SBA Communications president and CEO Brendan Thomas Cavanagh reported multiple equity award grants, vesting events, and related share dispositions. On March 5, 2026 he received 16,859 restricted stock units and 25,289 performance restricted stock units, each representing a contingent right to one share of Class A Common Stock.

On March 6, 2026 previously granted restricted stock units and performance restricted stock units vested, including PSUs awarded on March 6, 2023 that vested at 200% of target, making 8,670 shares of Class A Common Stock issuable. Several blocks of Class A Common Stock were disposed of at $195.69 per share to satisfy tax liabilities through share withholding, while Cavanagh’s direct Class A holdings changed through exercises and these tax-related dispositions.

The filing also notes additional indirect Class A holdings through Cavanagh Investments, LLC and Eagle SC LLC, with ownership interests held via family trusts and related entities.

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^*

Cavanagh Brendan Thomas

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	PRESIDENT AND CEO

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		1,445	A	$0	53,386.113	D
Class A Common Stock	03/06/2026		F		568.607(1)	D	$195.69	52,817.506	D
Class A Common Stock	03/06/2026		M		8,670(2)	A	$0	61,487.506	D
Class A Common Stock	03/06/2026		F		3,144.765(1)	D	$195.69	58,342.741	D
Class A Common Stock	03/06/2026		M		3,966	A	$0	62,308.741	D
Class A Common Stock	03/06/2026		F		1,560.62(1)	D	$195.69	60,748.121	D
Class A Common Stock	03/06/2026		M		5,003	A	$0	65,751.121	D
Class A Common Stock	03/06/2026		F		1,968.68(1)	D	$195.69	63,782.441	D
Class A Common Stock								19,055	I	By LLC(3)
Class A Common Stock								14,254	I	By LLC(4)

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	(5)	03/06/2026		M			1,445	(6)	(6)	Class A Common Stock	1,445	$0	0	D
Performance Restricted Stock Units	(7)	03/06/2026		M			4,335(2)	(8)	(8)	Class A Common Stock	4,335	$0	0	D
Performance Restricted Stock Units	(7)	03/06/2026		D			4,335(9)	(10)	(10)	Class A Common Stock	4,335	$0	0	D
Restricted Stock Units	(5)	03/06/2026		M			3,966	(11)	(11)	Class A Common Stock	3,966	$0	3,966	D
Performance Restricted Stock Units	(7)							(12)	(12)	Class A Common Stock	17,846		17,846	D
Restricted Stock Units	(5)	03/06/2026		M			5,003	(13)	(13)	Class A Common Stock	5,003	$0	10,008	D
Performance Restricted Stock Units	(7)							(14)	(14)	Class A Common Stock	22,516		22,516	D
Restricted Stock Units	(5)	03/05/2026		A		16,859		(15)	(15)	Class A Common Stock	16,859	$0	16,859	D
Performance Restricted Stock Units	(7)	03/05/2026		A		25,289		(16)	(16)	Class A Common Stock	25,289	$0	25,289	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 4,335 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 8,670 shares of Class A Common Stock became issuable to the Reporting Person.

3. 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.

4. 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.

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

6. These restricted stock units units vest in accordance with the following schedule: 1,445 vested on the first through third anniversaries of the grant date (March 6, 2023).

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

8. 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.

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

10. 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.

11. These restricted stock units vest in accordance with the following schedule: 3,966 vested on the first and second anniversaries and 3,966 vest on the third anniversary of the grant date (March 6, 2024).

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, 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.

13. These restricted stock units vest in accordance with the following schedule: 5,003 vested 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).

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 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.

15. These restricted stock units vests in accordance with the following schedule: 5,619 vest on the first anniversary and 5,620 vest on the second through third anniversaries of the grant date (March 5, 2026).

16. 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
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FAQ

What insider equity activity did SBA Communications (SBAC) report for Brendan Cavanagh?

SBA Communications reported that CEO Brendan Cavanagh received new restricted stock unit and performance restricted stock unit awards, had earlier grants vest, and disposed of some Class A shares to cover tax liabilities through share withholding, changing his direct and indirect equity exposure without open-market buying or selling.

How many new restricted stock units did SBA Communications CEO receive?

On March 5, 2026, CEO Brendan Cavanagh received 16,859 restricted stock units. Each unit represents a contingent right to receive one share of SBA Communications Class A Common Stock, vesting over time according to the schedule described for the March 5, 2026 grant date in the filing footnotes.

What performance restricted stock units were granted to SBA Communications CEO Brendan Cavanagh?

On March 5, 2026, Brendan Cavanagh was granted 25,289 performance restricted stock units. These awards are earned over a three-year performance period based on three financial metrics and, once earned, will vest on March 5, 2029, with payout levels adjustable up to 200% of target.

How did performance restricted stock units from 2023 affect SBA Communications stock issued to the CEO?

Performance restricted stock units awarded on March 6, 2023 vested on March 6, 2026 at 200% of target. Based on that performance, 8,670 shares of SBA Communications Class A Common Stock became issuable to Brendan Cavanagh, illustrating the upside potential of the company’s performance-based equity program.

Why were SBA Communications shares disposed of at $195.69 in this insider filing?

Several Class A Common Stock dispositions at $195.69 per share were used to pay tax liabilities. The filing explains these transactions as share withholding for taxes related to vesting or exercises, not open-market sales, helping the CEO satisfy obligations without separate cash payments.

What indirect SBA Communications shareholdings are reported through LLCs and trusts?

The filing reports indirect Class A holdings through Cavanagh Investments, LLC and Eagle SC LLC. Cavanagh Investments is owned via a trust for the CEO’s spouse, and the CEO disclaims beneficial ownership except for any pecuniary interest; Eagle SC LLC is largely owned through a trust where he serves as trustee.