Cavanagh Brendan Thomas 4

What Happened

• Brendan Thomas Cavanagh, President & CEO of SBA Communications (SBAC), exercised options to acquire 55,741 shares on 2026-01-20 (transaction code M). The exercise required $182.30 per share, totaling $10,161,584 in exercise cost.
• To cover the exercise price and tax withholding (transaction code F), 53,792 of those shares were withheld/forfeited at a reported value of $194.11 per share (totaling $10,441,565). That leaves a net delivery of 1,949 shares to Cavanagh (55,741 exercised − 53,792 withheld).
• This is a routine cashless/withholding settlement of an option exercise rather than an open-market sale.

Key Details

• Transaction date: January 20, 2026; Form 4 filed January 22, 2026 (timely).
• Option exercise: 55,741 shares @ $182.30 = $10,161,584 (code M).
• Shares withheld for tax/exercise payment: 53,792 shares @ $194.11 = $10,441,565 (code F).
• Net shares received: 1,949 shares.
• Relevant footnotes: F1 = shares withheld to pay tax liability and exercise price; F4 = options were fully vested and exercisable. Other footnotes in the filing describe different awards/vesting schedules and entity ownership interests.
• Filing timeliness: Filed within the typical two-business-day Form 4 window (not marked late).

Context

• This was an option exercise settled via share withholding (a common cashless method). The “disposed” line for 53,792 shares reflects withholding to cover taxes/exercise costs, not an open-market sale that signals active divestment.
• For retail investors, such transactions generally reflect routine compensation/vesting mechanics rather than a direct buy or sale indicating sentiment. Check the full Form 4 for total post-transaction beneficial ownership and any additional holdings through related entities noted in the footnotes.