Cavanagh Brendan Thomas 4

What Happened
Brendan Cavanagh, President & CEO of SBA Communications (SBAC), received vested restricted and performance stock units and also received new equity awards. On March 6, 2026, previously granted RSUs/PSUs converted to 19,084 shares (1,445 + 8,670 + 3,966 + 5,003). To cover tax withholding, a total of ~7,242.672 shares were surrendered/withheld, with a cash value of $1,417,319 (withholding price $195.69/share). On March 5, 2026 he was also granted two new equity awards totaling 42,148 units (16,859 and 25,289), which are subject to vesting and/or performance conditions.

Key Details

• Transaction dates: March 5, 2026 (new awards granted), March 6, 2026 (RSU/PSU conversions/vests and tax withholdings). Filing date: March 9, 2026 (appears timely).
• Conversion/vests (code M): 1,445; 8,670; 3,966; 5,003 shares @ $0.00 (these were RSU/PSU issuances upon vesting).
• Tax withholding (code F): 568.607 shares ($111,271), 3,144.765 shares ($615,399), 1,560.62 shares ($305,398), 1,968.68 shares ($385,251) — total ~7,242.672 shares withheld, $1,417,319 at $195.69/share.
• Grants (code A): 16,859 and 25,289 derivative awards on Mar 5, 2026 @ $0.00 (subject to vesting/performance).
• Notable footnotes: PSUs awarded on Mar 6, 2023 vested at 200% producing 8,670 shares (F2); several new awards are performance-based or multi-year RSUs (F10–F16). F1 indicates shares were withheld to pay tax liability.
• Shares owned after the transactions are not summarized here — see the Form 4 for the reporter’s post-transaction beneficial ownership.

Context

• These transactions reflect awards vesting and new grants rather than open‑market sales. The withheld shares reflect tax withholding (common practice) rather than a public sale; this is effectively a cashless settlement to satisfy tax obligations.
• Performance RSUs may increase up to 200% (where noted) and some newly granted units have multi‑year performance/vesting schedules.
• Transaction codes: A = award/grant, M = exercise/conversion (vesting of RSUs/PSUs), F = shares withheld for tax, D = disposition to issuer.