Montagner Marc 4
4 · SBA COMMUNICATIONS CORP · Filed Mar 9, 2026
Research Summary
AI-generated summary of this filing
SBA Communications (SBAC) CFO Marc Montagner Exercises RSUs, Sells Shares
What Happened
- Marc Montagner, Chief Financial Officer of SBA Communications (SBAC), had vested derivative awards convert into common shares and received new RSU awards. On March 6, 2026 he converted/received 4,523 shares (2,072 + 2,451) from vested derivative awards (exercise/conversion entries). To cover tax withholding from those vestings, ~1,794.118 shares (815.332 + 978.786) were surrendered/sold at $195.69 per share, generating $159,552 and $191,539 respectively (total ≈ $351,091). On March 5, 2026 he was granted two awards of 8,561 RSUs each (total 17,122 RSUs) (reported as derivative awards, $0 per share).
Key Details
- Transaction dates: Grants on 2026-03-05; conversions and tax-withholding sales on 2026-03-06. Form 4 filed 2026-03-09.
- Prices/values: Withheld/sold shares priced at $195.69 each; tax withholding proceeds of $159,552 and $191,539 (total ≈ $351,091). Grants and conversions reported at $0 per share (typical for RSU conversion).
- Shares received via conversion: 4,523 shares (2,072 + 2,451). Shares surrendered for taxes: ~1,794.118 shares.
- Shares owned after the transactions: not specified in the provided filing details.
- Notable footnotes: One 8,561 grant vests on anniversaries (2,853 / 2,854 / 2,854 — footnote F10). The other 8,561 is a performance RSU subject to 3‑year performance metrics and may pay 0–200% of target, vesting March 5, 2029 if earned (footnote F11). Shares were withheld/sold to cover taxes (footnote F2). Each RSU is a contingent right to one share (footnote F3/F6).
- Filing timeliness: Form filed March 9, 2026 (timeliness not flagged in the provided data).
Context
- This appears to be a routine vesting/conversion of restricted stock units (derivative instruments) with a standard "sell-to-cover" (tax withholding) where a portion of the issued shares are surrendered or sold to satisfy tax obligations. The March 5, 2026 awards include time‑based RSUs and performance RSUs; performance RSUs are earned only if performance conditions are met and may pay up to 200% of target.
Insider Transaction Report
Form 4
Montagner Marc
EVP - CHIEF FINANCIAL OFFICER
Transactions
- Exercise/Conversion
Class A Common Stock
[F1]2026-03-06+2,072→ 5,411.626 total - Tax Payment
Class A Common Stock
[F2]2026-03-06$195.69/sh−815.332$159,552→ 4,596.294 total - Exercise/Conversion
Class A Common Stock
2026-03-06+2,451→ 7,047.294 total - Tax Payment
Class A Common Stock
[F2]2026-03-06$195.69/sh−978.786$191,539→ 6,068.508 total - Exercise/Conversion
Restricted Stock Units
[F3][F5]2026-03-06−2,072→ 2,072 total→ Class A Common Stock (2,072 underlying) - Exercise/Conversion
Restricted Stock Units
[F3][F8]2026-03-06−2,451→ 4,903 total→ Class A Common Stock (2,451 underlying) - Award
Restricted Stock Units
[F3][F10]2026-03-05+8,561→ 8,561 total→ Class A Common Stock (8,561 underlying) - Award
Perfomance Restricted Stock Units
[F6][F11]2026-03-05+8,561→ 8,561 total→ Class A Common Stock (8,561 underlying)
Holdings
- 1,588
Restricted Stock Units
[F3][F4]→ Class A Common Stock (1,588 underlying) - 6,215
Performance Restricted Stock Units
[F6][F7]→ Class A Common Stock (6,215 underlying) - 7,354
Performance Restricted Stock Units
[F6][F9]→ Class A Common Stock (7,354 underlying)
Footnotes (11)
- [F1]Includes 19.176 shares acquired through a dividend reinvestment plan.
- [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).
- [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.
- [F2]Shares withheld for payment of tax liability.
- [F3]Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
- [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).
- [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).
- [F6]Each performance restricted stock unit represents a contingent right to received one share of Class A Common Stock.
- [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.
- [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).
- [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.
Signature
/s/ Joshua Westerman, Attorney-in-Fact|2026-03-09