Montagner Marc 4

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.