CANE RICHARD M 4
4 · SBA COMMUNICATIONS CORP · Filed Mar 9, 2026
Research Summary
AI-generated summary of this filing
SBA Communications EVP Richard M. Cane Exercises Awards; Shares Withheld
What Happened
- Richard M. Cane, EVP and President — International of SBA Communications (SBAC), had several restricted and performance stock units vest/convert in early March 2026 and exercised/consolidated those derivatives into shares. Notably, 4,162 shares became issuable from PSUs that vested at 200% of target (per filing). To cover tax withholding on these and other vesting events, 2,526.301 shares were surrendered/withheld (payment of tax liability) for total withholding value of approximately $494,372.
- The filing also reports new awards on March 5, 2026: two derivative grants of 6,717 and 6,716 units (total 13,433 units), which are subject to vesting/performance schedules described in the footnotes.
Key Details
- Transaction dates: March 5–6, 2026. Exercises/conversions and tax withholding occurred on March 6; awards granted on March 5.
- Tax withholding: 2,526.301 shares withheld (F-coded), amounting to about $494,372 (breakdown in filing: $53,441; $202,097; $118,817; $120,017).
- Notable footnotes: F3 — 2,081 PSUs from 3/6/2023 vested at 200% resulting in 4,162 shares; F2 — shares were withheld to satisfy tax liability; multiple footnotes (F10–F15) describe multi-year performance/vesting schedules for other PSUs/RSUs.
- Transaction types/codes: M = exercise/conversion of derivative (RSU/PSU vesting), A = award/grant, F = shares withheld for tax payment, D = disposition to issuer (net settlement).
- Shares owned after the transaction: not specified in the information provided in your summary filing.
- Filing timeliness: filing date Mar 9, 2026; no late-filing flag noted in the provided data.
Context
- This appears to be routine officer equity vesting and net-share settlement to cover tax withholding rather than an open-market buy or sale. For derivative transactions: PSUs/RSUs converted to shares on vesting; some shares were net-settled/withheld to pay taxes (a common practice that does not necessarily signal a bullish or bearish view).
Insider Transaction Report
Form 4
CANE RICHARD M
EVP; PRES. - INTERNATIONAL
Transactions
- Exercise/Conversion
Class A Common Stock
2026-03-06+1,543→ 11,704.535 total - Exercise/Conversion
Class A Common Stock
[F1]2026-03-06+694→ 7,305.365 total - Tax Payment
Class A Common Stock
[F2]2026-03-06$195.69/sh−273.089$53,441→ 7,032.276 total - Exercise/Conversion
Class A Common Stock
[F3]2026-03-06+4,162→ 11,194.276 total - Tax Payment
Class A Common Stock
[F2]2026-03-06$195.69/sh−1,032.741$202,097→ 10,161.535 total - Tax Payment
Class A Common Stock
[F2]2026-03-06$195.69/sh−607.17$118,817→ 11,097.365 total - Exercise/Conversion
Class A Common Stock
2026-03-06+1,920→ 13,017.365 total - Tax Payment
Class A Common Stock
[F2]2026-03-06$195.69/sh−613.301$120,017→ 12,404.064 total - Exercise/Conversion
Restricted Stock Units
[F4][F5]2026-03-06−694→ 0 total→ Class A Common Stock (694 underlying) - Exercise/Conversion
Performance Restricted Stock Units
[F6][F3][F7]2026-03-06−2,081→ 0 total→ Class A Common Stock (2,081 underlying) - Disposition to Issuer
Performance Restricted Stock Units
[F6][F8][F9][F10]2026-03-06−2,081→ 0 total→ Class A Common Stock (2,081 underlying) - Exercise/Conversion
Restricted Stock Units
[F4][F11]2026-03-06−1,543→ 1,543 total→ Class A Common Stock (1,543 underlying) - Exercise/Conversion
Restricted Stock Units
[F4][F12]2026-03-06−1,920→ 3,840 total→ Class A Common Stock (1,920 underlying) - Award
Restricted Stock Units
[F4][F14]2026-03-05+6,717→ 6,717 total→ Class A Common Stock (6,717 underlying) - Award
Performance Restricted Stock Units
[F6][F15]2026-03-05+6,716→ 6,716 total→ Class A Common Stock (6,716 underlying)
Holdings
- 4,629
Performance Restricted Stock Units
[F6][F10]→ Class A Common Stock (4,629 underlying) - 5,760
Performance Restricted Stock Units
[F6][F13]→ Class A Common Stock (5,760 underlying)
Footnotes (15)
- [F1]Includes 238.733 shares acquired through a dividend reinvestment plan and the SBA Communications Corporation 2018 Employee Stock Purchase Plan.
- [F10]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.
- [F11]These restricted stock units vest in accordance to the following schedule; 1,543 vested on the first and second anniversaries and 1,543 vest on the third anniversary of the grant date (March 6, 2024).
- [F12]These restricted stock units vest in accordance to the following schedule; 1,920 vested on the first anniversary and 1,920 vest on the second through third anniversaries of the grant date (March 6, 2025).
- [F13]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.
- [F14]These restricted stock units vest in accordance with the following schedule: 2,239 vest on the first through third anniversaries of the grant date (March 5, 2026).
- [F15]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.
- [F2]Shares withheld for the payment of tax liability.
- [F3]As previously reported on a Form 4, the Reporting Person was awarded 2,081 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 4,162 shares of Class A Common Stock became issuable to the Reporting Person.
- [F4]Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
- [F5]These restricted stock units vest in accordance with the following schedule: 693 vested on the first anniversary of the grant date and 694 vested on each of the second and third anniversaries of the grant date (March 6, 2023).
- [F6]Each performance restricted stock unit represents a contingent right to received one share of Class A Common Stock.
- [F7]The 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.
- [F8]The PSUs previously reported as acquired by the reporting person were forfeited because the minimum performance criteria required for vesting was not met.
- [F9]The 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.
Signature
/s/ Joshua Westerman, Attorney-in-Fact|2026-03-06