CANE RICHARD M 4

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).