DAY DONALD 4

What Happened
Don Day, Executive Vice President – Site Leasing at SBA Communications (SBAC), exercised stock options on Feb 18, 2026 to acquire 5,739 shares (reported value $1,046,220 at $182.30 per share). Immediately, 5,367 of those shares were withheld/disposed to cover the exercise price and tax obligations (reported value $1,090,145 at $203.12 per share). The filing also records the surrender/conversion of the underlying 5,739 option units (derivative disposition). Net result: Don Day received 5,739 shares by exercising options and, after withholding, retained a net ~372 shares.

Key Details

• Transaction date: 2026-02-18 (Form 4 filed 2026-02-20; filing appears timely)
• Exercise: 5,739 shares acquired at $182.30 (total $1,046,220) — transaction code M (option exercise)
• Withholding/payment: 5,367 shares surrendered to cover exercise price/taxes at $203.12 (value $1,090,145) — transaction code F (tax/exercise payment)
• Derivative cancellation: 5,739 options reported disposed at $0.00 (standard reporting of option conversion)
• Net shares retained: ~372 shares (5,739 acquired − 5,367 withheld)
• Notable footnote: F2 — shares were withheld to satisfy tax liability and exercise price (this was not an open-market sale)

Context
This was a routine option exercise with most shares surrendered to cover taxes and the exercise cost (a common cashless exercise pattern). Because the majority of surrendered shares were for withholding, that portion should not be read as a market sale signaling sentiment. The filing shows the exercise of vested options and the related withholding, not an open-market disposition.