DAY DONALD 4

What Happened

• Donald Day, EVP – Site Leasing at SBA Communications (SBAC), had restricted/performance stock units convert/vest and been issued shares on March 6, 2026. The filing shows exercises/conversions totaling 3,791 shares issued (no cash exercise price). To satisfy tax withholding obligations, about 1,415.94 shares were withheld/disposed, valued at $195.69 per share for a cash-equivalent of approximately $277,085 in total withholding.
• On March 5, 2026, Day was also granted two awards of 5,005 restricted/performance stock units each (totaling 10,010 units). These awards include a mix of time-vesting RSUs and performance-based PSUs that vest/settle according to the schedules and performance metrics described in the footnotes.

Key Details

• Transaction dates: Grants on 2026-03-05; vesting/conversion and tax-withholding actions on 2026-03-06. Filing date: 2026-03-09 (timely).
• Exercises/conversions (code M): 270 + 1,618 + 555 + 1,348 = 3,791 shares issued.
• Tax withholding / payment (code F): 100.845 + 604.323 + 207.292 + 503.478 ≈ 1,415.94 shares withheld; withholding valued at $195.69/share → ≈ $277,085 total.
• Grants (code A): Two awards of 5,005 units each on 2026-03-05 (total 10,010 units). Footnotes indicate some are time-based RSUs with multi-year vesting schedules and some are PSUs subject to three-year performance metrics (possible payouts 0–200% of target).
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Codes explained: M = option/derivative exercise or conversion; F = shares withheld for taxes; A = award/grant.

Context

• This was effectively a conversion of RSUs/PSUs into shares with a cashless-style tax withholding (shares withheld/retired to cover taxes), not an open-market sale. The filing shows performance units previously awarded (e.g., PSUs from 3/6/2023) vested at 200% per footnote, producing some of the issued shares.
• Awards include both time-vesting RSUs and performance-based PSUs that may pay out more or less than target depending on three-year performance results; some PSUs vest/settle in later years (2027–2029) per footnotes.
• No indication in the filing that this was a gift or 10% owner transaction. The filing appears timely (no late-filing flag).