KREDI SAUL 4
4 · SBA COMMUNICATIONS CORP · Filed Mar 9, 2026
Research Summary
AI-generated summary of this filing
SBA Communications VP Kredi Saul Exercises RSUs; Shares Withheld
What Happened
Kredi Saul, VP & Chief Accounting Officer of SBA Communications (SBAC), had multiple restricted stock units (RSUs) and performance RSUs (PSUs) vest/convert on March 5–6, 2026. The filing shows a grant of 2,845 RSUs on March 5, 2026 and several conversions/vests on March 6, 2026 (including PSUs that vested at 200% and 25% of target). To satisfy tax withholding on the vested shares, 1,012.524 shares were surrendered/withheld at $195.69 per share, generating approximately $198,140 in proceeds withheld for taxes. Several tranche conversions and derivative exercises were recorded (transaction code M = exercise/conversion; F = tax withholding).
Key Details
- Transaction dates: grants on 2026-03-05; vesting/conversions and withholding on 2026-03-06. Form filed 2026-03-09.
- Withheld shares for taxes: 1,012.524 shares at $195.69/share = $198,140 total (broken out in the filing as ~$11.3k, $70.4k, $8.45k, $45.0k and $62.9k).
- Notable vesting results: one 439-PSU award vested at 200% (resulting in 878 shares); another 439-PSU award vested at 25% (109.75 shares) and 329.25 of that award were forfeited.
- Footnotes: F1 = shares withheld for tax liability; F2/F3/F9 describe PSU vesting percentages and forfeiture; F4/F6 explain each RSU/PSU equals one share; F5/F7/F8/F10–F12 describe vesting schedules for various grants.
- Shares owned after transaction: not specified in the provided filing summary.
- Filing timeliness: form filed 2026-03-09 for transactions on 03/05–03/06; no late-filing flag indicated in the provided data.
Context / What it means for retail investors
- These transactions are mostly the automatic result of RSU/PSU vesting and conversion, not an open-market sale or purchase decision by the insider. The withholding of roughly 1,012.5 shares to cover taxes is a routine cashless mechanism (transaction code F) and is common after equity awards vest.
- PSUs can pay out above or below target depending on performance — here one PSU award paid out at 200% and another at 25%, with a portion forfeited.
- Such vesting/withholding events are common compensation events and do not necessarily signal the insider’s view of the company’s stock direction.
Insider Transaction Report
Form 4
KREDI SAUL
VP & Chief Accounting Officer
Transactions
- Exercise/Conversion
Class A Common Stock
2026-03-06+147→ 6,196.69 total - Tax Payment
Class A Common Stock
[F1]2026-03-06$195.69/sh−57.844$11,319→ 6,138.846 total - Exercise/Conversion
Class A Common Stock
[F2]2026-03-06+878→ 7,016.846 total - Tax Payment
Class A Common Stock
[F1]2026-03-06$195.69/sh−359.808$70,411→ 6,657.038 total - Exercise/Conversion
Class A Common Stock
[F3]2026-03-06+109.75→ 6,766.788 total - Tax Payment
Class A Common Stock
[F1]2026-03-06$195.69/sh−43.186$8,451→ 6,723.602 total - Exercise/Conversion
Class A Common Stock
2026-03-06+585→ 7,308.602 total - Tax Payment
Class A Common Stock
[F1]2026-03-06$195.69/sh−230.197$45,047→ 7,078.405 total - Exercise/Conversion
Class A Common Stock
2026-03-06+817→ 7,895.405 total - Tax Payment
Class A Common Stock
[F1]2026-03-06$195.69/sh−321.489$62,912→ 7,573.916 total - Exercise/Conversion
Restricted Stock Units
[F4][F5]2026-03-06−147→ 0 total→ Class A Common Stock (147 underlying) - Exercise/Conversion
Performance Restricted Stock Units
[F6][F2][F7]2026-03-06−439→ 0 total→ Class A Common Stock (439 underlying) - Exercise/Conversion
Performance Restricted Stock Units
[F6][F3][F8]2026-03-06−109.75→ 329.25 total→ Class A Common Stock (109.75 underlying) - Disposition to Issuer
Performance Restricted Stock Units
[F6][F9][F8]2026-03-06−329.25→ 0 total→ Class A Common Stock (329.25 underlying) - Exercise/Conversion
Restricted Stock Units
[F4][F10]2026-03-06−585→ 585 total→ Class A Common Stock (585 underlying) - Exercise/Conversion
Restricted Stock Units
[F4][F11]2026-03-06−817→ 1,634 total→ Class A Common Stock (817 underlying) - Award
Restricted Stock Units
[F4][F12]2026-03-05+2,845→ 2,845 total→ Class A Common Stock (2,845 underlying)
Footnotes (12)
- [F1]Shares withheld for payment of tax liability.
- [F10]These restricted stock units vest in accordance with the following schedule: 584 vest on the first anniversary and 585 on the second anniversary of the grant date and 585 on the third anniversaries of the grant date (March 6, 2024).
- [F11]These restricted stock units vest in accordance with the following schedule: 817 vested on the first anniversary and 817 will vest on the second and third anniversaries of the grant date (March 6, 2025).
- [F12]These restricted stock units vest in accordance with the following schedule: 948 vest on the first and second anniversary of the grant date and 949 vest on the third anniversary of the grant date (March 5, 2026).
- [F2]As previously reported on a Form 4, the Reporting Person was awarded 439 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 878 shares of Class A Common Stock became issuable to the Reporting Person.
- [F3]As previously reported on a Form 4, the Reporting Person was awarded 439 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 25% of target based on the results of the performance condition, such that 109.75 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: 146 vest on the first and second anniversaries of the grant date and 147 vested on the third anniversary of the grant date (March 6, 2023).
- [F6]Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
- [F7]These 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 (up to 200%) or decrease based on the results of the performance condition.
- [F8]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 (up to 200%) or decrease based on the results of the performance condition.
- [F9]As previously reported on a Form 4, the Reporting Person was awarded 439 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 25% based on the results of the performance condition, such that 109.75 of the 439 PSUs became issuable to the Reporting Person and the remaining 329.25 were forfeited.
Signature
/s/ Joshua Westerman, Attorney-in-Fact|2026-03-09