KREDI SAUL 4

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.