Brendan Thomas Cavanagh - Mar 4, 2025 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role
PRESIDENT AND CEO, Director
Signature
/s/ Joshua Koenig, Attorney-in-Fact
Stock symbol
SBAC
Transactions as of
Mar 4, 2025
Transactions value $
-$704,722
Form type
4
Date filed
3/6/2025, 06:30 PM
Previous filing
Jan 24, 2025
Next filing
Mar 10, 2025
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SBAC Class A Common Stock Options Exercise $0 +1.16K +2.76% $0.00 43K Mar 4, 2025 Direct
transaction SBAC Class A Common Stock Tax liability -$101K -454 -1.06% $221.51 42.5K Mar 4, 2025 Direct F1
transaction SBAC Class A Common Stock Options Exercise $0 +6.93K +16.3% $0.00 49.4K Mar 4, 2025 Direct F2
transaction SBAC Class A Common Stock Tax liability -$604K -2.73K -5.52% $221.51 46.7K Mar 4, 2025 Direct F1
holding SBAC Class A Common Stock 19.1K Mar 4, 2025 By LLC F3
holding SBAC Class A Common Stock 14.3K Mar 4, 2025 By LLC F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction SBAC Restricted Stock Units Options Exercise $0 -1.16K -100% $0.00 0 Mar 4, 2025 Class A Common Stock 1.16K Direct F6, F7
transaction SBAC Performance Restricted Stock Units Options Exercise $0 -3.47K -100% $0.00 0 Mar 4, 2025 Class A Common Stock 3.47K Direct F2, F8, F9
transaction SBAC Performance Restricted Stock Units Disposed to Issuer $0 -3.47K -100% $0.00 0 Mar 4, 2025 Class A Common Stock 3.47K Direct F8, F10, F11
holding SBAC Stock Options (Right to Buy) 55.7K Mar 4, 2025 Class A Common Stock 55.7K $182.30 Direct F5
holding SBAC Restricted Stock Units 2.89K Mar 4, 2025 Class A Common Stock 2.89K Direct F6, F12
holding SBAC Performance Restricted Stock Units 4.34K Mar 4, 2025 Class A Common Stock 4.34K Direct F8, F13
holding SBAC Performance Restricted Stock Units 4.34K Mar 4, 2025 Class A Common Stock 4.34K Direct F8, F14
holding SBAC Restricted Stock Units 11.9K Mar 4, 2025 Class A Common Stock 11.9K Direct F6, F15
holding SBAC Performance Restricted Stock Units 17.8K Mar 4, 2025 Class A Common Stock 17.8K Direct F8, F16
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Shares withheld for payment of tax liability.
F2 These performance restricted stock units (PSUs) were awarded on March 4, 2022 were subject to increase or decrease based on the results of the performance condition. These PSUs vested at 200% of target based on the results of the performance condition, such that 6,930 shares of Class A Common Stock vested.
F3 These shares are owned by Cavanagh Investments, LLC. The Reporting Person is the manager of Cavanagh Investments, LLC and a trust for the benefit of the Reporting Person's spouse owns all of the equity interests in Cavanagh Investments, LLC. The Reporting Person disclaims beneficial ownership of the shares owned by Cavanagh Investments, LLC, except to the extent of his pecuniary interest therein.
F4 These shares are owned by Eagle SC LLC. The Reporting Person's spouse is the manager of Eagle SC LLC and a trust for the benefit of the Reporting Person owns 95.646% of Eagle SC LLC, and the Reporting Person is the trustee of the trust.
F5 These stock options are fully vested and exercisable.
F6 Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F7 These restricted stock units vest in accordance with the following schedule: 1,155 vest on the first through third anniversaries of the grant date (March 4, 2022)
F8 Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F9 These performance restricted stock units have a three-year performance period and to the extent earned vest on March 4, 2025. The number of shares of Class A Common Stock that will be earned is subject to increase or decrease based on the results of the performance condition.
F10 The PSUs previously reported as acquired by the reporting person were forfeited because the minimum performance criteria required for vesting was not met.
F11 These performance restricted stock units have a three-year performance period and to the extent earned vest on March 4, 2025. The number of shares of Class A Common Stock that will be earned is subject to increase or decrease based on the results of the performance condition.
F12 These restricted stock units units vest in accordance with the following schedule: 1,445 vet on the first through third anniversaries of the grant date (March 6, 2023).
F13 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 or decrease based on the results of the performance condition.
F14 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 or decrease based on the results of the performance condition.
F15 These restricted stock units vest in accordance with the following schedule: 3,966 vest on the first through third anniversaries of the grant date (March 6, 2024).
F16 These performance restricted stock units will be earned based upon the Issuer's performance on each of three different financial metrics during the three-year performance period. Once earned, the performance restricted stock units will vest on March 6, 2027. The number of shares of Class A Common Stock that will be earned subject to decrease or increase (up to 200%) based on the results of the performance conditions.