Brendan Thomas Cavanagh - 20 Jan 2026 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role
PRESIDENT AND CEO, Director
Signature
/s/ Joshua Koenig, Attorney-in-Fact
Issuer symbol
SBAC
Transactions as of
20 Jan 2026
Net transactions value
-$279,981
Form type
4
Filing time
22 Jan 2026, 18:30:10 UTC
Previous filing
02 Oct 2025
Next filing
09 Mar 2026
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Cavanagh Brendan Thomas PRESIDENT AND CEO, Director C/O SBA COMMUNICATIONS CORPORATION, 8051 CONGRESS AVENUE, BOCA RATON /s/ Joshua Koenig, Attorney-in-Fact 22 Jan 2026 0001293293

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SBAC Class A Common Stock Options Exercise $10,161,584 +55,741 +111% $182.30 105,733 20 Jan 2026 Direct
transaction SBAC Class A Common Stock Tax liability $10,441,565 -53,792 -51% $194.11 51,941 20 Jan 2026 Direct F1
holding SBAC Class A Common Stock 19,055 20 Jan 2026 By LLC F2
holding SBAC Class A Common Stock 14,254 20 Jan 2026 By LLC F3

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 Stock Options (Right to Buy) Options Exercise $0 -55,741 -100% $0.000000 0 20 Jan 2026 Class A Common Stock 55,741 $182.30 Direct F4
holding SBAC Restricted Stock Units 1,445 20 Jan 2026 Class A Common Stock 1,445 Direct F5, F6
holding SBAC Performance Restricted Stock Units 4,335 20 Jan 2026 Class A Common Stock 4,335 Direct F7, F8
holding SBAC Performance Restricted Stock Units 4,335 20 Jan 2026 Class A Common Stock 4,335 Direct F7, F9
holding SBAC Restricted Stock Units 7,932 20 Jan 2026 Class A Common Stock 7,932 Direct F5, F10
holding SBAC Performance Restricted Stock Units 17,846 20 Jan 2026 Class A Common Stock 17,846 Direct F7, F11
holding SBAC Restricted Stock Units 15,011 20 Jan 2026 Class A Common Stock 15,011 Direct F5, F12
holding SBAC Performance Restricted Stock Units 22,516 20 Jan 2026 Class A Common Stock 22,516 Direct F7, F13
* 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 and exercise price.
F2 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.
F3 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.
F4 These stock options are fully vested and exercisable.
F5 Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F6 These restricted stock units units vest in accordance with the following schedule: 1,445 vest on the first through third anniversaries of the grant date (March 6, 2023).
F7 Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F8 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.
F9 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.
F10 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).
F11 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 is subject to decrease or increase (up to 200%) based on the results of the performance conditions.
F12 These restricted stock units vest in accordance with the following schedule: 5,003 vest on the first anniversary of the grant date and 5,004 vest on the second and third anniversaries of the grant dare (March 6, 2025).
F13 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, 2028. The number of shares of Class A Common Stock that will be earned is subject to decrease or increase (up to 200%) based on the results of the performance conditions.