Brendan Thomas Cavanagh - 06 Mar 2025 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Reporting relationship: PRESIDENT AND CEO, Director
Issuer ticker: SBAC
Reported as of: 06 Mar 2025
Net transaction value: -$469,239
SEC form: 4
Accepted by SEC: 10 Mar 2025, 18:30:12 UTC
Prior SEC filing: 06 Mar 2025
Next SEC filing: 02 Oct 2025
Source filing: View source filing
Reporting owner signature: /s/ Joshua Koenig, Attorney-in-Fact

Key filing fact

Brendan Thomas Cavanagh filed Form 4 for SBA COMMUNICATIONS CORP (SBAC) on 10 Mar 2025.

Key facts

This page summarizes Brendan Thomas Cavanagh's Form 4 filing for SBA COMMUNICATIONS CORP (SBAC).
8 reported transactions and 8 derivative rows are listed below.
Accepted by SEC: 10 Mar 2025, 18:30.

Change

Previous filing in this sequence was filed on 06 Mar 2025.
Current net transaction value: -$469,239.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

SBAC transaction

Class A Common Stock

Options Exercise

Transaction value: $0
Shares: +1,445
Change %: +3.1%
Price: $0.000000
Shares after: 48,155
Date: 06 Mar 2025
Ownership: Direct

SBAC transaction

Class A Common Stock

Tax liability

Transaction value: $125,310
Shares: -569
Change %: -1.2%
Price: $220.38
Shares after: 47,587
Date: 06 Mar 2025
Ownership: Direct
Footnotes: F1

SBAC transaction

Class A Common Stock

Options Exercise

Transaction value: $0
Shares: +3,966
Change %: +8.3%
Price: $0.000000
Shares after: 51,553
Date: 06 Mar 2025
Ownership: Direct

SBAC transaction

Class A Common Stock

Tax liability

Transaction value: $343,930
Shares: -1,561
Change %: -3%
Price: $220.38
Shares after: 49,992
Date: 06 Mar 2025
Ownership: Direct
Footnotes: F1

SBAC holding

Class A Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 19,055
Date: 06 Mar 2025
Ownership: By LLC
Footnotes: F2

SBAC holding

Class A Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 14,254
Date: 06 Mar 2025
Ownership: By LLC
Footnotes: F3

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

SBAC transaction Derivative

Restricted Stock Units

Options Exercise

Transaction value: $0
Shares: -1,445
Change %: -50%
Price: $0.000000
Shares after: 1,445
Date: 06 Mar 2025
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 1,445
Exercise price
Footnotes: F5, F6

SBAC transaction Derivative

Restricted Stock Units

Options Exercise

Transaction value: $0
Shares: -3,966
Change %: -33%
Price: $0.000000
Shares after: 7,932
Date: 06 Mar 2025
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 3,966
Exercise price
Footnotes: F5, F10

SBAC transaction Derivative

Restricted Stock Units

Award

Transaction value: $0
Shares: +15,011
Change %
Price: $0.000000
Shares after: 15,011
Date: 06 Mar 2025
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 15,011
Exercise price
Footnotes: F5, F12

SBAC transaction Derivative

Performance Restricted Stock Units

Award

Transaction value: $0
Shares: +22,516
Change %
Price: $0.000000
Shares after: 22,516
Date: 06 Mar 2025
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 22,516
Exercise price
Footnotes: F7, F13

SBAC holding Derivative

Stock Options (Right to Buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 55,741
Date: 06 Mar 2025
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 55,741
Exercise price: $182.30
Footnotes: F4

SBAC holding Derivative

Performance Restricted Stock Units

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 4,335
Date: 06 Mar 2025
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 4,335
Exercise price
Footnotes: F7, F8

SBAC holding Derivative

Performance Restricted Stock Units

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 4,335
Date: 06 Mar 2025
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 4,335
Exercise price
Footnotes: F7, F9

SBAC holding Derivative

Performance Restricted Stock Units

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 17,846
Date: 06 Mar 2025
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 17,846
Exercise price
Footnotes: F7, F11

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 13 footnotes

Footnote F1

Shares withheld for payment of tax liability.

Footnote 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.

Footnote 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.

Footnote F4

These stock options are fully vested and exercisable.

Footnote F5

Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

Footnote 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).

Footnote F7

Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

Footnote 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.

Footnote F9

Footnote 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).

Footnote 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.

Footnote 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).

Footnote 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.