CAVANAGH BRENDAN THOMAS (Executive Vice President & CFO) exercised options at SBA COMMUNICATIONS CORP

Option exercise — a mechanical event triggered by vesting or expiry. Not a discretionary conviction trade.

M · 4 exercises

CAVANAGH BRENDAN THOMAS

Filed: 3/9/2026ACC: 0001293293-26-000004

InsiderCAVANAGH BRENDAN THOMASCIK 1293293

→

IssuerSBA COMMUNICATIONS CORPCIK 1034054

Officer· Executive Vice President & CFO

Since Nov 2018

+34.91K

Net shares

Net buyer

$1.42M

Total sold

Open market trades

0B · 0S

Total transactions

61.23K acquired · 26.33K disposed

Non-Derivative Transactions8

Class A Common Stock

Direct

M · Option Exercise

+1.45K

Price / share

—

Trade value

—

% of position

2.8%

3/6/2026

51.94K→53.39K

Class A Common Stock

Direct

F · Tax Withholding

−568.61

Price / share

$195.69

Trade value

$111.27K

% of position

1.1%

3/6/2026

53.39K→52.82K

Class A Common Stock

Direct

M · Option Exercise

+8.67K

Price / share

—

Trade value

—

% of position

16.4%

3/6/2026

52.82K→61.49K

Class A Common Stock

Direct

F · Tax Withholding

−3.14K

Price / share

$195.69

Trade value

$615.40K

% of position

5.1%

3/6/2026

61.49K→58.34K

Class A Common Stock

Direct

M · Option Exercise

+3.97K

Price / share

—

Trade value

—

% of position

6.8%

3/6/2026

58.34K→62.31K

Class A Common Stock

Direct

F · Tax Withholding

−1.56K

Price / share

$195.69

Trade value

$305.40K

% of position

2.5%

3/6/2026

62.31K→60.75K

Class A Common Stock

Direct

M · Option Exercise

+5K

Price / share

—

Trade value

—

% of position

8.2%

3/6/2026

60.75K→65.75K

Class A Common Stock

Direct

F · Tax Withholding

−1.97K

Price / share

$195.69

Trade value

$385.25K

% of position

3.0%

3/6/2026

65.75K→63.78K

Total

Net shares

+11.84K

Net value

-$1.42M

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Class A Common Stock Direct	3/6/2026	M · Option Exercise	+1.45K	—	—	2.8%	51.94K	53.39K
Class A Common Stock Direct	3/6/2026	F · Tax Withholding	−568.61	$195.69	$111.27K	1.1%	53.39K	52.82K
Class A Common Stock Direct	3/6/2026	M · Option Exercise	+8.67K	—	—	16.4%	52.82K	61.49K
Class A Common Stock Direct	3/6/2026	F · Tax Withholding	−3.14K	$195.69	$615.40K	5.1%	61.49K	58.34K
Class A Common Stock Direct	3/6/2026	M · Option Exercise	+3.97K	—	—	6.8%	58.34K	62.31K
Class A Common Stock Direct	3/6/2026	F · Tax Withholding	−1.56K	$195.69	$305.40K	2.5%	62.31K	60.75K
Class A Common Stock Direct	3/6/2026	M · Option Exercise	+5K	—	—	8.2%	60.75K	65.75K
Class A Common Stock Direct	3/6/2026	F · Tax Withholding	−1.97K	$195.69	$385.25K	3.0%	65.75K	63.78K
Total			+11.84K		-$1.42M

Derivative Transactions7

Restricted Stock Units

Direct

A · Award

Converts to

Class A Common Stock

16.86K shares

+16.86K

Strike price

Held after

16.86K

Exercisable

—

3/5/2026

Performance Restricted Stock Units

Direct

A · Award

Converts to

Class A Common Stock

25.29K shares

+25.29K

Strike price

Held after

25.29K

Exercisable

—

3/5/2026

Restricted Stock Units

Direct

M · Option Exercise

Converts to

Class A Common Stock

1.45K shares

−1.45K

Strike price

Held after

0.00

Exercisable

—

3/6/2026

Performance Restricted Stock Units

Direct

M · Option Exercise

Converts to

Class A Common Stock

4.33K shares

−4.33K

Strike price

Held after

0.00

Exercisable

—

3/6/2026

Performance Restricted Stock Units

Direct

D · Disposition

Converts to

Class A Common Stock

4.33K shares

−4.33K

Strike price

Held after

0.00

Exercisable

—

3/6/2026

Restricted Stock Units

Direct

M · Option Exercise

Converts to

Class A Common Stock

3.97K shares

−3.97K

Strike price

Held after

3.97K

Exercisable

—

3/6/2026

Restricted Stock Units

Direct

M · Option Exercise

Converts to

Class A Common Stock

5K shares

−5K

Strike price

Held after

10.01K

Exercisable

—

3/6/2026

Security	Converts To	Date	Type	Shares	Exercisable	Held After
Restricted Stock Units Direct	Class A Common Stock16.86K shares	3/5/2026	A · Award	+16.86K	—	16.86K
Performance Restricted Stock Units Direct	Class A Common Stock25.29K shares	3/5/2026	A · Award	+25.29K	—	25.29K
Restricted Stock Units Direct	Class A Common Stock1.45K shares	3/6/2026	M · Option Exercise	−1.45K	—	0.00
Performance Restricted Stock Units Direct	Class A Common Stock4.33K shares	3/6/2026	M · Option Exercise	−4.33K	—	0.00
Performance Restricted Stock Units Direct	Class A Common Stock4.33K shares	3/6/2026	D · Disposition	−4.33K	—	0.00
Restricted Stock Units Direct	Class A Common Stock3.97K shares	3/6/2026	M · Option Exercise	−3.97K	—	3.97K
Restricted Stock Units Direct	Class A Common Stock5K shares	3/6/2026	M · Option Exercise	−5K	—	10.01K

Non-Derivative Holdings (Post-Transaction)2

Class A Common Stock

Indirect

Shares owned14.25K

Class A Common Stock

Indirect

Shares owned19.05K

Total

33.31K indirect33.31K

Security Title	Shares Owned	Ownership Type
Class A Common Stock	14.25K	Indirect
Class A Common Stock	19.05K	Indirect
Total	33.31K	33.31K indirect

Derivative Holdings (Post-Transaction)2

Performance Restricted Stock Units

Direct

Underlying security

Class A Common Stock

Underlying shares

17.85K

Shares owned

17.85K

Exercise price

Expiration

—

Exercise window

—

Performance Restricted Stock Units

Direct

Underlying security

Class A Common Stock

Underlying shares

22.52K

Shares owned

22.52K

Exercise price

Expiration

—

Exercise window

—

Total

Underlying

40.36K

Owned

40.36K

Security	Underlying	Exercise Window	Expiration	Underlying Shares	Shares Owned
Performance Restricted Stock Units Direct	Class A Common Stock	—	—	17.85K	17.85K
Performance Restricted Stock Units Direct	Class A Common Stock	—	—	22.52K	22.52K
Total				40.36K	40.36K