DAY DONALD 4
4 · SBA COMMUNICATIONS CORP · Filed Feb 20, 2026
Research Summary
AI-generated summary of this filing
SBA Communications (SBAC) EVP Don Day Exercises Options; Shares Withheld
What Happened
Don Day, Executive Vice President – Site Leasing at SBA Communications (SBAC), exercised stock options on Feb 18, 2026 to acquire 5,739 shares (reported value $1,046,220 at $182.30 per share). Immediately, 5,367 of those shares were withheld/disposed to cover the exercise price and tax obligations (reported value $1,090,145 at $203.12 per share). The filing also records the surrender/conversion of the underlying 5,739 option units (derivative disposition). Net result: Don Day received 5,739 shares by exercising options and, after withholding, retained a net ~372 shares.
Key Details
- Transaction date: 2026-02-18 (Form 4 filed 2026-02-20; filing appears timely)
- Exercise: 5,739 shares acquired at $182.30 (total $1,046,220) — transaction code M (option exercise)
- Withholding/payment: 5,367 shares surrendered to cover exercise price/taxes at $203.12 (value $1,090,145) — transaction code F (tax/exercise payment)
- Derivative cancellation: 5,739 options reported disposed at $0.00 (standard reporting of option conversion)
- Net shares retained: ~372 shares (5,739 acquired − 5,367 withheld)
- Notable footnote: F2 — shares were withheld to satisfy tax liability and exercise price (this was not an open-market sale)
Context
This was a routine option exercise with most shares surrendered to cover taxes and the exercise cost (a common cashless exercise pattern). Because the majority of surrendered shares were for withholding, that portion should not be read as a market sale signaling sentiment. The filing shows the exercise of vested options and the related withholding, not an open-market disposition.
Insider Transaction Report
- Exercise/Conversion
Class A Common Stock
[F1]2026-02-18$182.30/sh+5,739$1,046,220→ 12,697.969 total - Tax Payment
Class A Common Stock
[F2]2026-02-18$203.12/sh−5,367$1,090,145→ 7,330.969 total - Exercise/Conversion
Stock Options (Right to Buy)
[F3]2026-02-18−5,739→ 0 totalExercise: $182.30Exp: 2026-03-06→ Class A Common Stock (5,739 underlying)
- 270
Restricted Stock Units
[F4][F5]→ Class A Common Stock (270 underlying) - 809
Performance Restricted Stock Units
[F6][F7]→ Class A Common Stock (809 underlying) - 809
Performance Restricted Stock Units
[F6][F8]→ Class A Common Stock (809 underlying) - 1,110
Restricted Stock Units
[F4][F9]→ Class A Common Stock (1,110 underlying) - 1,665
Performance Restricted Stock Units
[F6][F10]→ Class A Common Stock (1,665 underlying) - 914
Restricted Stock Units
[F4][F11]→ Class A Common Stock (914 underlying) - 4,045
Restricted Stock Units
[F4][F12]→ Class A Common Stock (4,045 underlying) - 4,045
Performance Restricted Stock Units
[F6][F13]→ Class A Common Stock (4,045 underlying)
Footnotes (13)
- [F1]Includes 3.154 shares acquired through a dividend reinvestment plan.
- [F10]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 at the end of the three-year performance period is subject to decrease or increase (up to 200%) based on the results of the performance conditions.
- [F11]These restricted stock units vest in accordance with the following schedule: 456 vest on the first anniversary of the grant date and 457 vest on the second and third anniversaries of the grant date (August 1, 2024).
- [F12]These restricted stock units vest in accordance with the following schedule: 1,348 vest on the first and second anniversaries of the grant date and 1,349 vest on the third anniversary of the grant date (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.
- [F2]Shares withheld for payment of tax liability and exercise price.
- [F3]These stock options are fully vested and exercisable.
- [F4]Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
- [F5]These restricted stock units vest in accordance with the following schedule: 269 vested on the first anniversary of the grant date and 270 vested on the second anniversary and 270 will vest on the third anniversary of the grant date (March 6, 2023).
- [F6]Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
- [F7]These performance restricted stock units have a three-year performance period and to the extent earned will vest on March 6, 2026. The number of shares of Class A Common Stock that will be earned is subject to increase (up to 200%) or decrease based on the results of the performance condition.
- [F8]These performance restricted stock units have a three-year performance period and to the extent earned will vest on March 6, 2026. The number of shares of Class A Common Stock that will be earned is subject to increase (up to 200%) or decrease based on the results of the performance condition.
- [F9]These restricted stock units vest in accordance with the following schedule: 555 vested on the first anniversary and 555 will vest on the second through third anniversaries of the grant date (March 6, 2024).