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Director at SBA Communications (NASDAQ: SBAC) settles RSUs and covers taxes

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

SBA Communications director Laurie Bowen reported compensation-related equity activity involving Class A Common Stock and equity awards. On May 1, 2026, 248, 302 and 331 of her restricted stock units were each settled for an equal number of Class A shares, totaling 881 shares, according to the footnotes.

The company withheld 325.968 shares at $221.20 per share to cover tax liabilities, leaving Bowen with 1,072.088 Class A shares held directly, including 11.985 shares from a dividend reinvestment plan. She also holds stock options to acquire 10,000 Class A shares at an exercise price of $224.24 per share, expiring on May 25, 2033, vesting in 2,000-share increments each year over five years.

Positive

  • None.

Negative

  • None.
Insider BOWEN LAURIE
Role null
Type Security Shares Price Value
Exercise Restricted Stock Units 248 $0.00 --
Exercise Restricted Stock Units 302 $0.00 --
Exercise Restricted Stock Units 331 $0.00 --
Exercise Class A Common Stock 248 $0.00 --
Exercise Class A Common Stock 302 $0.00 --
Exercise Class A Common Stock 331 $0.00 --
Tax Withholding Class A Common Stock 325.968 $221.20 $72K
holding Stock Options (Right to Buy) -- -- --
Holdings After Transaction: Restricted Stock Units — 0 shares (Direct, null); Class A Common Stock — 765.056 shares (Direct, null); Stock Options (Right to Buy) — 10,000 shares (Direct, null)
Footnotes (1)
  1. On May 1, 2026, 248 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock. Includes 11.985 shares acquired through a dividend reinvestment plan. On May 1, 2026, 302 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock. On May 1, 2026, 331 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock. Shares withheld for the payment of tax liability. These options vest in accordance with the following schedule: 2,000 vest on each of the first through fifth anniversaries of the grant date (May 25, 2023). Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock. These restricted stock units vest in accordance with the following schedule: 247 vested on May 1, 2024; 248 vested on May 1, 2025; and 248 vested on May 1, 2026. These restricted stock units vest in accordance with the following schedule: 302 vested on May 1, 2025; 302 vested on May 1, 2026; and 302 vest on May 1 2027. These restricted stock units vest in accordance with the following schedule: 331 vested on May 1, 2026; 331 vest on May 1, 2027; and 332 vest on May 1 2028.
RSUs settled into shares 881 shares Restricted stock units settled into Class A Common Stock on May 1, 2026
Shares withheld for taxes 325.968 shares at $221.20 Class A Common Stock withheld to pay tax liability
Direct Class A holdings after transactions 1,072.088 shares Directly held SBA Communications Class A Common Stock following Form 4 transactions
Outstanding stock options 10,000 shares at $224.24 Stock options (right to buy) for Class A Common Stock, expiring May 25, 2033
Derivative exercises 881 shares Exercise or settlement of restricted stock units coded as M transactions
Dividend reinvestment plan shares 11.985 shares Class A Common Stock acquired through dividend reinvestment plan, included in direct holdings
Restricted Stock Units financial
"Restricted Stock Units ... Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
tax-withholding disposition financial
"transaction_action": "tax-withholding disposition", "transaction_code_description": "Payment of exercise price or tax liability by delivering securities""
A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.
Stock Options (Right to Buy financial
""security_title": "Stock Options (Right to Buy)", "underlying_security_title": "Class A Common Stock""
dividend reinvestment plan financial
"Includes 11.985 shares acquired through a dividend reinvestment plan."
A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.
exercise or conversion of derivative security financial
""transaction_code_description": "Exercise or conversion of derivative security" for M-coded transactions"
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
BOWEN LAURIE
(Last)(First)(Middle)
C/O SBA COMMUNICATIONS CORPORATION
8051 CONGRESS AVENUE
(Street)
BOCA RATON FLORIDA 33487
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
SBA COMMUNICATIONS CORP [ SBAC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/01/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Class A Common Stock05/01/2026M248A(1)765.056(2)D
Class A Common Stock05/01/2026M302A(3)1,067.056D
Class A Common Stock05/01/2026M331A(4)1,398.056D
Class A Common Stock05/01/2026F325.968(5)D$221.21,072.088D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Stock Options (Right to Buy)$224.24 (6)05/25/2033Class A Common Stock10,00010,000D
Restricted Stock Units(7)05/01/2026M248 (8) (8)Class A Common Stock248(1)0D
Restricted Stock Units(7)05/01/2026M302 (9) (9)Class A Common Stock302(3)302D
Restricted Stock Units(7)05/01/2026M331 (10) (10)Class A Common Stock331(4)663D
Explanation of Responses:
1. On May 1, 2026, 248 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
2. Includes 11.985 shares acquired through a dividend reinvestment plan.
3. On May 1, 2026, 302 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
4. On May 1, 2026, 331 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
5. Shares withheld for the payment of tax liability.
6. These options vest in accordance with the following schedule: 2,000 vest on each of the first through fifth anniversaries of the grant date (May 25, 2023).
7. Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
8. These restricted stock units vest in accordance with the following schedule: 247 vested on May 1, 2024; 248 vested on May 1, 2025; and 248 vested on May 1, 2026.
9. These restricted stock units vest in accordance with the following schedule: 302 vested on May 1, 2025; 302 vested on May 1, 2026; and 302 vest on May 1 2027.
10. These restricted stock units vest in accordance with the following schedule: 331 vested on May 1, 2026; 331 vest on May 1, 2027; and 332 vest on May 1 2028.
/s/ Joshua Westerman, as Attorney-in-Fact05/05/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Laurie Bowen report in her SBA Communications (SBAC) Form 4?

Laurie Bowen reported equity compensation activity, including the settlement of restricted stock units into SBA Communications Class A Common Stock and a share withholding for taxes. She also disclosed a large outstanding stock option position with a defined exercise price and future expiration date.

How many SBA Communications shares did Laurie Bowen receive from RSU settlements?

Bowen had 248, 302 and 331 restricted stock units settled into the same numbers of Class A shares, totaling 881 shares on May 1, 2026. Each restricted stock unit represents a contingent right to receive one Class A Common Stock share under the company’s equity plans.

Were any of Laurie Bowen’s SBA Communications shares sold on the open market?

The Form 4 shows 325.968 SBA Communications shares coded as an F transaction, meaning they were withheld to pay a tax liability at $221.20 per share. This disposition reflects tax-withholding mechanics, not an open-market sale initiated for portfolio reasons.

How many SBA Communications shares does Laurie Bowen directly hold after these transactions?

After the reported equity activity, Bowen directly holds 1,072.088 SBA Communications Class A Common shares. This figure includes 11.985 shares acquired through a dividend reinvestment plan, as noted in the footnotes accompanying the Form 4 disclosure.

What SBA Communications stock options does Laurie Bowen retain after this Form 4?

Bowen holds stock options to buy 10,000 SBA Communications Class A shares at an exercise price of $224.24, expiring May 25, 2033. These options vest in five annual installments of 2,000 shares each, beginning on May 25, 2024, per the vesting footnote.

How do the restricted stock units for Laurie Bowen vest at SBA Communications?

The footnotes describe several RSU grants with staged vesting. For example, 248-unit grants vested annually from May 1, 2024 through May 1, 2026, while 302- and 331-unit grants vest across May 1 dates in 2025, 2026, 2027 and 2028, aligning awards with ongoing service.