SBA Communications (SBAC) chair exercises 149K options, updates holdings

Rhea-AI Filing Summary

SBA Communications chairman and director Jeffrey Stoops reported an option exercise and related share withholding in Class A Common Stock. On January 20, 2026, he exercised 149,446 stock options at an exercise price of $182.30 per share, receiving the same number of Class A Common shares and bringing his directly held balance to 269,648.626 shares.

On the same date, 143,622 shares were withheld at $194.11 per share to cover tax liability and exercise price, reducing his directly held Class A Common Stock to 126,026.626 shares. In addition, 259,863 shares of Class A Common Stock are held indirectly by Calculated Risk Partners, L.P., a limited partnership associated with him, and he also holds various restricted stock units and performance restricted stock units that may settle in additional shares over future vesting and performance periods.

SEC Form 4

FORM 4

UNITED 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

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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^*

STOOPS JEFFREY

(Last) (First) (Middle)

C/O SBA COMMUNICATIONS CORPORATION

8051 CONGRESS AVENUE

(Street)

BOCA RATON FL 33487

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SBA COMMUNICATIONS CORP [ SBAC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			CHAIRMAN

3. Date of Earliest Transaction (Month/Day/Year)
01/20/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	01/20/2026		M		149,446	A	$182.3	269,648.626	D
Class A Common Stock	01/20/2026		F		143,622(1)	D	$194.11	126,026.626	D
Class A Common Stock								259,863	I	By Limited Partnership(2)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy)	$182.3	01/20/2026		M			149,446	(3)	03/06/2026	Class A Common Stock	149,446	$0	0	D
Restricted Stock Units	(4)							(5)	(5)	Class A Common Stock	3,468		3,468	D
Performance Restricted Stock Units	(6)							(7)	(7)	Class A Common Stock	10,404		10,404	D
Performance Restricted Stock Units	(6)							(8)	(8)	Class A Common Stock	10,404		10,404	D
Restricted Stock Units	(4)							(9)	(9)	Class A Common Stock	604		604	D
Restricted Stock Units	(4)							(10)	(10)	Class A Common Stock	994		994	D

Explanation of Responses:

1. Shares withheld for payment of tax liability and exercise price.

2. These shares are owned by Calculated Risk Partners, L.P., a Delaware limited partnership ("CRLP"). The Reporting Person and his spouse control the general partner of CRLP. The Reporting Person disclaims beneficial ownership of the stock owned by CRLP except to the extent of his pecuniary interest therein.

3. These stock options are fully vested and exercisable.

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

5. These restricted stock units vest in accordance with the following schedule: 3,468 vest on the first through third anniversaries of the grant date (March 6, 2023).

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

7. 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 period.

8. 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 period.

9. These restricted stock units vest in accordance with the following schedule: 302 vested on May 1, 2025; 302 vest on May 1, 2026; and 302 vest on May 1, 2027.

10. These restricted stock units vest in accordance with the following schedule: 331 vest on May 1, 2026; 331 vest on May 1, 2027; and 332 vest on May 1, 2028.

	/s/ Joshua Koenig, Attorney-in-Fact	01/22/2026
	** Signature of Reporting Person	Date
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).
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FAQ

What insider transaction did SBA Communications (SBAC) chairman Jeffrey Stoops report?

Jeffrey Stoops reported exercising 149,446 stock options for SBA Communications Class A Common Stock at an exercise price of $182.30 per share on January 20, 2026.

How many SBA Communications (SBAC) shares does Jeffrey Stoops hold directly after this Form 4?

After the reported transactions, Jeffrey Stoops directly owns 126,026.626 shares of SBA Communications Class A Common Stock.

Why were 143,622 SBA Communications shares withheld in Jeffrey Stoops's Form 4?

The Form 4 states that 143,622 shares of Class A Common Stock were withheld at $194.11 per share to satisfy tax liability and exercise price related to the option exercise.

What indirect SBA Communications (SBAC) holdings are reported for Jeffrey Stoops?

The filing shows 259,863 shares of Class A Common Stock held indirectly by Calculated Risk Partners, L.P., a Delaware limited partnership associated with him, with a disclaimer of beneficial ownership except to the extent of his pecuniary interest.

What equity awards does Jeffrey Stoops still hold at SBA Communications (SBAC)?

He holds restricted stock units and performance restricted stock units covering 3,468, 10,404, 10,404, 604, and 994 shares of Class A Common Stock, which vest over time or based on performance.

Are the exercised SBA Communications stock options still outstanding after this Form 4?

No. The Form 4 shows that the 149,446 stock options reported as exercised are now fully exercised with 0 such options remaining beneficially owned.