SBAC officer reports RSU and PSU vesting, tax share disposals

SBA Communications Corp officer Saul Kredi reported multiple equity award transactions in company stock.

Rhea-AI Filing Summary

SBA Communications Corp officer Saul Kredi reported multiple equity award transactions in company stock. On March 5, 2026, he received a grant of 2,845 restricted stock units, each representing a contingent right to one share of Class A Common Stock.

On March 6, 2026, previously granted restricted and performance stock units vested and were converted into Class A Common Stock through several derivative exercises. Some shares were disposed of at $195.69 per share to cover tax liabilities, and a portion of performance units was forfeited based on performance results.

Insider Trade Summary

2,097.75 shares exercised/converted

Exercise 17 txns

Insider KREDI SAUL

Role VP & Chief Accounting Officer

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	147	$0.00	$0.00
Exercise	Performance Restricted Stock Units	439	$0.00	$0.00
Exercise	Performance Restricted Stock Units	109.75	$0.00	$0.00
Disposition	Performance Restricted Stock Units	329.25	$0.00	$0.00
Exercise	Restricted Stock Units	585	$0.00	$0.00
Exercise	Restricted Stock Units	817	$0.00	$0.00
Exercise	Class A Common Stock	147	$0.00	$0.00
Exercise Price or Tax Liability	Class A Common Stock	57.844	$195.69	$11K
Exercise	Class A Common Stock	878	$0.00	$0.00
Exercise Price or Tax Liability	Class A Common Stock	359.808	$195.69	$70K
Exercise	Class A Common Stock	109.75	$0.00	$0.00
Exercise Price or Tax Liability	Class A Common Stock	43.186	$195.69	$8K
Exercise	Class A Common Stock	585	$0.00	$0.00
Exercise Price or Tax Liability	Class A Common Stock	230.197	$195.69	$45K
Exercise	Class A Common Stock	817	$0.00	$0.00
Exercise Price or Tax Liability	Class A Common Stock	321.489	$195.69	$63K
Grant/Award	Restricted Stock Units	2,845	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 5,064 contracts (Direct); Performance Restricted Stock Units — 0 contracts (Direct); Class A Common Stock — 7,573.916 shares (Direct)

Footnotes (12)

1. F1. Shares withheld for payment of tax liability.
2. F2. As previously reported on a Form 4, the Reporting Person was awarded 439 performance restricted stock units ("PSUs") on March 6, 2023 which were subject to increase or decrease based on the results of the performance condition. On March 6, 2026, these PSUs vested at 200% of target based on the results of the performance condition, such that 878 shares of Class A Common Stock became issuable to the Reporting Person.
3. F3. As previously reported on a Form 4, the Reporting Person was awarded 439 performance restricted stock units ("PSUs") on March 6, 2023 which were subject to increase or decrease based on the results of the performance condition. On March 6, 2026, these PSUs vested at 25% of target based on the results of the performance condition, such that 109.75 shares of Class A Common Stock became issuable to the Reporting Person.
4. F4. Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
5. F5. These restricted stock units vest in accordance with the following schedule: 146 vest on the first and second anniversaries of the grant date and 147 vested on the third anniversary of the grant date (March 6, 2023).
6. F6. Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
7. F7. 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 (up to 200%) or decrease based on the results of the performance condition.
8. F8. The 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 (up to 200%) or decrease based on the results of the performance condition.
9. F9. As previously reported on a Form 4, the Reporting Person was awarded 439 performance restricted stock units ("PSUs") on March 6, 2023 which were subject to increase or decrease based on the results of the performance condition. On March 6, 2026, these PSUs vested at 25% based on the results of the performance condition, such that 109.75 of the 439 PSUs became issuable to the Reporting Person and the remaining 329.25 were forfeited.
10. F10. These restricted stock units vest in accordance with the following schedule: 584 vest on the first anniversary and 585 on the second anniversary of the grant date and 585 on the third anniversaries of the grant date (March 6, 2024).
11. F11. These restricted stock units vest in accordance with the following schedule: 817 vested on the first anniversary and 817 will vest on the second and third anniversaries of the grant date (March 6, 2025).
12. F12. These restricted stock units vest in accordance with the following schedule: 948 vest on the first and second anniversary of the grant date and 949 vest on the third anniversary of the grant date (March 5, 2026).

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did Saul Kredi report at SBA Communications (SBAC)?

Saul Kredi reported multiple equity award events, including new restricted stock unit grants, vesting of restricted and performance units, conversions into Class A Common Stock, and related share disposals to cover tax liabilities. These were equity compensation and tax-withholding transactions, not open-market stock purchases or sales.

How many restricted stock units were newly granted to Saul Kredi at SBAC?

Saul Kredi received a grant of 2,845 restricted stock units on March 5, 2026. Each unit represents a contingent right to receive one share of SBA Communications Class A Common Stock, subject to vesting conditions detailed in the award schedule described in the filing footnotes.

Were any SBA Communications shares sold by Saul Kredi on the open market?

The reported disposals used transaction code F, indicating shares were delivered at $195.69 per share to satisfy tax obligations tied to vesting and exercises. The filing characterizes these as tax-withholding dispositions rather than discretionary open-market sales for investment purposes.

What happened to Saul Kredi’s performance restricted stock units at SBA Communications?

Previously awarded performance restricted stock units reached the end of their three-year performance period on March 6, 2026. Some vested and converted into Class A Common Stock at percentages of target, while 329.25 units were forfeited when related performance conditions were not fully achieved.

How many SBA Communications shares does Saul Kredi hold after these transactions?

After the reported vesting, conversions, and tax-withholding dispositions, Saul Kredi directly owned 7,573.916 shares of SBA Communications Class A Common Stock. This figure reflects all non-derivative transactions disclosed in the filing as of March 6, 2026, including both acquisitions and tax-driven share deliveries.

How do the vesting schedules work for Saul Kredi’s restricted stock units at SBAC?

The filing describes time-based vesting schedules, with specific portions of restricted stock units vesting on the first, second, and third anniversaries of grant dates. Performance restricted stock units vest after a three-year performance period, and earned amounts can increase up to 200% or decrease based on performance results.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 03/09/2026 - 06:30 PM Learn about SEC filing dates

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

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^*

KREDI SAUL

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP & Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/05/2026

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	03/06/2026		M		147	A	$0	6,196.69	D
Class A Common Stock	03/06/2026		F		57.844(1)	D	$195.69	6,138.846	D
Class A Common Stock	03/06/2026		M		878(2)	A	$0	7,016.846	D
Class A Common Stock	03/06/2026		F		359.808(1)	D	$195.69	6,657.038	D
Class A Common Stock	03/06/2026		M		109.75(3)	A	$0	6,766.788	D
Class A Common Stock	03/06/2026		F		43.186(1)	D	$195.69	6,723.602	D
Class A Common Stock	03/06/2026		M		585	A	$0	7,308.602	D
Class A Common Stock	03/06/2026		F		230.197(1)	D	$195.69	7,078.405	D
Class A Common Stock	03/06/2026		M		817	A	$0	7,895.405	D
Class A Common Stock	03/06/2026		F		321.489(1)	D	$195.69	7,573.916	D

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
Restricted Stock Units	(4)	03/06/2026		M			147	(5)	(5)	Class A Common Stock	147	$0	0	D
Performance Restricted Stock Units	(6)	03/06/2026		M			439(2)	(7)	(7)	Class A Common Stock	439	$0	0	D
Performance Restricted Stock Units	(6)	03/06/2026		M			109.75(3)	(8)	(8)	Class A Common Stock	109.75	$0	329.25	D
Performance Restricted Stock Units	(6)	03/06/2026		D			329.25(9)	(8)	(8)	Class A Common Stock	329.25	$0	0	D
Restricted Stock Units	(4)	03/06/2026		M			585	(10)	(10)	Class A Common Stock	585	$0	585	D
Restricted Stock Units	(4)	03/06/2026		M			817	(11)	(11)	Class A Common Stock	817	$0	1,634	D
Restricted Stock Units	(4)	03/05/2026		A		2,845		(12)	(12)	Class A Common Stock	2,845	$0	2,845	D

Explanation of Responses:

1. Shares withheld for payment of tax liability.

2. As previously reported on a Form 4, the Reporting Person was awarded 439 performance restricted stock units ("PSUs") on March 6, 2023 which were subject to increase or decrease based on the results of the performance condition. On March 6, 2026, these PSUs vested at 200% of target based on the results of the performance condition, such that 878 shares of Class A Common Stock became issuable to the Reporting Person.

3. As previously reported on a Form 4, the Reporting Person was awarded 439 performance restricted stock units ("PSUs") on March 6, 2023 which were subject to increase or decrease based on the results of the performance condition. On March 6, 2026, these PSUs vested at 25% of target based on the results of the performance condition, such that 109.75 shares of Class A Common Stock became issuable to the Reporting Person.

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: 146 vest on the first and second anniversaries of the grant date and 147 vested on the third anniversary 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 (up to 200%) or decrease based on the results of the performance condition.

8. The 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 (up to 200%) or decrease based on the results of the performance condition.

9. As previously reported on a Form 4, the Reporting Person was awarded 439 performance restricted stock units ("PSUs") on March 6, 2023 which were subject to increase or decrease based on the results of the performance condition. On March 6, 2026, these PSUs vested at 25% based on the results of the performance condition, such that 109.75 of the 439 PSUs became issuable to the Reporting Person and the remaining 329.25 were forfeited.

10. These restricted stock units vest in accordance with the following schedule: 584 vest on the first anniversary and 585 on the second anniversary of the grant date and 585 on the third anniversaries of the grant date (March 6, 2024).

11. These restricted stock units vest in accordance with the following schedule: 817 vested on the first anniversary and 817 will vest on the second and third anniversaries of the grant date (March 6, 2025).

12. These restricted stock units vest in accordance with the following schedule: 948 vest on the first and second anniversary of the grant date and 949 vest on the third anniversary of the grant date (March 5, 2026).

	/s/ Joshua Westerman, Attorney-in-Fact	03/09/2026
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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