[Form 4] SBA Communications Corp Insider Trading Activity

Rhea-AI Filing Summary

Jack Langer, a director of SBA Communications Corp (SBAC), reported changes in his beneficial ownership of Class A common stock. He disposed of 30 shares via a gift to a 501(c)(3) institution and currently directly holds 8,137.601 shares. Additionally, 10,522 shares are held indirectly in The Jack Langer 2012 Irrevocable Family Trust, of which he disclaims beneficial ownership except for any pecuniary interest. The filing also shows vested and exercisable stock options with an exercise price of $212.31 covering 1,501 shares and multiple restricted stock unit awards totaling 2,448 shares that vest on scheduled future dates.

Insights

Corporate Governance Expert

TL;DR: Insider retains substantial ownership and uses estate planning and charitable gifting; transactions appear routine and non-material to control.

The reporting shows a small charitable disposal and continued significant economic exposure through both direct holdings and an irrevocable family trust. Use of an irrevocable trust where the spouse is trustee and disclaimer of beneficial ownership is a common estate-planning structure that does not indicate any change in governance or control. The small gift of 30 shares is immaterial to ownership percentages. RSU vesting schedules and vested options are disclosed clearly, with options exercisable at $212.31.

Securities Analyst

TL;DR: Insider activity is routine: minor charitable gift, significant retained stake, and scheduled equity vesting and exercisability.

From a market-impact perspective, the reported disposal of 30 shares is negligible. The aggregate position—8,137.601 direct shares plus 10,522 indirect via trust—represents meaningful insider alignment with shareholder value, but no change in control. The 1,501 fully vested options (exercise $212.31) and scheduled RSU vesting create potential modest future supply if exercised or settled, but no immediate dilutive event is indicated by this filing alone.

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
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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^*

LANGER JACK

(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)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/26/2025

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	08/26/2025		G(1)		30	D	$0	8,137.601	D
Class A Common Stock								10,522	I	By Trust(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)	$212.31							(3)	05/16/2026	Class A Common Stock	1,501		1,501	D
Restricted Stock Units	(4)							(5)	(5)	Class A Common Stock	248		248	D
Restricted Stock Units	(4)							(6)	(6)	Class A Common Stock	604		604	D
Restricted Stock Units	(4)							(7)	(7)	Class A Common Stock	994		994	D

Explanation of Responses:

1. The Reporting Person gifted these shares to a 501(c)(3) institution in an exempt transaction pursuant to Rule 16b-5 of the Securities and Exchange Act of 1934, as amended.

2. The securities are held by The Jack Langer 2012 Irrevocable Family Trust for estate planning purposes. The trustee of the trust is the reporting person's spouse. The reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein.

3. These 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: 247 vested on May 1, 2024; 248 vested on May 1, 2025; and 248 vest on May 1, 2026.

6. 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.

7. 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	08/28/2025
	** 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.
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.

FAQ

What transaction did Jack Langer report on SBAC Form 4?

The filing reports a gift disposition of 30 shares of Class A common stock to a 501(c)(3) institution and other holdings and awards.

How many SBAC shares does the reporting person beneficially own after the transaction?

He directly beneficially owns 8,137.601 shares and indirectly holds 10,522 shares through The Jack Langer 2012 Irrevocable Family Trust.

Are there any exercisable options reported for SBAC by the insider?

Yes, the filing shows 1,501 fully vested and exercisable stock options with an exercise price of $212.31.

What restricted stock units (RSUs) are disclosed for the reporting person?

The filing discloses RSUs representing 2,448 underlying Class A shares across multiple vesting schedules, with specified portions vesting on future dates.

Does the reporting person claim beneficial ownership of trust-held shares?

The reporting person disclaims beneficial ownership of the trust-held securities except to the extent of any pecuniary interest; the trustee is the reporting person's spouse.