Insider equity awards and vesting at SBA Communications (NASDAQ: SBAC)

Rhea-AI Filing Summary

SBA Communications Executive VP and General Counsel Joshua Koenig reported multiple equity compensation events in Class A Common Stock and related units. On March 5, he received grants of 6,717 restricted stock units and 6,716 performance restricted stock units, each representing a contingent right to one share of Class A Common Stock.

Previously awarded performance restricted stock units from March 6, 2023 vested on March 6, 2026 at 200% of target, so 3,930 shares of Class A Common Stock became issuable. Other performance units were forfeited where minimum performance criteria were not met. Koenig also exercised or converted several restricted and performance units into Class A Common Stock and had shares withheld at $195.69 per share to cover tax liabilities. After these transactions, he held 10,725.639 Class A Common shares directly.

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

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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^*

KOENIG JOSHUA

(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)
	EXECUTIVE VP/GENERAL COUNSEL

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		655	A	$0	6,537.735	D
Class A Common Stock	03/06/2026		F		257.742(1)	D	$195.69	6,279.993	D
Class A Common Stock	03/06/2026		M		3,930(2)	A	$0	10,209.993	D
Class A Common Stock	03/06/2026		F		1,546.455(1)	D	$195.69	8,663.538	D
Class A Common Stock	03/06/2026		M		1,480	A	$0	10,143.538	D
Class A Common Stock	03/06/2026		F		582.379(1)	D	$195.69	9,561.159	D
Class A Common Stock	03/06/2026		M		1,920	A	$0	11,481.159	D
Class A Common Stock	03/06/2026		F		755.52(1)	D	$195.69	10,725.639	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	(3)	03/06/2026		M			655	(4)	(4)	Class A Common Stock	655	$0	0	D
Performance Restricted Stock Units	(5)	03/06/2026		M			1,965	(6)	(6)	Class A Common Stock	1,965	$0	0	D
Performance Restricted Stock Units	(5)	03/06/2026		D			1,965(7)	(8)	(8)	Class A Common Stock	1,965	$0	0	D
Restricted Stock Units	(3)	03/06/2026		M			1,480	(9)	(9)	Class A Common Stock	1,480	$0	1,480	D
Performance Restricted Stock Units	(5)							(10)	(10)	Class A Common Stock	4,440		4,440	D
Restricted Stock Units	(3)	03/06/2026		M			1,920	(11)	(11)	Class A Common Stock	1,920	$0	3,840	D
Performance Restricted Stock Units	(5)							(12)	(12)	Class A Common Stock	5,760		5,760	D
Restricted Stock Units	(3)	03/05/2026		A		6,717		(13)	(13)	Class A Common Stock	6,717	$0	6,717	D
Performance Restricted Stock Units	(5)	03/05/2026		A		6,716		(14)	(14)	Class A Common Stock	6,716	$0	6,716	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 1,965 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 3,930 shares of Class A Common Stock became issuable to the Reporting Person.

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

4. These restricted stock units vest in accordance with the following schedule: 655 vested on the first through third anniversaries of the grant date (March 6,2023).

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

6. These performance 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 condition.

7. The PSUs previously reported as acquired by the reporting person were forfeited because the minimum performance criteria required for vesting was not met.

8. These performance 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 condition.

9. These restricted stock units vest in accordance with the following schedule: 1,480 vested on the first anniversary and 1,480 vest on the second and third anniversaries of the grant date (March 6, 2024).

10. 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 is subject to decrease or increase (up to 200%) based on the results of the performance conditions.

11. These restricted stock units vest in accordance with the following schedule: 1,920 vested on the first anniversary and 1,920 vest on the second and third anniversaries of the grant date (March 6, 2025).

12. 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.

13. These restricted stock units vest in accordance with the following schedule: 2,239 vest on the first through third anniversaries of the grant date (March 5, 2026).

14. 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 5, 2029. 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.

	/s/ Joshua Westerman, Attorney-in-Fact	03/09/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transactions did SBA Communications (SBAC) report for Joshua Koenig?

Joshua Koenig reported multiple equity compensation transactions, including new grants of restricted and performance stock units, vesting of earlier performance units, derivative exercises converting units into Class A Common Stock, and share withholding transactions to cover tax liabilities at a stated share price.

How many performance units vested for SBA Communications (SBAC) executive Joshua Koenig?

Previously granted performance restricted stock units vested at 200% of target, so 3,930 shares of SBA Communications Class A Common Stock became issuable. These units were originally awarded on March 6, 2023 and vested based on the results of a performance condition.

What new stock unit awards did SBA Communications (SBAC) grant to Joshua Koenig?

On March 5, 2026, Joshua Koenig received 6,717 restricted stock units and 6,716 performance restricted stock units. Each unit represents a contingent right to receive one share of SBA Communications Class A Common Stock, with future vesting and performance conditions described in the footnotes.

Were any SBA Communications (SBAC) performance stock units forfeited by Joshua Koenig?

Yes. Footnote disclosure states that some performance restricted stock units previously reported as acquired by Joshua Koenig were forfeited because the minimum performance criteria required for vesting were not met, so those units did not convert into Class A Common Stock.

Why did SBA Communications (SBAC) withhold shares from Joshua Koenig’s Form 4 transactions?

Some Class A Common Stock transactions are coded as F, with a footnote stating the shares were withheld for payment of tax liability. These dispositions reflect shares delivered at a price of $195.69 per share to satisfy tax obligations on equity awards.

How many SBA Communications (SBAC) shares does Joshua Koenig hold after these transactions?

After the reported March 6, 2026 transactions, Joshua Koenig directly held 10,725.639 shares of SBA Communications Class A Common Stock. This figure incorporates the derivative exercises and share withholding dispositions disclosed in the Form 4 tables.