SBA Communications director settles RSUs, withholds shares

SBA Communications director Mary S. Chan reported routine equity compensation activity involving restricted stock units (RSUs) and related tax withholding.

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Form Type

Rhea-AI Filing Summary

SBA Communications director Mary S. Chan reported routine equity compensation activity involving restricted stock units (RSUs) and related tax withholding. On May 1, 2026, RSUs totaling 248, 302, and 331 units were settled into an equal number of Class A Common Stock shares as they vested on that date.

The company withheld 325.968 shares of Class A Common Stock at $221.20 per share to cover Chan’s tax liability, which is classified as a tax-withholding disposition rather than an open-market sale. Each RSU represents a contingent right to receive one share of Class A Common Stock, and the vesting schedules extend through May 1, 2028.

Insider Trade Summary

881 shares exercised/converted

Exercise 7 txns

Insider Chan Mary S

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	248	$0.00	$0.00
Exercise	Restricted Stock Units	302	$0.00	$0.00
Exercise	Restricted Stock Units	331	$0.00	$0.00
Exercise	Class A Common Stock	248	$0.00	$0.00
Exercise	Class A Common Stock	302	$0.00	$0.00
Exercise	Class A Common Stock	331	$0.00	$0.00
Exercise Price or Tax Liability	Class A Common Stock	325.968	$221.20	$72K

Holdings After Transaction: Restricted Stock Units — 965 contracts (Direct); Class A Common Stock — 6,421.5425 shares (Direct)

Footnotes (8)

F1. On May 1, 2026, 248 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
F2. On May 1, 2026, 302 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
F3. On May 1, 2026, 331 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
F4. Shares withheld for the payment of tax liability.
F5. Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F6. 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.
F7. 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.
F8. 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.

Key Figures

Shares withheld for taxes: 325.968 shares at $221.20 RSUs settled (248-unit grant): 248 shares RSUs settled (302-unit grant): 302 shares +3 more

6 metrics

Shares withheld for taxes 325.968 shares at $221.20 Tax-withholding disposition on May 1, 2026

RSUs settled (248-unit grant) 248 shares Restricted stock units settled into Class A Common Stock on May 1, 2026

RSUs settled (302-unit grant) 302 shares Restricted stock units settled into Class A Common Stock on May 1, 2026

RSUs settled (331-unit grant) 331 shares Restricted stock units settled into Class A Common Stock on May 1, 2026

Tax-withholding transactions 1 transaction, 325.968 shares Form 4 tax-withholding disposition count and shares

Derivative exercises 3 exercises, 881 shares Exercise of RSUs into Class A Common Stock

Key Terms

Restricted Stock Units, tax-withholding disposition, derivative exercise/conversion, contingent right to receive one share

4 terms

Restricted Stock Units financial

"The filing reports transactions in "Restricted Stock Units" that settle into 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

"One transaction is described as a "tax-withholding disposition" with code F."

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.

derivative exercise/conversion financial

"Several transactions carry the description "Exercise or conversion of derivative security.""

FAQ

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

What did SBA Communications (SBAC) director Mary S. Chan report in this Form 4?

Mary S. Chan reported RSU vesting and settlement into Class A Common Stock and related tax withholding. Several tranches of restricted stock units converted to shares on May 1, 2026, and some shares were withheld to satisfy associated tax obligations as part of standard equity compensation.

How many SBA Communications (SBAC) shares were withheld for Mary S. Chan’s taxes?

The filing shows 325.968 shares of SBA Communications Class A Common Stock were withheld to cover Mary S. Chan’s tax liability. These shares are valued at $221.20 per share and are classified as a tax-withholding disposition, not an open-market sale of stock.

How many SBA Communications (SBAC) RSUs vested and settled on May 1, 2026?

On May 1, 2026, tranches of 248, 302, and 331 restricted stock units vested for Mary S. Chan and were settled into an equal number of SBA Communications Class A Common Stock shares. Each RSU represented a contingent right to receive one corresponding common share.

Were there any open-market purchases or sales by Mary S. Chan in this SBA Communications (SBAC) Form 4?

The Form 4 shows derivative exercises and tax-withholding dispositions only, with transaction codes M and F. These reflect RSU settlement into common stock and shares withheld for taxes, rather than open-market purchases or sales of SBA Communications stock by the director.

What do the SBA Communications (SBAC) RSU vesting schedules disclose for Mary S. Chan?

The RSU awards vest over multiple years: certain blocks of 247–248 units vested annually from May 1, 2024 through May 1, 2026, and other grants of 302 and 331 units vest on May 1 of 2025, 2026, 2027, and 2028, providing staggered equity compensation.

How does this SBA Communications (SBAC) Form 4 affect Mary S. Chan’s ownership type?

The filing classifies Mary S. Chan’s holdings as direct ownership, indicated by the code "D" in the ownership fields. The reported transactions involve RSU settlement into Class A Common Stock and tax withholding, leaving her with directly held shares rather than indirect or entity-held positions.

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

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Accepted by SEC EDGAR 05/05/2026 - 06:30 PM EDT

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^*

Chan Mary S

(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)

X	Director	10% 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)

X	Form 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	05/01/2026		M		248	A	⁽¹⁾	6,114.5105	D
Class A Common Stock	05/01/2026		M		302	A	⁽²⁾	6,416.5105	D
Class A Common Stock	05/01/2026		M		331	A	⁽³⁾	6,747.5105	D
Class A Common Stock	05/01/2026		F		325.968⁽⁴⁾	D	$221.2	6,421.5425	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽⁵⁾	05/01/2026		M			248	⁽⁶⁾	⁽⁶⁾	Class A Common Stock	248	⁽¹⁾	0	D
Restricted Stock Units	⁽⁵⁾	05/01/2026		M			302	⁽⁷⁾	⁽⁷⁾	Class A Common Stock	302	⁽²⁾	302	D
Restricted Stock Units	⁽⁵⁾	05/01/2026		M			331	⁽⁸⁾	⁽⁸⁾	Class A Common Stock	331	⁽³⁾	663	D

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. On May 1, 2026, 302 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.

3. On May 1, 2026, 331 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.

4. Shares withheld for the payment of tax liability.

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

6. 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.

7. 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.

8. 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-Fact	05/05/2026
	** 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.
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