SBA Communications director granted 1,108 RSUs

SBA Communications director Steven E. Bernstein received a grant of 1,108 restricted stock units (RSUs), each representing a right to one share of Class A Common Stock.

Rhea-AI Filing Summary

SBA Communications director Steven E. Bernstein received a grant of 1,108 restricted stock units (RSUs), each representing a right to one share of Class A Common Stock. This award is compensation-related and carries a zero exercise price.

After this update, Bernstein holds 7,139.6962 Class A shares directly and 56,314 shares indirectly through Bernstein Limited Partnership II, where he disclaims beneficial ownership except for his pecuniary interest. He also has previously granted RSUs that vest in tranches from 2026 through 2029, further tying a portion of his compensation to future company performance.

Insider Trade Summary

Grant/Award: 1,108 shares

Grant/Award 5 txns

Insider BERNSTEIN STEVEN E

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	1,108	$0.00	$0.00
holding	Restricted Stock Units	--	--	--
holding	Restricted Stock Units	--	--	--
holding	Class A Common Stock	--	--	--
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Units — 2,073 contracts for 965 underlying shares (Direct); Class A Common Stock — 7,139.6962 shares (Direct); Class A Common Stock — 56,314 shares (Indirect, See Footnote)

Footnotes (5)

1. F1. These shares are held by the Bernstein Limited Partnership II, an entity controlled, in part, by the Reporting Person. The Reporting Person disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest.
2. F2. Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
3. F3. 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.
4. F4. 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.
5. F5. These restricted stock units vest in accordance with the following schedule: 369 vest on May 1, 2027; 369 vest on May 1, 2028; and 370 vest on May 1, 2029.

Key Figures

RSU grant: 1,108 units Direct Class A shares: 7,139.6962 shares Indirect Class A shares: 56,314 shares +3 more

6 metrics

RSU grant 1,108 units Restricted Stock Units granted to director on May 22, 2026

Direct Class A shares 7,139.6962 shares Direct holdings following reported transactions

Indirect Class A shares 56,314 shares Held by Bernstein Limited Partnership II, entity-related position

Existing RSU position 1 663 units Restricted stock units linked to Class A Common Stock

Existing RSU position 2 302 units Additional restricted stock units linked to Class A Common Stock

RSU vesting 2027-2029 (grant F5) 369 / 369 / 370 units RSUs vesting on May 1, 2027, 2028, and 2029

Key Terms

Restricted Stock Units, contingent right, beneficial ownership, pecuniary interest, +1 more

5 terms

Restricted Stock Units financial

"These restricted stock units vest in accordance with the following schedule"

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.

contingent right financial

"Each restricted stock unit represents a contingent right to receive one share"

beneficial ownership financial

"The Reporting Person disclaims beneficial ownership of these shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of his pecuniary interest"

vest financial

"These restricted stock units vest in accordance with the following schedule"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

FAQ

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

What did SBA Communications (SBAC) director Steven E. Bernstein receive in this Form 4 filing?

Steven E. Bernstein received a grant of 1,108 restricted stock units (RSUs) tied to SBA Communications Class A Common Stock. Each RSU represents a contingent right to receive one share, functioning as equity-based compensation without a cash exercise price.

How many SBA Communications (SBAC) shares does Steven E. Bernstein hold after the reported transactions?

Following the reported updates, Steven E. Bernstein holds 7,139.6962 Class A shares directly and 56,314 shares indirectly through Bernstein Limited Partnership II. These positions reflect his combined direct and entity-related ownership reported as of the transaction date.

How are Steven E. Bernstein’s indirect SBA Communications (SBAC) shares held?

The 56,314 indirect Class A shares are held by Bernstein Limited Partnership II, an entity partly controlled by Bernstein. He disclaims beneficial ownership of those shares except to the extent of his pecuniary interest, meaning his economic stake in that partnership.

What do the restricted stock units (RSUs) in this SBA Communications (SBAC) filing represent?

Each restricted stock unit represents a contingent right to receive one share of SBA Communications Class A Common Stock. RSUs are typically used as equity compensation and convert into actual shares as they vest over specified future dates.

When do Steven E. Bernstein’s SBA Communications (SBAC) RSUs vest?

Existing RSU grants vest in staged amounts on May 1, 2026, May 1, 2027, May 1, 2028, and May 1, 2029. This creates a multi-year vesting schedule that links portions of Bernstein’s compensation to SBA Communications’ long-term performance.

Does this SBA Communications (SBAC) Form 4 show any open-market share purchases or sales?

The filing does not report any open-market purchases or sales. It mainly reflects a grant of 1,108 RSUs and updated holdings, including direct shares, indirect partnership-held shares, and previously issued RSUs with multi-year vesting schedules.

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

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Accepted by SEC EDGAR 05/27/2026 - 06:30 PM EDT 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^*

BERNSTEIN STEVEN E

(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)
05/22/2026

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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock								7,139.6962	D
Class A Common Stock								56,314	I	See Footnote(1)

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	(2)							(3)	(3)	Class A Common Stock	302		302	D
Restricted Stock Units	(2)							(4)	(4)	Class A Common Stock	663		663	D
Restricted Stock Units	(2)	05/22/2026		A		1,108		(5)	(5)	Class A Common Stock	1,108	$0	1,108	D

Explanation of Responses:

1. These shares are held by the Bernstein Limited Partnership II, an entity controlled, in part, by the Reporting Person. The Reporting Person disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest.

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

3. 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.

4. 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.

5. These restricted stock units vest in accordance with the following schedule: 369 vest on May 1, 2027; 369 vest on May 1, 2028; and 370 vest on May 1, 2029.

	/s/ Joshua Westerman, as Attorney-in-Fact	05/27/2026
	** 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)