SBA Communications chair settles RSUs into shares

Q: What are Stoops’ direct and indirect SBA Communications (SBAC) share holdings after the transactions?

After the reported transactions, Stoops directly holds about 141,133.52 Class A Common Stock shares. Indirectly, 259,863 shares are owned by Calculated Risk Partners, L.P., a Delaware limited partnership, where he and his spouse control the general partner, subject to his pecuniary interest.

SBA Communications chairman and director Jeffrey Stoops reported routine equity compensation activity involving restricted stock units.

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Form Type

Rhea-AI Filing Summary

SBA Communications chairman and director Jeffrey Stoops reported routine equity compensation activity involving restricted stock units. On May 1, 2026, 302 and 331 of his restricted stock units were settled for an equal number of Class A Common Stock shares, reflecting derivative exercises rather than market purchases or sales. Following these transactions, he directly holds about 141,464.52 Class A Common Stock shares and continues to hold restricted stock units that vest in future years. Separately, 259,863 Class A Common Stock shares are owned indirectly through Calculated Risk Partners, L.P., a Delaware limited partnership, for which Stoops and his spouse control the general partner; he disclaims beneficial ownership of that stock except to the extent of his pecuniary interest.

Insider Trade Summary

633 shares exercised/converted

Exercise 5 txns

Insider STOOPS JEFFREY

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	302	$0.00	$0.00
Exercise	Restricted Stock Units	331	$0.00	$0.00
Exercise	Class A Common Stock	302	$0.00	$0.00
Exercise	Class A Common Stock	331	$0.00	$0.00
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Units — 965 contracts (Direct); Class A Common Stock — 141,464.52 shares (Direct); Class A Common Stock — 259,863 shares (Indirect, By Limited Partnership)

Footnotes (6)

F1. On May 1, 2026, 302 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
F2. On May 1, 2026, 331 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
F3. These shares are owned by Calculated Risk Partners, L.P., a Delaware limited partnership ("CRLP"). The Reporting Person and his spouse control the general partner of CRLP. The Reporting Person disclaims beneficial ownership of the stock owned by CRLP except to the extent of his pecuniary interest therein.
F4. Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F5. 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.
F6. 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

RSUs settled (first tranche): 302 units/shares RSUs settled (second tranche): 331 units/shares Total RSU exercises: 633 shares +4 more

7 metrics

RSUs settled (first tranche) 302 units/shares Restricted stock units settled into 302 Class A shares on May 1, 2026

RSUs settled (second tranche) 331 units/shares Restricted stock units settled into 331 Class A shares on May 1, 2026

Total RSU exercises 633 shares ExerciseCount 2; ExerciseShares 633 in transaction summary

Direct common stock holdings 141,133.52 shares Total Class A Common Stock shares following one transaction entry

Indirect common stock holdings 259,863 shares Class A Common Stock owned by Calculated Risk Partners, L.P.

RSU vesting schedule (302 grant) 302/302/302 units Vest on May 1, 2025; May 1, 2026; May 1, 2027 respectively

RSU vesting schedule (331 grant) 331/331/332 units Vest on May 1, 2026; May 1, 2027; May 1, 2028 respectively

Key Terms

Restricted Stock Units, pecuniary interest, limited partnership, contingent right, +1 more

5 terms

Restricted Stock Units financial

"The security title includes "Restricted Stock Units" for derivative entries."

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.

pecuniary interest financial

"The Reporting Person disclaims beneficial ownership... except to the extent of his pecuniary interest therein."

limited partnership financial

"These shares are owned by Calculated Risk Partners, L.P., a Delaware limited partnership ("CRLP")."

A limited partnership is a legal business structure with two types of partners: at least one general partner who runs the business and bears full legal responsibility, and one or more limited partners who contribute money, share profits, and have liability capped at their investment. For investors, it matters because it separates control from financial exposure — like putting money into a store without managing it — and affects how returns, risks, taxes and transferability of ownership are handled.

contingent right financial

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

derivative security financial

"Transaction code description notes an "Exercise or conversion of derivative security"."

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

FAQ

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

What insider equity transactions did SBA Communications (SBAC) chairman Jeffrey Stoops report?

Jeffrey Stoops reported settling restricted stock units into Class A Common Stock on May 1, 2026. Specifically, 302 and 331 restricted stock units converted into the same number of shares, representing derivative exercises tied to prior awards rather than open-market buying or selling.

How many SBA Communications (SBAC) shares did Stoops acquire through RSU settlement?

Stoops acquired 302 and 331 Class A Common Stock shares through restricted stock unit settlements, totaling 633 shares. These came from equity awards that vested according to preset schedules, with a stated conversion price of $0.00 per unit, typical of restricted stock unit compensation.

Did Jeffrey Stoops sell any SBA Communications (SBAC) shares in this Form 4 filing?

No sales were reported. The Form 4 shows only acquisitions via derivative exercises, where restricted stock units settled into Class A Common Stock. Transaction summaries list zero sell transactions, zero sell shares, and a neutral net buy/sell direction for this reporting period.

How do the restricted stock units for SBA Communications (SBAC) vest over time?

One RSU grant of 302 units vested 302 on May 1, 2025, 302 on May 1, 2026, and will vest 302 on May 1, 2027. Another grant of 331 units vested 331 on May 1, 2026, with 331 vesting May 1, 2027 and 332 vesting May 1, 2028.

Who owns the indirect SBA Communications (SBAC) shares associated with Jeffrey Stoops?

The indirect shares are owned by Calculated Risk Partners, L.P., a Delaware limited partnership. Stoops and his spouse control the partnership’s general partner. He disclaims beneficial ownership of stock held by this entity, except to the extent of his pecuniary interest in the partnership.

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 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^*

STOOPS JEFFREY

(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)	X	Other (specify below)
			CHAIRMAN

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		302	A	⁽¹⁾	141,133.52	D
Class A Common Stock	05/01/2026		M		331	A	⁽²⁾	141,464.52	D
Class A Common Stock								259,863	I	By Limited Partnership⁽³⁾

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	⁽⁴⁾	05/01/2026		M			302	⁽⁵⁾	⁽⁵⁾	Class A Common Stock	302	⁽¹⁾	302	D
Restricted Stock Units	⁽⁴⁾	05/01/2026		M			331	⁽⁶⁾	⁽⁶⁾	Class A Common Stock	331	⁽²⁾	663	D

Explanation of Responses:

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

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

3. These shares are owned by Calculated Risk Partners, L.P., a Delaware limited partnership ("CRLP"). The Reporting Person and his spouse control the general partner of CRLP. The Reporting Person disclaims beneficial ownership of the stock owned by CRLP except to the extent of his pecuniary interest therein.

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: 302 vested on May 1, 2025; 302 vested on May 1, 2026; and 302 vest on May 1, 2027.

6. 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, 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