SBA Communications (SBAC) VP exercises 6,080 options, 5,873 shares withheld

Rhea-AI Filing Summary

SBA Communications Corp VP & Chief Accounting Officer Saul Kredi reported an option exercise and related share withholding in Class A common stock. On January 20, 2026, Kredi exercised 6,080 stock options at $182.30 per share, acquiring the same number of Class A common shares. On the same date, 5,873 shares were withheld to cover tax liability and exercise price at a value of $194.11 per share, leaving 6,049.67 Class A common shares directly owned, including a small amount acquired through a dividend reinvestment plan.

The filing also lists outstanding equity awards, including restricted stock units and performance restricted stock units, each representing a contingent right to receive one share of Class A common stock if the stated time-based or performance-based vesting conditions are satisfied.

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

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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^*

KREDI SAUL

(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)
	VP & Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/20/2026

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	01/20/2026		M		6,080	A	$182.3	11,922.67(1)	D
Class A Common Stock	01/20/2026		F		5,873(2)	D	$194.11	6,049.67	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
Stock Options (Right to Buy)	$182.3	01/20/2026		M			6,080	(3)	03/06/2026	Class A Common Stock	6,080	$0	0	D
Restricted Stock Units	(4)							(5)	(5)	Class A Common Stock	147		147	D
Performance Restricted Stock Units	(6)							(7)	(7)	Class A Common Stock	439		439	D
Performance Restricted Stock Units	(6)							(8)	(8)	Class A Common Stock	439		439	D
Restricted Stock Units	(4)							(9)	(9)	Class A Common Stock	1,170		1,170	D
Restricted Stock Units	(4)							(10)	(10)	Class A Common Stock	2,451		2,451	D

Explanation of Responses:

1. Includes 0.018 shares acquired through a dividend reinvestment plan.

2. Shares withheld for payment of tax liability and exercise price.

3. These options are fully vested and immediately 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: 146 vest on the first and second anniversaries of the grant date and 147 vest on the third anniversary of the grant date (March 6, 2023).

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

7. These performance restricted 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 (up to 200%) or decrease based on the results of the performance condition.

8. The performance restricted 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 (up to 200%) or decrease based on the results of the performance condition.

9. These restricted stock units vest in accordance with the following schedule: 584 vest on the first anniversary of the grant date and 585 on the second through third anniversaries of the grant date (March 6, 2024).

10. These restricted stock units vest in accordance with the following schedule: 817 vest on the first anniversary through third anniversaries of the grant date (March 6, 2025).

	/s/ Joshua Koenig, Attorney-in-Fact	01/22/2026
	** 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).
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FAQ

What insider transaction did SBA Communications (SBAC) report for Saul Kredi?

The VP & Chief Accounting Officer, Saul Kredi, exercised 6,080 stock options for Class A common stock at an exercise price of $182.30 per share and had 5,873 shares withheld to cover tax liability and exercise costs.

How many SBA Communications (SBAC) shares does Saul Kredi own after the reported Form 4 transactions?

After the January 20, 2026 transactions, Saul Kredi directly owns 6,049.67 shares of SBA Communications Class A common stock, including 0.018 shares acquired through a dividend reinvestment plan.

What does the option exercise in SBA Communications (SBAC) involve for Saul Kredi?

The filing shows fully vested and immediately exercisable options on 6,080 shares of Class A common stock were exercised at $182.30 per share, converting those options into common shares.

Why were 5,873 SBA Communications (SBAC) shares withheld in this Form 4?

The footnotes state that 5,873 shares of Class A common stock were withheld for payment of tax liability and exercise price related to the option exercise.

What restricted stock units does Saul Kredi hold in SBA Communications (SBAC)?

The filing lists several restricted stock unit and performance restricted stock unit positions, each representing a contingent right to receive one share of Class A common stock upon satisfaction of time-based or performance-based vesting schedules.

Are Saul Kredi’s performance restricted stock units in SBA Communications (SBAC) tied to specific performance periods?

Yes. The performance restricted stock units have a three-year performance period and, to the extent earned, vest on March 6, 2026, with the number of shares potentially increasing up to 200% or decreasing based on performance results.