SBA Communications (SBAC) EVP exercises 9,121 options and withholds shares

Rhea-AI Filing Summary

SBA Communications executive Joshua Koenig, Executive VP and General Counsel, exercised stock options for 9,121 shares of Class A Common Stock at an exercise price of $182.30 per share on January 20, 2026. The option exercise (code M) converted his derivative position into common stock, after which he held 14,682.735 shares directly.

On the same date, 8,800 shares of Class A Common Stock (code F) were withheld at $194.11 per share to cover tax liability and the exercise price, leaving him with 5,882.735 directly owned shares.

Koenig also holds several equity incentive awards, including 655 restricted stock units from 2023 and additional RSU and performance RSU grants of 1,965 to 5,760 shares each. These vest between March 6, 2026 and March 6, 2028, with performance-based units earning between 0% and up to 200% of target based on multi-year financial performance metrics.

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^*

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)
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		9,121	A	$182.3	14,682.735	D
Class A Common Stock	01/20/2026		F		8,800(1)	D	$194.11	5,882.735	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			9,121	(2)	03/06/2026	Class A Common Stock	9,121	$0	0	D
Restricted Stock Units	(3)							(4)	(4)	Class A Common Stock	655		655	D
Performance Restricted Stock Units	(5)							(6)	(6)	Class A Common Stock	1,965		1,965	D
Performance Restricted Stock Units	(5)							(7)	(7)	Class A Common Stock	1,965		1,965	D
Restricted Stock Units	(3)							(8)	(8)	Class A Common Stock	2,960		2,960	D
Performance Restricted Stock Units	(5)							(9)	(9)	Class A Common Stock	4,440		4,440	D
Restricted Stock Units	(3)							(10)	(10)	Class A Common Stock	5,760		5,760	D
Performance Restricted Stock Units	(5)							(11)	(11)	Class A Common Stock	5,760		5,760	D

Explanation of Responses:

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

2. These options are fully vested and immediately exercisable.

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 vest 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. 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.

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

9. 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.

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

11. 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.

	/s/ Joshua Koenig	01/22/2026
	** Signature of Reporting Person	Date
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