SBA Communications director exercises RSUs for 881 shares

SBA Communications Corp director Kevin L. Beebe increased his direct equity holdings through routine equity compensation vesting.

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Rhea-AI Filing Summary

SBA Communications Corp director Kevin L. Beebe increased his direct equity holdings through routine equity compensation vesting. On May 1, 2026, a total of 881 of his restricted stock units were settled for an equal number of shares of Class A Common Stock in three tranches of 331, 302 and 248 units.

Following these settlements, Beebe directly holds 16,635.119 shares of Class A Common Stock. He also holds fully vested and exercisable stock options linked to 1,501 shares of Class A Common Stock at an exercise price of $212.31 per share, expiring on May 16, 2026.

Insider Trade Summary

881 shares exercised/converted

Exercise 7 txns

Insider BEEBE KEVIN L

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 Unit	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
holding	Stock Options (Right to Buy)	--	--	--

Holdings After Transaction: Restricted Stock Units — 302 contracts (Direct); Restricted Stock Unit — 663 contracts (Direct); Class A Common Stock — 16,635.119 shares (Direct); Stock Options (Right to Buy) — 1,501 contracts (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. These stock options are fully vested and exercisable.
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

RSUs settled: 881 shares Post-transaction holdings: 16,635.119 shares Option exercise price: $212.31/share +4 more

7 metrics

RSUs settled 881 shares Restricted stock units settled into Class A Common Stock on May 1, 2026

Post-transaction holdings 16,635.119 shares Class A Common Stock held directly after transactions

Option exercise price $212.31/share Exercise price for fully vested stock options

Underlying option shares 1,501 shares Class A Common Stock underlying stock options expiring May 16, 2026

RSU tranche 1 331 units Restricted stock units settled into common shares on May 1, 2026

RSU tranche 2 302 units Restricted stock units settled into common shares on May 1, 2026

RSU tranche 3 248 units Restricted stock units settled into common shares on May 1, 2026

Key Terms

Restricted Stock Unit, Stock Options (Right to Buy, Exercise or conversion of derivative security, Class A Common Stock

4 terms

Restricted Stock Unit financial

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

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

Stock Options (Right to Buy financial

"Stock Options (Right to Buy) with an exercise price of 212.3100 and expiration on May 16, 2026."

Exercise or conversion of derivative security financial

"Transaction code M is described as Exercise or conversion of derivative security."

Class A Common Stock financial

"Restricted stock units were settled for an equal number of Class A Common Stock."

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

FAQ

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What insider activity did SBAC director Kevin L. Beebe report on this Form 4?

Kevin L. Beebe reported equity compensation activity, not open-market trading. On May 1, 2026, 881 restricted stock units converted into the same number of SBA Communications Class A Common Stock shares, reflecting routine vesting and settlement of prior awards.

How many SBA Communications (SBAC) shares does Kevin L. Beebe hold after these transactions?

After the May 1, 2026 settlements, Kevin L. Beebe directly holds 16,635.119 shares of SBA Communications Class A Common Stock. This total reflects shares received from restricted stock unit conversions reported in the filing, plus his previously held common stock position.

What restricted stock unit activity did SBAC disclose for Kevin L. Beebe?

The filing shows 881 restricted stock units settled into an equal number of Class A Common Stock shares on May 1, 2026. These were delivered in three blocks of 331, 302 and 248 units, each unit representing a contingent right to one common share.

What stock options does SBAC director Kevin L. Beebe retain after this Form 4?

Beebe retains fully vested and exercisable stock options tied to 1,501 shares of Class A Common Stock. These options have an exercise price of $212.31 per share and an expiration date of May 16, 2026, as summarized in the derivative holdings table.

Were any SBA Communications (SBAC) shares sold or gifted in this Form 4 filing?

The transactions reported reflect exercises or settlements of derivative securities, not sales or gifts. The summary data show derivative exercises and holdings, with no open-market sales, gifts, or tax-withholding dispositions disclosed in the reported entries.

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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^*

BEEBE KEVIN L

(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⁾	16,002.119	D
Class A Common Stock	05/01/2026		M		302	A	⁽²⁾	16,304.119	D
Class A Common Stock	05/01/2026		M		331	A	⁽³⁾	16,635.119	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)
Stock Options (Right to Buy)	$212.31							⁽⁴⁾	05/16/2026	Class A Common Stock	1,501		1,501	D
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 Unit	⁽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. These stock options are fully vested and exercisable.

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