STOOPS JEFFREY 4

What Happened

• Jeffrey Stoops, Chairman and a director of SBA Communications (SBAC), had performance and restricted stock units convert to shares on March 6, 2026. Specifically, 20,808 shares issued from performance RSUs (PSUs vested at 200% of target) and 3,468 shares from time-based RSUs became issuable. To satisfy tax liabilities and for settlement, portions of those shares were withheld or surrendered rather than sold on the open market.
• Tax-withheld/share-surrender details reported: 1,283.159 shares withheld (valued at $195.69 each = $251,101) and 8,187.947 shares withheld (valued at $195.69 each = $1,602,299), for total cash value withheld of $1,853,400. The filing also shows related dispositions/surrenders of 10,404 shares back to the issuer (reported at $0).

Key Details

• Transaction date: March 6, 2026; Form 4 filed March 9, 2026 (filed within the normal two-business-day window — timely).
• Main numbers: 20,808 PSUs vested (200% payout); 3,468 RSUs vested. Total tax-withheld value: $1,853,400 (9,471.106 shares at $195.69).
• Notable footnotes: F2 confirms PSUs awarded 3/6/2023 vested at 200% on 3/6/2026; F1 indicates shares were withheld to pay tax liability; other footnotes (F5, F10, F11) describe remaining RSU vesting schedules.
• Shares owned after the reported transactions: not specified in the provided summary of the filing.
• Transaction codes: M = exercise/conversion of derivative (PSU/RSU vesting); F = shares withheld to pay tax liability; D = disposition to issuer.

Context

• This was not an open-market purchase or discretionary sale; it was compensation-related vesting and net settlement. The withholding of shares to cover taxes is a routine, cashless-like settlement common when restricted or performance awards vest.
• PSUs that vested at 200% increased the number of shares issuable compared with target awards; the filing shows portions of those vested shares used to satisfy tax obligations and surrender requirements rather than being held or sold in the market.