BERNSTEIN STEVEN E 4

What Happened

• Steven E. Bernstein, a Director of SBA Communications (SBAC), had restricted stock units (RSUs) convert to and settle as 881 shares of Class A Common Stock on May 1, 2026 (248 + 302 + 331 = 881). The Form 4 shows these derivative instruments were converted (transaction code M) and the resulting shares were recorded as acquired and immediately disposed/transferred. No sale for cash or open-market sale is reported and no per-share price or total dollar value is provided (N/A).

Key Details

• Transaction date: May 1, 2026; Form 4 filed May 5, 2026 (filed within the two-business-day reporting window).
• Transactions: 248, 302, and 331 RSUs settled (total 881 shares). Entries show both acquisition (conversion) and disposal (transfer).
• Price/value: N/A on the filing (no cash proceeds reported).
• Shares owned after transaction: filing does not state total post-transaction beneficial ownership for the Reporting Person.
• Notable footnotes:
  • Each RSU represents a contingent right to one share of Class A common stock (F6).
  • The specific tranches that settled follow the RSU vesting schedules noted in the filing (vest dates across 2024–2028; the 2026 vested tranches were settled) (F7–F9).
  • Some or all of the settled shares are held by Bernstein Limited Partnership II, an entity controlled in part by Mr. Bernstein; he disclaims beneficial ownership except to the extent of his pecuniary interest (F4).
• Transaction code explanation: M = conversion/exercise of a derivative security (here, RSUs converting to shares).

Context

• This was a routine RSU settlement (an award vesting and converting to shares), not an open-market purchase or sale for cash. The filing indicates the RSUs vested per previously disclosed schedules and were settled into shares; entries showing “disposed” reflect transfers to the Bernstein Limited Partnership II rather than public sales.
• For retail investors, RSU vesting/settlement documents routine compensation realization and do not by themselves indicate a change in insider market sentiment.