BERNSTEIN STEVEN E 4

What Happened
Steven E. Bernstein, a director of SBA Communications (SBAC), exercised 1,501 stock options on May 13, 2026. The options were exercised at an exercise price equating to $212.31 per share (aggregate value of the acquired shares ≈ $318,677). To satisfy the exercise cost and tax withholding, 1,496 shares were withheld/sold at an effective price of about $213.61 per share (proceeds ≈ $319,561). Net of withholding, 5 shares were delivered to the reporting person based on the reported figures.

Key Details

• Transaction date: May 13, 2026; Form filed May 15, 2026 (timely).
• Exercise: 1,501 shares at $212.31 each (transaction code M); gross value ≈ $318,677.
• Withholding/tax payment: 1,496 shares at ~$213.61 each (transaction code F); proceeds ≈ $319,561. Footnote F1 confirms shares were withheld to pay tax liability and exercise price.
• Net shares delivered from this exercise: 1,501 − 1,496 = 5 shares.
• Options status: fully vested and immediately exercisable (footnote F3).
• Ownership note: certain shares are held by Bernstein Limited Partnership II; the reporting person disclaims beneficial ownership except for his pecuniary interest (footnote F2).
• The filing includes additional footnotes about restricted stock units and their vesting schedules (F4–F6), though no RSU transfers were reported in this Form 4.

Context and plain-language explanation

• This was a routine cashless-style exercise: options were exercised and most shares were withheld/sold to cover the exercise price and tax withholding rather than a market sale for investment purposes. Codes: M = option exercise/conversion; F = shares withheld for taxes/exercise.
• The transaction is informational and does not, by itself, indicate the director’s view of the company’s stock (no speculative conclusions are made).