BERNSTEIN STEVEN E 4

What Happened
Steven E. Bernstein, a director of SBA Communications (SBAC), received a grant of 1,108 restricted stock units (RSUs) on May 22, 2026. The award was reported as a derivative grant (transaction code A) at $0.00 per unit; RSUs represent a contingent right to one share of Class A common stock upon vesting.

Key Details

• Transaction date: May 22, 2026; Form 4 filed May 27, 2026.
• Amount: 1,108 RSUs; reported price: $0.00 (award/derivative).
• Shares owned after transaction: not specified in the filing; the RSUs are held by Bernstein Limited Partnership II, an entity the reporting person controls in part (the reporting person disclaims beneficial ownership except to the extent of any pecuniary interest) (see footnote F1).
• Vesting (per footnotes for these units): 369 RSUs vest May 1, 2027; 369 RSUs vest May 1, 2028; 370 RSUs vest May 1, 2029 (footnote F5).
• Filing timeliness: The Form 4 was filed five days after the transaction date (filed May 27 for a May 22 transaction); this is later than the standard two-business-day reporting window, reducing short-term transparency.

Context
RSUs are a compensation award that convert to shares only when they vest; this grant does not represent an immediate purchase or sale of stock and typically reflects part of director compensation rather than a market signal. The units are held in a partnership vehicle (Bernstein Limited Partnership II) and the reporting person disclaims direct beneficial ownership except for any pecuniary interest.