STOOPS JEFFREY 4

What Happened Jeffrey Stoops, Chairman and a director of SBA Communications (SBAC), exercised 149,446 stock options on Jan 20, 2026. The exercise was reported as an acquisition valued at about $27,244,006 (149,446 shares at $182.30). To cover the exercise price and tax withholding, 143,622 shares were withheld/disposed at a market value of $194.11 each, totaling approximately $27,878,466. The filing also shows a derivative conversion entry associated with the exercise.

Key Details

• Transaction date: January 20, 2026.
• Exercise (code M): 149,446 options exercised @ $182.30 = $27,244,006 (acquired).
• Withholding/tax payment (code F): 143,622 shares withheld/disposed @ $194.11 = $27,878,466.
• Derivative conversion entry: 149,446 shares shown as converted/Disposed (reflects option-to-share conversion).
• Notable footnotes: F1 = shares withheld to pay exercise price and tax liability; F3 = the options were fully vested and exercisable; F2 = some shares are held by Calculated Risk Partners, L.P., which the reporting person and spouse control (disclaimer of direct beneficial ownership except for pecuniary interest).
• Shares owned after the transaction: not specified in this filing.
• Filing timeliness: Reported Jan 22, 2026 for a Jan 20, 2026 transaction — appears timely (within Form 4 reporting window).

Context This was an option exercise with most of the resulting shares withheld to satisfy exercise price/tax obligations (a cashless/withholding settlement). Withholding of shares to cover taxes is common and routine and does not by itself indicate a change in the insider’s view of the company. Codes: M = option exercise/conversion, F = shares withheld for payment of exercise price or taxes.