LANGER JACK 4

What Happened
Jack Langer, a director of SBA Communications (SBAC), exercised stock options on May 13, 2026 to acquire 1,501 shares at an exercise price/value of $212.31 per share (total ≈ $318,677). To satisfy tax and/or exercise obligations, 1,496 of those shares were withheld/disposed at $213.61 per share (≈ $319,561), leaving a net of about 5 shares delivered to him. The filing also records the conversion/settlement of the derivative options related to this exercise.

Key Details

• Transaction date: May 13, 2026; Form filed May 15, 2026 (timely filing).
• Exercise: 1,501 shares @ $212.31 (reported as acquired; total ≈ $318,677).
• Withholding/tax payment: 1,496 shares @ $213.61 (reported as disposed; total ≈ $319,561).
• Net shares received: ~5 shares (1,501 acquired − 1,496 withheld).
• Shares owned after transaction: Not specified in the provided excerpt.
• Relevant footnotes: F1 — shares withheld to pay tax liability/exercise price; F2 — some securities held in a family trust (reporting person disclaims beneficial ownership except pecuniary interest); F3 — options were fully vested. Other footnotes (F4–F6) describe restricted stock unit definitions and vesting schedules included in the filing.

Context
This was an option exercise with shares withheld to cover taxes/exercise costs (a cashless/net settlement), which is a routine administrative step and not a market sale for diversification. The filing shows vested options were exercised and a family trust holds certain securities; the trust arrangement means the reporting person disclaims some beneficial ownership except for pecuniary interest.