Chan Mary S 4

What Happened

• Mary S. Chan, a director of SBA Communications (SBAC), exercised 1,501 derivative awards on April 13, 2026, at an exercise price of $212.31 per share, resulting in reported consideration of $318,677. The filing also shows 1,453 shares were withheld to cover the exercise price and/or tax liability at a reported price of $223.75 per share (value $325,109). Net result: 48 shares retained by the insider (1,501 acquired − 1,453 withheld).
• The Form 4 also reports a conversion/disposition of 1,501 derivative units at $0.00; footnote F3 indicates restricted stock units (RSUs) represent a contingent right to receive one share, and other footnotes (F4–F6) describe RSU vesting schedules. Footnote F2 notes the options exercised are fully vested.

Key Details

• Transaction date: 2026-04-13; Form filed: 2026-04-14 (timely).
• Exercise details: 1,501 shares exercised at $212.31 (total $318,677).
• Withholding/tax disposition: 1,453 shares withheld at $223.75 (total $325,109).
• Reported derivative conversion: 1,501 shares at $0.00 (see F3 regarding RSUs).
• Net shares acquired (after withholding): +48 shares.
• Shares owned after transaction: not disclosed in the provided filing.
• Notable footnotes: F1 (133.982 shares via dividend reinvestment), F2 (options fully vested), F3–F6 (RSU definitions and vesting schedules).
• Transaction codes: M = option exercise/conversion; F = payment of exercise price/tax withholding.

Context

• This appears to be a cashless-style exercise/settlement where most of the exercised shares were withheld to satisfy the exercise price and tax withholding, leaving a small net share increase. Exercises and RSU settlements are typically routine compensation events and do not by themselves indicate a change in insider sentiment.