Chan Mary S 4

What Happened
Mary S. Chan, a director of SBA Communications Corp. (SBAC), had restricted stock units (RSUs) convert into 248, 302 and 331 shares (881 total) on May 1, 2026. Of those shares, 325.968 were withheld to cover tax withholding at a reported withholding price of $221.20 per share, equal to $72,104. The transaction is a settlement of previously granted RSUs (an award conversion), not an open-market sale or purchase.

Key Details

• Transaction date: May 1, 2026; Form filed May 5, 2026 (timely—filed by the second business day).
• Shares settled (acquired): 248 + 302 + 331 = 881 RSU shares.
• Shares withheld for taxes (disposed): 325.968 shares at $221.20 per share, total $72,104. Net shares delivered to the insider ≈ 555 shares (881 − 325.968 ≈ 555.0).
• Transaction codes: M = exercise/conversion of derivative (RSU settlement); F = payment of tax liability (withholding).
• Footnotes: Each RSU equals the right to one Class A share. Vesting schedules per footnotes: portions vested across May 1, 2024–2028 (see F6–F8 for details).
• Shares owned after the transaction: not specified in the filing.
• No 10b5-1 plan or sale on open market noted; this was a routine vesting/settlement and tax withholding event.

Context

• This was a grant/award settlement (RSUs converting to shares), not a purchase or discretionary sale—such transactions are usually routine when awards vest.
• The use of share withholding to satisfy tax obligations is common in RSU settlements and does not necessarily indicate a change in insider sentiment.