Chan Mary S 4

What Happened
Mary S. Chan, a director of SBA Communications Corp. (SBAC), was granted 1,108 restricted stock units (RSUs) on May 22, 2026. The award is reported as a derivative acquisition at $0.00 per unit (total reported value $0 on grant date). Each RSU represents a contingent right to receive one share of Class A common stock when the unit vests.

Key Details

• Transaction date: May 22, 2026; Form 4 filed May 27, 2026 (filed one business day after the standard two-business-day deadline).
• Award: 1,108 RSUs granted, acquisition price reported as $0.00 (derivative grant).
• Shares owned after transaction: not specified in the provided filing details.
• Vesting/footnotes: F1 confirms each RSU equals one share. Footnote F4 shows the 1,108 RSUs vest in three tranches (369 on May 1, 2027; 369 on May 1, 2028; 370 on May 1, 2029). The filing also lists other RSU vesting schedules (F2,F3) for separate awards with vesting dates from 2025–2028.
• No indication in the filing of a 10b5-1 plan, tax withholding at grant, or immediate sale of underlying shares.

Context
RSU grants are a common form of director compensation and do not immediately create voting shares or public market trades; they convert to actual shares only as they vest. Awards are generally neutral from an insider-activity standpoint compared to open-market purchases or sales, which more directly signal personal investment decisions. The filing was submitted after the usual two-business-day window, which the Form 4 reflects.