KOENIG JOSHUA 4

What Happened
Joshua Koenig, Executive Vice President and General Counsel of SBA Communications (SBAC), exercised 9,121 stock options on 2026-01-20 (transaction code M). The exercise price was $182.30 per share, for a gross exercise cost/value of $1,662,758. To cover taxes and/or the exercise cost, 8,800 shares were withheld at a market value of $194.11 per share (transaction code F), valued at $1,708,168. After withholding, Koenig received 321 shares net. The underlying 9,121 option interests were disposed/cancelled upon exercise (derivative disposition reported as $0).

Key Details

• Transaction date: 2026-01-20; Form 4 filed 2026-01-22 (timely).
• Exercise (M): 9,121 shares exercised at $182.30 — gross $1,662,758.
• Withholding (F): 8,800 shares withheld at $194.11 — $1,708,168 withheld for tax liability/exercise payment (footnote F1).
• Net shares delivered to insider: 321 shares.
• Derivative disposition: 9,121 option interests cancelled upon exercise (reported as disposed for $0).
• Relevant footnotes: F1 — shares withheld to pay tax liability/exercise price; F2 — options were fully vested and immediately exercisable.
• Shares owned after transaction: not specified in the supplied filing data.

Context

• This was an option exercise (not an open-market buy or intentional sale). The withholding of shares to cover taxes/exercise is a routine cashless method and does not necessarily indicate a change in insider sentiment.
• The derivative line shows the options were surrendered/cancelled when exercised (standard practice).