BOWEN LAURIE 4

What Happened
Laurie Bowen, a director of SBA Communications (SBAC), had restricted stock units (RSUs) convert into 881 shares of Class A common stock on May 1, 2026. Of those, 325.968 shares were withheld to cover tax withholding at $221.20 per share, generating proceeds of $72,104; the net shares issued to Bowen were ~555.03. The transactions reported are conversions/settlements of RSUs (transaction code M) and a tax-withholding disposition (code F).

Key Details

• Transaction date: May 1, 2026; Form 4 filed May 5, 2026 (filed within the two-business-day window).
• RSUs settled: 248 + 302 + 331 = 881 shares were converted into Class A common stock (codes M; footnotes F1, F3, F4).
• Tax withholding: 325.968 shares were withheld/disposed at $221.20 per share for a total of $72,104 (code F; footnote F5).
• Net shares issued to Bowen from this settlement: approximately 555.032 shares (881 issued minus 325.968 withheld).
• Each RSU equals one share (footnote F7). Vesting schedules relevant to these and other grants are noted in the filing (footnotes F8, F9, F10).
• The filing notes inclusion of 11.985 shares from a dividend reinvestment plan (footnote F2).
• Filing appears timely (no late filing flag reported in the provided data).

Context

• This was not an open-market buy or sale indicating directional sentiment; it was routine RSU settlement with shares withheld to satisfy tax obligations (a common cashless/tax-withholding practice).
• For retail investors, these transactions mainly show executive compensation vesting rather than a discretionary purchase or sale; the tax-withholding disposition should not be read as a sale for investment reasons.