BOWEN LAURIE 4

What Happened

• Laurie Bowen, a director of SBA Communications (ticker: SBAC), received a grant of 1,108 restricted stock units (RSUs) on May 22, 2026. The filing reports an acquisition price of $0.00 — this was an equity award (derivative), not a market purchase or sale.

Key Details

• Transaction date: May 22, 2026; Form 4 filed May 27, 2026 (filed late relative to the typical 2-business-day Form 4 deadline).
• Transaction type and amount: Award/Grant (derivative) of 1,108 RSUs at $0.00 per unit.
• Shares/units owned after transaction: Not specified in the filing.
• Relevant footnotes from the filing:
  • F2: Each restricted stock unit represents a contingent right to receive one share of Class A common stock.
  • F5: The 1,108 RSUs vest in three tranches: 369 on May 1, 2027; 369 on May 1, 2028; and 370 on May 1, 2029.
  • Other footnotes (F1, F3, F4) describe separate option/RSU vesting schedules from prior grants and are not the 1,108-unit award reported here.
• Timeliness: The Form 4 was filed five days after the reported transaction date, which is later than the standard reporting window and delayed public disclosure.

Context

• RSUs are a compensation award that convert to shares only upon vesting; no shares were bought or sold at grant and no immediate cashless exercise or sale was reported. Director awards are common compensation practice and do not by themselves signal a buy or sell decision.