KREDI SAUL 4

What Happened Kredi Saul, VP & Chief Accounting Officer of SBA Communications (SBAC), exercised 6,080 stock options on Jan 20, 2026 (transaction code M), acquiring 6,080 shares at an exercise price of $182.30 per share (total exercise cost $1,108,384). To cover the exercise price and tax withholding (transaction code F), 5,873 of those shares were surrendered/withheld at a reported value of $194.11 per share (about $1,140,008). The options that were exercised were then cancelled (reported as a derivative disposal at $0). Net result: Saul retained 207 shares following the cashless exercise/withholding.

Key Details

• Transaction date: 2026-01-20; Form filed 2026-01-22 (timely within the 2‑business‑day Form 4 window).
• Exercise: 6,080 shares acquired @ $182.30 = $1,108,384 (code M).
• Withheld/disposed: 5,873 shares @ $194.11 = $1,140,008 to satisfy exercise price and tax withholding (code F).
• Derivative disposal: 6,080 option units cancelled/converted (reported as disposed @ $0).
• Net shares retained from this transaction: 207 shares (6,080 − 5,873).
• Notable footnotes: F2 confirms shares were withheld to pay tax liability and exercise price; F3 notes the options were fully vested and immediately exercisable; F1 mentions 0.018 shares were acquired via dividend reinvestment (minor).
• Amount owned following the reported transaction was not specified in the excerpt provided.

Context

• This was an option exercise with a cashless/stock‑surrender component (common practice): options were exercised and most shares were surrendered to cover taxes and the exercise cost, leaving a small net share increase.
• M = option exercise; F = shares withheld to pay taxes/exercise price. This type of filing is routine for option exercises and does not by itself indicate a change in management sentiment.