=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-05-01
10b5-1 Pre-arranged Plan: No
--- Issuer ---
Name: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
--- Reporting Owner ---
Name: BOWEN LAURIE
CIK: 0001978602
Role: Director
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Class A Common Stock
Date: 2026-05-01 | Code: M (Exercise of derivative)
Shares: +248
Shares Owned After: 765.056 | Ownership: D (Direct)
Footnotes:
[F1] On May 1, 2026, 248 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
[F2] Includes 11.985 shares acquired through a dividend reinvestment plan.
[Transaction #2]
Security: Class A Common Stock
Date: 2026-05-01 | Code: M (Exercise of derivative)
Shares: +302
Shares Owned After: 1,067.056 | Ownership: D (Direct)
Footnotes:
[F3] On May 1, 2026, 302 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
[Transaction #3]
Security: Class A Common Stock
Date: 2026-05-01 | Code: M (Exercise of derivative)
Shares: +331
Shares Owned After: 1,398.056 | Ownership: D (Direct)
Footnotes:
[F4] On May 1, 2026, 331 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
[Transaction #4]
Security: Class A Common Stock
Date: 2026-05-01 | Code: F (Payment of exercise/tax)
Shares: -325.968 | Price: $221.20
Total Value: $72,104.12
Shares Owned After: 1,072.088 | Ownership: D (Direct)
Footnotes:
[F5] Shares withheld for the payment of tax liability.
--- Derivative Transactions ---
[Transaction #1]
Security: Restricted Stock Units
Date: 2026-05-01 | Code: M (Exercise of derivative)
Shares: -248
Shares Owned After: 0 | Ownership: D (Direct)
Footnotes:
[F7] Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
[F1] On May 1, 2026, 248 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
[F8] These restricted stock units vest in accordance with the following schedule: 247 vested on May 1, 2024; 248 vested on May 1, 2025; and 248 vested on May 1, 2026.
[F8] These restricted stock units vest in accordance with the following schedule: 247 vested on May 1, 2024; 248 vested on May 1, 2025; and 248 vested on May 1, 2026.
[Transaction #2]
Security: Restricted Stock Units
Date: 2026-05-01 | Code: M (Exercise of derivative)
Shares: -302
Shares Owned After: 302 | Ownership: D (Direct)
Footnotes:
[F7] Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
[F3] On May 1, 2026, 302 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
[F9] These restricted stock units vest in accordance with the following schedule: 302 vested on May 1, 2025; 302 vested on May 1, 2026; and 302 vest on May 1 2027.
[F9] These restricted stock units vest in accordance with the following schedule: 302 vested on May 1, 2025; 302 vested on May 1, 2026; and 302 vest on May 1 2027.
[Transaction #3]
Security: Restricted Stock Units
Date: 2026-05-01 | Code: M (Exercise of derivative)
Shares: -331
Shares Owned After: 663 | Ownership: D (Direct)
Footnotes:
[F7] Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
[F4] On May 1, 2026, 331 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
[F10] These restricted stock units vest in accordance with the following schedule: 331 vested on May 1, 2026; 331 vest on May 1, 2027; and 332 vest on May 1 2028.
[F10] These restricted stock units vest in accordance with the following schedule: 331 vested on May 1, 2026; 331 vest on May 1, 2027; and 332 vest on May 1 2028.
--- Holdings ---
[Holding #1]
Security: Stock Options (Right to Buy)
Ownership: D (Direct)
Footnotes:
[F6] These options vest in accordance with the following schedule: 2,000 vest on each of the first through fifth anniversaries of the grant date (May 25, 2023).
--- Footnotes (Complete Index) ---
F1: On May 1, 2026, 248 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
F10: These restricted stock units vest in accordance with the following schedule: 331 vested on May 1, 2026; 331 vest on May 1, 2027; and 332 vest on May 1 2028.
F2: Includes 11.985 shares acquired through a dividend reinvestment plan.
F3: On May 1, 2026, 302 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
F4: On May 1, 2026, 331 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
F5: Shares withheld for the payment of tax liability.
F6: These options vest in accordance with the following schedule: 2,000 vest on each of the first through fifth anniversaries of the grant date (May 25, 2023).
F7: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F8: These restricted stock units vest in accordance with the following schedule: 247 vested on May 1, 2024; 248 vested on May 1, 2025; and 248 vested on May 1, 2026.
F9: These restricted stock units vest in accordance with the following schedule: 302 vested on May 1, 2025; 302 vested on May 1, 2026; and 302 vest on May 1 2027.
--- Signature ---
/s/ /s/ Joshua Westerman, as Attorney-in-Fact (2026-05-05)
