SBA COMMUNICATIONS CORP — Director's Dealing 2026

Feb 20, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2026-02-18

Reporting Person: DAY DONALD (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-02-18	Class A Common Stock	M	5739	$182.30	Acquired	12697.969	Direct
2026-02-18	Class A Common Stock	F	5367	$203.12	Disposed	7330.969	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-02-18	Stock Options (Right to Buy)	$182.30	M	5739	Disposed	2026-03-06	Class A Common Stock (5739)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$		Class A Common Stock (270)	270	Direct
Performance Restricted Stock Units	$		Class A Common Stock (809)	809	Direct
Performance Restricted Stock Units	$		Class A Common Stock (809)	809	Direct
Restricted Stock Units	$		Class A Common Stock (1110)	1110	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1665)	1665	Direct
Restricted Stock Units	$		Class A Common Stock (914)	914	Direct
Restricted Stock Units	$		Class A Common Stock (4045)	4045	Direct
Performance Restricted Stock Units	$		Class A Common Stock (4045)	4045	Direct

Footnotes

F1: Includes 3.154 shares acquired through a dividend reinvestment plan.

F2: Shares withheld for payment of tax liability and exercise price.

F3: These stock options are fully vested and exercisable.

F4: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F5: These restricted stock units vest in accordance with the following schedule: 269 vested on the first anniversary of the grant date and 270 vested on the second anniversary and 270 will vest on the third anniversary of the grant date (March 6, 2023).

F6: Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F7: These performance restricted stock units have a three-year performance period and to the extent earned will vest on March 6, 2026. The number of shares of Class A Common Stock that will be earned is subject to increase (up to 200%) or decrease based on the results of the performance condition.

F8: These performance restricted stock units have a three-year performance period and to the extent earned will vest on March 6, 2026. The number of shares of Class A Common Stock that will be earned is subject to increase (up to 200%) or decrease based on the results of the performance condition.

F9: These restricted stock units vest in accordance with the following schedule: 555 vested on the first anniversary and 555 will vest on the second through third anniversaries of the grant date (March 6, 2024).

F10: These performance restricted stock units will be earned based upon the Issuer's performance on each of three different financial metrics during the three-year performance period. Once earned, the performance restricted stock units will vest on March 6, 2027. The number of shares of Class A Common Stock that will be earned at the end of the three-year performance period is subject to decrease or increase (up to 200%) based on the results of the performance conditions.

F11: These restricted stock units vest in accordance with the following schedule: 456 vest on the first anniversary of the grant date and 457 vest on the second and third anniversaries of the grant date (August 1, 2024).

F12: These restricted stock units vest in accordance with the following schedule: 1,348 vest on the first and second anniversaries of the grant date and 1,349 vest on the third anniversary of the grant date (March 6, 2025).

F13: These performance restricted stock units will be earned based upon the Issuer's performance on each of three different financial metrics during the three-year performance period. Once earned, the performance restricted stock units will vest on March 6, 2028. The number of shares of Class A Common Stock that will be earned is subject to decrease or increase (up to 200%) based on the results of the performance conditions.