BERNSTEIN STEVEN E exercised options at SBA COMMUNICATIONS CORP

Option exercise — a mechanical event triggered by vesting or expiry. Not a discretionary conviction trade.

M · 1 exercise

BERNSTEIN STEVEN E

Filed: 5/20/2025ACC: 0001415889-25-013865

InsiderBERNSTEIN STEVEN ECIK 1089833

→

IssuerSBA COMMUNICATIONS CORPCIK 1034054

DirectorOther

Since Mar 2019

-1.12K

Net shares

Net seller

$261.7K

Total sold

Open market trades

0B · 0S

Total transactions

1.41K acquired · 2.53K disposed

Non-Derivative Transactions2

Class A Common Stock

Direct

M · Option Exercise

+1.41K

Price / share

$157.51

Trade value

$222.25K

% of position

23.7%

5/17/2025

5.97K→7.38K

Class A Common Stock

Direct

F · Tax Withholding

−1.12K

Price / share

$233.08

Trade value

$261.75K

% of position

15.2%

5/19/2025

7.38K→6.25K

Total

Net shares

+288.00

Net value

-$39.50K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Class A Common Stock Direct	5/17/2025	M · Option Exercise	+1.41K	$157.51	$222.25K	23.7%	5.97K	7.38K
Class A Common Stock Direct	5/19/2025	F · Tax Withholding	−1.12K	$233.08	$261.75K	15.2%	7.38K	6.25K
Total			+288.00		-$39.50K

Derivative Transactions1

Stock Options (Right to Buy)

Direct

M · Option Exercise

Converts to

Class A Common Stock

1.41K shares

−1.41K

Strike price

157.51

Held after

0.00

Exercisable

—

5/17/2025

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Stock Options (Right to Buy) Direct	Class A Common Stock1.41K shares	5/17/2025	M · Option Exercise	−1.41K	157.51	—	0.00

Non-Derivative Holdings (Post-Transaction)1

Class A Common Stock

Indirect

Shares owned56.31K

Total

56.31K indirect56.31K

Security Title	Shares Owned	Ownership Type
Class A Common Stock	56.31K	Indirect
Total	56.31K	56.31K indirect

Derivative Holdings (Post-Transaction)3

Restricted Stock Units

Direct

Underlying security

Class A Common Stock

Underlying shares

604.00

Shares owned

604.00

Exercise price

Expiration

—

Exercise window

—

Stock Options (Right to Buy)

Direct

Underlying security

Class A Common Stock

Underlying shares

1.50K

Shares owned

1.50K

Exercise price

212.31

Expiration

—

Exercise window

—

Restricted Share Units

Direct

Underlying security

Class A Common Stock

Underlying shares

248.00

Shares owned

248.00

Exercise price

Expiration

—

Exercise window

—

Total

Underlying

2.35K

Owned

2.35K

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Restricted Stock Units Direct	Class A Common Stock		—	—	604.00	604.00
Stock Options (Right to Buy) Direct	Class A Common Stock	212.31	—	—	1.50K	1.50K
Restricted Share Units Direct	Class A Common Stock		—	—	248.00	248.00
Total					2.35K	2.35K