SBA COMMUNICATIONS CORP — Director's Dealing 2021

Sep 8, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2021-09-03

Reporting Person: Lazarus Brian D (SVP & Chief Accounting Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-09-03	Class A Common Stock	M	24263	$115.17	Acquired	44590.349	Direct
2021-09-03	Class A Common Stock	S	13534	$365.86	Disposed	31056.349	Direct
2021-09-03	Class A Common Stock	S	10729	$366.57	Disposed	20327.349	Direct
2021-09-07	Class A Common Stock	M	868	$115.17	Acquired	21195.349	Direct
2021-09-07	Class A Common Stock	F	273	$366.48	Disposed	20922.349	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-09-03	Stock Options (Right to Buy)	$115.17	M	24263	Disposed	2024-03-06	Class A Common Stock (24263)	Direct
2021-09-07	Stock Options (Right to Buy)	$115.17	M	868	Disposed	2024-03-06	Class A Common Stock (868)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$156.50	2025-03-06	Class A Common Stock (21243)	21243	Direct
Restricted Stock Units	$		Class A Common Stock (554)	554	Direct
Stock Options (Right to Buy)	$182.30	2026-03-06	Class A Common Stock (23512)	23512	Direct
Restricted Stock Units	$		Class A Common Stock (1093)	1093	Direct
Restricted Stock Units	$		Class A Common Stock (1037)	1037	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1555)	1555	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1555)	1555	Direct
Restricted Stock Units	$		Class A Common Stock (1624)	1624	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1624)	1624	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1624)	1624	Direct

Footnotes

F1: Includes 74.53 shares acquired through a dividend reinvestment plan.

F2: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $365.26 and
$366.25 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder
of the issuer full information regarding the number of shares sold at each separate price.

F3: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $366.27 and
$367.08 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder
of the issuer full information regarding the number of shares sold at each separate price.

F4: Represents shares used to pay option exercise price or withheld for payment of tax liability.

F5: These options are immediately exercisable.

F6: These options vest in accordance with the following schedule: 5,310 vest on the first anniversary of the grant date and 5,311 vest on each of the second through fourth anniversaries of the grant date (March 6, 2018).

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: 553 vest on each of the first and third anniversaries of the grant date and 554 vest on each of the second and fourth anniversaries of the grant date (March 6, 2018).

F9: These options vest in accordance with the following schedule: 5,878 vest on each of the first through fourth anniversaries of the grant date (March 6, 2019).

F10: These restricted stock units vest in accordance with the following schedule: 546 vest on each of the first and third anniversaries of the grant date and 547 vest on each of the second and fourth anniversaries of the grant date (March 6, 2019).

F11: These restricted stock units vest in accordance with the following schedule: 518 vest on the first and second anniversaries of the grant date and 519 vest on the third anniversary of the grant date (February 25, 2020).

F12: Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F13: These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on February 25, 2023, which is the third anniversary of the grant date. 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 increase or decrease based on the results of the performance condition.

F14: These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on February 25, 2023, which is the third anniversary of the grant date. 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 increase or decrease based on the results of the performance condition.

F15: These restricted stock units vest in accordance with the following schedule: 541 vest on each of the first and second anniversaries of the grant date and 542 vest on the third anniversary of the grant date (March 4, 2021).

F16: These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 4, 2024, which is the third anniversary of the grant date. 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 increase or decrease based on the results of the performance condition.

F17: These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 4, 2024, which is the third anniversary of the grant date. 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 increase or decrease based on the results of the performance condition.