SBA COMMUNICATIONS CORP — Director's Dealing 2021

Aug 6, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2021-08-05

Reporting Person: BAGWELL KURT L (EVP; Pres. - International)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-08-05	Class A Common Stock	M	17135	$115.17	Acquired	48084	Direct
2021-08-05	Class A Common Stock	M	13518	$156.50	Acquired	61602	Direct
2021-08-05	Class A Common Stock	M	14147	$182.30	Acquired	75749	Direct
2021-08-05	Class A Common Stock	S	26373	$345.386	Disposed	49376	Direct
2021-08-05	Class A Common Stock	S	9524	$346.6474	Disposed	39852	Direct
2021-08-05	Class A Common Stock	S	6417	$347.4357	Disposed	33435	Direct
2021-08-05	Class A Common Stock	S	1300	$348.2235	Disposed	32135	Direct
2021-08-05	Class A Common Stock	S	1186	$349.7756	Disposed	30949	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-08-05	Stock Options (Right to Buy)	$115.17	M	17135	Disposed	2024-03-06	Class A Common Stock (17135)	Direct
2021-08-05	Stock Options (Right to Buy)	$156.50	M	13518	Disposed	2025-03-06	Class A Common Stock (13518)	Direct
2021-08-05	Stock Options (Right to Buy)	$182.30	M	14147	Disposed	2026-03-06	Class A Common Stock (14147)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	15530	Indirect
Class A Common Stock	26	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$		Class A Common Stock (1409)	1409	Direct
Restricted Stock Units	$		Class A Common Stock (2734)	2734	Direct
Restricted Stock Units	$		Class A Common Stock (2571)	2571	Direct
Performance Restricted Stock Units	$		Class A Common Stock (3856)	3856	Direct
Performance Restricted Stock Units	$		Class A Common Stock (3856)	3856	Direct
Restricted Stock Units	$		Class A Common Stock (3872)	3872	Direct
Performance Restricted Stock Units	$		Class A Common Stock (3872)	3872	Direct
Performance Restricted Stock Units	$		Class A Common Stock (3872)	3872	Direct

Footnotes

F1: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $345.00 to $345.97 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.

F2: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $346.05 to $347.05 per share. The Reporting Person, upon request, will provide the Securites 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 transactions ranged from $347.07 to $348.06 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 the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $348.09 to $348.50 per share. The Reporting Person, upon request, will provide the Securites 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.

F5: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $349.19 to $350.11 per share. The Reporting Person, upon request, will provide the Securites 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.

F6: These shares are held by a limited liability company of which the Reporting Person is the sole manager and whose revocable trust is the sole member.

F7: The trust is for the benefit of one of the Reporting Person's children.

F8: These options are immediately exercisable.

F9: These options vest in accordance with the following schedule: 13,518 vest on each of the first and the third anniversaries of the grant date, and 13,519 vest on each of the second and the fourth anniversaries of the grant date (March 6, 2018).

F10: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F11: These restricted stock units vest in accordance with the following schedule: 1,409 vest on each of the first through fourth anniversaries of the grant date (March 6, 2018).

F12: These options vest in accordance with the following schedule: 14,695 vest on each of the first through third anniversaries of the grant date and 14,696 vest on the fourth anniversary of the grant date (March 6, 2019).

F13: These restricted stock units vest in accordance with the following schedule: 1,366 vest on the first anniversary of the grant date and 1,367 vest on each of the second through fourth anniversaries of the grant date (March 6, 2019).

F14: These restricted stock units vest in accordance with the following schedule: 1,285 vest on the first and second anniversaries of the grant date and 1,286 vest on the third anniversary of the grant date (February 25, 2020).

F15: Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F16: 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.

F17: 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.

F18: These restricted stock units vest in accordance with the following schedule: 1,290 vest on the first anniversary of the grant date and 1,291 vest on each of the second and third anniversaries of the grant date (March 4, 2021).

F19: 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.

F20: 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.