SBA COMMUNICATIONS CORP — Director's Dealing 2021

May 4, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2021-05-01

Reporting Person: Krouse George R Jr (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-03-02	Class A Common Stock	G	50	$0.00	Disposed	10450	Direct
2021-05-01	Class A Common Stock	M	201	—	Acquired	10651	Direct
2021-05-01	Class A Common Stock	M	182	—	Acquired	10833	Direct
2021-05-01	Class A Common Stock	M	190	—	Acquired	11023	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-01	Restricted Stock Units	$	M	201	Disposed		Class A Common Stock (201)	Direct
2021-05-01	Restricted Stock Units	$	M	182	Disposed		Class A Common Stock (182)	Direct
2021-05-01	Restricted Stock Units	$	M	190	Disposed		Class A Common Stock (190)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$157.51	2025-05-17	Class A Common Stock (471)	471	Direct
Stock Options (Right to Buy)	$212.31	2026-05-16	Class A Common Stock (1501)	1501	Direct

Footnotes

F1: The Reporting Person gifted these shares in an exempt transaction pursuant to Rule 16b-5 of the Securities Exchange Act of 1934, as amended.

F2: On May 1, 2021, 201 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.

F3: On May 1, 2021, 182 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.

F4: On May 1, 2021, 190 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.

F5: These options are immediately exercisable.

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

F7: These restricted stock units vest in accordance with the following schedule: 200 vest on May 1, 2019; 201 vest on May 1, 2020; and 201 vest on May 1, 2021.

F8: These options vest in accordance with the following schedule: 500 vest on May 1, 2020; 500 vest on May 1, 2021; and 501 vest on May 1, 2022.

F9: These restricted stock units vest in accordance with the following schedule: 181 vest on May 1, 2020; 182 vest on May 1, 2021; and 183 vest on May 1, 2022.

F10: These restricted stock units vest in accordance with the following schedule: 190 vest on May 1, 2021; 190 vest on May 1, 2022; and 190 vest on May 1, 2023.