SBA COMMUNICATIONS CORP — Director's Dealing 2023

Dec 16, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2023-12-14

Reporting Person: SILBERSTEIN JASON V (EVP - Site Leasing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-12-14	Class A Common Stock	M	16465	$115.17	Acquired	46373.389	Direct
2023-12-14	Class A Common Stock	S	2868	$254.545	Disposed	43505.389	Direct
2023-12-14	Class A Common Stock	S	9961	$255.3275	Disposed	33544.389	Direct
2023-12-14	Class A Common Stock	S	3283	$256.4137	Disposed	30261.389	Direct
2023-12-14	Class A Common Stock	S	353	$257.0188	Disposed	29908.389	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-12-14	Stock Options (Right to Buy)	$115.17	M	16465	Disposed	2024-03-06	Class A Common Stock (16465)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$156.50	2025-03-06	Class A Common Stock (39918)	39918	Direct
Stock Options (Right to Buy)	$182.30	2026-03-06	Class A Common Stock (44592)	44592	Direct
Restricted Stock Units	$		Class A Common Stock (991)	991	Direct
Performance Restricted Stock Units	$		Class A Common Stock (2973)	2973	Direct
Performance Restricted Stock Units	$		Class A Common Stock (2973)	2973	Direct
Restricted Stock Units	$		Class A Common Stock (1758)	1758	Direct
Performance Restricted Stock Units	$		Class A Common Stock (2637)	2637	Direct
Performance Restricted Stock Units	$		Class A Common Stock (2637)	2637	Direct
Restricted Stock Units	$		Class A Common Stock (3104)	3104	Direct
Performance Restricted Stock Units	$		Class A Common Stock (3104)	3104	Direct
Performance Restricted Stock Units	$		Class A Common Stock (3104)	3104	Direct

Footnotes

F1: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $253.83 to $254.82 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 transaction ranged from $254.85 to $255.84 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 $255.895 to $256.85 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 transaction ranged from $256.91 to $257.21 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.

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: 991 vest on each of the first through third anniversaries of the grant date (March 4, 2021).

F8: Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F9: 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.

F10: 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.

F11: These restricted stock units vest in accordance with the following schedule: 879 vest on each of the first through third anniversaries of the grant date (March 4, 2022).

F12: These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 4, 2025, 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.

F13: These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 4, 2025, 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 restricted stock units vest in accordance with the following schedule: 1,034 vest on the first anniversary of the grant date and 1,035 vest on each of the second through fourth anniversaries of the grant date (March 6, 2023).

F15: These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 6, 2026, 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.

F16: These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 6, 2026, 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.