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: 2023-12-13

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-12-13	Class A Common Stock	M	20605	$156.50	Acquired	27690.064	Direct
2023-12-13	Class A Common Stock	S	13890	$248.7679	Disposed	13800.064	Direct
2023-12-13	Class A Common Stock	S	3915	$250.1228	Disposed	9885.064	Direct
2023-12-13	Class A Common Stock	S	2800	$251.1747	Disposed	7085.064	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-12-13	Stock Options (Right to Buy)	$156.50	M	20605	Disposed	2025-03-06	Class A Common Stock (20605)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	20170.026	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$182.30	2026-03-06	Class A Common Stock (23512)	23512	Direct
Restricted Stock Units	$		Class A Common Stock (542)	542	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1624)	1624	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1624)	1624	Direct
Restricted Stock Units	$		Class A Common Stock (976)	976	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1463)	1463	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1463)	1463	Direct
Restricted Stock Units	$		Class A Common Stock (1717)	1717	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1717)	1717	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1717)	1717	Direct

Footnotes

F1: Reflects shares previously held directly by the Reporting Person which were contributed to the Reporting Person's GRAT (defined below).

F2: Includes 77.062 shares acquired through a dividend reinvestment plan.

F3: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $248.04 to $248.98 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 $249.48 to $250.43 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: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $250.59 to $251.42 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.

F6: Includes 219.876 shares acquired through a dividend reinvestment plan.

F7: These shares are held by the Reporting Person's grantor retained annuity trust ("GRAT"), of which the Reporting Person is the trustee and annuitant.

F8: These options are immediately exercisable.

F9: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F10: 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).

F11: Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F12: 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.

F13: 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.

F14: These restricted stock units vest in accordance with the following schedule: 487 vest on the first anniversary of the grant date and 488 vest on each of the second and third anniversaries of the grant date (March 4, 2022).

F15: 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.

F16: 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.

F17: These restricted stock units vest in accordance with the following schedule: 572 vest on the first and second anniversaries of the grant date and 573 vest on the third anniversary of the grant date (March 6, 2023).

F18: 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.

F19: 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.