SBA COMMUNICATIONS CORP — Director's Dealing 2023

Mar 8, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2023-03-04

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-03-04	Class A Common Stock	M	541	$0.00	Acquired	7310.913	Direct
2023-03-06	Class A Common Stock	F	212.883	$260.35	Disposed	7098.03	Direct
2023-03-04	Class A Common Stock	M	487	$0.00	Acquired	7585.03	Direct
2023-03-06	Class A Common Stock	F	191.634	$260.35	Disposed	7393.396	Direct
2023-03-06	Class A Common Stock	M	547	$0.00	Acquired	7940.396	Direct
2023-03-06	Class A Common Stock	F	215.244	$260.35	Disposed	7725.152	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-03-06	Restricted Stock Units	$	M	547	Disposed		Class A Common Stock (547)	Direct
2023-03-04	Restricted Stock Units	$	M	541	Disposed		Class A Common Stock (541)	Direct
2023-03-04	Restricted Stock Units	$	M	487	Disposed		Class A Common Stock (487)	Direct
2023-03-06	Restricted Stock Units	$	A	1717	Acquired		Class A Common Stock (1717)	Direct
2023-03-06	Performance Restricted Stock Units	$	A	1717	Acquired		Class A Common Stock (1717)	Direct
2023-03-06	Performance Restricted Stock Units	$	A	1717	Acquired		Class A Common Stock (1717)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	19233	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$156.50	2025-03-06	Class A Common Stock (20605)	20605	Direct
Stock Options (Right to Buy)	$182.30	2026-03-06	Class A Common Stock (23512)	23512	Direct
Performance 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 (1463)	1463	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1463)	1463	Direct

Footnotes

F1: On March 4, 2023, 541 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F2: Includes an aggregate of 83.528 shares acquired on February 28, 2023 pursuant to the SBA Communications Corporation 2018 Employee Stock Purchase Plan.

F3: Reflects shares previously held directly by the Reporting Person which were contributed to the Reporting Person's GRAT (defined below).

F4: Shares withheld for payment of tax liability.

F5: On March 4, 2023, 487 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F6: On March 6, 2023, 547 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

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: 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: 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).

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 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 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.

F15: 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).

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 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.

F18: 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).

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.

F20: 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.