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: STOOPS JEFFREY (Director, Chief Executive Officer & Pres)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-03-04	Class A Common Stock	M	3373	$0.00	Acquired	266228.676	Direct
2023-03-06	Class A Common Stock	F	1248.009	$260.35	Disposed	264980.667	Direct
2023-03-04	Class A Common Stock	M	2964	$0.00	Acquired	267944.667	Direct
2023-03-06	Class A Common Stock	F	1096.68	$260.35	Disposed	266847.987	Direct
2023-03-06	Class A Common Stock	M	3488	$0.00	Acquired	270335.987	Direct
2023-03-06	Class A Common Stock	F	1290.56	$260.35	Disposed	269045.427	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-03-06	Restricted Stock Units	$	M	3488	Disposed		Class A Common Stock (3488)	Direct
2023-03-04	Restricted Stock Units	$	M	3373	Disposed		Class A Common Stock (3373)	Direct
2023-03-04	Restricted Stock Units	$	M	2964	Disposed		Class A Common Stock (2964)	Direct
2023-03-06	Restricted Stock Units	$	A	10404	Acquired		Class A Common Stock (10404)	Direct
2023-03-06	Performance Restricted Stock Units	$	A	10404	Acquired		Class A Common Stock (10404)	Direct
2023-03-06	Performance Restricted Stock Units	$	A	10404	Acquired		Class A Common Stock (10404)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	83668	Indirect
Class A Common Stock	259863	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$156.50	2025-03-06	Class A Common Stock (137601)	137601	Direct
Stock Options (Right to Buy)	$182.30	2026-03-06	Class A Common Stock (149446)	149446	Direct
Performance Restricted Stock Units	$		Class A Common Stock (10118)	10118	Direct
Performance Restricted Stock Units	$		Class A Common Stock (10118)	10118	Direct
Performance Restricted Stock Units	$		Class A Common Stock (8894)	8894	Direct
Performance Restricted Stock Units	$		Class A Common Stock (8894)	8894	Direct

Footnotes

F1: On March 4, 2023, 3,373 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: Shares withheld for payment of tax liability.

F4: On March 4, 2023, 2,964 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F5: On March 6, 2023, 3,488 shares of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F6: These shares are owned by Calculated Risk SBA Holdings, LLC, a Delaware limited liability company ("CRLLC"). The Reporting Person and his spouse control the manager of CRLLC. The Reporting Person disclaims beneficial ownership of the stock owned by CRLLC except to the extent of his pecuniary interest therein.

F7: These shares are owned by Calculated Risk Partners, L.P., a Delaware limited partnership ("CRLP"). The Reporting Person and his spouse control the general partner of CRLP. The Reporting Person disclaims beneficial ownership of the stock owned by CRLP except to the extent of his pecuniary interest therein.

F8: These options are fully vested and 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: 3,487 vest on each of the first and third anniversaries of the grant date and 3,488 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: 3,372 vest on the first anniversary of the grant date and 3,373 vest on each of the second and third anniversaries 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: 2,964 vest on the first anniversary of the grant date and 2,965 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: 3,468 vest on the first through third anniversaries 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.