SBA COMMUNICATIONS CORP — Director's Dealing 2023

Mar 1, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2023-02-25

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-02-25	Class A Common Stock	M	977	$0.00	Acquired	22762	Direct
2023-02-25	Class A Common Stock	M	5862	$0.00	Acquired	28624	Direct
2023-02-25	Class A Common Stock	M	2711.175	$0.00	Acquired	31335.175	Direct
2023-02-25	Class A Common Stock	F	3189.883	$257.82	Disposed	28145.292	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-02-25	Restricted Stock Units	$	M	977	Disposed		Class A Common Stock (977)	Direct
2023-02-25	Performance Restricted Stock Units	$	M	2931	Disposed		Class A Common Stock (2931)	Direct
2023-02-25	Performance Restricted Stock Units	$	M	2931	Disposed		Class A Common Stock (2931)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$115.17	2024-03-06	Class A Common Stock (32930)	32930	Direct
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 (1037)	1037	Direct
Restricted Stock Units	$		Class A Common Stock (1982)	1982	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 (2637)	2637	Direct
Performance Restricted Stock Units	$		Class A Common Stock (2637)	2637	Direct
Performance Restricted Stock Units	$		Class A Common Stock (2637)	2637	Direct

Footnotes

F1: On February 25, 2023, 977 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F2: Represents shares issued in connection with the vesting of performance restricted share units. The Compensation Committee of the Issuer's Board of Directors determined achievement of the applicable AFFO performance metric at 200%.

F3: Represents shares issued in connection with the vesting of performance restricted share units. The Compensation Committee of the Issuer's Board of Directors determined achievement of the applicable TSR performance metric at 92.5%. The remaining performance restricted stock units were forfeited.

F4: Shares withheld for payment of tax liability.

F5: These options are immediately exercisable.

F6: These options vest in accordance with the following schedule: 11,148 vest on each of the first through fourth anniversaries of the grant date (March 6, 2019).

F7: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F8: These restricted stock units vest in accordance with the following schedule: 1,036 vest on first anniversary of the grant date and 1,037 vest on each of the second through fourth anniversaries of the grant date (March 6, 2019).

F9: These restricted stock units vest in accordance with the following schedule: 977 vest on each of the first through third anniversaries of the grant date (February 25, 2020).

F10: Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F11: These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on February 25, 2023, 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.

F12: These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on February 25, 2023, 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 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).

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 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.

F16: 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).

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 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.