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: Ciarfella Mark R (EVP - Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-02-25	Class A Common Stock	M	654	$0.00	Acquired	24684.585	Direct
2023-02-25	Class A Common Stock	M	3920	$0.00	Acquired	28604.585	Direct
2023-02-25	Class A Common Stock	M	1813	$0.00	Acquired	30417.585	Direct
2023-02-25	Class A Common Stock	F	1933.352	$257.82	Disposed	28484.233	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-02-25	Restricted Stock Units	$	M	654	Disposed		Class A Common Stock (654)	Direct
2023-02-25	Performance Restricted Stock Units	$	M	1960	Disposed		Class A Common Stock (1960)	Direct
2023-02-25	Performance Restricted Stock Units	$	M	1960	Disposed		Class A Common Stock (1960)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$182.30	2026-03-06	Class A Common Stock (8545)	8545	Direct
Restricted Stock Units	$		Class A Common Stock (693)	693	Direct
Restricted Stock Units	$		Class A Common Stock (1354)	1354	Direct
Performance Restricted Stock Units	$		Class A Common Stock (2030)	2030	Direct
Performance Restricted Stock Units	$		Class A Common Stock (2030)	2030	Direct
Restricted Stock Units	$		Class A Common Stock (1831)	1831	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1831)	1831	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1831)	1831	Direct

Footnotes

F1: On February 25, 2023, 654 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F2: Includes 146.2281 shares acquired through a dividend reinvestment plan.

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 AFFO performance metric at 200%.

F4: 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.

F5: Shares withheld for payment of tax liability.

F6: These options vest in accordance with the following schedule: 7,449 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: 692 vest on first anniversary of the grant date and 693 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: 653 vest on the first and second anniversaries of the grant date and 654 vest on the third anniversary 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: 676 vest on the first anniversary of the grant date and 677 vest on each of the second and 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: 610 vest on the first and second anniversary of the grant date and 611 vest on 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.