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: CANE RICHARD M (EVP; Pres. - International)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-02-25	Class A Common Stock	M	176	$0.00	Acquired	667.75	Direct
2023-02-25	Class A Common Stock	M	1054	$0.00	Acquired	1721.75	Direct
2023-02-25	Class A Common Stock	M	487.475	$0.00	Acquired	2209.225	Direct
2023-02-25	Class A Common Stock	F	439.667	$257.82	Disposed	1769.558	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-02-25	Restricted Stock Units	$	M	176	Disposed		Class A Common Stock (176)	Direct
2023-02-25	Performance Restricted Stock Units	$	M	527	Disposed		Class A Common Stock (527)	Direct
2023-02-25	Performance Restricted Stock Units	$	M	527	Disposed		Class A Common Stock (527)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$		Class A Common Stock (396)	396	Direct
Performance Restricted Stock Units	$		Class A Common Stock (593)	593	Direct
Performance Restricted Stock Units	$		Class A Common Stock (593)	593	Direct
Restricted Stock Units	$		Class A Common Stock (569)	569	Direct
Performance Restricted Stock Units	$		Class A Common Stock (569)	569	Direct
Performance Restricted Stock Units	$		Class A Common Stock (569)	569	Direct

Footnotes

F1: On February 25, 2023, 176 of the Reporting Person's restricted share 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: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F6: These restricted stock units vest in accordance with the following schedule: 175 vest on the first anniversary of the grant date and 176 vest on the second and third anniversaries of the grant date (February 25, 2020).

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

F8: 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.

F9: 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.

F10: These restricted stock units vest in accordance with the following schedule: 197 vest on the first anniversary of the grant date and 198 vest on each of the second and third anniversaries of the grant date (March 4, 2021).

F11: 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.

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 restricted stock units vest in accordance with the following schedule: 189 vest on the first anniversary of the grant date and 190 vest on each of the second and third anniversaries of the grant date (March 4, 2022).

F14: 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.

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.