SBA COMMUNICATIONS CORP — Director's Dealing 2024

Mar 9, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2024-03-06

Reporting Person: Lazarus Brian D (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-03-06	Class A Common Stock	M	572	—	Acquired	21475.407	Direct
2024-03-06	Class A Common Stock	F	225.081	$216.50	Disposed	21250.326	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-03-06	Restricted Stock Units	$	M	572	Disposed		Class A Common Stock (572)	Direct
2024-03-06	Restricted Stock Units	$	A	3385	Acquired		Class A Common Stock (3385)	Direct
2024-03-06	Performance Restricted Stock Units	$	A	3385	Acquired		Class A Common Stock (3385)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	9366.464	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$182.30	2026-03-06	Class A Common Stock (23512)	23512	Direct
Restricted Stock Units	$		Class A Common Stock (488)	488	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1463)	1463	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1463)	1463	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1717)	1717	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1717)	1717	Direct

Footnotes

F1: Reflects shares previously held indirectly by the Reporting Person's GRAT (defined below) which were transferred to the Reporting Person's direct holdings.

F2: Shares withheld for the payment of tax liability.

F3: These shares are held by the Reporting Person's grantor retained annuity trust ("GRAT"), of which the Reporting Person is the trustee and annuitant.

F4: These options are immediately exercisable.

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: 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).

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 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 (up to 200%) or decrease based on the results of the performance conditions.

F9: These performance restricted stock units have a three-year performance period and to the extent earned will vest 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 (up to 200%) or decrease based on the results of the performance conditions.

F10: 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).

F11: These performance restricted stock units have a three-year performance period and to the extent earned will vest 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 (up to 200%) or decrease based on the results of the performance conditions.

F12: These performance restricted stock units have a three-year performance period and to the extent earned will vest 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 (up to 200%) or decrease based on the results of the performance conditions.

F13: These restricted stock units vest in accordance with the following schedule: 1,128 vest on the first and second anniversaries and 1,129 vest on the third anniversary of the grant date (March 6, 2024).

F14: These performance restricted stock units will be earned based upon the Issuer's performance on each of three different financial metrics during the three-year performance period. Once earned, the performance restricted stock units will vest on March 6, 2027. 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 decrease or increase (up to 200%) based on the results of the performance conditions.