SBA COMMUNICATIONS CORP — Director's Dealing 2024

Mar 7, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2024-03-04

Reporting Person: STOOPS JEFFREY (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-03-04	Class A Common Stock	M	3373	—	Acquired	143548.657	Direct
2024-03-04	Class A Common Stock	F	1248.009	$208.29	Disposed	142300.648	Direct
2024-03-04	Class A Common Stock	M	20236	—	Acquired	162536.648	Direct
2024-03-04	Class A Common Stock	F	7241.467	$208.29	Disposed	155295.181	Direct
2024-03-04	Class A Common Stock	M	2965	—	Acquired	158260.181	Direct
2024-03-04	Class A Common Stock	F	1097.049	$208.29	Disposed	157163.132	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-03-04	Restricted Stock Units	$	M	3373	Disposed		Class A Common Stock (3373)	Direct
2024-03-04	Performance Restricted Stock Units	$	M	10118	Disposed		Class A Common Stock (10118)	Direct
2024-03-04	Restricted Stock Units	$	M	2965	Disposed		Class A Common Stock (2965)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
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 (8894)	8894	Direct
Performance Restricted Stock Units	$		Class A Common Stock (8894)	8894	Direct
Restricted Stock Units	$		Class A Common Stock (10404)	10404	Direct
Performance Restricted Stock Units	$		Class A Common Stock (10404)	10404	Direct
Performance Restricted Stock Units	$		Class A Common Stock (10404)	10404	Direct

Footnotes

F1: Includes an aggregate of 101.23 shares acquired on March 1, 2024 pursuant to the SBA Communications Corporation 2018 Employee Stock Purchase Plan.

F2: Shares withheld for payment of tax liability.

F3: As previously reported on a Form 4, the Reporting Person was awarded 10,118 performance restricted stock units (PSUs) on March 4, 2021 which were subject to increase or decrease based the results of the performance condition. On March 4, 2024, these PSUs vested at 200% of target based on the results of the performance condition, such that 20,236 shares of Class A Common Stock became issuable to the Reporting Person.

F4: 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.

F5: These stock options are fully vested and exercisable.

F6: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F7: These restricted stock units vest in accordance with the following schedule: 3,372 vested 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).

F8: Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F9: 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 period.

F10: These restricted stock units vest in accordance with the following schedule: 2,964 vested 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).

F11: 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 period.

F12: 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 period.

F13: 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).

F14: 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 period.

F15: 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 period.