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: Cavanagh Brendan Thomas (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-03-04	Class A Common Stock	M	1291	—	Acquired	43137.757	Direct
2024-03-04	Class A Common Stock	F	508.008	$208.29	Disposed	42629.749	Direct
2024-03-04	Class A Common Stock	M	7744	—	Acquired	50373.749	Direct
2024-03-04	Class A Common Stock	F	3053.863	$208.29	Disposed	47319.886	Direct
2024-03-04	Class A Common Stock	M	1155	—	Acquired	48474.886	Direct
2024-03-04	Class A Common Stock	F	454.492	$208.29	Disposed	48020.394	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-03-04	Restricted Stock Units	$	M	1291	Disposed		Class A Common Stock (1291)	Direct
2024-03-04	Performance Restricted Stock Units	$	M	7744	Disposed		Class A Common Stock (7744)	Direct
2024-03-04	Restricted Stock Units	$	M	1155	Disposed		Class A Common Stock (1155)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	19052	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$156.5	2025-03-06	Class A Common Stock (50212)	50212	Direct
Stock Options (Right to Buy)	$182.3	2026-03-06	Class A Common Stock (55741)	55741	Direct
Performance Restricted Stock Units	$		Class A Common Stock (3465)	3465	Direct
Performance Restricted Stock Units	$		Class A Common Stock (3465)	3465	Direct
Restricted Stock Units	$		Class A Common Stock (4335)	4335	Direct
Performance Restricted Stock Units	$		Class A Common Stock (4335)	4335	Direct
Performance Restricted Stock Units	$		Class A Common Stock (4335)	4335	Direct

Footnotes

F1: Shares withheld for payment of tax liability.

F2: As previously reported on a Form 4, the Reporting Person was awarded 3,872 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 7,744 shares of Class A Common Stock became issuable to the Reporting Person.

F3: These shares are owned by Cavanagh Investments, LLC. The Reporting Person is the manager of Cavanagh Investments, LLC and a trust for the benefit of the Reporting Person's spouse owns all of the equity interests in Cavanagh Investments, LLC. The Reporting Person disclaims beneficial ownership of the shares owned by Cavanagh Investments, LLC, except to the extent of his pecuniary interest therein.

F4: These stock options are fully vested and 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: 1,290 vest on the first anniversary of the grant date and 1,291 vest on the second and third anniversaries of the grant date (March 4, 2021).

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 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 conditions.

F9: These restricted stock units vest in accordance with the following schedule: 1,155 vest on the first through third anniversaries of the grant date (March 4, 2022)

F10: 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 conditions.

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 conditions.

F12: These restricted stock units units vest in accordance with the following schedule: 1,445 vet on the first through third anniversaries of the grant date (March 6, 2023).

F13: 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 conditions.

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 conditions.