SBA COMMUNICATIONS CORP — Director's Dealing 2025

Dec 10, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2025-12-05

Reporting Person: Ciarfella Mark R (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-05	Class A Common Stock	M	215	—	Acquired	37823.6651	Direct
2025-12-05	Class A Common Stock	F	215	$190	Disposed	37608.6651	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-05	Restricted Stock Units	$	M	215	Disposed		Class A Common Stock (215)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$		Class A Common Stock (715)	715	Direct
Performance Restricted Stock Units	$		Class A Common Stock (2144)	2144	Direct
Performance Restricted Stock Units	$		Class A Common Stock (2144)	2144	Direct
Restricted Stock units	$		Class A Common Stock (3063)	3063	Direct
Performance Restricted Stock Units	$		Class A Common Stock (4771)	4771	Direct
Performance Restricted Stock Units	$		Class A Common Stock (5760)	5760	Direct

Footnotes

F1: The reported transaction involved the early vesting of Restricted Stock Units and subsequent withholding of 215 shares of Class A Common Stock issuable upon such vesting to pay tax obligations associated with the Reporting Person being retirement eligible under the Issuer's equity program.

F2: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F3: These restricted stock units vest in accordance with the following schedule: 714 vest on the first anniversary of the grant date and 715 vest on the second and third anniversary of the grant date (March 6, 2023).

F4: Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F5: The performance restricted stock units have a three-year performance period and to the extent earned vest on March 6, 2026. The number of shares of Class A Common Stock that will be earned is subject to increase or decrease based on the results of the performance condition.

F6: The performance restricted stock units have a three-year performance period and to the extent earned vest on March 6, 2026. The number of shares of Class A Common Stock that will be earned is subject to increase or decrease based on the results of the performance condition.

F7: These restricted stock units vest on the first through third anniversary of the grant date (March 6, 2024).

F8: 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.

F9: These restricted stock units will vest in accordance with the following schedule: 1,848 vest on the first and third anniversaries of the grant date and 1,849 vest on the second anniversary of the grant date (March 6, 2025).

F10: 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, 2028. The number of shares of Class A Common Stock that will be earned is subject to decrease or increase (up to 200%) based on the results of the performance conditions.