SBA COMMUNICATIONS CORP — Director's Dealing 2025

Oct 27, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2025-10-17

Reporting Person: Montagner Marc (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-10-17	Class A Common Stock	M	1588	—	Acquired	3945.3280	Direct
2025-10-17	Class A Common Stock	F	624.878	$197.42	Disposed	3320.4500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-10-17	Restricted Stock Units	$	M	1588	Disposed		Class A Common Stock (1588)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$		Class A Common Stock (4144)	4144	Direct
Performance Restricted Stock Units	$		Class A Common Stock (6215)	6215	Direct
Restricted Stock Units	$		Class A Common Stock (7354)	7354	Direct
Performance Restricted Stock Units	$		Class A Common Stock (7354)	7354	Direct

Footnotes

F1: Includes 36.401 shares acquired through a dividend reinvestment plan.

F2: Shares withheld for payment of tax liability.

F3: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F4: These restricted stock units vest in accordance with the following schedule: 1,588 vested on each of the first and second anniversaries and 1,588 vests on the third anniversary of the grant date (October 17, 2023).

F5: These restricted stock units vest in accordance with the following schedule: 2,071 vested on the first anniversary and 2,072 vest on the second and third anniversaries of the grant date (March 6, 2024).

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

F7: 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 is subject to decrease or increase (up to 200%) based on the results of the performance conditions.

F8: These restricted stock units vest in accordance with the following schedule: 2,451 vest on the first and second anniversaries and 2,452 vest on the third anniversary of the grant date (March 6, 2025).

F9: 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.