SBA COMMUNICATIONS CORP — Director's Dealing 2025

May 29, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2025-05-23

Reporting Person: BERNSTEIN STEVEN E (N/A)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-05-23	Restricted Stock Units	$	A	994	Acquired		Class A Common Stock (994)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	6253.6962	Direct
Class A Common Stock	56314	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$212.31	2026-05-16	Class A Common Stock (1501)	1501	Direct
Restricted Share Units	$		Class A Common Stock (248)	248	Direct
Restricted Stock Units	$		Class A Common Stock (604)	604	Direct

Footnotes

F1: These shares are held by the Bernstein Limited Partnership II, an entity controlled, in part, by the Reporting Person. The Reporting Person disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest.

F2: These options are fully vested and immediately exercisable.

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: 247 vested on May 1, 2024; 248 vested on May 1, 2025; and 248 vest on May 1, 2026.

F5: These restricted stock units vest in accordance with the following schedule: 302 vested on May 1, 2025; 302 vest on May 1, 2026; and 302 vest on May 1 2027.

F6: These restricted stock units vest in accordance with the following schedule: 331 vest on May 1, 2026; 331 vest on May 1, 2027; and 332 vest on May 1 2028.