SBA COMMUNICATIONS CORP — Director's Dealing 2025

May 21, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2025-05-17

Reporting Person: BERNSTEIN STEVEN E (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-17	Class A Common Stock	M	1411	$157.51	Acquired	7376.6962	Direct
2025-05-19	Class A Common Stock	F	1123	$233.08	Disposed	6253.6962	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-05-17	Stock Options (Right to Buy)	$157.51	M	1411	Disposed	2025-05-17	Class A Common Stock (1411)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
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: Shares withheld to cover the exercise price and for payment of tax liability.

F2: 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.

F3: These options are fully vested and immediately exercisable.

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

F5: 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.

F6: 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.