SBA COMMUNICATIONS CORP — Director's Dealing 2025

May 6, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2025-05-01

Reporting Person: BOWEN LAURIE (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-01	Class A Common Stock	M	248	—	Acquired	406.57	Direct
2025-05-01	Class A Common Stock	M	302	—	Acquired	708.57	Direct
2025-05-01	Class A Common Stock	F	203.4990	$243.40	Disposed	505.0710	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-05-01	Restricted Stock Units	$	M	248	Disposed		Class A Common Stock (248)	Direct
2025-05-01	Restricted Stock Units	$	M	302	Disposed		Class A Common Stock (302)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$224.24	2033-05-25	Class A Common Stock (10000)	10000	Direct

Footnotes

F1: On May 1, 2025, 248 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.

F2: Includes 2.96 shares acquired through a dividend reinvestment plan.

F3: On May 1, 2025, 302 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.

F4: Shares withheld for tax liability.

F5: These options vest in accordance with the following schedule: 2,000 vest on each of the first through fifth anniversaries of the grant date (May 25, 2023).

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

F7: 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.

F8: 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.