SBA COMMUNICATIONS CORP — Director's Dealing 2025

Mar 10, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2025-03-06

Reporting Person: STOOPS JEFFREY (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-06	Class A Common Stock	M	3468	—	Acquired	131029.3440	Direct
2025-03-06	Class A Common Stock	F	1283.1590	$220.38	Disposed	129746.1850	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-06	Restricted Stock Units	$	M	3468	Disposed		Class A Common Stock (3468)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	259863	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$182.30	2026-03-06	Class A Common Stock (149446)	149446	Direct
Performance Restricted Stock Units	$		Class A Common Stock (10404)	10404	Direct
Performance Restricted Stock Units	$		Class A Common Stock (10404)	10404	Direct
Restricted Stock Units	$		Class A Common Stock (906)	906	Direct

Footnotes

F1: Shares withheld for payment of tax liability.

F2: These shares are owned by Calculated Risk Partners, L.P., a Delaware limited partnership ("CRLP"). The Reporting Person and his spouse control the general partner of CRLP. The Reporting Person disclaims beneficial ownership of the stock owned by CRLP except to the extent of his pecuniary interest therein.

F3: These stock options are fully vested and 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: 3,468 vest on the first through third anniversaries of the grant date (March 6, 2023).

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

F7: These 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.

F8: These 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.

F9: These restricted stock units vest in accordance with the following schedule: 302 vest on May 1, 2025; 302 vest on May 1, 2026; and 302 vest on May 1, 2027.