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: Ciarfella Mark R (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-06	Class A Common Stock	M	715	—	Acquired	36909.3151	Direct
2025-03-06	Class A Common Stock	F	264.5500	$220.38	Disposed	36644.7651	Direct
2025-03-06	Class A Common Stock	M	1530	—	Acquired	38174.7651	Direct
2025-03-06	Class A Common Stock	F	566.1000	$220.38	Disposed	37608.6651	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-06	Restricted Stock Units	$	M	715	Disposed		Class A Common Stock (715)	Direct
2025-03-06	Restricted Stock units	$	M	1530	Disposed		Class A Common Stock (1530)	Direct
2025-03-06	Restricted Stock Units	$	A	5760	Acquired		Class A Common Stock (5760)	Direct
2025-03-06	Performance Restricted Stock Units	$	A	5760	Acquired		Class A Common Stock (5760)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Performance Restricted Stock Units	$		Class A Common Stock (2144)	2144	Direct
Performance Restricted Stock Units	$		Class A Common Stock (2144)	2144	Direct
Performance Restricted Stock Units	$		Class A Common Stock (4771)	4771	Direct

Footnotes

F1: Shares withheld for payment of tax liability.

F2: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F3: These restricted stock units vest in accordance with the following schedule: 714 vest on the first anniversary of the grant date and 715 vest on the second and third anniversary of the grant date (March 6, 2023).

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

F5: The 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.

F6: The 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.

F7: These restricted stock units vest on the first through third anniversary of the grant date (March 6, 2024).

F8: 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.

F9: These restricted stock units vest in accordance with the following schedule: 1,920 vest on the first through third anniversaries of the grant date (March 6, 2025).

F10: 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.