SBA COMMUNICATIONS CORP — Director's Dealing 2025

Mar 7, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2025-03-04

Reporting Person: STOOPS JEFFREY (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-04	Class A Common Stock	M	2965	—	Acquired	117869.9720	Direct
2025-03-04	Class A Common Stock	F	1097.05	$221.51	Disposed	116772.922	Direct
2025-03-04	Class A Common Stock	M	17788	—	Acquired	134560.922	Direct
2025-03-04	Class A Common Stock	F	6999.578	$221.51	Disposed	127561.344	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-04	Restricted Stock Units	$	M	2965	Disposed		Class A Common Stock (2965)	Direct
2025-03-04	Performance Restricted Stock Units	$	M	8894	Disposed		Class A Common Stock (8894)	Direct
2025-03-04	Performance Restricted Stock Units	$	D	8894	Disposed		Class A Common Stock (8894)	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
Restricted Stock Units	$		Class A Common Stock (6936)	6936	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 performance restricted stock units (PSUs) were awarded on March 4, 2022 and were subject to increase or decrease based on the results of the performance condition. These PSUs vested at 200% of target based on the results of the performance condition, such that 17,788 shares of Class A Common Stock vested.

F3: 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.

F4: These stock options are fully vested and exercisable.

F5: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F6: These restricted stock units vest in accordance with the following schedule: 2,964 vested on the first anniversary of the grant date and 2,965 vest on each of the second and third anniversaries of the grant date (March 4, 2022).

F7: Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F8: These performance restricted stock units have a three-year performance period and to the extent earned vest on March 4, 2024. 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: The PSUs previously reported as acquired by the reporting person were forfeited because the minimum performance criteria required for vesting was not met.

F10: These performance restricted stock units have a three-year performance period and to the extent earned vest on March 4, 2024. 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.

F11: 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).

F12: 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.

F13: 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.

F14: 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.