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: KOENIG JOSHUA (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-04	Class A Common Stock	M	216	—	Acquired	6294.2540	Direct
2025-03-04	Class A Common Stock	F	84.995	$221.51	Disposed	6209.259	Direct
2025-03-04	Class A Common Stock	M	1292	—	Acquired	7501.259	Direct
2025-03-04	Class A Common Stock	F	508.402	$221.51	Disposed	6992.857	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-04	Restricted Stock Units	$	M	216	Disposed		Class A Common Stock (216)	Direct
2025-03-04	Performance Restricted Stock Units	$	M	646	Disposed		Class A Common Stock (646)	Direct
2025-03-04	Performance Restricted Stock Units	$	D	646	Disposed		Class A Common Stock (646)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$182.3	2026-03-06	Class A Common Stock (9121)	9121	Direct
Restricted Stock Units	$		Class A Common Stock (1310)	1310	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1965)	1965	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1965)	1965	Direct
Restricted Stock Units	$		Class A Common Stock (4440)	4440	Direct
Performance Restricted Stock Units	$		Class A Common Stock (4440)	4440	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 1,292 shares of Class A Common Stock vested.

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: 215 vest on the first and second anniversaries of the grant date and 216 vest on the third anniversary of the grant date (March 4, 2022).

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 4, 2025. 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: The PSUs previously reported as acquired by the reporting person were forfeited because the minimum performance criteria required for vesting was not met.

F9: These performance stock units have a three-year performance period and to the extent earned vest on March 4, 2025. 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.

F10: These restricted stock units vest in accordance with the following schedule: 655 vest on the first through third anniversaries of the grant date (March 6,2023).

F11: These performance 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.

F12: These performance 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 restricted stock units vest in accordance with the following schedule: 1,480 vest on the first through third anniversaries of the grant date (March 6, 2024).

F14: 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 subject to decrease or increase (up to 200%) based on the results of the performance conditions.