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: DAY DONALD (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-04	Class A Common Stock	M	233	—	Acquired	5239.208	Direct
2025-03-04	Class A Common Stock	F	84.695	$221.51	Disposed	5154.513	Direct
2025-03-04	Class A Common Stock	M	1396	—	Acquired	6550.513	Direct
2025-03-04	Class A Common Stock	F	507.446	$221.51	Disposed	6043.067	Direct
2025-03-04	Class A Common Stock	M	174.5	—	Acquired	6217.567	Direct
2025-03-04	Class A Common Stock	F	63.43	$221.51	Disposed	6154.137	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-04	Restricted Stock Units	$	M	233	Disposed		Class A Common Stock (233)	Direct
2025-03-04	Performance Restricted Stock Units	$	M	698	Disposed		Class A Common Stock (698)	Direct
2025-03-04	Performance Restricted Stock Units	$	M	174.5	Disposed		Class A Common Stock (174.5)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$182.30	2026-03-06	Class A Common Stock (5739)	5739	Direct
Restricted Stock Units	$		Class A Common Stock (540)	540	Direct
Performance Restricted Stock Units	$		Class A Common Stock (809)	809	Direct
Performance Restricted Stock Units	$		Class A Common Stock (809)	809	Direct
Restricted Stock Units	$		Class A Common Stock (1665)	1665	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1665)	1665	Direct
Restricted Stock Units	$		Class A Common Stock (1370)	1370	Direct

Footnotes

F1: Includes 7.588 shares acquired through a dividend reinvestment plan.

F2: Includes an aggregate of .58 shares acquired pursuant to the SBA Communications Corporation 2018 Employee Stock Purchase Plan.

F3: Shares withheld for payment of tax liability.

F4: 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 performance condition, such that 1,396 shares of Class A Common Stock vested.

F5: These PSUs were awarded on March 4, 2022 and were subject to increase or decrease based on the results of the performance condition. On March 4, 2025, these PSUs partially vested based on the results of the performance condition and resulted in 174.5 shares of Class A Common Stock being issued.

F6: These stock options are fully vested and exercisable.

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

F8: These restricted stock units vest in accordance with the following schedule: 232 vested on the first anniversary of the grant date and 233 vested on the second anniversary and 233 vests on the third anniversary of the grant date (March 4, 2022).

F9: Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F10: 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 (up to 200%) or decrease based on the results of the performance condition.

F11: 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 (up to 200%) or decrease based on the results of the performance condition.

F12: These restricted stock units vest in accordance with the following schedule: 269 vested on the first anniversary of the grant date and 270 vest on the second and third anniversaries of the grant date (March 6, 2023).

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 (up to 200%) or decrease based on the results of the performance condition.

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

F15: These restricted stock units vest in accordance with the following schedule: 555 vest on the first through third anniversaries of the grant date (March 6, 2024).

F16: 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.

F17: These restricted stock units vest in accordance with the following schedule: 456 vest on the first anniversary of the grant date and 457 vest on the second and third anniversaries of the grant date (August 1, 2024).