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: KREDI SAUL (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-04	Class A Common Stock	M	130	—	Acquired	4891.339	Direct
2025-03-04	Class A Common Stock	F	48.555	$221.51	Disposed	4842.784	Direct
2025-03-04	Class A Common Stock	M	776	—	Acquired	5618.784	Direct
2025-03-04	Class A Common Stock	F	294.249	$221.51	Disposed	5324.535	Direct
2025-03-04	Class A Common Stock	M	97	—	Acquired	5421.535	Direct
2025-03-04	Class A Common Stock	F	36.229	$221.51	Disposed	5385.306	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-04	Restricted Stock Units	$	M	130	Disposed		Class A Common Stock (130)	Direct
2025-03-04	Performance Restricted Stock Units	$	M	388	Disposed		Class A Common Stock (388)	Direct
2025-03-04	Performance Restricted Stock Units	$	M	97	Disposed		Class A Common Stock (97)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$182.30	2026-03-06	Class A Common Stock (6080)	6080	Direct
Restricted Stock Units	$		Class A Common Stock (293)	293	Direct
Performance Restricted Stock Units	$		Class A Common Stock (439)	439	Direct
Performance Restricted Stock Units	$		Class A Common Stock (439)	439	Direct
Restricted Stock Units	$		Class A Common Stock (1754)	1754	Direct

Footnotes

F1: Includes an aggregate of 0.009 shares acquired pursuant to the SBA Communications Corporation 2018 Employee Stock Purchase Plan.

F2: Shares withheld for payment of tax liability.

F3: 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 776 shares of Class A Common Stock vested.

F4: 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 97 shares of Class A Common Stock being issued.

F5: These options are fully vested and immediately exercisable.

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

F7: These restricted stock units vest on March 4, 2025.

F8: Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F9: 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.

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 restricted stock units vest in accordance with the following schedule: 146 vest on the first and second anniversaries of the grant date and 147 vest on the third anniversary 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 (up to 200%) 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 (up to 200%) or decrease based on the results of the performance condition.

F14: These restricted stock units vest in accordance with the following schedule: 584 vest on the first anniversary of the grant date and 585 on the second through third anniversaries of the grant date (March 6, 2024).