SBA COMMUNICATIONS CORP — Director's Dealing 2025

Jan 25, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2025-01-22

Reporting Person: KOENIG JOSHUA (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-01-22	Class A Common Stock	M	2724	$156.50	Acquired	8383.2540	Direct
2025-01-22	Class A Common Stock	F	2305	$204.36	Disposed	6078.2540	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-01-22	Stock Options (Right to Buy)	$156.5	M	2724	Disposed	2025-03-06	Class A Common Stock (2724)	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 (216)	216	Direct
Performance Restricted Stock Units	$		Class A Common Stock (646)	646	Direct
Performance Restricted Stock Units	$		Class A Common Stock (646)	646	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 and exercise price.

F2: These options are fully vested and immediately exercisable.

F3: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F4: 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).

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

F6: These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 4, 2025, which is the third anniversary of the grant date. The number of shares of Class A Common Stock that will be earned at the end of the three-year performance period is subject to increase or decrease based on the results of the performance condition.

F7: These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 4, 2025, which is the third anniversary of the grant date. The number of shares of Class A Common Stock that will be earned at the end of the three-year performance period is subject to increase or decrease based on the results of the performance condition.

F8: 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).

F9: These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 6, 2026, which is the third anniversary of the grant date. The number of shares of Class A Common Stock that will be earned at the end of the three-year performance period is subject to increase 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 will vest 100% on March 6, 2026, which is the third anniversary of the grant date. The number of shares of Class A Common Stock that will be earned at the end of the three-year performance period 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: 1,480 vest on the first through third anniversaries of the grant date (March 6, 2024).

F12: 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 at the end of the three-year performance period is subject to decrease or increase (up to 200%) based on the results of the performance conditions.