Mark R. Ciarfella - 19 Aug 2021 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: EVP - Operations
Signature: /s/ Thomas P. Hunt, Attorney-in-Fact
Issuer symbol: SBAC
Transactions as of: 19 Aug 2021
Net transactions value: -$1,362,006
Form type: 4
Filing time: 20 Aug 2021, 18:12:42 UTC
Previous filing: 13 Aug 2021
Next filing: 15 Dec 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SBAC	Class A Common Stock	Options Exercise	$1,057,784	+6,759	+32%	$156.50	27,777	19 Aug 2021	Direct
transaction	SBAC	Class A Common Stock	Sale	$2,419,790	-6,759	-24%	$358.01	21,018	19 Aug 2021	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SBAC	Stock Options (Right to Buy)	Options Exercise	$0	-6,759	-50%	$0.000000	6,760	19 Aug 2021	Class A Common Stock	6,759	$156.50	Direct	F2
holding	SBAC	Restricted Stock Units						705	19 Aug 2021	Class A Common Stock	705		Direct	F3, F4
holding	SBAC	Stock Options (Right to Buy)						22,758	19 Aug 2021	Class A Common Stock	22,758	$182.30	Direct	F5
holding	SBAC	Restricted Stock Units						1,386	19 Aug 2021	Class A Common Stock	1,386		Direct	F3, F6
holding	SBAC	Restricted Stock Units						1,307	19 Aug 2021	Class A Common Stock	1,307		Direct	F3, F7
holding	SBAC	Performance Restricted Stock Units						1,960	19 Aug 2021	Class A Common Stock	1,960		Direct	F8, F9
holding	SBAC	Performance Restricted Stock Units						1,960	19 Aug 2021	Class A Common Stock	1,960		Direct	F8, F10
holding	SBAC	Restricted Stock Units						2,030	19 Aug 2021	Class A Common Stock	2,030		Direct	F3, F11
holding	SBAC	Performance Restricted Stock Units						2,030	19 Aug 2021	Class A Common Stock	2,030		Direct	F8, F12
holding	SBAC	Performance Restricted Stock Units						2,030	19 Aug 2021	Class A Common Stock	2,030		Direct	F8, F13

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $358.00 to $358.17 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.
F2	These options vest in accordance with the following schedule: 6,759 vest on each of the first through third anniversaries of the grant date and 6,760 vest on the fourth anniversary of the grant date (March 6, 2018).
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: 704 vest on each of the first and the third anniversaries of the grant date and 705 vest on each of the second and the fourth anniversaries of the grant date (March 6, 2018).
F5	These options vest in accordance with the following schedule: 7,449 vest on each of the first through fourth anniversaries of the grant date (March 6, 2019).
F6	These restricted stock units vest in accordance with the following schedule: 692 vest on first anniversary of the grant date and 693 vest on each of the second through fourth anniversaries of the grant date (March 6, 2019).
F7	These restricted stock units vest in accordance with the following schedule: 653 vest on the first and second anniversaries of the grant date and 654 vest on the third anniversary of the grant date (February 25, 2020).
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 will vest 100% on February 25, 2023, 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 February 25, 2023, 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: 676 vest on the first anniversary of the grant date and 677 vest on each of the second and third anniversaries of the grant date (March 4, 2021).
F12	These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 4, 2024, 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.
F13	These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 4, 2024, 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.