JEFFREY STOOPS - 18 Nov 2021 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: Chief Executive Officer & Pres, Director
Signature: /s/ Thomas P. Hunt, Attorney-in-Fact
Issuer symbol: SBAC
Transactions as of: 18 Nov 2021
Net transactions value: -$36,193,217
Form type: 4
Filing time: 22 Nov 2021, 16:35:30 UTC
Previous filing: 18 Aug 2021
Next filing: 11 Feb 2022
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	$19,471,880	+201,614	+106%	$96.58	391,187	18 Nov 2021	Direct
transaction	SBAC	Class A Common Stock	Options Exercise	$19,997,543	+173,635	+44%	$115.17	564,822	18 Nov 2021	Direct
transaction	SBAC	Class A Common Stock	Tax liability	$75,662,640	-216,000	-38%	$350.29	348,822	18 Nov 2021	Direct	F1
holding	SBAC	Class A Common Stock						113,668	18 Nov 2021	By LLC	F2
holding	SBAC	Class A Common Stock						259,863	18 Nov 2021	By Limited Partnership	F3

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	-201,614	-100%	$0.000000^*	0	18 Nov 2021	Class A Common Stock	201,614	$96.58	Direct	F4
transaction	SBAC	Stock Options (Right to Buy)	Options Exercise	$0	-173,635	-100%	$0.000000^*	0	18 Nov 2021	Class A Common Stock	173,635	$115.17	Direct	F4
holding	SBAC	Stock Options (Right to Buy)						137,601	18 Nov 2021	Class A Common Stock	137,601	$156.50	Direct	F5
holding	SBAC	Restricted Stock Units						3,586	18 Nov 2021	Class A Common Stock	3,586		Direct	F6, F7
holding	SBAC	Stock Options (Right to Buy)						149,446	18 Nov 2021	Class A Common Stock	149,446	$182.30	Direct	F8
holding	SBAC	Restricted Stock Units						6,975	18 Nov 2021	Class A Common Stock	6,975		Direct	F6, F9
holding	SBAC	Restricted Stock Units						6,512	18 Nov 2021	Class A Common Stock	6,512		Direct	F6, F10
holding	SBAC	Performance Restricted Stock Units						9,768	18 Nov 2021	Class A Common Stock	9,768		Direct	F11, F12
holding	SBAC	Performance Restricted Stock Units						9,768	18 Nov 2021	Class A Common Stock	9,768		Direct	F11, F13
holding	SBAC	Restricted Stock Units						10,118	18 Nov 2021	Class A Common Stock	10,118		Direct	F14, F15
holding	SBAC	Performance Restricted Stock Units						10,118	18 Nov 2021	Class A Common Stock	10,118		Direct	F11, F16
holding	SBAC	Performance Restricted Stock Units						10,118	18 Nov 2021	Class A Common Stock	10,118		Direct	F11, F17

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

Explanation of Responses:

Id	Content
F1	Shares withheld for payment of tax liability and option exercise price.
F2	These shares are owned by Calculated Risk SBA Holdings, LLC, a Delaware limited liability company ("CRLLC"). The Reporting Person and his spouse control the manager of CRLLC. The Reporting Person disclaims beneficial ownership of the stock owned by CRLLC except to the extent of his pecuniary interest therein.
F3	These shares are owned by Calculated Risk Partners, L.P., a Delaware limited partnership ("CRLP"). The Reporting Person and his spouse control the general partner of CRLP. The Reporting Person disclaims beneficial ownership of the stock owned by CRLP except to the extent of his pecuniary interest therein.
F4	These options are immediately exercisable.
F5	These options vest in accordance with the following schedule: 34,400 vest on each of the first through third anniversaries of the grant date and 34,401 vest on the fourth anniversary of the grant date (March 6, 2018).
F6	Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F7	These restricted stock units vest in accordance with the following schedule: 3,585 vest on the first anniversary of the grant date and 3,586 vest on each of the second through fourth anniversaries of the grant date (March 6, 2018).
F8	These options vest in accordance with the following schedule: 37,498 vest on each of the first and third anniversaries of the grant date and 37,499 vest on each of the second and fourth anniversaries of the grant date (March 6, 2019).
F9	These restricted stock units vest in accordance with the following schedule: 3,487 vest on each of the first and third anniversaries of the grant date and 3,488 vest on each of the second and fourth anniversaries of the grant date (March 6, 2019).
F10	These restricted stock units vest in accordance with the following schedule: 3,256 vest on each of the first through third anniversaries of the grant date (February 25, 2020).
F11	Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F12	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.
F13	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.
F14	Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F15	These restricted stock units vest in accordance with the following schedule: 3,372 vest on the first anniversary of the grant date and 3,373 vest on each of the second and third anniversaries of the grant date (March 4, 2021).
F16	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.
F17	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.