Mark R. Ciarfella - Dec 15, 2021 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: EVP - Operations
Signature: /s/ Thomas P. Hunt, Attorney-in-Fact
Stock symbol: SBAC
Transactions as of: Dec 15, 2021
Transactions value $: -$563,100
Form type: 4
Date filed: 12/21/2021, 12:27 PM
Previous filing: Dec 15, 2021
Next filing: Mar 1, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SBAC	Class A Common Stock	Options Exercise	$547K	+3K	+14.25%	$182.30	24.1K	Dec 15, 2021	Direct
transaction	SBAC	Class A Common Stock	Sale	-$1.11M	-3K	-12.47%	$370.00	21.1K	Dec 15, 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	-3K	-15.18%	$0.00	16.8K	Dec 15, 2021	Class A Common Stock	3K	$182.30	Direct	F5
holding	SBAC	Stock Options (Right to Buy)						6.76K	Dec 15, 2021	Class A Common Stock	6.76K	$156.50	Direct	F2
holding	SBAC	Restricted Stock Units						705	Dec 15, 2021	Class A Common Stock	705		Direct	F3, F4
holding	SBAC	Restricted Stock Units						1.39K	Dec 15, 2021	Class A Common Stock	1.39K		Direct	F3, F6
holding	SBAC	Restricted Stock Units						1.31K	Dec 15, 2021	Class A Common Stock	1.31K		Direct	F3, F7
holding	SBAC	Performance Restricted Stock Units						1.96K	Dec 15, 2021	Class A Common Stock	1.96K		Direct	F8, F9
holding	SBAC	Performance Restricted Stock Units						1.96K	Dec 15, 2021	Class A Common Stock	1.96K		Direct	F8, F10
holding	SBAC	Restricted Stock Units						2.03K	Dec 15, 2021	Class A Common Stock	2.03K		Direct	F3, F11
holding	SBAC	Performance Restricted Stock Units						2.03K	Dec 15, 2021	Class A Common Stock	2.03K		Direct	F8, F12
holding	SBAC	Performance Restricted Stock Units						2.03K	Dec 15, 2021	Class A Common Stock	2.03K		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 $370.00 to $370.07 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.