Jason V. Silberstein - Feb 25, 2022 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: EVP - Site Leasing
Signature: /s/ Thomas P. Hunt, Attorney-in-Fact
Stock symbol: SBAC
Transactions as of: Feb 25, 2022
Transactions value $: $0
Form type: 4
Date filed: 3/1/2022, 04:59 PM
Next filing: Mar 8, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SBAC	Class A Common Stock	Options Exercise		+977	+6.44%		16.2K	Feb 25, 2022	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	Restricted Stock Units	Options Exercise		-977	-50%		977	Feb 25, 2022	Class A Common Stock	977		Direct	F1, F4, F8
holding	SBAC	Stock Options (Right to Buy)						1.04K	Feb 25, 2022	Class A Common Stock	1.04K	$96.58	Direct	F2
holding	SBAC	Stock Options (Right to Buy)						50.3K	Feb 25, 2022	Class A Common Stock	50.3K	$115.17	Direct	F2
holding	SBAC	Stock Options (Right to Buy)						40.6K	Feb 25, 2022	Class A Common Stock	40.6K	$156.50	Direct	F3
holding	SBAC	Restricted Stock Units						1.06K	Feb 25, 2022	Class A Common Stock	1.06K		Direct	F4, F5
holding	SBAC	Stock Options (Right to Buy)						44.6K	Feb 25, 2022	Class A Common Stock	44.6K	$182.30	Direct	F6
holding	SBAC	Restricted Stock Units						2.07K	Feb 25, 2022	Class A Common Stock	2.07K		Direct	F4, F7
holding	SBAC	Performance Restricted Stock Units						2.93K	Feb 25, 2022	Class A Common Stock	2.93K		Direct	F9, F10
holding	SBAC	Performance Restricted Stock Units						2.93K	Feb 25, 2022	Class A Common Stock	2.93K		Direct	F9, F11
holding	SBAC	Restricted Stock Units						2.97K	Feb 25, 2022	Class A Common Stock	2.97K		Direct	F4, F12
holding	SBAC	Performance Restricted Stock Units						2.97K	Feb 25, 2022	Class A Common Stock	2.97K		Direct	F9, F13
holding	SBAC	Performance Restricted Stock Units						2.97K	Feb 25, 2022	Class A Common Stock	2.97K		Direct	F9, F14

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

Explanation of Responses:

Id	Content
F1	On February 25, 2022, 977 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.
F2	These options are immediately exercisable.
F3	These options vest in accordance with the following schedule: 10,139 vest on each of the first through fourth anniversaries of the grant date (March 6, 2018).
F4	Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F5	These restricted stock units vest in accordance with the following schedule: 1,056 vest on the first anniversary of the grant date and 1,057 vest on each of the second through fourth anniversaries of the grant date (March 6, 2018).
F6	These options vest in accordance with the following schedule: 11,148 vest on each of the first through fourth anniversaries of the grant date (March 6, 2019).
F7	These restricted stock units vest in accordance with the following schedule: 1,036 vest on first anniversary of the grant date and 1,037 vest on each of the second through fourth anniversaries of the grant date (March 6, 2019).
F8	These restricted stock units vest in accordance with the following schedule: 977 vest on each of the first through third anniversaries of the grant date (February 25, 2020).
F9	Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
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 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.
F12	These restricted stock units vest in accordance with the following schedule: 991 vest on each of the first through third anniversaries of the grant date (March 4, 2021).
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.
F14	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.