Dipan D. Patel - 25 Feb 2022 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: EVP Tech., Strat. & New Bus.
Signature: /s/ Thomas P. Hunt, Attorney-in-Fact
Issuer symbol: SBAC
Transactions as of: 25 Feb 2022
Net transactions value: -$39,123
Form type: 4
Filing time: 01 Mar 2022, 17:00:44 UTC
Previous filing: 21 Sep 2021
Next filing: 08 Mar 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		+471	+28%		2,153	25 Feb 2022	Direct	F1, F2
transaction	SBAC	Class A Common Stock	Tax liability	$39,123	-129	-6%	$302.30	2,024	25 Feb 2022	Direct	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	Restricted Stock Units	Options Exercise		-471	-50%		472	25 Feb 2022	Class A Common Stock	471		Direct	F1, F5, F7
holding	SBAC	Stock Options (Right to Buy)						19,173	25 Feb 2022	Class A Common Stock	19,173	$182.30	Direct	F4
holding	SBAC	Restricted Stock Units						943	25 Feb 2022	Class A Common Stock	943		Direct	F5, F6
holding	SBAC	Performance Restricted Stock Units						1,414	25 Feb 2022	Class A Common Stock	1,414		Direct	F8, F9
holding	SBAC	Performance Restricted Stock Units						1,414	25 Feb 2022	Class A Common Stock	1,414		Direct	F8, F10
holding	SBAC	Restricted Stock Units						1,499	25 Feb 2022	Class A Common Stock	1,499		Direct	F5, F11
holding	SBAC	Performance Restricted Stock Units						1,499	25 Feb 2022	Class A Common Stock	1,499		Direct	F8, F12
holding	SBAC	Performance Restricted Stock Units						1,499	25 Feb 2022	Class A Common Stock	1,499		Direct	F8, F13

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

Explanation of Responses:

Id	Content
F1	On February 25, 2022, 471 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.
F2	Includes 7.071 shares acquired through a dividend reinvestment plan.
F3	Shares withheld for payment of tax liability.
F4	These options vest in accordance with the following schedule: 5,067 vest on each of the first through third anniversaries of the grant date and 5,068 vest on the fourth anniversary of the grant date (March 6, 2019).
F5	Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F6	These restricted stock units vest in accordance with the following schedule: 471 vest on each of the first through third anniversaries of the grant date and 472 vest on the fourth anniversary of the grant date (March 6, 2019).
F7	These restricted stock units vest in accordance with the following schedule: 471 vest on the first and second anniversaries of the grant date and 472 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: 499 vest on the first anniversary of the grant date and 500 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.