Brendan Thomas Cavanagh - Feb 25, 2022 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: Executive Vice President & CFO
Signature: /s/ Thomas P. Hunt, Attorney-in-Fact
Stock symbol: SBAC
Transactions as of: Feb 25, 2022
Transactions value $: -$148,582
Form type: 4
Date filed: 3/1/2022, 05:03 PM
Previous filing: Feb 11, 2022
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		+1.22K	+4.26%		29.9K	Feb 25, 2022	Direct	F1
transaction	SBAC	Class A Common Stock	Tax liability	-$149K	-492	-1.64%	$302.30	29.4K	Feb 25, 2022	Direct	F2
holding	SBAC	Class A Common Stock						19K	Feb 25, 2022	By LLC	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		-1.22K	-50%		1.22K	Feb 25, 2022	Class A Common Stock	1.22K		Direct	F1, F5, F9
holding	SBAC	Stock Options (Right to Buy)						50.2K	Feb 25, 2022	Class A Common Stock	50.2K	$156.50	Direct	F4
holding	SBAC	Restricted Stock Units						1.31K	Feb 25, 2022	Class A Common Stock	1.31K		Direct	F5, F6
holding	SBAC	Stock Options (Right to Buy)						55.7K	Feb 25, 2022	Class A Common Stock	55.7K	$182.30	Direct	F7
holding	SBAC	Restricted Stock Units						2.59K	Feb 25, 2022	Class A Common Stock	2.59K		Direct	F5, F8
holding	SBAC	Performance Restricted Stock Units						3.66K	Feb 25, 2022	Class A Common Stock	3.66K		Direct	F10, F11
holding	SBAC	Performance Restricted Stock Units						3.66K	Feb 25, 2022	Class A Common Stock	3.66K		Direct	F10, F12
holding	SBAC	Restricted Stock Units						3.87K	Feb 25, 2022	Class A Common Stock	3.87K		Direct	F5, F13
holding	SBAC	Performance Restricted Stock Units						3.87K	Feb 25, 2022	Class A Common Stock	3.87K		Direct	F10, F14
holding	SBAC	Performance Restricted Stock Units						3.87K	Feb 25, 2022	Class A Common Stock	3.87K		Direct	F10, F15

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

Explanation of Responses:

Id	Content
F1	On February 25, 2022, 1,221 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.
F2	Shares withheld for payment of tax liability.
F3	These shares are owned by Cavanagh Investments, LLC. The Reporting Person is the manager of Cavanagh Investments, LLC and a trust for the benefit of the Reporting Person's spouse owns all of the equity interests in Cavanagh Investments, LLC. The Reporting Person disclaims beneficial ownership of the shares owned by Cavanagh Investments, LLC, except to the extent of his pecuniary interest therein.
F4	These options vest in accordance with the following schedule: 12,553 vest on each of the first through fourth anniversaries of the grant date (March 6, 2018).
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: 1,308 vest on each of the first and the third anniversaries of the grant date, and 1,309 vest on each of the second and the fourth anniversaries of the grant date (March 6, 2018).
F7	These options vest in accordance with the following schedule: 13,935 vest on each of the first through third anniversaries of the grant date and 13,936 vest on the fourth anniversary of the grant date (March 6, 2019).
F8	These restricted stock units vest in accordance with the following schedule: 1,296 vest on each of the first through fourth anniversaries of the grant date (March 6, 2019).
F9	These restricted stock units vest in accordance with the following schedule: 1,221 vest on each of the first through third anniversaries of the grant date (February 25, 2020).
F10	Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
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 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 restricted stock units vest in accordance with the following schedule: 1,290 vest on the first anniversary of the grant date and 1,291 vests on each of the second and third anniversaries of the grant date (March 4, 2021).
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.
F15	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.