Jeffrey Stoops - Feb 25, 2022 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: Chief Executive Officer & Pres, Director
Signature: /s/ Thomas P. Hunt, Attorney-in-Fact
Stock symbol: SBAC
Transactions as of: Feb 25, 2022
Transactions value $: -$216,544
Form type: 4
Date filed: 3/1/2022, 05:04 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		+3.26K	+0.97%		338K	Feb 25, 2022	Direct	F1
transaction	SBAC	Class A Common Stock	Tax liability	-$217K	-716	-0.21%	$302.30	337K	Feb 25, 2022	Direct	F2
holding	SBAC	Class A Common Stock						114K	Feb 25, 2022	By LLC	F3
holding	SBAC	Class A Common Stock						260K	Feb 25, 2022	By Limited Partnership	F4

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		-3.26K	-50%		3.26K	Feb 25, 2022	Class A Common Stock	3.26K		Direct	F1, F6, F10
holding	SBAC	Stock Options (Right to Buy)						138K	Feb 25, 2022	Class A Common Stock	138K	$156.50	Direct	F5
holding	SBAC	Restricted Stock Units						3.59K	Feb 25, 2022	Class A Common Stock	3.59K		Direct	F6, F7
holding	SBAC	Stock Options (Right to Buy)						149K	Feb 25, 2022	Class A Common Stock	149K	$182.30	Direct	F8
holding	SBAC	Restricted Stock Units						6.98K	Feb 25, 2022	Class A Common Stock	6.98K		Direct	F6, F9
holding	SBAC	Performance Restricted Stock Units						9.77K	Feb 25, 2022	Class A Common Stock	9.77K		Direct	F11, F12
holding	SBAC	Performance Restricted Stock Units						9.77K	Feb 25, 2022	Class A Common Stock	9.77K		Direct	F11, F13
holding	SBAC	Restricted Stock Units						10.1K	Feb 25, 2022	Class A Common Stock	10.1K		Direct	F14, F15
holding	SBAC	Performance Restricted Stock Units						10.1K	Feb 25, 2022	Class A Common Stock	10.1K		Direct	F11, F16
holding	SBAC	Performance Restricted Stock Units						10.1K	Feb 25, 2022	Class A Common Stock	10.1K		Direct	F11, F17

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

Explanation of Responses:

Id	Content
F1	On February 25, 2022, 3,256 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 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.
F4	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.
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.