Kurt L. Bagwell - 09 Mar 2022 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: EVP; Pres. - International
Signature: /s/ Thomas P. Hunt, Attorney-in-Fact
Issuer symbol: SBAC
Transactions as of: 09 Mar 2022
Net transactions value: -$1,239,936
Form type: 4
Filing time: 11 Mar 2022, 16:17:56 UTC
Previous 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	Sale	$1,239,936	-3,757	-11%	$330.00	29,529	09 Mar 2022	Direct
holding	SBAC	Class A Common Stock						15,530	09 Mar 2022	By LLC	F1
holding	SBAC	Class A Common Stock						26	09 Mar 2022	By Trust	F2

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
holding	SBAC	Stock Options (Right to Buy)						13,519	09 Mar 2022	Class A Common Stock	13,519	$156.50	Direct	F3
holding	SBAC	Stock Options (Right to Buy)						30,487	09 Mar 2022	Class A Common Stock	30,487	$182.30	Direct	F4
holding	SBAC	Restricted Stock Units						1,367	09 Mar 2022	Class A Common Stock	1,367		Direct	F5, F6
holding	SBAC	Restricted Stock Units						1,286	09 Mar 2022	Class A Common Stock	1,286		Direct	F5, F7
holding	SBAC	Performance Restricted Stock Units						3,856	09 Mar 2022	Class A Common Stock	3,856		Direct	F8, F9
holding	SBAC	Performance Restricted Stock Units						3,856	09 Mar 2022	Class A Common Stock	3,856		Direct	F8, F10
holding	SBAC	Restricted Stock Units						2,582	09 Mar 2022	Class A Common Stock	2,582		Direct	F5, F11
holding	SBAC	Performance Restricted Stock Units						3,872	09 Mar 2022	Class A Common Stock	3,872		Direct	F8, F12
holding	SBAC	Performance Restricted Stock Units						3,872	09 Mar 2022	Class A Common Stock	3,872		Direct	F8, F13
holding	SBAC	Restricted Stock Units						3,413	09 Mar 2022	Class A Common Stock	3,413		Direct	F5, F14
holding	SBAC	Performance Restricted Stock Units						3,413	09 Mar 2022	Class A Common Stock	3,413		Direct	F8, F15
holding	SBAC	Performance Restricted Stock Units						3,413	09 Mar 2022	Class A Common Stock	3,413		Direct	F8, F16

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

Explanation of Responses:

Id	Content
F1	These shares are held by a limited liability company of which the Reporting Person is the sole manager and whose revocable trust is the sole member.
F2	The trust is for the benefit of one of the Reporting Person's children.
F3	These options are immediately exercisable.
F4	These options vest in accordance with the following schedule: 14,695 vest on each of the first through third anniversaries of the grant date and 14,696 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: 1,366 vest on the first anniversary of the grant date and 1,367 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: 1,285 vest on the first and second anniversaries of the grant date and 1,286 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: 1,290 vest on the first anniversary of the grant date and 1,291 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.
F14	These restricted stock units vest in accordance with the following schedule: 1,137 vest on the first anniversary of the grant date and 1,138 vest on each of the second and third anniversaries of the grant date (March 4, 2022).
F15	These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 4, 2025, 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.
F16	These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 4, 2025, 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.