Mark R. Ciarfella - 07 Jun 2022 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: EVP - Operations
Signature: /s/ Thomas P. Hunt, Attorney-in-Fact
Issuer symbol: SBAC
Transactions as of: 07 Jun 2022
Net transactions value: -$181,550
Form type: 4
Filing time: 09 Jun 2022, 17:30:47 UTC
Previous filing: 08 Mar 2022
Next filing: 05 Aug 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	$156,500	+1,000	+4.2%	$156.50	24,884	07 Jun 2022	Direct
transaction	SBAC	Class A Common Stock	Sale	$338,050	-1,000	-4%	$338.05	23,884	07 Jun 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	Stock Options (Right to Buy)	Options Exercise	$0	-1,000	-15%	$0.000000	5,760	07 Jun 2022	Class A Common Stock	1,000	$156.50	Direct	F2
holding	SBAC	Stock Options (Right to Buy)						16,758	07 Jun 2022	Class A Common Stock	16,758	$182.30	Direct	F3
holding	SBAC	Restricted Stock Units						693	07 Jun 2022	Class A Common Stock	693		Direct	F4, F5
holding	SBAC	Restricted Stock Units						654	07 Jun 2022	Class A Common Stock	654		Direct	F4, F6
holding	SBAC	Performance Restricted Stock Units						1,960	07 Jun 2022	Class A Common Stock	1,960		Direct	F7, F8
holding	SBAC	Performance Restricted Stock Units						1,960	07 Jun 2022	Class A Common Stock	1,960		Direct	F7, F9
holding	SBAC	Restricted Stock Units						1,354	07 Jun 2022	Class A Common Stock	1,354		Direct	F4, F10
holding	SBAC	Performance Restricted Stock Units						2,030	07 Jun 2022	Class A Common Stock	2,030		Direct	F7, F11
holding	SBAC	Performance Restricted Stock Units						2,030	07 Jun 2022	Class A Common Stock	2,030		Direct	F7, F12
holding	SBAC	Restricted Stock Units						1,831	07 Jun 2022	Class A Common Stock	1,831		Direct	F4, F13
holding	SBAC	Performance Restricted Stock Units						1,831	07 Jun 2022	Class A Common Stock	1,831		Direct	F7, F14
holding	SBAC	Performance Restricted Stock Units						1,831	07 Jun 2022	Class A Common Stock	1,831		Direct	F7, F15

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

Explanation of Responses:

Id	Content
F1	Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $337.98 to $338.10 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.
F2	These options are immediately exercisable.
F3	These options vest in accordance with the following schedule: 7,449 vest on each of the first through fourth anniversaries of the grant date (March 6, 2019).
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: 692 vest on first anniversary of the grant date and 693 vest on each of the second through fourth anniversaries of the grant date (March 6, 2019).
F6	These restricted stock units vest in accordance with the following schedule: 653 vest on the first and second anniversaries of the grant date and 654 vest on the third anniversary of the grant date (February 25, 2020).
F7	Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F8	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.
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 restricted stock units vest in accordance with the following schedule: 676 vest on the first anniversary of the grant date and 677 vest on each of the second and third anniversaries of the grant date (March 4, 2021).
F11	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.
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 restricted stock units vest in accordance with the following schedule: 610 vest on the first and second anniversary of the grant date and 611 vest on third anniversaries of the grant date (March 4, 2022).
F14	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.
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.