Joshua Koenig - Feb 25, 2023 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: Executive VP/General Counsel
Signature: /s/ Joshua Koenig
Stock symbol: SBAC
Transactions as of: Feb 25, 2023
Transactions value $: -$207,918
Form type: 4
Date filed: 2/28/2023, 08:27 PM
Previous filing: Jan 11, 2023
Next filing: Mar 7, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SBAC	Class A Common Stock	Options Exercise	$0	+215	+4.52%	$0.00	4.97K	Feb 25, 2023	Direct	F1
transaction	SBAC	Class A Common Stock	Options Exercise	$0	+1.29K	+25.87%	$0.00	6.26K	Feb 25, 2023	Direct	F2
transaction	SBAC	Class A Common Stock	Options Exercise	$0	+595	+9.51%	$0.00	6.85K	Feb 25, 2023	Direct	F3
transaction	SBAC	Class A Common Stock	Tax liability	-$208K	-806	-11.77%	$257.82	6.05K	Feb 25, 2023	Direct	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		-215	-100%		0	Feb 25, 2023	Class A Common Stock	215		Direct	F1, F6, F8
transaction	SBAC	Performance Restricted Stock Units	Options Exercise		-643	-100%		0	Feb 25, 2023	Class A Common Stock	643		Direct	F2, F9, F10
transaction	SBAC	Performance Restricted Stock Units	Options Exercise		-643	-100%		0	Feb 25, 2023	Class A Common Stock	643		Direct	F3, F9, F11
holding	SBAC	Stock Options (Right to Buy)						2.72K	Feb 25, 2023	Class A Common Stock	2.72K	$156.50	Direct	F5
holding	SBAC	Stock Options (Right to Buy)						9.12K	Feb 25, 2023	Class A Common Stock	9.12K	$182.30	Direct	F5
holding	SBAC	Restricted Stock Units						212	Feb 25, 2023	Class A Common Stock	212		Direct	F6, F7
holding	SBAC	Restricted Stock Units						458	Feb 25, 2023	Class A Common Stock	458		Direct	F6, F12
holding	SBAC	Performance Restricted Stock Units						687	Feb 25, 2023	Class A Common Stock	687		Direct	F9, F13
holding	SBAC	Performance Restricted Stock Units						687	Feb 25, 2023	Class A Common Stock	687		Direct	F9, F14
holding	SBAC	Restricted Stock Units						646	Feb 25, 2023	Class A Common Stock	646		Direct	F6, F15
holding	SBAC	Performance Restricted Stock Units						646	Feb 25, 2023	Class A Common Stock	646		Direct	F9, F16
holding	SBAC	Performance Restricted Stock Units						646	Feb 25, 2023	Class A Common Stock	646		Direct	F9, F17

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

Explanation of Responses:

Id	Content
F1	On February 25, 2023, 215 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.
F2	Represents shares issued in connection with the vesting of performance restricted share units. The Compensation Committee of the Issuer's Board of Directors determined achievement of the applicable AFFO performance metric at 200%.
F3	Represents shares issued in connection with the vesting of performance restricted share units. The Compensation Committee of the Issuer's Board of Directors determined achievement of the applicable TSR performance metric at 92.5%. The remaining performance restricted stock units were forfeited.
F4	Shares withheld for payment of tax liability.
F5	These options are immediately exercisable.
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: 212 vest on the first through fourth anniversaries of the grant date (March 6, 2019).
F8	These restricted stock units vest in accordance with the following schedule: 214 vest on the first and second anniversaries of the grant date and 215 vest on the third anniversary of the grant date (February 25, 2020).
F9	Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
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 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 restricted stock units vest in accordance with the following schedule: 229 vest on the first through third anniversaries of the grant date (March 4, 2021).
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 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 restricted stock units vest in accordance with the following schedule: 215 vest on the first and second anniversaries of the grant date and 216 vest on the third anniversary of the grant date (March 4, 2022).
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.
F17	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.