Brendan Thomas Cavanagh - Feb 25, 2023 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Signature
/s/ Joshua Koenig, Attorney-in-Fact
Stock symbol
SBAC
Transactions as of
Feb 25, 2023
Transactions value $
-$1,063,470
Form type
4
Date filed
2/28/2023, 08:30 PM
Previous filing
Mar 8, 2022
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 +1.22K +3.84% $0.00 33K Feb 25, 2023 Direct F1
transaction SBAC Class A Common Stock Options Exercise $0 +7.33K +22.21% $0.00 40.3K Feb 25, 2023 Direct F2
transaction SBAC Class A Common Stock Options Exercise $0 +3.39K +8.4% $0.00 43.7K Feb 25, 2023 Direct F3
transaction SBAC Class A Common Stock Tax liability -$1.06M -4.12K -9.44% $257.82 39.6K Feb 25, 2023 Direct F4
holding SBAC Class A Common Stock 19.1K Feb 25, 2023 By LLC F5

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 -100% 0 Feb 25, 2023 Class A Common Stock 1.22K Direct F1, F8, F10
transaction SBAC Performance Restricted Stock Units Options Exercise -3.66K -100% 0 Feb 25, 2023 Class A Common Stock 3.66K Direct F2, F11, F12
transaction SBAC Performance Restricted Stock Units Options Exercise -3.66K -100% 0 Feb 25, 2023 Class A Common Stock 3.66K Direct F3, F11, F13
holding SBAC Stock Options (Right to Buy) 50.2K Feb 25, 2023 Class A Common Stock 50.2K $156.50 Direct F6
holding SBAC Stock Options (Right to Buy) 55.7K Feb 25, 2023 Class A Common Stock 55.7K $182.30 Direct F7
holding SBAC Restricted Stock Units 1.3K Feb 25, 2023 Class A Common Stock 1.3K Direct F8, F9
holding SBAC Restricted Stock Units 2.58K Feb 25, 2023 Class A Common Stock 2.58K Direct F8, F14
holding SBAC Performance Restricted Stock Units 3.87K Feb 25, 2023 Class A Common Stock 3.87K Direct F11, F15
holding SBAC Performance Restricted Stock Units 3.87K Feb 25, 2023 Class A Common Stock 3.87K Direct F11, F16
holding SBAC Restricted Stock Units 3.47K Feb 25, 2023 Class A Common Stock 3.47K Direct F8, F17
holding SBAC Performance Restricted Stock Units 3.47K Feb 25, 2023 Class A Common Stock 3.47K Direct F11, F18
holding SBAC Performance Restricted Stock Units 3.47K Feb 25, 2023 Class A Common Stock 3.47K Direct F11, F19
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On February 25, 2023, 1,221 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 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.
F6 These options are immediately exercisable.
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 Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F9 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).
F10 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).
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 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).
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.
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 restricted stock units vest in accordance with the following schedule: 1,155 vest on the first through third anniversaries of the grant date (March 4, 2022).
F18 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.
F19 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.