DUNCAN COCROFT - 27 Feb 2023 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: Director
Signature: /s/ Joshua Koenig, Attorney-in-Fact
Issuer symbol: SBAC
Transactions as of: 27 Feb 2023
Net transactions value: -$134,789
Form type: 4
Filing time: 01 Mar 2023, 17:03:25 UTC
Previous filing: 05 Aug 2022
Next filing: 03 May 2023
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	$230,800	+2,308	+3.6%	$100.00	66,900	27 Feb 2023	Direct
transaction	SBAC	Class A Common Stock	Tax liability	$365,589	-1,418	-2.1%	$257.82	65,482	27 Feb 2023	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	-2,308	-100%	$0.000000^*	0	27 Feb 2023	Class A Common Stock	2,308	$100.00	Direct	F2
holding	SBAC	Stock Options (Right to Buy)						1,977	27 Feb 2023	Class A Common Stock	1,977	$132.00	Direct	F2
holding	SBAC	Stock Options (Right to Buy)						1,411	27 Feb 2023	Class A Common Stock	1,411	$157.51	Direct	F2
holding	SBAC	Stock Options (Right to Buy)						1,501	27 Feb 2023	Class A Common Stock	1,501	$212.31	Direct	F2
holding	SBAC	Restricted Stock Units						190	27 Feb 2023	Class A Common Stock	190		Direct	F3, F4
holding	SBAC	Restricted Stock Units						413	27 Feb 2023	Class A Common Stock	413		Direct	F3, F5
holding	SBAC	Restricted Stock Units						525	27 Feb 2023	Class A Common Stock	525		Direct	F3, F6

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

Explanation of Responses:

Id	Content
F1	Shares withheld to cover the exercise price and for payment of tax liability.
F2	These options are fully vested and exercisable.
F3	Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F4	These restricted stock units vest in accordance with the following schedule: 190 vest on May 1, 2021; 190 vest on May 1, 2022; and 190 vest on May 1, 2023.
F5	These restricted stock units vest in accordance with the following schedule: 206 vest on May 1, 2022; 206 vest on May 1, 2023; and 207 vest on May 1, 2024.
F6	These restricted stock units vest in accordance with the following schedule: 175 vest on May 1, 2023; 175 vest on May 1, 2024; and 175 vest on May 1, 2025.