Richard M. Cane - 04 Mar 2023 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: EVP; Pres. - International
Signature: /s/ Joshua Koenig, Attorney-in-Fact
Issuer symbol: SBAC
Transactions as of: 04 Mar 2023
Net transactions value: -$24,534
Form type: 4
Filing time: 07 Mar 2023, 17:59:01 UTC
Previous filing: 28 Feb 2023
Next filing: 06 Mar 2024
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	$0	+198	+11%	$0.000000	1,979	04 Mar 2023	Direct	F1
transaction	SBAC	Class A Common Stock	Tax liability	$12,552	-48	-2.4%	$260.35	1,931	06 Mar 2023	Direct	F2
transaction	SBAC	Class A Common Stock	Options Exercise	$0	+189	+9.8%	$0.000000	2,120	04 Mar 2023	Direct
transaction	SBAC	Class A Common Stock	Tax liability	$11,982	-46	-2.2%	$260.35	2,074	06 Mar 2023	Direct	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
transaction	SBAC	Restricted Stock Units	Options Exercise		-198	-50%		198	04 Mar 2023	Class A Common Stock	198		Direct	F3, F4, F5
transaction	SBAC	Restricted Stock Units	Options Exercise		-189	-33%		380	04 Mar 2023	Class A Common Stock	189		Direct	F3, F9, F10
transaction	SBAC	Restricted Stock Units	Award	$0	+2,081		$0.000000	2,081	06 Mar 2023	Class A Common Stock	2,081		Direct	F3, F13
transaction	SBAC	Performance Restricted Stock Units	Award	$0	+2,081		$0.000000	2,081	06 Mar 2023	Class A Common Stock	2,081		Direct	F6, F14
transaction	SBAC	Performance Restricted Stock Units	Award	$0	+2,081		$0.000000	2,081	06 Mar 2023	Class A Common Stock	2,081		Direct	F6, F15
holding	SBAC	Performance Restricted Stock Units						593	04 Mar 2023	Class A Common Stock	593		Direct	F6, F7
holding	SBAC	Performance Restricted Stock Units						593	04 Mar 2023	Class A Common Stock	593		Direct	F6, F8
holding	SBAC	Performance Restricted Stock Units						569	04 Mar 2023	Class A Common Stock	569		Direct	F6, F11
holding	SBAC	Performance Restricted Stock Units						569	04 Mar 2023	Class A Common Stock	569		Direct	F6, F12

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

Explanation of Responses:

Id	Content
F1	Includes 11.75 shares acquired on February 28, 2023 pursuant to the SBA Communications Corporation 2018 Employee Stock Purchase Plan.
F2	Shares withheld for payment of tax liability.
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: 197 vest on the first anniversary of the grant date and 198 vest on each of the second and third anniversaries of the grant date (March 4, 2021).
F5	On March 4, 2023, 198 of the Reporting Person's restricted share units were settled for an equal number of shares of Class A Common Stock.
F6	Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F7	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.
F8	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.
F9	These restricted stock units vest in accordance with the following schedule: 189 vest on the first anniversary of the grant date and 190 vest on each of the second and third anniversaries of the grant date (March 4, 2022).
F10	On March 4, 2023, 189 of the Reporting Person's restricted share units were settled for an equal number of shares of Class A Common Stock.
F11	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.
F12	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.
F13	These restricted stock units vest in accordance with the following schedule: 693 vest on the first anniversary of the grant date and 694 vest on each of the second and third anniversaries of the grant date (March 6, 2023).
F14	These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 6, 2026, 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 6, 2026, 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.