Jeffrey Stoops - Nov 15, 2023 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: Chief Executive Officer & Pres, Director
Signature: /s/ Joshua Koenig, Attorney-in-Fact
Stock symbol: SBAC
Transactions as of: Nov 15, 2023
Transactions value $: -$10,710,600
Form type: 4
Date filed: 11/17/2023, 05:00 PM
Previous filing: Nov 14, 2023
Next filing: Nov 29, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SBAC	Class A Common Stock	Sale	-$7.63M	-32.6K	-39.01%	$233.80	51K	Nov 15, 2023	By LLC	F1, F2
transaction	SBAC	Class A Common Stock	Sale	-$3.08M	-13.1K	-25.75%	$234.38	37.9K	Nov 15, 2023	By LLC	F2, F3
holding	SBAC	Class A Common Stock						155K	Nov 15, 2023	Direct
holding	SBAC	Class A Common Stock						260K	Nov 15, 2023	By Limited Partnership	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
holding	SBAC	Stock Options (Right to Buy)						138K	Nov 15, 2023	Class A Common Stock	138K	$156.50	Direct	F5
holding	SBAC	Stock Options (Right to Buy)						149K	Nov 15, 2023	Class A Common Stock	149K	$182.30	Direct	F5
holding	SBAC	Restricted Stock Units						3.37K	Nov 15, 2023	Class A Common Stock	3.37K		Direct	F6, F7
holding	SBAC	Performance Restricted Stock Units						10.1K	Nov 15, 2023	Class A Common Stock	10.1K		Direct	F8, F9
holding	SBAC	Performance Restricted Stock Units						10.1K	Nov 15, 2023	Class A Common Stock	10.1K		Direct	F8, F10
holding	SBAC	Restricted Stock Units						5.93K	Nov 15, 2023	Class A Common Stock	5.93K		Direct	F6, F11
holding	SBAC	Performance Restricted Stock Units						8.89K	Nov 15, 2023	Class A Common Stock	8.89K		Direct	F8, F12
holding	SBAC	Performance Restricted Stock Units						8.89K	Nov 15, 2023	Class A Common Stock	8.89K		Direct	F8, F13
holding	SBAC	Restricted Stock Units						10.4K	Nov 15, 2023	Class A Common Stock	10.4K		Direct	F6, F14
holding	SBAC	Performance Restricted Stock Units						10.4K	Nov 15, 2023	Class A Common Stock	10.4K		Direct	F8, F15
holding	SBAC	Performance Restricted Stock Units						10.4K	Nov 15, 2023	Class A Common Stock	10.4K		Direct	F8, F16

* 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 transaction ranged from $233.23 to $234.23 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 shares are owned by Calculated Risk SBA Holdings, LLC, a Delaware limited liability company ("CRLLC"). The Reporting Person and his spouse control the manager of CRLLC. The Reporting Person disclaims beneficial ownership of the stock owned by CRLLC except to the extent of his pecuniary interest therein.
F3	Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $234.24 to $234.70 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.
F4	These shares are owned by Calculated Risk Partners, L.P., a Delaware limited partnership ("CRLP"). The Reporting Person and his spouse control the general partner of CRLP. The Reporting Person disclaims beneficial ownership of the stock owned by CRLP except to the extent of his pecuniary interest therein.
F5	These options are fully vested and 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: 3,372 vest on the first anniversary of the grant date and 3,373 vest on each of the second and third anniversaries of the grant date (March 4, 2021).
F8	Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F9	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.
F10	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.
F11	These restricted stock units vest in accordance with the following schedule: 2,964 vest on the first anniversary of the grant date and 2,965 vest on each of the second and third anniversaries of the grant date (March 4, 2022).
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 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.
F14	These restricted stock units vest in accordance with the following schedule: 3,468 vest on the first through third anniversaries of the grant date (March 6, 2023).
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.
F16	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.