Jason V. Silberstein - Dec 14, 2023 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: EVP - Site Leasing
Signature: /s/ Joshua Koenig, Attorney-in-Fact
Stock symbol: SBAC
Transactions as of: Dec 14, 2023
Transactions value $: -$2,309,612
Form type: 4
Date filed: 12/15/2023, 06:30 PM
Previous filing: Mar 7, 2023
Next filing: Jan 3, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SBAC	Class A Common Stock	Options Exercise	$1.9M	+16.5K	+55.05%	$115.17	46.4K	Dec 14, 2023	Direct
transaction	SBAC	Class A Common Stock	Sale	-$730K	-2.87K	-6.18%	$254.55	43.5K	Dec 14, 2023	Direct	F1
transaction	SBAC	Class A Common Stock	Sale	-$2.54M	-9.96K	-22.9%	$255.33	33.5K	Dec 14, 2023	Direct	F2
transaction	SBAC	Class A Common Stock	Sale	-$842K	-3.28K	-9.79%	$256.41	30.3K	Dec 14, 2023	Direct	F3
transaction	SBAC	Class A Common Stock	Sale	-$90.7K	-353	-1.17%	$257.02	29.9K	Dec 14, 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	Stock Options (Right to Buy)	Options Exercise	$0	-16.5K	-50%	$0.00	16.5K	Dec 14, 2023	Class A Common Stock	16.5K	$115.17	Direct	F5
holding	SBAC	Stock Options (Right to Buy)						39.9K	Dec 14, 2023	Class A Common Stock	39.9K	$156.50	Direct	F5
holding	SBAC	Stock Options (Right to Buy)						44.6K	Dec 14, 2023	Class A Common Stock	44.6K	$182.30	Direct	F5
holding	SBAC	Restricted Stock Units						991	Dec 14, 2023	Class A Common Stock	991		Direct	F6, F7
holding	SBAC	Performance Restricted Stock Units						2.97K	Dec 14, 2023	Class A Common Stock	2.97K		Direct	F8, F9
holding	SBAC	Performance Restricted Stock Units						2.97K	Dec 14, 2023	Class A Common Stock	2.97K		Direct	F8, F10
holding	SBAC	Restricted Stock Units						1.76K	Dec 14, 2023	Class A Common Stock	1.76K		Direct	F6, F11
holding	SBAC	Performance Restricted Stock Units						2.64K	Dec 14, 2023	Class A Common Stock	2.64K		Direct	F8, F12
holding	SBAC	Performance Restricted Stock Units						2.64K	Dec 14, 2023	Class A Common Stock	2.64K		Direct	F8, F13
holding	SBAC	Restricted Stock Units						3.1K	Dec 14, 2023	Class A Common Stock	3.1K		Direct	F6, F14
holding	SBAC	Performance Restricted Stock Units						3.1K	Dec 14, 2023	Class A Common Stock	3.1K		Direct	F8, F15
holding	SBAC	Performance Restricted Stock Units						3.1K	Dec 14, 2023	Class A Common Stock	3.1K		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 $253.83 to $254.82 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	Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $254.85 to $255.84 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.
F3	Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $255.895 to $256.85 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	Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $256.91 to $257.21 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.
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: 991 vest on each of the first through 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: 879 vest on each of the first through 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: 1,034 vest on the first anniversary of the grant date and 1,035 vest on each of the second through fourth 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.