Brian D. Lazarus - Mar 6, 2024 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: SVP & CHIEF ACCOUNTING OFFICER
Signature: /s/ Joshua Koenig, Attorney-in-Fact
Stock symbol: SBAC
Transactions as of: Mar 6, 2024
Transactions value $: -$48,730
Form type: 4
Date filed: 3/8/2024, 06:31 PM
Previous filing: Mar 6, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SBAC	Class A Common Stock	Options Exercise	$0	+572	+2.74%	$0.00	21.5K	Mar 6, 2024	Direct	F1
transaction	SBAC	Class A Common Stock	Tax liability	-$48.7K	-225	-1.05%	$216.50	21.3K	Mar 6, 2024	Direct	F2
holding	SBAC	Class A Common Stock						9.37K	Mar 6, 2024	By GRAT	F3

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	$0	-572	-33.31%	$0.00	1.15K	Mar 6, 2024	Class A Common Stock	572		Direct	F5, F10
transaction	SBAC	Restricted Stock Units	Award	$0	+3.39K		$0.00	3.39K	Mar 6, 2024	Class A Common Stock	3.39K		Direct	F5, F13
transaction	SBAC	Performance Restricted Stock Units	Award	$0	+3.39K		$0.00	3.39K	Mar 6, 2024	Class A Common Stock	3.39K		Direct	F7, F14
holding	SBAC	Stock Options (Right to Buy)						23.5K	Mar 6, 2024	Class A Common Stock	23.5K	$182.30	Direct	F4
holding	SBAC	Restricted Stock Units						488	Mar 6, 2024	Class A Common Stock	488		Direct	F5, F6
holding	SBAC	Performance Restricted Stock Units						1.46K	Mar 6, 2024	Class A Common Stock	1.46K		Direct	F7, F8
holding	SBAC	Performance Restricted Stock Units						1.46K	Mar 6, 2024	Class A Common Stock	1.46K		Direct	F7, F9
holding	SBAC	Performance Restricted Stock Units						1.72K	Mar 6, 2024	Class A Common Stock	1.72K		Direct	F7, F11
holding	SBAC	Performance Restricted Stock Units						1.72K	Mar 6, 2024	Class A Common Stock	1.72K		Direct	F7, F12

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

Explanation of Responses:

Id	Content
F1	Reflects shares previously held indirectly by the Reporting Person's GRAT (defined below) which were transferred to the Reporting Person's direct holdings.
F2	Shares withheld for the payment of tax liability.
F3	These shares are held by the Reporting Person's grantor retained annuity trust ("GRAT"), of which the Reporting Person is the trustee and annuitant.
F4	These options are immediately exercisable.
F5	Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F6	These restricted stock units vest in accordance with the following schedule: 487 vest on the first anniversary of the grant date and 488 vest on each of the second and third anniversaries of the grant date (March 4, 2022).
F7	Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F8	These performance restricted stock units have a three-year performance period and to the extent earned will vest 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 (up to 200%) or decrease based on the results of the performance conditions.
F9	These performance restricted stock units have a three-year performance period and to the extent earned will vest 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 (up to 200%) or decrease based on the results of the performance conditions.
F10	These restricted stock units vest in accordance with the following schedule: 572 vest on the first and second anniversaries of the grant date and 573 vest on the third anniversary of the grant date (March 6, 2023).
F11	These performance restricted stock units have a three-year performance period and to the extent earned will vest 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 (up to 200%) or decrease based on the results of the performance conditions.
F12	These performance restricted stock units have a three-year performance period and to the extent earned will vest 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 (up to 200%) or decrease based on the results of the performance conditions.
F13	These restricted stock units vest in accordance with the following schedule: 1,128 vest on the first and second anniversaries and 1,129 vest on the third anniversary of the grant date (March 6, 2024).
F14	These performance restricted stock units will be earned based upon the Issuer's performance on each of three different financial metrics during the three-year performance period. Once earned, the performance restricted stock units will vest on March 6, 2027. 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 decrease or increase (up to 200%) based on the results of the performance conditions.