Mark R. Ciarfella - Dec 9, 2024 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: EVP - OPERATIONS
Signature: /s/ Joshua Koenig, Attorney-in-Fact
Stock symbol: SBAC
Transactions as of: Dec 9, 2024
Transactions value $: -$148,981
Form type: 4
Date filed: 12/11/2024, 06:30 PM
Previous filing: Mar 8, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SBAC	Class A Common Stock	Options Exercise	$646K	+3.55K	+10.55%	$182.30	37.1K	Dec 9, 2024	Direct
transaction	SBAC	Class A Common Stock	Sale	-$795K	-3.55K	-9.55%	$224.33	33.6K	Dec 9, 2024	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	-3.55K	-100%	$0.00	0	Dec 9, 2024	Class A Common Stock	3.55K	$182.30	Direct	F2
holding	SBAC	Restricted Stock Units						611	Dec 9, 2024	Class A Common Stock	611		Direct	F3, F4
holding	SBAC	Performance Restricted Stock Units						1.83K	Dec 9, 2024	Class A Common Stock	1.83K		Direct	F5, F6
holding	SBAC	Performance Restricted Stock Units						1.83K	Dec 9, 2024	Class A Common Stock	1.83K		Direct	F5, F7
holding	SBAC	Restricted Stock Units						1.43K	Dec 9, 2024	Class A Common Stock	1.43K		Direct	F3, F8
holding	SBAC	Performance Restricted Stock Units						2.14K	Dec 9, 2024	Class A Common Stock	2.14K		Direct	F5, F9
holding	SBAC	Performance Restricted Stock Units						2.14K	Dec 9, 2024	Class A Common Stock	2.14K		Direct	F5, F10
holding	SBAC	Restricted Stock units						4.77K	Dec 9, 2024	Class A Common Stock	4.77K		Direct	F3, F11
holding	SBAC	Performance Restricted Stock Units						4.77K	Dec 9, 2024	Class A Common Stock	4.77K		Direct	F5, F12

* 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 transactions ranges from $224.3214 to $224.36 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security hold of the issuer full information regarding the number of shares sold at each separate price.
F2	These stock 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: 610 on the first and second anniversaries of the grant date and 611 on the third anniversary of the grant date (March 4, 2022).
F5	Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F6	The 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.
F7	The 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.
F8	These restricted stock units vest in accordance with the following schedule: 714 vest on the first anniversary of the grant date and 715 vest on the second and third anniversary of the grant date (March 6, 2023).
F9	The 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.
F10	The 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.
F11	These restricted stock units vest in accordance with the following schedule: 1,591 vest on the first and second anniversaries and 1,590 vest on the third anniversary of the grant date (March 6, 2024).
F12	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.