Joshua Koenig - 22 Jan 2025 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: EXECUTIVE VP/GENERAL COUNSEL
Signature: /s/ Joshua Koenig
Issuer symbol: SBAC
Transactions as of: 22 Jan 2025
Net transactions value: -$44,744
Form type: 4
Filing time: 24 Jan 2025, 18:30:08 UTC
Previous filing: 31 Dec 2024
Next filing: 06 Mar 2025
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	$426,306	+2,724	+48%	$156.50	8,383	22 Jan 2025	Direct
transaction	SBAC	Class A Common Stock	Tax liability	$471,050	-2,305	-27%	$204.36	6,078	22 Jan 2025	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	-2,724	-100%	$0.000000	0	22 Jan 2025	Class A Common Stock	2,724	$156.50	Direct	F2
holding	SBAC	Stock Options (Right to Buy)						9,121	22 Jan 2025	Class A Common Stock	9,121	$182.30	Direct	F2
holding	SBAC	Restricted Stock Units						216	22 Jan 2025	Class A Common Stock	216		Direct	F3, F4
holding	SBAC	Performance Restricted Stock Units						646	22 Jan 2025	Class A Common Stock	646		Direct	F5, F6
holding	SBAC	Performance Restricted Stock Units						646	22 Jan 2025	Class A Common Stock	646		Direct	F5, F7
holding	SBAC	Restricted Stock Units						1,310	22 Jan 2025	Class A Common Stock	1,310		Direct	F3, F8
holding	SBAC	Performance Restricted Stock Units						1,965	22 Jan 2025	Class A Common Stock	1,965		Direct	F5, F9
holding	SBAC	Performance Restricted Stock Units						1,965	22 Jan 2025	Class A Common Stock	1,965		Direct	F5, F10
holding	SBAC	Restricted Stock Units						4,440	22 Jan 2025	Class A Common Stock	4,440		Direct	F3, F11
holding	SBAC	Performance Restricted Stock Units						4,440	22 Jan 2025	Class A Common Stock	4,440		Direct	F5, F12

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

Explanation of Responses:

Id	Content
F1	Shares withheld for payment of tax liability and exercise price.
F2	These options are fully vested and immediately 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: 215 vest on the first and second anniversaries of the grant date and 216 vest 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	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.
F7	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.
F8	These restricted stock units vest in accordance with the following schedule: 655 vest on the first through third anniversaries of the grant date (March 6, 2023).
F9	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.
F10	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.
F11	These restricted stock units vest in accordance with the following schedule: 1,480 vest on the first through third anniversaries 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.