Marc Montagner - 06 Mar 2025 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: EVP - CHIEF FINANCIAL OFFICER
Signature: /s/ Joshua Koenig, Attorney-in-Fact
Issuer symbol: SBAC
Transactions as of: 06 Mar 2025
Net transactions value: -$179,596
Form type: 4
Filing time: 10 Mar 2025, 18:30:05 UTC
Previous filing: 02 Jan 2025
Next filing: 31 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	$0	+2,071	+194%	$0.000000	3,136	06 Mar 2025	Direct
transaction	SBAC	Class A Common Stock	Tax liability	$179,596	-815	-26%	$220.38	2,321	06 Mar 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	Restricted Stock Units	Options Exercise	$0	-2,071	-33%	$0.000000	4,144	06 Mar 2025	Class A Common Stock	2,071		Direct	F2, F4
transaction	SBAC	Restricted Stock Units	Award	$0	+7,354		$0.000000	7,354	06 Mar 2025	Class A Common Stock	7,354		Direct	F2, F7
transaction	SBAC	Performance Restricted Stock Units	Award	$0	+7,354		$0.000000	7,354	06 Mar 2025	Class A Common Stock	7,354		Direct	F5, F8
holding	SBAC	Restricted Stock Units						3,176	06 Mar 2025	Class A Common Stock	3,176		Direct	F2, F3
holding	SBAC	Performance Restricted Stock Units						6,215	06 Mar 2025	Class A Common Stock	6,215		Direct	F5, F6

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

Explanation of Responses:

Id	Content
F1	Shares withheld for the payment of tax liability.
F2	Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F3	These restricted stock units vest in accordance with the following schedule: 1,588 vest on the first through third anniversaries of the grant date (October 17, 2023).
F4	These restricted stock units vest in accordance with the following schedule: 2,071 vest on the first anniversary and 2,072 vest on the second and third anniversaries of the grant date (March 6, 2024).
F5	Each performance restricted stock unit represents a contingent right to received one share of Class A Common Stock.
F6	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 is subject to decrease or increase (up to 200%) based on the results of the performance conditions.
F7	These restricted stock units vest in accordance with the following schedule: 2,451 vest on the first and second anniversaries and 2,452 vest on the third anniversary of the grant date (March 6, 2025).
F8	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, 2028. The number of shares of Class A Common Stock that will be earned is subject to decrease or increase (up to 200%) based on the results of the performance conditions.