Mary S. Chan - 01 May 2025 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: Director
Signature: /s/ Joshua Koenig, Attorney-in-Fact
Issuer symbol: SBAC
Transactions as of: 01 May 2025
Net transactions value: -$65,292
Form type: 4
Filing time: 05 May 2025, 18:30:10 UTC
Previous filing: 04 Mar 2025
Next filing: 28 May 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Chan Mary S	Director	C/O SBA COMMUNICATIONS CORPORATION, 8051 CONGRESS AVENUE, BOCA RATON	/s/ Joshua Koenig, Attorney-in-Fact	05 May 2025	0001641154

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SBAC	Class A Common Stock	Options Exercise		+175	+3.3%		5,403	01 May 2025	Direct	F1, F2
transaction	SBAC	Class A Common Stock	Options Exercise		+248	+4.6%		5,651	01 May 2025	Direct	F3
transaction	SBAC	Class A Common Stock	Options Exercise		+302	+5.3%		5,953	01 May 2025	Direct	F4
transaction	SBAC	Class A Common Stock	Tax liability	$65,292	-268	-4.5%	$243.40	5,685	01 May 2025	Direct	F5

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		-175	-100%		0	01 May 2025	Class A Common Stock	175		Direct	F1, F7, F8
transaction	SBAC	Restricted Stock Units	Options Exercise		-248	-50%		248	01 May 2025	Class A Common Stock	248		Direct	F3, F7, F9
transaction	SBAC	Restricted Stock Units	Options Exercise		-302	-33%		604	01 May 2025	Class A Common Stock	302		Direct	F4, F7, F10
holding	SBAC	Stock Options (Right to Buy)						1,501	01 May 2025	Class A Common Stock	1,501	$212.31	Direct	F6

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

Explanation of Responses:

Id	Content
F1	On May 1, 2025, 175 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
F2	Includes 96.854 shares acquired through a dividend reinvestment plan.
F3	On May 1, 2025, 248 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
F4	On May 1, 2025, 302 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.
F5	Shares withheld for tax liability.
F6	These stock options are fully vested and exercisable.
F7	Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F8	These restricted stock units vest in accordance with the following schedule: 175 vested on May 1, 2023; 175 vested on May 1, 2024; and 175 vested on May 1, 2025.
F9	These restricted stock units vest in accordance with the following schedule: 247 vested on May 1, 2024; 248 vested on May 1, 2025; and 248 vest on May 1, 2026.
F10	These restricted stock units vest in accordance with the following schedule: 302 vested on May 1, 2025; 302 vest on May 1, 2026; and 302 vest on May 1, 2027.