DONALD DAY - 01 Aug 2025 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: EVP - SITE LEASING
Signature: /s/ Joshua Koenig, Attorney-in-Fact
Issuer symbol: SBAC
Transactions as of: 01 Aug 2025
Net transactions value: -$40,323
Form type: 4
Filing time: 04 Aug 2025, 18:30:05 UTC
Previous filing: 10 Mar 2025
Next filing: 20 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
DAY DONALD	EVP - SITE LEASING	C/O SBA COMMUNICATIONS CORPORATION, 8051 CONGRESS AVENUE, BOCA RATON	/s/ Joshua Koenig, Attorney-in-Fact	04 Aug 2025	0002031697

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SBAC	Class A Common Stock	Options Exercise	$0	+456	+6.8%	$0.000000	7,135	01 Aug 2025	Direct
transaction	SBAC	Class A Common Stock	Tax liability	$40,323	-179	-2.5%	$224.72	6,956	01 Aug 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	-456	-33%	$0.000000	914	01 Aug 2025	Class A Common Stock	456		Direct	F3, F10
holding	SBAC	Stock Options (Right to Buy)						5,739	01 Aug 2025	Class A Common Stock	5,739	$182.30	Direct	F2
holding	SBAC	Restricted Stock Units						270	01 Aug 2025	Class A Common Stock	270		Direct	F3, F4
holding	SBAC	Performance Restricted Stock Units						809	01 Aug 2025	Class A Common Stock	809		Direct	F5, F6
holding	SBAC	Performance Restricted Stock Units						809	01 Aug 2025	Class A Common Stock	809		Direct	F5, F7
holding	SBAC	Restricted Stock Units						1,110	01 Aug 2025	Class A Common Stock	1,110		Direct	F3, F8
holding	SBAC	Performance Restricted Stock Units						1,665	01 Aug 2025	Class A Common Stock	1,665		Direct	F5, F9
holding	SBAC	Restricted Stock Units						4,045	01 Aug 2025	Class A Common Stock	4,045		Direct	F3, F11
holding	SBAC	Performance Restricted Stock Units						4,045	01 Aug 2025	Class A Common Stock	4,045		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 the payment of tax liability.
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: 269 vested on the first anniversary of the grant date and 270 vested on the second anniversary and 270 will vest on the third anniversary of the grant date (March 6, 2023).
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 on March 6, 2026. The number of shares of Class A Common Stock that will be earned is subject to increase (up to 200%) 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 on March 6, 2026. The number of shares of Class A Common Stock that will be earned is subject to increase (up to 200%) or decrease based on the results of the performance condition.
F8	These restricted stock units vest in accordance with the following schedule: 555 vested on the first anniversary and 555 will vest on the second through third anniversaries of the grant date (March 6, 2024).
F9	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.
F10	These restricted stock units vest in accordance with the following schedule: 456 vest on the first anniversary of the grant date and 457 vest on the second and third anniversaries of the grant date (August 1, 2024).
F11	These restricted stock units vest in accordance with the following schedule: 1,348 vest on the first and second anniversaries of the grant date and 1,349 vest on the third anniversary of the grant date (March 6, 2025).
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, 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.