Brian D. Lazarus - 06 Mar 2024 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Footnote F1

Reflects shares previously held indirectly by the Reporting Person's GRAT (defined below) which were transferred to the Reporting Person's direct holdings.

Footnote F2

Shares withheld for the payment of tax liability.

Footnote F3

These shares are held by the Reporting Person's grantor retained annuity trust ("GRAT"), of which the Reporting Person is the trustee and annuitant.

Footnote F4

These options are immediately exercisable.

Footnote F5

Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

Footnote F6

These restricted stock units vest in accordance with the following schedule: 487 vest on the first anniversary of the grant date and 488 vest on each of the second and third anniversaries of the grant date (March 4, 2022).

Footnote F7

Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

Footnote F8

These performance restricted stock units have a three-year performance period and to the extent earned will vest 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 (up to 200%) or decrease based on the results of the performance conditions.

Footnote F9

These performance restricted stock units have a three-year performance period and to the extent earned will vest 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 (up to 200%) or decrease based on the results of the performance conditions.

Footnote F10

These restricted stock units vest in accordance with the following schedule: 572 vest on the first and second anniversaries of the grant date and 573 vest on the third anniversary of the grant date (March 6, 2023).

Footnote F11

These performance restricted stock units have a three-year performance period and to the extent earned will vest 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 (up to 200%) or decrease based on the results of the performance conditions.

Footnote F12

These performance restricted stock units have a three-year performance period and to the extent earned will vest 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 (up to 200%) or decrease based on the results of the performance conditions.

Footnote F13

These restricted stock units vest in accordance with the following schedule: 1,128 vest on the first and second anniversaries and 1,129 vest on the third anniversary of the grant date (March 6, 2024).

Footnote F14

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.