Mark R. Ciarfella - Nov 29, 2023 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: EVP - Operations
Signature: /s/ Joshua Koenig, Attorney-in-Fact
Stock symbol: SBAC
Transactions as of: Nov 29, 2023
Transactions value $: -$313,731
Form type: 4
Date filed: 12/1/2023, 06:30 PM
Previous filing: Nov 14, 2023
Next filing: Mar 6, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SBAC	Class A Common Stock	Options Exercise	$912K	+5K	+17.24%	$182.30	34K	Nov 29, 2023	Direct
transaction	SBAC	Class A Common Stock	Sale	-$1.23M	-5K	-14.7%	$245.05	29K	Nov 29, 2023	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	-5K	-58.51%	$0.00	3.55K	Nov 29, 2023	Class A Common Stock	5K	$182.30	Direct	F2
holding	SBAC	Restricted Stock Units						677	Nov 29, 2023	Class A Common Stock	677		Direct	F3, F4
holding	SBAC	Performance Restricted Stock Units						2.03K	Nov 29, 2023	Class A Common Stock	2.03K		Direct	F5, F6
holding	SBAC	Performance Restricted Stock Units						2.03K	Nov 29, 2023	Class A Common Stock	2.03K		Direct	F5, F7
holding	SBAC	Restricted Stock Units						1.22K	Nov 29, 2023	Class A Common Stock	1.22K		Direct	F3, F8
holding	SBAC	Performance Restricted Stock Units						1.83K	Nov 29, 2023	Class A Common Stock	1.83K		Direct	F5, F9
holding	SBAC	Performance Restricted Stock Units						1.83K	Nov 29, 2023	Class A Common Stock	1.83K		Direct	F5, F10
holding	SBAC	Restricted Stock Units						2.14K	Nov 29, 2023	Class A Common Stock	2.14K		Direct	F3, F11
holding	SBAC	Performance Restricted Stock Units						2.14K	Nov 29, 2023	Class A Common Stock	2.14K		Direct	F5, F12
holding	SBAC	Performance Restricted Stock Units						2.14K	Nov 29, 2023	Class A Common Stock	2.14K		Direct	F5, F13

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

Explanation of Responses:

Id	Content
F1	Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $245.00 to $245.23 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.
F2	These options are fully vested and 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: 676 vest on the first anniversary of the grant date and 677 vest on each of the second and third anniversaries of the grant date (March 4, 2021).
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, 2024, 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, 2024, 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: 610 vest on the first and second anniversary of the grant date and 611 vest on third anniversaries of the grant date (March 4, 2022).
F9	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.
F10	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.
F11	These restricted stock units vest in accordance with the following schedule: 714 vest on the first anniversary of the grant date and 715 vest on second and third anniversaries of the grant date (March 6, 2023).
F12	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.
F13	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.