JASON V. SILBERSTEIN - 10 Aug 2022 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: EVP - Site Leasing
Signature: /s/ Thomas P. Hunt, Attorney-in-Fact
Issuer symbol: SBAC
Transactions as of: 10 Aug 2022
Transactions value $: -$3,872,562
Form type: 4
Filing time: 11 Aug 2022, 18:00:33 UTC
Previous filing: 29 Apr 2022
Next filing: 28 Feb 2023
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	$1.9M	+16.5K	+75.57%	$115.17	38.2K	10 Aug 2022	Direct
transaction	SBAC	Class A Common Stock	Sale	-$5.63M	-16.1K	-42%	$350.37	22.2K	10 Aug 2022	Direct	F1
transaction	SBAC	Class A Common Stock	Sale	-$140K	-400	-1.8%	$351.00	21.8K	10 Aug 2022	Direct

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	-16.5K	-33.33%	$0.00	32.9K	10 Aug 2022	Class A Common Stock	16.5K	$115.17	Direct	F2
holding	SBAC	Stock Options (Right to Buy)						39.9K	10 Aug 2022	Class A Common Stock	39.9K	$156.50	Direct	F2
holding	SBAC	Stock Options (Right to Buy)						44.6K	10 Aug 2022	Class A Common Stock	44.6K	$182.30	Direct	F3
holding	SBAC	Restricted Stock Units						1.04K	10 Aug 2022	Class A Common Stock	1.04K		Direct	F4, F5
holding	SBAC	Restricted Stock Units						977	10 Aug 2022	Class A Common Stock	977		Direct	F4, F6
holding	SBAC	Performance Restricted Stock Units						2.93K	10 Aug 2022	Class A Common Stock	2.93K		Direct	F7, F8
holding	SBAC	Performance Restricted Stock Units						2.93K	10 Aug 2022	Class A Common Stock	2.93K		Direct	F7, F9
holding	SBAC	Restricted Stock Units						1.98K	10 Aug 2022	Class A Common Stock	1.98K		Direct	F4, F10
holding	SBAC	Performance Restricted Stock Units						2.97K	10 Aug 2022	Class A Common Stock	2.97K		Direct	F7, F11
holding	SBAC	Performance Restricted Stock Units						2.97K	10 Aug 2022	Class A Common Stock	2.97K		Direct	F7, F12
holding	SBAC	Restricted Stock Units						2.64K	10 Aug 2022	Class A Common Stock	2.64K		Direct	F4, F13
holding	SBAC	Performance Restricted Stock Units						2.64K	10 Aug 2022	Class A Common Stock	2.64K		Direct	F7, F14
holding	SBAC	Performance Restricted Stock Units						2.64K	10 Aug 2022	Class A Common Stock	2.64K		Direct	F7, F15

* 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 transaction ranged from $350.00 to $350.86 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 immediately exercisable.
F3	These options vest in accordance with the following schedule: 11,148 vest on each of the first through fourth anniversaries of the grant date (March 6, 2019).
F4	Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F5	These restricted stock units vest in accordance with the following schedule: 1,036 vest on first anniversary of the grant date and 1,037 vest on each of the second through fourth anniversaries of the grant date (March 6, 2019).
F6	These restricted stock units vest in accordance with the following schedule: 977 vest on each of the first through third anniversaries of the grant date (February 25, 2020).
F7	Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F8	These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on February 25, 2023, 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.
F9	These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on February 25, 2023, 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 restricted stock units vest in accordance with the following schedule: 991 vest on each of the first through third anniversaries of the grant date (March 4, 2021).
F11	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.
F12	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.
F13	These restricted stock units vest in accordance with the following schedule: 879 vest on each of the first through third anniversaries of the grant date (March 4, 2022).
F14	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.
F15	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.