Jeffrey Stoops - Jan 28, 2025 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: Director, CHAIRMAN
Signature: /s/ Joshua Koenig, Attorney-in-Fact
Stock symbol: SBAC
Transactions as of: Jan 28, 2025
Transactions value $: -$2,644,499
Form type: 4
Date filed: 1/30/2025, 06:30 PM
Previous filing: Dec 5, 2024
Next filing: Mar 6, 2025
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	$21.5M	+138K	+147.04%	$156.50	231K	Jan 28, 2025	Direct
transaction	SBAC	Class A Common Stock	Tax liability	-$24.2M	-116K	-50.3%	$207.94	115K	Jan 28, 2025	Direct	F1
holding	SBAC	Class A Common Stock						260K	Jan 28, 2025	By Limited Partnership	F2

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	-138K	-100%	$0.00	0	Jan 28, 2025	Class A Common Stock	138K	$156.50	Direct	F3
holding	SBAC	Stock Options (Right to Buy)						149K	Jan 28, 2025	Class A Common Stock	149K	$182.30	Direct	F3
holding	SBAC	Restricted Stock Units						2.97K	Jan 28, 2025	Class A Common Stock	2.97K		Direct	F4, F5
holding	SBAC	Performance Restricted Stock Units						8.89K	Jan 28, 2025	Class A Common Stock	8.89K		Direct	F6, F7
holding	SBAC	Performance Restricted Stock Units						8.89K	Jan 28, 2025	Class A Common Stock	8.89K		Direct	F6, F8
holding	SBAC	Restricted Stock Units						6.94K	Jan 28, 2025	Class A Common Stock	6.94K		Direct	F4, F9
holding	SBAC	Performance Restricted Stock Units						10.4K	Jan 28, 2025	Class A Common Stock	10.4K		Direct	F6, F10
holding	SBAC	Performance Restricted Stock Units						10.4K	Jan 28, 2025	Class A Common Stock	10.4K		Direct	F6, F11
holding	SBAC	Restricted Stock Units						906	Jan 28, 2025	Class A Common Stock	906		Direct	F4, F12

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

Explanation of Responses:

Id	Content
F1	Shares withheld for payment of tax liability and exercise price.
F2	These shares are owned by Calculated Risk Partners, L.P., a Delaware limited partnership ("CRLP"). The Reporting Person and his spouse control the general partner of CRLP. The Reporting Person disclaims beneficial ownership of the stock owned by CRLP except to the extent of his pecuniary interest therein.
F3	These stock options are fully vested and exercisable.
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: 2,964 vested on the first anniversary of the grant date and 2,965 vest on each of the second and third anniversaries of the grant date (March 4, 2022).
F6	Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F7	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 condition.
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 condition.
F9	These restricted stock units vest in accordance with the following schedule: 3,468 vest on the first through third anniversaries of the grant date (March 6, 2023).
F10	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 condition.
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 condition.
F12	These restricted stock units vest in accordance with the following schedule: 302 vest on May 1, 2025; 302 vest on May 1, 2026; and 302 vest on May 1, 2027.