Mark R. Ciarfella - Mar 4, 2025 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: Mar 4, 2025
Transactions value $: -$369,272
Form type: 4
Date filed: 3/6/2025, 06:30 PM
Previous filing: Dec 23, 2024
Next filing: Mar 10, 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	$0	+611	+1.82%	$0.00	34.2K	Mar 4, 2025	Direct
transaction	SBAC	Class A Common Stock	Tax liability	-$50.1K	-226	-0.66%	$221.51	34K	Mar 4, 2025	Direct	F1
transaction	SBAC	Class A Common Stock	Options Exercise	$0	+3.66K	+10.78%	$0.00	37.6K	Mar 4, 2025	Direct	F2
transaction	SBAC	Class A Common Stock	Tax liability	-$319K	-1.44K	-3.83%	$221.51	36.2K	Mar 4, 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	-611	-100%	$0.00	0	Mar 4, 2025	Class A Common Stock	611		Direct	F3, F4
transaction	SBAC	Performance Restricted Stock Units	Options Exercise	$0	-1.83K	-100%	$0.00	0	Mar 4, 2025	Class A Common Stock	1.83K		Direct	F2, F5, F6
transaction	SBAC	Performance Restricted Stock Units	Disposed to Issuer	$0	-1.83K	-100%	$0.00	0	Mar 4, 2025	Class A Common Stock	1.83K		Direct	F5, F7, F8
holding	SBAC	Restricted Stock Units						1.43K	Mar 4, 2025	Class A Common Stock	1.43K		Direct	F3, F9
holding	SBAC	Performance Restricted Stock Units						2.14K	Mar 4, 2025	Class A Common Stock	2.14K		Direct	F5, F10
holding	SBAC	Performance Restricted Stock Units						2.14K	Mar 4, 2025	Class A Common Stock	2.14K		Direct	F5, F11
holding	SBAC	Restricted Stock units						4.59K	Mar 4, 2025	Class A Common Stock	4.59K		Direct	F3, F12
holding	SBAC	Performance Restricted Stock Units						4.77K	Mar 4, 2025	Class A Common Stock	4.77K		Direct	F5, F13

* 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.
F2	These performance restricted stock units (PSUs) were awarded on March 4, 2022 and were subject to increase or decrease based on the results of the performance condition. These PSUs vested at 200% of target based on the performance condition, such that 3,662 shares of Class A Common Stock vested.
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: 610 on the first and second anniversaries of the grant date and 611 on the third anniversary of the grant date (March 4, 2022).
F5	Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F6	The performance restricted stock units have a three-year performance period and to the extent earned vest on March 4, 2025. The number of shares of Class A Common Stock that will be earned is subject to increase or decrease based on the results of the performance condition.
F7	The PSUs previously reported as acquired by the reporting person were forfeited because the minimum performance criteria required for vesting was not met.
F8	The performance restricted stock units have a three-year performance period and to the extent earned vest on March 4, 2025. The number of shares of Class A Common Stock that will be earned is subject to increase or decrease based on the results of the performance condition.
F9	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 the second and third anniversary of the grant date (March 6, 2023).
F10	The performance restricted stock units have a three-year performance period and to the extent earned vest on March 6, 2026. The number of shares of Class A Common Stock that will be earned is subject to increase or decrease based on the results of the performance condition.
F11	The performance restricted stock units have a three-year performance period and to the extent earned vest on March 6, 2026. The number of shares of Class A Common Stock that will be earned is subject to increase or decrease based on the results of the performance condition.
F12	These restricted stock units vest on the first through third anniversary of the grant date (March 6, 2024).
F13	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.