Mark R. Ciarfella - Mar 6, 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 6, 2025
Transactions value $: -$183,059
Form type: 4
Date filed: 3/10/2025, 06:30 PM
Previous 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	$0	+715	+1.98%	$0.00	36.9K	Mar 6, 2025	Direct
transaction	SBAC	Class A Common Stock	Tax liability	-$58.3K	-265	-0.72%	$220.38	36.6K	Mar 6, 2025	Direct	F1
transaction	SBAC	Class A Common Stock	Options Exercise	$0	+1.53K	+4.18%	$0.00	38.2K	Mar 6, 2025	Direct
transaction	SBAC	Class A Common Stock	Tax liability	-$125K	-566	-1.48%	$220.38	37.6K	Mar 6, 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	-715	-50%	$0.00	715	Mar 6, 2025	Class A Common Stock	715		Direct	F2, F3
transaction	SBAC	Restricted Stock units	Options Exercise	$0	-1.53K	-33.31%	$0.00	3.06K	Mar 6, 2025	Class A Common Stock	1.53K		Direct	F2, F7
transaction	SBAC	Restricted Stock Units	Award	$0	+5.76K		$0.00	5.76K	Mar 6, 2025	Class A Common Stock	5.76K		Direct	F2, F9
transaction	SBAC	Performance Restricted Stock Units	Award	$0	+5.76K		$0.00	5.76K	Mar 6, 2025	Class A Common Stock	5.76K		Direct	F4, F10
holding	SBAC	Performance Restricted Stock Units						2.14K	Mar 6, 2025	Class A Common Stock	2.14K		Direct	F4, F5
holding	SBAC	Performance Restricted Stock Units						2.14K	Mar 6, 2025	Class A Common Stock	2.14K		Direct	F4, F6
holding	SBAC	Performance Restricted Stock Units						4.77K	Mar 6, 2025	Class A Common Stock	4.77K		Direct	F4, F8

* 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	Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F3	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).
F4	Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
F5	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.
F6	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.
F7	These restricted stock units vest on the first through third anniversary of the grant date (March 6, 2024).
F8	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 is subject to decrease or increase (up to 200%) based on the results of the performance conditions.
F9	These restricted stock units vest in accordance with the following schedule: 1,920 vest on the first through third anniversaries of the grant date (March 6, 2025).
F10	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, 2028. The number of shares of Class A Common Stock that will be earned is subject to decrease or increase (up to 200%) based on the results of the performance conditions.