Jeffrey Stoops - 23 May 2025 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: Director, CHAIRMAN
Signature: /s/ Joshua Koenig, Attorney-in-Fact
Issuer symbol: SBAC
Transactions as of: 23 May 2025
Transactions value $: $0
Form type: 4
Filing time: 28 May 2025, 18:30:22 UTC
Previous filing: 05 May 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
STOOPS JEFFREY	Director, CHAIRMAN	C/O SBA COMMUNICATIONS CORPORATION, 8051 CONGRESS AVENUE, BOCA RATON	/s/ Joshua Koenig, Attorney-in-Fact	28 May 2025	0001106860

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	SBAC	Class A Common Stock						130K	23 May 2025	Direct
holding	SBAC	Class A Common Stock						260K	23 May 2025	By Limited Partnership	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	Award	$0	+994		$0.00	994	23 May 2025	Class A Common Stock	994		Direct	F3, F9
holding	SBAC	Stock Options (Right to Buy)						149K	23 May 2025	Class A Common Stock	149K	$182.30	Direct	F2
holding	SBAC	Restricted Stock Units						3.47K	23 May 2025	Class A Common Stock	3.47K		Direct	F3, F4
holding	SBAC	Performance Restricted Stock Units						10.4K	23 May 2025	Class A Common Stock	10.4K		Direct	F5, F6
holding	SBAC	Performance Restricted Stock Units						10.4K	23 May 2025	Class A Common Stock	10.4K		Direct	F5, F7
holding	SBAC	Restricted Stock Units						604	23 May 2025	Class A Common Stock	604		Direct	F3, F8

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

Explanation of Responses:

Id	Content
F1	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.
F2	These stock 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: 3,468 vest on the first through third anniversaries of the grant date (March 6, 2023).
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 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 period.
F7	These 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.
F8	These restricted stock units vest in accordance with the following schedule: 302 vested on May 1, 2025; 302 vest on May 1, 2026; and 302 vest on May 1, 2027.
F9	These restricted stock units vest in accordance with the following schedule: 331 vest on May 1, 2026; 331 vest on May 1, 2027; and 332 vest on May 1, 2028.