Marc Montagner - 17 Oct 2025 Form 4 Insider Report for SBA COMMUNICATIONS CORP (SBAC)

Role: EVP - CHIEF FINANCIAL OFFICER
Signature: /s/ Joshua Koenig, Attorney in Fact
Issuer symbol: SBAC
Transactions as of: 17 Oct 2025
Transactions value $: -$123,363
Form type: 4
Filing time: 27 Oct 2025, 18:39:10 UTC
Previous filing: 01 Oct 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Montagner Marc	EVP - CHIEF FINANCIAL OFFICER	C/O SBA COMMUNICATIONS CORPORATION, 8051 CONGRESS AVENUE, BOCA RATON	/s/ Joshua Koenig, Attorney in Fact	27 Oct 2025	0001456823

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SBAC	Class A Common Stock	Options Exercise	$0	+1,588	+67.4%	$0.000000	3,945	17 Oct 2025	Direct	F1
transaction	SBAC	Class A Common Stock	Tax liability	-$123,363	-625	-15.8%	$197.42	3,320	17 Oct 2025	Direct	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	Restricted Stock Units	Options Exercise	$0	-1,588	-50%	$0.000000	1,588	17 Oct 2025	Class A Common Stock	1,588		Direct	F3, F4
holding	SBAC	Restricted Stock Units						4,144	17 Oct 2025	Class A Common Stock	4,144		Direct	F3, F5
holding	SBAC	Performance Restricted Stock Units						6,215	17 Oct 2025	Class A Common Stock	6,215		Direct	F6, F7
holding	SBAC	Restricted Stock Units						7,354	17 Oct 2025	Class A Common Stock	7,354		Direct	F3, F8
holding	SBAC	Performance Restricted Stock Units						7,354	17 Oct 2025	Class A Common Stock	7,354		Direct	F6, F9

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

Explanation of Responses:

Id	Content
F1	Includes 36.401 shares acquired through a dividend reinvestment plan.
F2	Shares withheld for payment of tax liability.
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: 1,588 vested on each of the first and second anniversaries and 1,588 vests on the third anniversary of the grant date (October 17, 2023).
F5	These restricted stock units vest in accordance with the following schedule: 2,071 vested on the first anniversary and 2,072 vest on the second and third anniversaries of the grant date (March 6, 2024).
F6	Each performance restricted stock unit represents a contingent right to received one share of Class A Common Stock.
F7	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.
F8	These restricted stock units vest in accordance with the following schedule: 2,451 vest on the first and second anniversaries and 2,452 vest on the third anniversary of the grant date (March 6, 2025).
F9	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.