SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SILBERSTEIN JASON V

(Last)

(First)

(Middle)

C/O SBA COMMUNICATIONS CORPORATION

8051 CONGRESS AVENUE

(Street)

BOCA RATON

33487

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
SBA COMMUNICATIONS CORP [ SBAC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP - SITE LEASING

3. Date of Earliest Transaction (Month/Day/Year)
03/04/2024

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	03/04/2024		M		991	A	$0	30,499.389	D
Class A Common Stock	03/04/2024		F		366.669⁽¹⁾	D	$208.29	30,132.72	D
Class A Common Stock	03/04/2024		M		5,946⁽²⁾	A	$0	36,078.72	D
Class A Common Stock	03/04/2024		F		1,637.387⁽¹⁾	D	$208.29	34,441.333	D
Class A Common Stock	03/04/2024		M		879	A	$0	35,320.333	D
Class A Common Stock	03/04/2024		F		325.23⁽¹⁾	D	$208.29	34,995.103	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Options (Right to Buy)	$115.17							⁽³⁾	03/06/2024	Class A Common Stock	16,465		16,465	D
Stock Options (Right to Buy)	$156.5							⁽³⁾	03/06/2025	Class A Common Stock	39,918		39,918	D
Stock Options (Right to Buy)	$182.3							⁽³⁾	03/06/2026	Class A Common Stock	44,592		44,592	D
Restricted Stock Units	⁽⁴⁾	03/04/2024		M			991	⁽⁵⁾	⁽⁵⁾	Class A Common Stock	991	$0	0	D
Performance Restricted Stock Units	⁽⁶⁾	03/04/2024		M			2,973⁽²⁾	⁽⁷⁾	⁽⁷⁾	Class A Common Stock	2,973	$0	0	D
Restricted Stock Units	⁽⁴⁾	03/04/2024		M			879	⁽⁸⁾	⁽⁸⁾	Class A Common Stock	879	$0	879	D
Performance Restricted Stock Units	⁽⁶⁾							⁽⁹⁾	⁽⁹⁾	Class A Common Stock	2,637		2,637	D
Performance Restricted Stock Units	⁽⁶⁾							⁽¹⁰⁾	⁽¹⁰⁾	Class A Common Stock	2,637		2,637	D
Restricted Stock Units	⁽⁴⁾							⁽¹¹⁾	⁽¹¹⁾	Class A Common Stock	3,104		3,104	D
Performance Restricted Stock Units	⁽⁶⁾							⁽¹²⁾	⁽¹²⁾	Class A Common Stock	3,104		3,104	D
Performance Restricted Stock Units	⁽⁶⁾							⁽¹³⁾	⁽¹³⁾	Class A Common Stock	3,104		3,104	D

Explanation of Responses:

1. Shares withheld for payment of tax liability.

2. As previously reported on a Form 4, the Reporting Person was awarded 2,973 performance restricted stock units (PSUs) on March 4, 2021 which were subject to increase or decrease based the results of the performance condition. On March 4, 2024, these PSUs vested at 200% of target based on the results of the performance condition, such that 5,946 shares of Class A Common Stock became issuable to the Reporting Person.

3. These stock options are fully vested and exercisable.

4. Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

5. These restricted stock units vest in accordance with the following schedule: 991 vest on each of the first through third anniversaries of the grant date (March 4, 2021).

6. Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

7. These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on March 4, 2024, 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 or decrease based on the result of the performance condition.

8. These restricted stock units vest in accordance with the following schedule: 879 vest on each of the first through third anniversaries of the grant date (March 4, 2022).

9. These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% 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 or decrease based on the result of the performance condition.

10. These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% 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 or decrease based on the result of the performance condition.

11. These restricted stock units vest in accordance with the following schedule: 1,034 vest on the first anniversary of the grant date and 1,025 vest on the second and third anniversaries of the grant date (March 6, 2023).

12. These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% 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 or decrease based on the result of the performance condition.

13. These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% 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 or decrease based on the result of the performance condition.

	/s/ Joshua Koenig, Attorney-in-Fact	03/06/2024
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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