# EDGAR Filing Document

**Accession Number:** 0001034054
**File Stem:** 0001209191-23-007638
**Filing Date:** 2023-2
**Character Count:** 14784
**Document Hash:** bbeb3d196d3481200f39410640d4b8bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001209191-23-007638.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001209191-23-007638

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230203

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Lazarus Brian D
- **CENTRAL INDEX KEY:** 0001444362

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-16853
- **FILM NUMBER:** 23596274

**MAIL ADDRESS:**
- **STREET 1:** 5900 BROKEN SOUND PARKWAY, NW
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33487
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SBA COMMUNICATIONS CORP
- **CENTRAL INDEX KEY:** 0001034054
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 650716501
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 8051 CONGRESS AVENUE
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33487
- **BUSINESS PHONE:** 5612269345

**MAIL ADDRESS:**
- **STREET 1:** 8051 CONGRESS AVENUE
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33487

## Ex-24

```

POWER OF ATTORNEY

Know all by these presents, that the undersigned hereby constitutes and appoints
each of Joshua Koenig and Rafael Rosillo, signing singly, the undersigned's true
and lawful attorney-in-fact to:

(1)	execute for and on behalf of the undersigned, in any and all capacities,
Form ID, including other documents necessary to obtain EDGAR codes and passwords
enabling the undersigned to make electronic filings with the United States
Securities and Exchange Commission (the "Commission"), Form 144 in accordance
with Rule 144 under and Forms 3, 4, and 5 in accordance with Section 16(a) of
the Securities Exchange Act of 1934 and the rules thereunder as well as a
Schedule 13D or Schedule 13G and any amendments thereto (collectively, the
"Required Filings");

(2)	do and perform any and all acts for and on behalf of the undersigned which
may be necessary or desirable to complete and execute any such Required Filings,
complete and execute any amendment or amendments thereto, and timely file such
form with the Commission and any stock exchange or similar authority;

(3)	seek or obtain, as the undersigned's representative and on the undersigned's
behalf, information regarding transactions in the securities of SBA
Communications Corporation (the "Company") from any third party, including
brokers, employee benefit plan administrators and trustees, and the undersigned
hereby authorizes any such person to release any such information to such
attorney-in-fact and approves and ratifies any such release of information; and

(4)	take any other action of any type whatsoever in connection with the
foregoing which, in the opinion of such attorney-in-fact, may be of benefit to,
in the best interest of, or legally required by, the undersigned, it being
understood that the documents executed by such attorney-in-fact on behalf of the
undersigned pursuant to this Power of Attorney shall be in such form and shall
contain such terms and conditions as such attorney-in-fact may approve in such
attorney-in-fact's discretion.

The undersigned hereby grants to each such attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary, or proper to be done in the exercise of any of the rights and powers
herein granted, as fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution or revocation,
hereby ratifying and confirming all that such attorney-in-fact, or such
attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be
done by virtue of this Power of Attorney and the rights and powers herein
granted.  The undersigned acknowledges that the foregoing attorneys-in-fact, in
serving in such capacity at the request of the undersigned, are not assuming,
nor is the Company assuming, any of the undersigned's responsibilities to comply
with Section 16 of the Securities Exchange Act of 1934, as amended.

This Power of Attorney shall remain in full force and effect until the
undersigned is no longer required to file Form 144, Forms 3, 4, and 5 and
Schedule 13D or Schedule 13G with respect to the undersigned's holdings of and
transactions in securities issued by the Company, unless earlier revoked by the
undersigned in a signed writing delivered to the foregoing attorneys-in-fact.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be
executed as of this 7th day of February, 2023.

       						/s/ Brian Lazarus
       						Name:  Brian Lazarus

```

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>Lazarus Brian D<br><sub>(Last) (First) (Middle)</sub><br>C/O SBA COMMUNICATIONS CORPORATION<br>8051 CONGRESS AVENUE<br><sub>(Street)</sub><br>BOCA RATON, FL 33487<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-02-03 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_SVP & Chief Accounting Officer_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>SBA COMMUNICATIONS CORP [ SBAC ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Class A Common Stock | 2023-02-03 |  | M |  | 638 | A | $156.50 | 23189.178<sup>(1)</sup> | D |  |
| Class A Common Stock | 2023-02-03 |  | F |  | 325<sup>(2)</sup> | D | $308.09 | 22864.178 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Stock Options (Right to Buy) | $156.50 | 2023-02-03 |  | M |  |  | 638 | <sup>(3)</sup> | 2025-03-06 | Class A Common Stock | 638 | $0.00 | 20605 | D |  |
| Stock Options (Right to Buy) | $182.30 |  |  |  |  |  |  | <sup>(4)</sup> | 2026-03-06 | Class A Common Stock | 23512 |  | 23512 | D |  |
| Restricted Stock Units | <sup>(5)</sup> |  |  |  |  |  |  | <sup>(6)</sup> | <sup>(6)</sup> | Class A Common Stock | 547 |  | 547 | D |  |
| Restricted Stock Units | <sup>(5)</sup> |  |  |  |  |  |  | <sup>(7)</sup> | <sup>(7)</sup> | Class A Common Stock | 519 |  | 519 | D |  |
| Performance Restricted Stock Units | <sup>(8)</sup> |  |  |  |  |  |  | <sup>(9)</sup> | <sup>(9)</sup> | Class A Common Stock | 1555 |  | 1555 | D |  |
| Performance Restricted Stock Units | <sup>(8)</sup> |  |  |  |  |  |  | <sup>(10)</sup> | <sup>(10)</sup> | Class A Common Stock | 1555 |  | 1555 | D |  |
| Restricted Stock Units | <sup>(5)</sup> |  |  |  |  |  |  | <sup>(11)</sup> | <sup>(11)</sup> | Class A Common Stock | 1083 |  | 1083 | D |  |
| Performance Restricted Stock Units | <sup>(8)</sup> |  |  |  |  |  |  | <sup>(12)</sup> | <sup>(12)</sup> | Class A Common Stock | 1624 |  | 1624 | D |  |
| Performance Restricted Stock Units | <sup>(8)</sup> |  |  |  |  |  |  | <sup>(13)</sup> | <sup>(13)</sup> | Class A Common Stock | 1624 |  | 1624 | D |  |
| Restricted Stock Units | <sup>(5)</sup> |  |  |  |  |  |  | <sup>(14)</sup> | <sup>(14)</sup> | Class A Common Stock | 1463 |  | 1463 | D |  |
| Performance Restricted Stock Units | <sup>(8)</sup> |  |  |  |  |  |  | <sup>(15)</sup> | <sup>(15)</sup> | Class A Common Stock | 1463 |  | 1463 | D |  |
| Performance Restricted Stock Units | <sup>(8)</sup> |  |  |  |  |  |  | <sup>(16)</sup> | <sup>(16)</sup> | Class A Common Stock | 1463 |  | 1463 | D |  |

---

### Footnotes:

(1) Includes 199.253 shares acquired through a dividend reinvestment plan.

(2) Represents shares used to pay option exercise price.

(3) These options are immediately exercisable.

(4) These options vest in accordance with the following schedule: 5,878 vest on each of the first through fourth anniversaries of the grant date (March 6, 2019).

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

(6) These restricted stock units vest in accordance with the following schedule: 546 vest on each of the first and third anniversaries of the grant date and 547 vest on each of the second and fourth anniversaries of the grant date (March 6, 2019).

(7) These restricted stock units vest in accordance with the following schedule: 518 vest on the first and second anniversaries of the grant date and 519 vest on the third anniversary of the grant date (February 25, 2020).

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

(9) These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on February 25, 2023, 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 results 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 February 25, 2023, 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 results of the performance condition.

(11) These restricted stock units vest in accordance with the following schedule: 541 vest on each of the first and second anniversaries of the grant date and 542 vest on the third anniversary of the grant date (March 4, 2021).

(12) 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 results 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 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 results of the performance condition.

(14) These restricted stock units vest in accordance with the following schedule: 487 vest on the first anniversary of the grant date and 488 vest on each of the second and third anniversaries of the grant date (March 4, 2022).

(15) 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 results of the performance condition.

(16) 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 results of the performance condition.

**Signature:** /s/ Joshua Koenig, Attorney-in-Fact  
**Date:** 2023-02-07

### Remarks:

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).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**