# EDGAR Filing Document

**Accession Number:** 0001034054
**File Stem:** 0001209191-23-013933
**Filing Date:** 2023-2
**Character Count:** 13021
**Document Hash:** 8eb8391fea941f1af0aa86fb28b69912
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001209191-23-013933.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001209191-23-013933

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230225

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** STOOPS JEFFREY
- **CENTRAL INDEX KEY:** 0001106860

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-16853
- **FILM NUMBER:** 23689419

**MAIL ADDRESS:**
- **STREET 1:** SBA COMMUNICATIONS CORP
- **STREET 2:** ONE TOWN CENTER ROAD THIRD FLOOR
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33486
**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

### 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>STOOPS JEFFREY<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>2023-02-25 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chief Executive Officer & Pres_ |
| **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 | 2023-02-25 |  | M |  | 3256<sup>(1)</sup> | A | $0.00 | 246065.26 | D |  |
| Class A Common Stock | 2023-02-25 |  | M |  | 19536<sup>(2)</sup> | A | $0.00 | 265601.26 | D |  |
| Class A Common Stock | 2023-02-25 |  | M |  | 9035.4<sup>(3)</sup> | A | $0.00 | 274636.66 | D |  |
| Class A Common Stock | 2023-02-25 |  | F |  | 11864.512<sup>(4)</sup> | D | $257.82 | 262772.148 | D |  |
| Class A Common Stock |  |  |  |  |  |  |  | 83668 | I | By LLC<sup>(5)</sup> |
| Class A Common Stock |  |  |  |  |  |  |  | 259863 | I | By Limited Partnership<sup>(6)</sup> |

---

## 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 |  |  |  |  |  |  | <sup>(7)</sup> | 2025-03-06 | Class A Common Stock | 137601 |  | 137601 | D |  |
| Stock Options (Right to Buy) | $182.30 |  |  |  |  |  |  | <sup>(8)</sup> | 2026-03-06 | Class A Common Stock | 149446 |  | 149446 | D |  |
| Restricted Stock Units | <sup>(9)</sup> |  |  |  |  |  |  | <sup>(10)</sup> | <sup>(10)</sup> | Class A Common Stock | 3488 |  | 3488 | D |  |
| Restricted Stock Units | <sup>(9)</sup> | 2023-02-25 |  | M |  |  | 3256 | <sup>(11)</sup> | <sup>(11)</sup> | Class A Common Stock | 3256 | <sup>(1)</sup> | 0 | D |  |
| Performance Restricted Stock Units | <sup>(12)</sup> | 2023-02-25 |  | M |  |  | 9768 | <sup>(13)</sup> | <sup>(13)</sup> | Class A Common Stock | 9768 | <sup>(2)</sup> | 0 | D |  |
| Performance Restricted Stock Units | <sup>(12)</sup> | 2023-02-25 |  | M |  |  | 9768 | <sup>(14)</sup> | <sup>(14)</sup> | Class A Common Stock | 9768 | <sup>(3)</sup> | 0 | D |  |
| Restricted Stock Units | <sup>(9)</sup> |  |  |  |  |  |  | <sup>(15)</sup> | <sup>(15)</sup> | Class A Common Stock | 6746 |  | 6746 | D |  |
| Performance Restricted Stock Units | <sup>(12)</sup> |  |  |  |  |  |  | <sup>(16)</sup> | <sup>(16)</sup> | Class A Common Stock | 10118 |  | 10118 | D |  |
| Performance Restricted Stock Units | <sup>(12)</sup> |  |  |  |  |  |  | <sup>(17)</sup> | <sup>(17)</sup> | Class A Common Stock | 10118 |  | 10118 | D |  |
| Restricted Stock Units | <sup>(9)</sup> |  |  |  |  |  |  | <sup>(18)</sup> | <sup>(18)</sup> | Class A Common Stock | 8894 |  | 8894 | D |  |
| Performance Restricted Stock Units | <sup>(12)</sup> |  |  |  |  |  |  | <sup>(19)</sup> | <sup>(19)</sup> | Class A Common Stock | 8894 |  | 8894 | D |  |
| Performance Restricted Stock Units | <sup>(12)</sup> |  |  |  |  |  |  | <sup>(20)</sup> | <sup>(20)</sup> | Class A Common Stock | 8894 |  | 8894 | D |  |

---

### Footnotes:

(1) On February 25, 2023, 3,256 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

(2) Represents shares issued in connection with the vesting of performance restricted share units. The Compensation Committee of the Issuer's Board of Directors determined achievement of the applicable AFFO performance metric at 200%.

(3) Represents shares issued in connection with the vesting of performance restricted share units. The Compensation Committee of the Issuer's Board of Directors determined achievement of the applicable TSR performance metric at 92.5%.  The remaining performance restricted stock units were forfeited.

(4) Shares withheld for payment of tax liability.

(5) These shares are owned by Calculated Risk SBA Holdings, LLC, a Delaware limited liability company ("CRLLC"). The Reporting Person and his spouse control the manager of CRLLC. The Reporting Person disclaims beneficial ownership of the stock owned by CRLLC except to the extent of his pecuniary interest therein.

(6) 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.

(7) These options are fully vested and exercisable.

(8) These options vest in accordance with the following schedule: 37,498 vest on each of the first and third anniversaries of the grant date and 37,499 vest on each of the second and fourth anniversaries of the grant date (March 6, 2019).

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

(10) These restricted stock units vest in accordance with the following schedule: 3,487 vest on each of the first and third anniversaries of the grant date and 3,488 vest on each of the second and fourth anniversaries of the grant date (March 6, 2019).

(11) These restricted stock units vest in accordance with the following schedule: 3,256 vest on each of the first through third anniversaries of the grant date (February 25, 2020).

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

(13) 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.

(14) 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.

(15) These restricted stock units vest in accordance with the following schedule: 3,372 vest on the first anniversary of the grant date and 3,373 vest on each of the second and third anniversaries of the grant date (March 4, 2021).

(16) 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.

(17) 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.

(18) These restricted stock units vest in accordance with the following schedule: 2,964 vest on the first anniversary of the grant date and 2,965 vest on each of the second and third anniversaries of the grant date (March 4, 2022).

(19) 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.

(20) 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:** 2023-02-28

### 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.**