Sec Form 4 Filing - Ciarfella Mark R @ SBA COMMUNICATIONS CORP - 2023-11-29

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

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Ciarfella Mark R 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 - Operations (Last) (First) (Middle) C/O SBA COMMUNICATIONS CORPORATION, 8051 CONGRESS AVENUE 3. Date of Earliest Transaction (MM/DD/YY) 11/29/2023 (Street) BOCA RATON, FL33487 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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) Code V Amount (A) or (D) Price Class A Common Stock 11/29/2023 M 5,000 A $ 182.3 34,005.4278 D Class A Common Stock 11/29/2023 S 5,000 D $ 245.0462 ( 1 ) 29,005.4278 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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Options (Right to Buy) $ 182.3 11/29/2023 M 5,000 ( 2 ) 03/06/2026 Class A Common Stock 5,000 $ 0 3,545 D Restricted Stock Units ( 3 ) ( 4 ) ( 4 ) Class A Common Stock 677 677 D Performance Restricted Stock Units ( 5 ) ( 6 ) ( 6 ) Class A Common Stock 2,030 2,030 D Performance Restricted Stock Units ( 5 ) ( 7 ) ( 7 ) Class A Common Stock 2,030 2,030 D Restricted Stock Units ( 3 ) ( 8 ) ( 8 ) Class A Common Stock 1,221 1,221 D Performance Restricted Stock Units ( 5 ) ( 9 ) ( 9 ) Class A Common Stock 1,831 1,831 D Performance Restricted Stock Units ( 5 ) ( 10 ) ( 10 ) Class A Common Stock 1,831 1,831 D Restricted Stock Units ( 3 ) ( 11 ) ( 11 ) Class A Common Stock 2,144 2,144 D Performance Restricted Stock Units ( 5 ) ( 12 ) ( 12 ) Class A Common Stock 2,144 2,144 D Performance Restricted Stock Units ( 5 ) ( 13 ) ( 13 ) Class A Common Stock 2,144 2,144 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Ciarfella Mark R C/O SBA COMMUNICATIONS CORPORATION 8051 CONGRESS AVENUE BOCA RATON, FL33487 EVP - Operations Signatures /s/ Joshua Koenig, Attorney-in-Fact 12/01/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $245.00 to $245.23 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price. ( < /a>2 )These options are fully vested and exercisable. ( 3 )Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock. ( 4 )These restricted stock units vest in accordance with the following schedule: 676 vest on the first anniversary of the grant date and 677 vest on each of the second and third anniversaries of the grant date (March 4, 2021). ( 5 )Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock. ( 6 )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. ( 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 results of the performance condition. ( 8 )These restricted stock units vest in accordance with the following schedule: 610 vest on the first and second anniversary of the grant date and 611 vest on 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 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 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. ( 11 )These restricted stock units vest in accordance with the following schedule: 714 vest on the first anniversary of the grant date and 715 vest on 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 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 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 results of the performance condition.

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).

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