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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

1. Name and Address of Reporting Person^*

BAGWELL KURT L

(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; Pres. - International

3. Date of Earliest Transaction (Month/Day/Year)
03/06/2021

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	03/06/2021		M		1,759	A	⁽¹⁾	33,710	D
Class A Common Stock	03/06/2021		M		1,409	A	⁽²⁾	35,119	D
Class A Common Stock	03/06/2021		M		1,367	A	⁽³⁾	36,486	D
Class A Common Stock	03/06/2021		F		1,259⁽⁴⁾	D	$242.19	35,227	D
Class A Common Stock	03/09/2021		S		4,278	D	$246.09⁽⁵⁾	30,949	D
Class A Common Stock								15,530	I	By LLC⁽⁶⁾
Class A Common Stock								26	I	By Trust⁽⁷⁾

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							⁽⁸⁾	03/06/2024	Class A Common Stock	17,135		17,135	D
Restricted Stock Units	⁽⁹⁾	03/06/2021		M			1,759	⁽¹⁰⁾	⁽¹⁰⁾	Class A Common Stock	1,759	⁽¹⁾	0	D
Stock Options (Right to Buy)	$156.5							⁽¹¹⁾	03/06/2025	Class A Common Stock	27,037		27,037	D
Restricted Stock Units	⁽⁹⁾	03/06/2021		M			1,409	⁽¹²⁾	⁽¹²⁾	Class A Common Stock	1,409	⁽²⁾	1,409	D
Stock Options (Right to Buy)	$182.3							⁽¹³⁾	03/06/2026	Class A Common Stock	44,634		44,634	D
Restricted Stock Units	⁽⁹⁾	03/06/2021		M			1,367	⁽¹⁴⁾	⁽¹⁴⁾	Class A Common Stock	1,367	⁽³⁾	2,734	D
Restricted Stock Units	⁽⁹⁾							⁽¹⁵⁾	⁽¹⁵⁾	Class A Common Stock	2,571		2,571	D
Performance Restricted Stock Units	⁽¹⁶⁾							⁽¹⁷⁾	⁽¹⁷⁾	Class A Common Stock	3,856		3,856	D
Performance Restricted Stock Units	⁽¹⁶⁾							⁽¹⁸⁾	⁽¹⁸⁾	Class A Common Stock	3,856		3,856	D
Restricted Stock Units	⁽⁹⁾							⁽¹⁹⁾	⁽¹⁹⁾	Class A Common Stock	3,872		3,872	D
Performance Restricted Stock Units	⁽¹⁶⁾							⁽²⁰⁾	⁽²⁰⁾	Class A Common Stock	3,872		3,872	D
Performance Restricted Stock Units	⁽¹⁶⁾							⁽²¹⁾	⁽²¹⁾	Class A Common Stock	3,872		3,872	D

Explanation of Responses:

1. On March 6, 2021, 1,759 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

2. On March 6, 2021, 1,409 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

3. On March 6, 2021, 1,367 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

4. Shares withheld for payment of tax liability.

5. Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $245.90 to $246.10 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.

6. These shares are held by a limited liability company of which the Reporting Person is the sole manager and whose revocable trust is the sole member.

7. The trust is for the benefit of one of the Reporting Person's children.

8. These options are immediately exercisable.

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: 1,758 vest on the first anniversary of the grant date and 1,759 vest on each of the second through fourth anniversaries of the grant date (March 6, 2017).

11. These options vest in accordance with the following schedule: 13,518 vest on each of the first and the third anniversaries of the grant date, and 13,519 vest on each of the second and the fourth anniversaries of the grant date (March 6, 2018).

12. These restricted stock units vest in accordance with the following schedule: 1,409 vest on each of the first through fourth anniversaries of the grant date (March 6, 2018).

13. These options vest in accordance with the following schedule: 14,695 vest on each of the first through third anniversaries of the grant date and 14,696 vest on the fourth anniversary of the grant date (March 6, 2019).

14. These restricted stock units vest in accordance with the following schedule: 1,366 vest on the first anniversary of the grant date and 1,367 vest on each of the second through fourth anniversaries of the grant date (March 6, 2019).

15. These restricted stock units vest in accordance with the following schedule: 1,285 vest on the first and second anniversaries of the grant date and 1,286 vest on the third anniversary of the grant date (February 25, 2020).

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

17. 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.

18. 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.

19. These restricted stock units vest in accordance with the following schedule: 1,290 vest on the first anniversary of the grant date and 1,291 vest on each of the second and third anniversaries of the grant date (March 4, 2021).

20. 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.

21. 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.

Remarks:

	/s/ Thomas P. Hunt, Attorney-in-Fact	03/09/2021
	** 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).
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.