SBA COMMUNICATIONS CORP — Director's Dealing 2010

Dec 13, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2010-12-10

Reporting Person: BAGWELL KURT L (President - International)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-10	Class A Common Stock	M	13750	$19.10	Acquired	133750	Direct
2010-12-10	Class A Common Stock	M	21083	$19.68	Acquired	154833	Direct
2010-12-10	Class A Common Stock	S	34800	$39.85	Disposed	120033	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-12-10	Stock Options (Right to buy)	$19.10	M	13750	Disposed	2016-01-19	Class A Common Stock (13750)	Direct
2010-12-10	Stock Options (Right to Buy)	$19.68	M	21083	Disposed	2016-03-05	Class A Common Stock (21083)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$28.54	2014-02-26	Class A Common Stock (55000)	55000	Direct
Stock Options (Right to Buy)	$32.39	2015-02-28	Class A Common Stock (65000)	65000	Direct
Stock Options (Right to Buy)	$35.71	2017-03-04	Class A Common Stock (39142)	39142	Direct
Restricted Stock Units	$		Class A Common Stock (8933)	8933	Direct

Footnotes

F1: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $39.80 to $40.00 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.

F2: These options are immediately exercisable.

F3: These options vest in accordance with the following schedule: 13,750 vest on each of the first through fourth anniversaries of the grant date (February 26, 2007).

F4: These options vest in accordance with the following schedule: 16,250 vest on each of the first through fourth anniversaries of the grant date (February 28, 2008).

F5: These options vest in accordance with the following schedule: 21,083 vest on each of the first through fourth anniversaries of the grant date (March 5, 2009).

F6: These options vest in accordance with the following schedule: 9,785 vest on each of the first and the third anniversary of the grant date and 9,786 vest on each of the second and the fourth anniversary of the grant date (March 4, 2010).

F7: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F8: These restricted stock units vest in accordance with the following schedule: 2,233 vest on each of the first through the third anniversaries of the grant date and 2,234 vest on the fourth anniversary of the grant date (March 4, 2010).