SBA COMMUNICATIONS CORP — Director's Dealing 2014

May 16, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2014-05-13

Reporting Person: SILBERSTEIN JASON V (EVP - Site Leasing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-13	Class A Common Stock	M	19583	$42.15	Acquired	32691	Direct
2014-05-13	Class A Common Stock	S	19583	$99.00	Disposed	13108	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-13	Stock Options (Right to Buy)	$42.15	M	19583	Disposed	2018-03-04	Class A Common Stock (19583)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$35.71	2017-03-04	Class A Common Stock (9557)	9557	Direct
Restricted Stock Units	$		Class A Common Stock (1503)	1503	Direct
Stock Options (Right to Buy)	$47.52	2019-03-06	Class A Common Stock (27444)	27444	Direct
Restricted Stock Units	$		Class A Common Stock (3035)	3035	Direct
Stock Options (Right to Buy)	$72.99	2020-03-06	Class A Common Stock (41753)	41753	Direct
Restricted Stock Units	$		Class A Common Stock (4101)	4101	Direct
Stock Options (Right to Buy)	$95.53	2021-03-06	Class A Common Stock (51322)	51322	Direct
Restricted Stock Units	$		Class A Common Stock (5206)	5206	Direct

Footnotes

F1: These options are immediately exercisable.

F2: These options vest in accordance with the following schedule: 6,527 vest on the first anniversary of the grant date and 6,528 vest on each of the second through fourth anniversaries of the grant date (March 4, 2011).

F3: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F4: These restricted stock units vest in accordance with the following schedule: 1,502 vest on each of the first through third anniversaries of the grant date and 1,503 vest on the fourth anniversary of the grant date (March 4, 2011).

F5: These options vest in accordance with the following schedule: 6,861 vest on each of the first through fourth anniversaries of the grant date (March 6, 2012).

F6: These restricted stock units vest in accordance with the following schedule: 1,517 vest on each of the first through third anniversaries of the grant date and 1,518 vest on the fourth anniversary of the grant date (March 6, 2012).

F7: These options vest in accordance with the following schedule: 10,438 vest on each of the first through third anniversaries of the grant date and 10,439 vest on the fourth anniversary of the grant date (March 6, 2013).

F8: 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, 2013).

F9: These options vest in accordance with the following schedule: 12,830 vest on each of the first and the third anniversary of the grant date and 12,831 vest on each of the second and the fourth anniversary of the grant date (March 6, 2014).

F10: These restricted stock units vest in accordance with the following schedule: 1,301 vest on each of the first and the third anniversary of the grant date and 1,302 vest on each of the second and the fourth anniversary of the grant date (March 6, 2014).