SBA COMMUNICATIONS CORP — Director's Dealing 2014

Mar 13, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2014-03-11

Reporting Person: Ciarfella Mark R (EVP - Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-03-11	Class A Common Stock	M	3157	$35.71	Acquired	8306	Direct
2014-03-11	Class A Common Stock	M	3655	$42.15	Acquired	11961	Direct
2014-03-11	Class A Common Stock	M	380	$47.52	Acquired	12341	Direct
2014-03-11	Class A Common Stock	S	7192	$95.97	Disposed	5149	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-03-11	Stock Options (Right to Buy)	$35.71	M	3157	Disposed	2017-03-04	Class A Common Stock (3157)	Direct
2014-03-11	Stock Options (Right to Buy)	$42.15	M	3655	Disposed	2018-03-04	Class A Common Stock (3655)	Direct
2014-03-11	Stock Options (Right to Buy)	$47.52	M	380	Disposed	2019-03-06	Class A Common Stock (380)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$		Class A Common Stock (842)	842	Direct
Restricted Stock Units	$		Class A Common Stock (1747)	1747	Direct
Stock Options (Right to Buy)	$72.99	2020-03-06	Class A Common Stock (22692)	22692	Direct
Restricted Stock Units	$		Class A Common Stock (2229)	2229	Direct
Stock Options (Right to Buy)	$95.53	2021-03-06	Class A Common Stock (30294)	30294	Direct
Restricted Stock Units	$		Class A Common Stock (3073)	3073	Direct

Footnotes

F1: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $95.90 to $96.06 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: 3,655 vest on each of the first and third anniversaries of the grant date and 3,656 vest on each of the second and fourth anniversaries of the grant date (March 4, 2011).

F4: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F5: These restricted stock units vest in accordance with the following schedule: 841 vest on each of the first through third anniversaries of the grant date and 842 vest on the fourth anniversary of the grant date (March 4, 2011).

F6: These options vest in accordance with the following schedule: 3,950 vest on each of the first through third anniversaries of the grant date and 3,951 vest on the fourth anniversary of the grant date (March 6, 2012).

F7: These restricted stock units vest in accordance with the following schedule: 873 vest on each of the first and the third anniversary of the grant date and 874 vest on each of the second and the fourth anniversary of the grant date (March 6, 2012).

F8: These options vest in accordance with the following schedule: 5,673 vest on each of the first through fourth anniversaries of the grant date (March 6, 2013).

F9: These restricted stock units vest in accordance with the following schedule: 742 vest on the first anniversary of the grant date and 743 vest on each of the second through fourth anniversaries of the grant date (March 6, 2013).

F10: These options vest in accordance with the following schedule: 7,573 vest on each of the first and the third anniversary of the grant date and 7,574 vest on each of the second and the fourth anniversary of the grant date (March 6, 2014).

F11: These restricted stock units vest in accordance with the following schedule: 768 vest on each of the first through third anniversaries of the grant date and 769 vest on the fourth anniversary of the grant date (March 6, 2014).