SBA COMMUNICATIONS CORP — Director's Dealing 2014

Mar 8, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2014-03-07

Reporting Person: BAGWELL KURT L (EVP; Pres. - International)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-03-07	Class A Common Stock	M	9786	$35.71	Acquired	96080	Direct
2014-03-07	Class A Common Stock	M	10880	$42.15	Acquired	106960	Direct
2014-03-07	Class A Common Stock	M	11227	$47.52	Acquired	118187	Direct
2014-03-07	Class A Common Stock	M	15612	$72.99	Acquired	133799	Direct
2014-03-07	Class A Common Stock	S	47505	$95.26	Disposed	86294	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-03-07	Stock Options (Right to Buy)	$35.71	M	9786	Disposed	2017-03-04	Class A Common Stock (9786)	Direct
2014-03-07	Stock Options (Right to Buy)	$42.15	M	10880	Disposed	2018-03-04	Class A Common Stock (10880)	Direct
2014-03-07	Stock Options (Right to Buy)	$47.52	M	11227	Disposed	2019-03-06	Class A Common Stock (11227)	Direct
2014-03-07	Stock Options (Right to Buy)	$72.99	M	15612	Disposed	2020-03-06	Class A Common Stock (15612)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$		Class A Common Stock (2504)	2504	Direct
Restricted Stock Units	$		Class A Common Stock (2483)	4966	Direct
Restricted Stock Units	$		Class A Common Stock (2044)	6133	Direct
Stock Options (Right to Buy)	$95.53	2021-03-06	Class A Common Stock (73062)	73062	Direct
Restricted Stock Units	$		Class A Common Stock (7412)	7412	Direct

Footnotes

F1: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $95.25 to $95.31 per share. The Reporting Person, upon request, will provide the Securites 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: 10,879 vest on the first anniversary of the grant date and 10,880 vest on each of the second through 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: 2,044 vest on the first through third anniversaries of the grant date and 2,504 vest on each of the first through fourth anniversaries of the greant date (March 4, 2011).

F6: These options vest in accordance with the following schedule: 11,227 vest on each of the first through fourth anniversaries of the grant date (March 6, 2012).

F7: These restricted stock units vest in accordance with the following schedule: 2,482 vest on the first anniversary of the grant date and 2,483 vest on each of the second through fourth anniversaries of the grant date (March 6, 2012).

F8: These options vest in accordance with the following schedule: 15,612 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: 2,044 vest on the first through third anniversaries of the grant date and 2,045 vest on the fourth anniversary of the grant date (March 6, 2013).

F10: These options vest in accordance with the following schedule: 18,265 vest on each of the first and the third anniversary of the grant date and 18,266 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: 1,853 vest on each of the first through fourth anniversaries of the grant date (March 6, 2014).