SBA COMMUNICATIONS CORP — Director's Dealing 2014

Mar 7, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2014-03-04

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-03-04	Class A Common Stock	M	1561	—	Acquired	14140	Direct
2014-03-04	Class A Common Stock	M	1502	—	Acquired	15642	Direct
2014-03-04	Class A Common Stock	F	838	$95.18	Disposed	14804	Direct
2014-03-06	Class A Common Stock	M	1517	—	Acquired	16321	Direct
2014-03-06	Class A Common Stock	M	1366	—	Acquired	17687	Direct
2014-03-06	Class A Common Stock	F	789	$95.24	Disposed	16898	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-03-04	Restricted Stock Units	$	M	1561	Disposed		Class A Common Stock (1561)	Direct
2014-03-04	Restricted Stock Units	$	M	1502	Disposed		Class A Common Stock (1502)	Direct
2014-03-06	Restricted Stock Units	$	M	1517	Disposed		Class A Common Stock (1517)	Direct
2014-03-06	Restricted Stock Units	$	M	1366	Disposed		Class A Common Stock (1366)	Direct
2014-03-06	Stock Options (Right to Buy)	$95.53	A	51322	Acquired	2021-03-06	Class A Common Stock (51322)	Direct
2014-03-06	Restricted Stock Units	$	A	5206	Acquired		Class A Common Stock (5206)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$35.71	2017-03-04	Class A Common Stock (12357)	12357	Direct
Stock Options (Right to Buy)	$42.15	2018-03-04	Class A Common Stock (26111)	26111	Direct
Stock Options (Right to Buy)	$47.52	2019-03-06	Class A Common Stock (27444)	27444	Direct
Stock Options (Right to Buy)	$72.99	2020-03-06	Class A Common Stock (41753)	41753	Direct

Footnotes

F1: On March 4, 2014, 1,561 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F2: On March 4, 2014, 1,502 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F3: Shares withheld for payment of tax liability.

F4: On March 6, 2014, 1,517 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F5: On March 6, 2014, 1,366 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F6: These options are immediately exercisable.

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: 1,560 vest on the first anniversary of the grant date and 1,561 vest on each of the second through the fourth anniversaries of the grant date (March 4, 2010).

F9: 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).

F10: 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).

F11: 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).

F12: 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).

F13: 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).

F14: 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).

F15: 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).

F16: 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).