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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-03-04	Class A Common Stock	M	2234	—	Acquired	83152	Direct
2014-03-04	Class A Common Stock	M	2504	—	Acquired	85656	Direct
2014-03-04	Class A Common Stock	F	1989	$95.18	Disposed	83667	Direct
2014-03-06	Class A Common Stock	M	2483	—	Acquired	86150	Direct
2014-03-06	Class A Common Stock	M	2044	—	Acquired	88194	Direct
2014-03-06	Class A Common Stock	F	1900	$95.24	Disposed	86294	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-03-04	Restricted Stock Units	$	M	2234	Disposed		Class A Common Stock (2234)	Direct
2014-03-04	Restricted Stock Units	$	M	2504	Disposed		Class A Common Stock (2504)	Direct
2014-03-06	Restricted Stock Units	$	M	2483	Disposed		Class A Common Stock (2483)	Direct
2014-03-06	Restricted Stock Units	$	M	2044	Disposed		Class A Common Stock (2044)	Direct
2014-03-06	Stock Options (Right to Buy)	$95.53	A	73062	Acquired	2021-03-06	Class A Common Stock (73062)	Direct
2014-03-06	Restricted Stock Units	$	A	7412	Acquired		Class A Common Stock (7412)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$35.71	2017-03-04	Class A Common Stock (9786)	9786	Direct
Stock Options (Right to Buy)	$42.15	2018-03-04	Class A Common Stock (21760)	21760	Direct
Stock Options (Right to Buy)	$47.52	2019-03-06	Class A Common Stock (33681)	33681	Direct
Stock Options (Right to Buy)	$72.99	2020-03-06	Class A Common Stock (62448)	62448	Direct

Footnotes

F1: On March 4, 2014, 2,234 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, 2,504 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, 2,483 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, 2,044 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: 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).

F9: 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).

F10: These restricted stock units vest in accordance with the following schedule: 2,504 vest on each of the first through fourth anniversaries of the grant date (March 4, 2011).

F11: 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).

F12: 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).

F13: 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).

F14: 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).

F15: 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).

F16: 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).