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: Lazarus Brian D (SVP & Chief Accounting Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-03-04	Class A Common Stock	M	721	—	Acquired	3297	Direct
2014-03-04	Class A Common Stock	M	691	—	Acquired	3988	Direct
2014-03-04	Class A Common Stock	F	593	$95.18	Disposed	3395	Direct
2014-03-06	Class A Common Stock	M	699	—	Acquired	4094	Direct
2014-03-06	Class A Common Stock	M	564	—	Acquired	4658	Direct
2014-03-06	Class A Common Stock	F	531	$95.24	Disposed	4127	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-03-04	Restricted Stock Units	$	M	721	Disposed		Class A Common Stock (721)	Direct
2014-03-04	Restricted Stock Units	$	M	691	Disposed		Class A Common Stock (691)	Direct
2014-03-06	Restricted Stock Units	$	M	699	Disposed		Class A Common Stock (699)	Direct
2014-03-06	Restricted Stock Units	$	M	564	Disposed		Class A Common Stock (564)	Direct
2014-03-06	Stock Options (Right to Buy)	$95.53	A	21607	Acquired	2021-03-06	Class A Common Stock (21607)	Direct
2014-03-06	Restricted Stock Units	$	A	2192	Acquired		Class A Common Stock (2192)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$19.68	2016-03-05	Class A Common Stock (892)	892	Direct
Stock Options (Right to Buy)	$31.09	2015-09-12	Class A Common Stock (454)	454	Direct
Stock Options (Right to Buy)	$35.71	2017-03-04	Class A Common Stock (3156)	3157	Direct
Stock Options (Right to Buy)	$42.15	2018-03-04	Class A Common Stock (3003)	6006	Direct
Stock Options (Right to Buy)	$47.52	2019-03-06	Class A Common Stock (3160)	9480	Direct
Stock Options (Right to Buy)	$72.99	2020-03-06	Class A Common Stock (17245)	17245	Direct

Footnotes

F1: On March 4, 2014, 721 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, 691 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, 699 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, 564 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: 720 vest on each of the first through the third anniversaries of the grant date and 721 vest on the fourth anniversary of the grant date (March 4, 2010).

F9: These options vest in accordance with the following schedule: 3,002 vest on the first anniversary of the grant date and 3,003 vest on each of the third through fourth anniversaries of the grant date (March 4, 2011).

F10: These restricted stock units vest in accordance with the following schedule: 691 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: 3,160 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: 698 vest on the first anniversary of the grant date and 699 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: 4,311 vest on each of the first through third anniversaries of the grant date and 4,312 vest on the fourth anniversary of the grant date (March 6, 2013).

F14: These restricted stock units vest in accordance with the following schedule: 564 vest on each of the first and third anniversaries of the grant date and 565 vest on each of the third and fourth anniversaries of the grant date (March 6, 2013).

F15: These options vest in accordance with the following schedule: 5,401 vest on the first anniversary of the grant date and 5,402 vest on each of the second through fourth anniversaries of the grant date (March 6, 2014).

F16: These restricted stock units vest in accordance with the following schedule: 548 vest on each of the first through fourth anniversaries of the grant date (March 6, 2014).