SBA COMMUNICATIONS CORP — Director's Dealing 2015

Mar 20, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2015-03-18

Reporting Person: BERNSTEIN STEVEN E (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-03-18	Class A Common Stock	M	6667	$14.80	Acquired	15559	Direct
2015-03-18	Class A Common Stock	M	9514	$34.49	Acquired	25113	Direct
2015-03-18	Class A Common Stock	F	7084	$118.85	Disposed	18029	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-03-18	Stock Options (Right to Buy)	$14.80	M	6667	Disposed	2015-07-22	Class A Common Stock (6667)	Direct
2015-03-18	Stock Options (Right to Buy)	$34.49	M	9514	Disposed	2015-05-06	Class A Common Stock (9514)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	165142	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$26.36	2016-05-05	Class A Common Stock (10000)	10000	Direct
Stock Options (Right to Buy)	$24.38	2016-05-07	Class A Common Stock (9374)	9374	Direct
Stock Options (Right to Buy)	$32.81	2017-05-06	Class A Common Stock (2042)	2042	Direct
Stock Options (Right to Buy)	$37.76	2018-05-04	Class A Common Stock (2015)	2015	Direct
Stock Options (Right to Buy)	$50.35	2019-05-17	Class A Common Stock (1643)	1643	Direct
Restricted Stock Units	$		Class A Common Stock (483)	483	Direct
Stock Options (Right to Buy)	$79.67	2020-05-09	Class A Common Stock (1999)	1999	Direct
Restricted Stock Units	$		Class A Common Stock (693)	693	Direct
Stock Options (Right to Buy)	$96.80	2021-05-08	Class A Common Stock (2202)	2202	Direct
Restricted Stock Units	$		Class A Common Stock (909)	909	Direct

Footnotes

F1: Shares withheld for payment of tax liability and option exercise price.

F2: These options are immediately exercisable.

F3: These options vest in accordance with the following schedule: 548 vest on the earlier of May 17, 2013 or the day immediately prior to the 2013 annual meeting of shareholders; 547 vest on the earlier of May 17, 2014 or the day immediately prior to the 2014 annual meeting of shareholders; and 548 vest on the earlier of May 17, 2015 or the day immediately prior to the 2015 annual meeting of shareholders.

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: 483 vest on the earlier of May 17, 2013 or the day immediately prior to the 2013 annual meeting of shareholders; 483 vest on the earlier of May 17, 2014 or the day immediately prior to the 2014 annual meeting of shareholders; and 483 vest on the earlier of May 17, 2015 or the day immediately prior to the 2015 annual meeting of shareholders.

F6: These options vest in accordance with the following schedule: 667 vest on the earlier of May 9, 2014 or the day immediately prior to the 2014 annual meeting of shareholders; 666 vest on the earlier of May 9, 2015 or the day immediately prior to the 2015 annual meeting of shareholders; and 666 vest on the earlier of May 9, 2016 or the day immediately prior to the 2016 annual meeting of shareholders.

F7: These restricted stock units vest in accordance with the following schedule: 347 vest on the earlier of May 9, 2014 or the day immediately prior to the 2014 annual meeting of shareholders; 346 vest on the earlier of May 9, 2015 or the day immediately prior to the 2015 annual meeting of shareholders; and 347 vest on the earlier of May 9, 2016 or the day immediately prior to the 2016 annual meeting of shareholders.

F8: These options vest in accordance with the following schedule: 734 vest on the earlier of May 8, 2015 or the day immediately prior to the 2015 annual meeting of shareholders; 734 vest on the earlier of May 8, 2016 or the day immediately prior to the 2016 annual meeting of shareholders; and 734 vest on the earlier of May 8, 2017 or the day immediately prior to the 2017 annual meeting of shareholders.

F9: These restricted stock units vest in accordance with the following schedule: 303 vest on the earlier of May 8, 2015 or the day immediately prior to the 2015 annual meeting of shareholders; 303 vest on the earlier of May 8, 2016 or the day immediately prior to the 2016 annual meeting of shareholders; and 303 vest on the earlier of May 8, 2017 or the day immediately prior to the 2017 annual meeting of shareholders.