SBA COMMUNICATIONS CORP — Director's Dealing 2015

Mar 7, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2015-03-04

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-03-04	Class A Common Stock	M	1503	—	Acquired	9938	Direct
2015-03-04	Class A Common Stock	F	412	$124.87	Disposed	9526	Direct
2015-03-06	Class A Common Stock	M	1517	—	Acquired	11043	Direct
2015-03-06	Class A Common Stock	M	1367	—	Acquired	12410	Direct
2015-03-06	Class A Common Stock	M	1301	—	Acquired	13711	Direct
2015-03-06	Class A Common Stock	F	1234	$124.59	Disposed	12477	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-03-04	Restricted Stock Units	$	M	1503	Disposed		Class A Common Stock (1503)	Direct
2015-03-06	Restricted Stock Units	$	M	1517	Disposed		Class A Common Stock (1517)	Direct
2015-03-06	Restricted Stock Units	$	M	1367	Disposed		Class A Common Stock (1367)	Direct
2015-03-06	Restricted Stock Units	$	M	1301	Disposed		Class A Common Stock (1301)	Direct
2015-03-05	Stock Options (Right to Buy)	$124.59	A	46965	Acquired	2022-03-05	Class A Common Stock (46965)	Direct
2015-03-05	Restricted Stock Units	$	A	4701	Acquired		Class A Common Stock (4701)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$42.15	2018-03-04	Class A Common Stock (6528)	6528	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
Stock Options (Right to Buy)	$95.53	2021-03-06	Class A Common Stock (51322)	51322	Direct

Footnotes

F1: On March 4, 2015, 1,503 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F2: Shares withheld for payment of tax liability.

F3: On March 6, 2015, 1,517 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F4: On March 6, 2015, 1,367 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, 2015, 1,301 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: 1,502 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).

F9: 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).

F10: 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).

F11: 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).

F12: 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).

F13: 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).

F14: 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).

F15: These options vest in accordance with the following schedule: 11,741 vest on each of the first through third anniversaries of the grant date and 11,742 vest on the fourth anniversary of the grant date (March 5, 2015).

F16: These restricted stock units vest in accordance with the following schedule: 1,175 vest on each of the first through third anniversaries of the grant date and 1,176 vest on the fourth anniversary of the grant date (March 5, 2015).