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: Ciarfella Mark R (EVP - Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-03-04	Class A Common Stock	M	842	—	Acquired	5991	Direct
2015-03-04	Class A Common Stock	F	231	$124.87	Disposed	5760	Direct
2015-03-06	Class A Common Stock	M	873	—	Acquired	6633	Direct
2015-03-06	Class A Common Stock	M	743	—	Acquired	7376	Direct
2015-03-06	Class A Common Stock	M	768	—	Acquired	8144	Direct
2015-03-06	Class A Common Stock	F	654	$124.59	Disposed	7490	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-03-04	Restricted Stock Units	$	M	842	Disposed		Class A Common Stock (842)	Direct
2015-03-06	Restricted Stock Units	$	M	873	Disposed		Class A Common Stock (873)	Direct
2015-03-06	Restricted Stock Units	$	M	743	Disposed		Class A Common Stock (743)	Direct
2015-03-06	Restricted Stock Units	$	M	768	Disposed		Class A Common Stock (768)	Direct
2015-03-05	Stock Options (Right to Buy)	$124.59	A	30069	Acquired	2022-03-05	Class A Common Stock (30069)	Direct
2015-03-05	Restricted Stock Units	$	A	3009	Acquired		Class A Common Stock (3009)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$42.15	2018-03-04	Class A Common Stock (3656)	3656	Direct
Stock Options (Right to Buy)	$47.52	2019-03-06	Class A Common Stock (7901)	7901	Direct
Stock Options (Right to Buy)	$72.99	2020-03-06	Class A Common Stock (17019)	17019	Direct
Stock Options (Right to Buy)	$95.53	2021-03-06	Class A Common Stock (30294)	30294	Direct

Footnotes

F1: On March 4, 2015, 842 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, 873 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, 743 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, 768 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: 841 vest on each of the first through third anniversaries of the grant date and 842 vest on the fourth anniversary of the grant date (March 4, 2011).

F9: These options vest in accordance with the following schedule: 3,950 vest on each of the first through third anniversaries of the grant date and 3,951 vest on the fourth anniversary of the grant date (March 6, 2012).

F10: These restricted stock units vest in accordance with the following schedule: 873 vest on each of the first and the third anniversary of the grant date and 874 vest on each of the second and the fourth anniversary of the grant date (March 6, 2012).

F11: These options vest in accordance with the following schedule: 5,673 vest on each of the first through fourth anniversaries of the grant date (March 6, 2013).

F12: These restricted stock units vest in accordance with the following schedule: 742 vest on the first anniversary of the grant date and 743 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: 7,573 vest on each of the first and the third anniversary of the grant date and 7,574 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: 768 vest on each of the first through third anniversaries of the grant date and 769 vest on the fourth anniversary of the grant date (March 6, 2014).

F15: These options vest in accordance with the following schedule: 7,517 vest on each of the first through third anniversaries of the grant date and 7,518 vest on the fourth anniversary of the grant date (March 5, 2015).

F16: These restricted stock units vest in accordance with the following schedule: 752 vest on each of the first through third anniversaries of the grant date and 753 vest on the fourth anniversary of the grant date (March 5, 2015).