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: Cavanagh Brendan Thomas (Executive Vice President & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-03-04	Class A Common Stock	M	1703	—	Acquired	12153	Direct
2015-03-04	Class A Common Stock	F	466	$124.87	Disposed	11687	Direct
2015-03-06	Class A Common Stock	M	1719	—	Acquired	13406	Direct
2015-03-06	Class A Common Stock	M	1545	—	Acquired	14951	Direct
2015-03-06	Class A Common Stock	M	1536	—	Acquired	16487	Direct
2015-03-06	Class A Common Stock	F	1551	$124.59	Disposed	14936	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-03-04	Restricted Stock Units	$	M	1703	Disposed		Class A Common Stock (1703)	Direct
2015-03-06	Restricted Stock Units	$	M	1719	Disposed		Class A Common Stock (1719)	Direct
2015-03-06	Restricted Stock Units	$	M	1545	Disposed		Class A Common Stock (1545)	Direct
2015-03-06	Restricted Stock Units	$	M	1536	Disposed		Class A Common Stock (1536)	Direct
2015-03-05	Stock Options (Right to Buy)	$124.59	A	54411	Acquired	2022-03-05	Class A Common Stock (54411)	Direct
2015-03-05	Restricted Stock Units	$	A	5446	Acquired		Class A Common Stock (5446)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$35.71	2017-03-04	Class A Common Stock (28409)	28409	Direct
Stock Options (Right to Buy)	$42.15	2018-03-04	Class A Common Stock (29593)	29593	Direct
Stock Options (Right to Buy)	$47.52	2019-03-06	Class A Common Stock (31103)	31103	Direct
Stock Options (Right to Buy)	$72.99	2020-03-06	Class A Common Stock (47199)	47199	Direct
Stock Options (Right to Buy)	$95.53	2021-03-06	Class A Common Stock (60588)	60588	Direct

Footnotes

F1: On March 4, 2015, 1,703 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, 1,719 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, 1,545 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, 1,536 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: 1,702 vest on each of the first and third anniversary of the grant date and 1,703 vest on each of the second and fourth anniversary of the grant date (March 4, 2011).

F9: These options vest in accordance with the following schedule: 7,775 vest on the first anniversary of the grant date and 7,776 vest on each of the second through fourth anniversaries of the grant date (March 6, 2012).

F10: These restricted stock units vest in accordance with the following schedule: 1,719 vest on each of the first and third anniversary of the grant date and 1,720 vest on each of the second and fourth anniversary of the grant date (March 6, 2012).

F11: These options vest in accordance with the following schedule: 11,799 vest on the first anniversary of the grant date and 11,800 vest on each of the second through fourth anniversaries of the grant date (March 6, 2013).

F12: These restricted stock units vest in accordance with the following schedule: 1,545 vest on each of the first through fourth anniversaries of the grant date (March 6, 2013).

F13: These options vest in accordance with the following schedule: 15,147 vest on each of the first through fourth anniversaries of the grant date (March 6, 2014).

F14: These restricted stock units vest in accordance with the following schedule: 1,536 vest on each of the first and third anniversary of the grant date and 1,537 vest on each of the second and fourth anniversary of the grant date (March 6, 2014).

F15: These options vest in accordance with the following schedule: 13,602 vest on the first anniversary of the grant date and 13,603 vest on each of the second through fourth anniversaries of the grant date (March 5, 2015).

F16: These restricted stock units vest in accordance with the following schedule: 1,361 vest on each of the first and third anniversary of the grant date and 1,362 vest on each of the second and fourth anniversary of the grant date (March 5, 2015).