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: BAGWELL KURT L (EVP; Pres. - International)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-03-04	Class A Common Stock	M	2504	—	Acquired	86998	Direct
2015-03-04	Class A Common Stock	F	685	$124.87	Disposed	86313	Direct
2015-03-06	Class A Common Stock	M	2483	—	Acquired	88796	Direct
2015-03-06	Class A Common Stock	M	2044	—	Acquired	90840	Direct
2015-03-06	Class A Common Stock	M	1853	—	Acquired	92693	Direct
2015-03-06	Class A Common Stock	F	2225	$124.59	Disposed	90468	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-03-04	Restricted Stock Units	$	M	2504	Disposed		Class A Common Stock (2504)	Direct
2015-03-06	Restricted Stock Units	$	M	2483	Disposed		Class A Common Stock (2483)	Direct
2015-03-06	Restricted Stock Units	$	M	2044	Disposed		Class A Common Stock (2044)	Direct
2015-03-06	Restricted Stock Units	$	M	1853	Disposed		Class A Common Stock (1853)	Direct
2015-03-05	Stock Options (Right to Buy)	$124.59	A	64435	Acquired	2022-03-05	Class A Common Stock (64435)	Direct
2015-03-05	Restricted Stock Units	$	A	6449	Acquired		Class A Common Stock (6449)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$42.15	2018-03-04	Class A Common Stock (10880)	10880	Direct
Stock Options (Right to Buy)	$47.52	2019-03-06	Class A Common Stock (22454)	22454	Direct
Stock Options (Right to Buy)	$72.99	2020-03-06	Class A Common Stock (46836)	46836	Direct
Stock Options (Right to Buy)	$95.53	2021-03-06	Class A Common Stock (73062)	73062	Direct

Footnotes

F1: On March 4, 2015, 2,504 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, 2,483 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, 2,044 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, 1,853 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: 2,504 vest on each of the first through fourth anniversaries of the grant date (March 4, 2011).

F9: These options vest in accordance with the following schedule: 11,227 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: 2,482 vest on the first anniversary of the grant date and 2,483 vest on each of the second through fourth anniversaries of the grant date (March 6, 2012).

F11: These options vest in accordance with the following schedule: 15,612 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: 2,044 vest on the first through third anniversaries of the grant date and 2,045 vest on the fourth anniversary of the grant date (March 6, 2013).

F13: These options vest in accordance with the following schedule: 18,265 vest on each of the first and the third anniversary of the grant date and 18,266 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: 1,853 vest on each of the first through fourth anniversaries of the grant date (March 6, 2014).

F15: These options vest in accordance with the following schedule: 16,108 vest on the first anniversary of the grant date and 16,109 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: 1,612 vest on each of the first through third anniversaries of the grant date and 1,613 vest on the fourth anniversary of the grant date (March 5, 2015).