SBA COMMUNICATIONS CORP — Director's Dealing 2016

May 11, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2016-05-08

Reporting Person: COCROFT DUNCAN (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-08	Class A Common Stock	M	303	—	Acquired	80529	Direct
2016-05-09	Class A Common Stock	M	347	—	Acquired	80876	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-09	Restricted Stock Units	$	M	347	Disposed		Class A Common Stock (347)	Direct
2016-05-08	Restricted Stock Units	$	M	303	Disposed		Class A Common Stock (303)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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
Stock Options (Right to Buy)	$79.67	2020-05-09	Class A Common Stock (1999)	1999	Direct
Stock Options (Right to Buy)	$96.80	2021-05-08	Class A Common Stock (2202)	2202	Direct
Stock Options (Right to Buy)	$113.55	2022-05-21	Class A Common Stock (1899)	1899	Direct
Restricted Stock Units	$		Class A Common Stock (747)	747	Direct

Footnotes

F1: On May 8, 2016, 303 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.

F2: On May 9, 2016, 347 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.

F3: These options are exercisable immediately.

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: 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.

F6: 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.

F7: 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.

F8: These options vest in accordance with the following schedule: 633 vest on the earlier of May 21, 2016 or the day immediately prior to the 2016 annual meeting of shareholders; 633 vest on the earlier of May 21, 2017 or the day immediately prior to the 2017 annual meeting of shareholders; and 633 vest on the earlier of May 21, 2018 or the day immediately prior to the 2018 annual meeting of shareholders.

F9: These restricted stock units vest in accordance with the following schedule: 249 vest on the earlier of May 21, 2016 or the day immediately prior to the 2016 annual meeting of shareholders; 249 vest on the earlier of May 21, 2017 or the day immediately prior to the 2017 annual meeting of shareholders; and 249 vest on the earlier of May 21, 2018 or the day immediately prior to the 2018 annual meeting of shareholders.