SBA COMMUNICATIONS CORP — Director's Dealing 2016

Mar 9, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2016-03-04

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-03-05	Class A Common Stock	M	1175	—	Acquired	12148	Direct
2016-03-05	Class A Common Stock	F	322	$96.58	Disposed	11826	Direct
2016-03-06	Class A Common Stock	M	1518	—	Acquired	13344	Direct
2016-03-06	Class A Common Stock	M	1367	—	Acquired	14711	Direct
2016-03-06	Class A Common Stock	M	1302	—	Acquired	16013	Direct
2016-03-06	Class A Common Stock	F	1147	$96.58	Disposed	14866	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-03-06	Restricted Stock Units	$	M	1518	Disposed		Class A Common Stock (1518)	Direct
2016-03-06	Restricted Stock Units	$	M	1367	Disposed		Class A Common Stock (1367)	Direct
2016-03-06	Restricted Stock Units	$	M	1302	Disposed		Class A Common Stock (1302)	Direct
2016-03-05	Restricted Stock Units	$	M	1175	Disposed		Class A Common Stock (1175)	Direct
2016-03-04	Stock Options (Right to Buy)	$96.58	A	58918	Acquired	2023-03-04	Class A Common Stock (58918)	Direct
2016-03-04	Restricted Stock Units	$	A	5759	Acquired		Class A Common Stock (5759)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$47.52	2019-03-06	Class A Common Stock (6861)	6861	Direct
Stock Options (Right to Buy)	$72.99	2020-03-06	Class A Common Stock (20877)	20877	Direct
Stock Options (Right to Buy)	$95.53	2021-03-06	Class A Common Stock (51322)	51322	Direct
Stock Options (Right to Buy)	$124.59	2022-03-05	Class A Common Stock (46965)	46965	Direct

Footnotes

F1: On March 5, 2016, 1,175 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, 2016, 1,518 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, 2016, 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, 2016, 1,302 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: 1,517 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).

F9: 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).

F10: 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).

F11: 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).

F12: 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).

F13: 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).

F14: 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).

F15: These options vest in accordance with the following schedule: 14,729 vest on each of the first and the third anniversary of the grant date and 14,730 vest on each of the second and the fourth anniversary of the grant date (March 4, 2016).

F16: These restricted stock units vest in accordance with the following schedule: 1,439 vest on the first anniversary of the grant date and 1,440 vest on each of the second through fourth anniversaries of the grant date (March 4, 2016).