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: Lazarus Brian D (SVP & Chief Accounting Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-03-05	Class A Common Stock	M	537	—	Acquired	7355	Direct
2016-03-05	Class A Common Stock	F	147	$96.58	Disposed	7208	Direct
2016-03-06	Class A Common Stock	M	699	—	Acquired	7907	Direct
2016-03-06	Class A Common Stock	M	564	—	Acquired	8471	Direct
2016-03-06	Class A Common Stock	M	548	—	Acquired	9019	Direct
2016-03-06	Class A Common Stock	F	495	$96.58	Disposed	8524	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-03-06	Restricted Stock Units	$	M	699	Disposed		Class A Common Stock (699)	Direct
2016-03-06	Restricted Stock Units	$	M	564	Disposed		Class A Common Stock (564)	Direct
2016-03-06	Restricted Stock Units	$	M	548	Disposed		Class A Common Stock (548)	Direct
2016-03-05	Restricted Stock Units	$	M	537	Disposed		Class A Common Stock (537)	Direct
2016-03-04	Stock Options (Right to Buy)	$96.58	A	27842	Acquired	2023-03-04	Class A Common Stock (27842)	Direct
2016-03-04	Restricted Stock Units	$	A	2721	Acquired		Class A Common Stock (2721)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$47.52	2019-03-06	Class A Common Stock (9480)	9480	Direct
Stock Options (Right to Buy)	$72.99	2020-03-06	Class A Common Stock (17245)	17245	Direct
Stock Options (Right to Buy)	$95.53	2021-03-06	Class A Common Stock (21607)	21607	Direct
Stock Options (Right to Buy)	$124.59	2022-03-05	Class A Common Stock (21478)	21478	Direct

Footnotes

F1: On March 5, 2016, 537 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, 699 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, 564 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, 548 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: 698 vest on the first anniversary of the grant date and 699 vest on each of the second through fourth anniversaries of the grant date (March 6, 2012).

F9: These options vest in accordance with the following schedule: 4,311 vest on each of the first through third anniversaries of the grant date and 4,312 vest on the fourth anniversary of the grant date (March 6, 2013).

F10: These restricted stock units vest in accordance with the following schedule: 564 vest on each of the first and third anniversaries of the grant date and 565 vest on each of the second and fourth anniversaries of the grant date (March 6, 2013).

F11: These options vest in accordance with the following schedule: 5,401 vest on the first anniversary of the grant date and 5,402 vest on each of the second through fourth anniversaries of the grant date (March 6, 2014).

F12: These restricted stock units vest in accordance with the following schedule: 548 vest on each of the first through fourth anniversaries of the grant date (March 6, 2014).

F13: These options vest in accordance with the following schedule: 5,369 vest on each of the first and third anniversaries of the grant date and 5,370 vest on each of the second and fourth anniversaries of the grant date (March 5, 2015).

F14: These restricted stock units vest in accordance with the following schedule: 537 vest on each of the first through third anniversaries of the grant date and 538 vest on the fourth anniversary of the grant date (March 5, 2015).

F15: These options vest in accordance with the following schedule: 6,960 vest on each of the first and third anniversaries of the grant date and 6,961 vest on each of the second and fourth anniversaries of the grant date (March 4, 2016).

F16: These restricted stock units vest in accordance with the following schedule: 680 vest on each of the first through third anniversaries of the grant date and 681 vest on the fourth anniversary of the grant date (March 4, 2016).