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: Ciarfella Mark R (EVP - Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-03-05	Class A Common Stock	M	752	—	Acquired	8242	Direct
2016-03-05	Class A Common Stock	F	206	$96.58	Disposed	8036	Direct
2016-03-06	Class A Common Stock	M	874	—	Acquired	8910	Direct
2016-03-06	Class A Common Stock	M	743	—	Acquired	9653	Direct
2016-03-06	Class A Common Stock	M	768	—	Acquired	10421	Direct
2016-03-06	Class A Common Stock	F	655	$96.58	Disposed	9766	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-03-06	Restricted Stock Units	$	M	874	Disposed		Class A Common Stock (874)	Direct
2016-03-06	Restricted Stock Units	$	M	743	Disposed		Class A Common Stock (743)	Direct
2016-03-06	Restricted Stock Units	$	M	768	Disposed		Class A Common Stock (768)	Direct
2016-03-05	Restricted Stock Units	$	M	752	Disposed		Class A Common Stock (752)	Direct
2016-03-04	Stock Options (Right to Buy)	$96.58	A	38620	Acquired	2023-03-04	Class A Common Stock (38620)	Direct
2016-03-04	Restricted Stock Units	$	A	3775	Acquired		Class A Common Stock (3775)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$47.52	2019-03-06	Class A Common Stock (3951)	3951	Direct
Stock Options (Right to Buy)	$72.99	2020-03-06	Class A Common Stock (11346)	11346	Direct
Stock Options (Right to Buy)	$95.53	2021-03-06	Class A Common Stock (22721)	22721	Direct
Stock Options (Right to Buy)	$124.59	2022-03-05	Class A Common Stock (30069)	30069	Direct

Footnotes

F1: On March 5, 2016, 752 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, 874 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, 743 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, 768 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: 873 vest on each of the first and the third anniversary of the grant date and 874 vest on each of the second and the fourth anniversary of the grant date (March 6, 2012).

F9: These options vest in accordance with the following schedule: 5,673 vest on each of the first through fourth anniversaries of the grant date (March 6, 2013).

F10: These restricted stock units vest in accordance with the following schedule: 742 vest on the first anniversary of the grant date and 743 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: 7,573 vest on each of the first and the third anniversary of the grant date and 7,574 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: 768 vest on each of the first through third anniversaries of the grant date and 769 vest on the fourth anniversary of the grant date (March 6, 2014).

F13: These options vest in accordance with the following schedule: 7,517 vest on each of the first through third anniversaries of the grant date and 7,518 vest on the fourth anniversary of the grant date (March 5, 2015).

F14: These restricted stock units vest in accordance with the following schedule: 752 vest on each of the first through third anniversaries of the grant date and 753 vest on the fourth anniversary of the grant date (March 5, 2015).

F15: These options vest in accordance with the following schedule: 9,655 vest on each of the first through fourth anniversaries of the grant date (March 4, 2016).

F16: These restricted stock units vest in accordance with the following schedule: 943 vest on the first anniversary of the grant date and 944 vest on each of the second through fourth anniversaries of the grant date (March 4, 2016).