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: Cavanagh Brendan Thomas (Executive Vice President & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-03-05	Class A Common Stock	M	1361	—	Acquired	16039	Direct
2016-03-05	Class A Common Stock	F	373	$96.58	Disposed	15666	Direct
2016-03-06	Class A Common Stock	M	1720	—	Acquired	17386	Direct
2016-03-06	Class A Common Stock	M	1545	—	Acquired	18931	Direct
2016-03-06	Class A Common Stock	M	1537	—	Acquired	20468	Direct
2016-03-06	Class A Common Stock	F	1315	$96.58	Disposed	19153	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-03-06	Restricted Stock Units	$	M	1720	Disposed		Class A Common Stock (1720)	Direct
2016-03-06	Restricted Stock Units	$	M	1545	Disposed		Class A Common Stock (1545)	Direct
2016-03-06	Restricted Stock Units	$	M	1537	Disposed		Class A Common Stock (1537)	Direct
2016-03-05	Restricted Stock Units	$	M	1361	Disposed		Class A Common Stock (1361)	Direct
2016-03-04	Stock Options (Right to Buy)	$96.58	A	68258	Acquired	2023-03-04	Class A Common Stock (68258)	Direct
2016-03-04	Restricted Stock Units	$	A	6672	Acquired		Class A Common Stock (6672)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$35.71	2017-03-04	Class A Common Stock (28409)	28409	Direct
Stock Options (Right to Buy)	$42.15	2018-03-04	Class A Common Stock (29593)	29593	Direct
Stock Options (Right to Buy)	$47.52	2019-03-06	Class A Common Stock (31103)	31103	Direct
Stock Options (Right to Buy)	$72.99	2020-03-06	Class A Common Stock (47199)	47199	Direct
Stock Options (Right to Buy)	$95.53	2021-03-06	Class A Common Stock (60588)	60588	Direct
Stock Options (Right to Buy)	$124.59	2022-03-05	Class A Common Stock (54411)	54411	Direct

Footnotes

F1: On March 5, 2016, 1,361 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, 1,720 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, 1,545 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, 1,537 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: 1,719 vest on each of the first and third anniversary of the grant date and 1,720 vest on each of the second and fourth anniversary of the grant date (March 6, 2012).

F9: These options vest in accordance with the following schedule: 11,799 vest on the first anniversary of the grant date and 11,800 vest on each of the second through fourth anniversaries of the grant date (March 6, 2013).

F10: These restricted stock units vest in accordance with the following schedule: 1,545 vest on each of the first through fourth anniversaries of the grant date (March 6, 2013).

F11: These options vest in accordance with the following schedule: 15,147 vest on each of the first through fourth anniversaries of the grant date (March 6, 2014).

F12: These restricted stock units vest in accordance with the following schedule: 1,536 vest on each of the first and third anniversary of the grant date and 1,537 vest on each of the second and fourth anniversary of the grant date (March 6, 2014).

F13: These options vest in accordance with the following schedule: 13,602 vest on the first anniversary of the grant date and 13,603 vest on each of the second through fourth anniversaries of the grant date (March 5, 2015).

F14: These restricted stock units vest in accordance with the following schedule: 1,361 vest on each of the first and third anniversary of the grant date and 1,362 vest on each of the second and fourth anniversary of the grant date (March 5, 2015).

F15: These options vest in accordance with the following schedule: 17,064 vest on each of the first and third anniversary of the grant date and 17,065 vest on each of the second and fourth anniversary of the grant date (March 4, 2016).

F16: These restricted stock units vest in accordance with the following schedule: 1,668 vest on each of the first through fourth anniversaries of the grant date (March 4, 2016).