SBA COMMUNICATIONS CORP — Director's Dealing 2017

May 20, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2017-05-17

Reporting Person: CARR BRIAN C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-17	Class A Common Stock	M	249	—	Acquired	3051	Direct
2017-05-18	Class A Common Stock	M	274	$50.35	Acquired	3325	Direct
2017-05-18	Class A Common Stock	M	999	$79.67	Acquired	4324	Direct
2017-05-18	Class A Common Stock	M	2202	$96.80	Acquired	6526	Direct
2017-05-18	Class A Common Stock	S	3475	$132.54	Disposed	3051	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-18	Stock Options (Right to Buy)	$50.35	M	274	Disposed	2019-05-17	Class A Common Stock (274)	Direct
2017-05-18	Stock Options (Right to Buy)	$79.67	M	999	Disposed	2020-05-09	Class A Common Stock (999)	Direct
2017-05-18	Stock Options (Right to Buy)	$96.80	M	2202	Disposed	2021-05-08	Class A Common Stock (2202)	Direct
2017-05-17	Restricted Stock Units	$	M	249	Disposed		Class A Common Stock (249)	Direct
2017-05-18	Stock Options (Right to Buy)	$132.00	A	1977	Acquired	2024-05-18	Class A Common Stock (1977)	Direct
2017-05-18	Restricted Stock Units	$	A	807	Acquired		Class A Common Stock (807)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$113.55	2022-05-21	Class A Common Stock (1899)	1899	Direct
Stock Options (Right to Buy)	$100.00	2023-05-13	Class A Common Stock (2308)	2308	Direct
Restricted Stock Units	$		Class A Common Stock (605)	605	Direct

Footnotes

F1: On May 17, 2017, 249 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.

F2: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $132.54 to $132.56 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.

F3: These options are immediately exercisable.

F4: 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.

F5: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F6: 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.

F7: These options vest in accordance with the following schedule: 769 vest on the earlier of May 13, 2017 or the day immediately prior to the 2017 annual meeting of shareholders; 769 vest on the earlier of May 13, 2018 or the day immediately prior to the 2018 annual meeting of shareholders; and 770 vest on the earlier of May 13, 2019 or the day immediately prior to the 2019 annual meeting of shareholders.

F8: These restricted stock units vest in accordance with the following schedule: 302 vest on the earlier of May 13, 2017 or the day immediately prior to the 2017 annual meeting of shareholders; 302 vest on the earlier of May 13, 2018 or the day immediately prior to the 2018 annual meeting of shareholders; and 303 vest on the earlier of May 13, 2019 or the day immediately prior to the 2019 annual meeting of shareholders.

F9: These options vest in accordance with the following schedule: 659 vest on May 1, 2018; 659 vest on May 1, 2019; and 659 vest on May 1, 2020.

F10: These restricted stock units vest in accordance with the following schedule: 269 vest on May 1, 2018; 269 vest on May 1, 2019; and 269 vest on May 1, 2020.