SBA COMMUNICATIONS CORP — Director's Dealing 2017

Mar 8, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2017-03-04

Reporting Person: Lazarus Brian D (SVP & Chief Accounting Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-03-04	Class A Common Stock	M	680	—	Acquired	9234	Direct
2017-03-04	Class A Common Stock	F	207	$114.98	Disposed	9027	Direct
2017-03-05	Class A Common Stock	M	537	—	Acquired	9564	Direct
2017-03-05	Class A Common Stock	F	162	$114.98	Disposed	9402	Direct
2017-03-06	Class A Common Stock	M	565	—	Acquired	9967	Direct
2017-03-06	Class A Common Stock	M	548	—	Acquired	10515	Direct
2017-03-06	Class A Common Stock	F	366	$114.98	Disposed	10149	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-03-06	Restricted Stock Units	$	M	565	Disposed		Class A Common Stock (565)	Direct
2017-03-06	Restricted Stock Units	$	M	548	Disposed		Class A Common Stock (548)	Direct
2017-03-05	Restricted Stock Units	$	M	537	Disposed		Class A Common Stock (537)	Direct
2017-03-04	Restricted Stock Units	$	M	680	Disposed		Class A Common Stock (680)	Direct
2017-03-06	Stock Options (Right to Buy)	$115.17	A	25131	Acquired	2024-03-06	Class A Common Stock (25131)	Direct
2017-03-06	Restricted Stock Units	$	A	2579	Acquired		Class A Common Stock (2579)	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
Stock Options (Right to Buy)	$96.58	2023-03-04	Class A Common Stock (27842)	27842	Direct

Footnotes

F1: On March 4, 2017, 680 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F2: Includes 30 shares acquired on August 31, 2016 pursuant to the SBA Communications Corporation 2008 Employee Stock Purchase Plan.

F3: Shares withheld for payment of tax liability.

F4: On March 5, 2017, 537 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, 2017, 565 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F6: On March 6, 2017, 548 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F7: These options are immediately exercisable.

F8: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F9: 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).

F10: 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).

F11: 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).

F12: 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).

F13: 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).

F14: 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).

F15: 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).

F16: These options vest in accordance with the following schedule: 6,282 vest on the first anniversary of the grant date and 6,283 vest on each of the second through fourth anniversaries of the grant date (March 6, 2017).

F17: These restricted stock units vest in accordance with the following schedule: 644 vest on the first anniversary of the grant date and 645 vest on each of the second through fourth anniversaries of the grant date (March 6, 2017).