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: Ciarfella Mark R (EVP - Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-03-04	Class A Common Stock	M	943	—	Acquired	10709	Direct
2017-03-04	Class A Common Stock	F	353	$114.98	Disposed	10356	Direct
2017-03-05	Class A Common Stock	M	752	—	Acquired	11108	Direct
2017-03-05	Class A Common Stock	F	281	$114.98	Disposed	10827	Direct
2017-03-06	Class A Common Stock	M	743	—	Acquired	11570	Direct
2017-03-06	Class A Common Stock	M	768	—	Acquired	12338	Direct
2017-03-06	Class A Common Stock	F	590	$114.98	Disposed	11748	Direct
2017-03-06	Class A Common Stock	M	11346	$72.99	Acquired	23094	Direct
2017-03-06	Class A Common Stock	S	11346	$115.00	Disposed	11748	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-03-06	Stock Options (Right to Buy)	$72.99	M	11346	Disposed	2020-03-06	Class A Common Stock (11346)	Direct
2017-03-06	Restricted Stock Units	$	M	743	Disposed		Class A Common Stock (743)	Direct
2017-03-06	Restricted Stock Units	$	M	768	Disposed		Class A Common Stock (768)	Direct
2017-03-05	Restricted Stock Units	$	M	752	Disposed		Class A Common Stock (752)	Direct
2017-03-04	Restricted Stock Units	$	M	943	Disposed		Class A Common Stock (943)	Direct
2017-03-06	Stock Options (Right to Buy)	$115.17	A	33508	Acquired	2024-03-06	Class A Common Stock (33508)	Direct
2017-03-06	Restricted Stock Units	$	A	3439	Acquired		Class A Common Stock (3439)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$47.52	2019-03-06	Class A Common Stock (1)	1	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
Stock Options (Right to Buy)	$96.58	2023-03-04	Class A Common Stock (38620)	38620	Direct

Footnotes

F1: On March 4, 2017, 943 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 5, 2017, 752 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, 2017, 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, 2017, 768 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F6: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $115 to $115.02 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.

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: 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).

F10: 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).

F11: 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).

F12: 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).

F13: 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).

F14: 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).

F15: 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).

F16: These options vest in accordance with the following schedule: 8,377 vest on each of the first through fourth anniversaries of the grant date (March 6, 2017).

F17: These restricted stock units vest in accordance with the following schedule: 859 vest on the first anniversary of the grant date and 860 vest on each of the second through fourth anniversaries of the grant date (March 6, 2017).