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: SILBERSTEIN JASON V (EVP - Site Leasing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-03-04	Class A Common Stock	M	1439	—	Acquired	11412	Direct
2017-03-04	Class A Common Stock	F	394	$114.98	Disposed	11018	Direct
2017-03-05	Class A Common Stock	M	1175	—	Acquired	12193	Direct
2017-03-05	Class A Common Stock	F	322	$114.98	Disposed	11871	Direct
2017-03-06	Class A Common Stock	M	1367	—	Acquired	13238	Direct
2017-03-06	Class A Common Stock	M	1301	—	Acquired	14539	Direct
2017-03-06	Class A Common Stock	F	747	$114.98	Disposed	13792	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-03-06	Restricted Stock Units	$	M	1367	Disposed		Class A Common Stock (1367)	Direct
2017-03-06	Restricted Stock Units	$	M	1301	Disposed		Class A Common Stock (1301)	Direct
2017-03-05	Restricted Stock Units	$	M	1175	Disposed		Class A Common Stock (1175)	Direct
2017-03-04	Restricted Stock Units	$	M	1439	Disposed		Class A Common Stock (1439)	Direct
2017-03-06	Stock Options (Right to Buy)	$115.17	A	50262	Acquired	2024-03-06	Class A Common Stock (50262)	Direct
2017-03-06	Restricted Stock Units	$	A	5159	Acquired		Class A Common Stock (5159)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$72.99	2020-03-06	Class A Common Stock (10439)	10439	Direct
Stock Options (Right to Buy)	$95.53	2021-03-06	Class A Common Stock (51322)	51322	Direct
Stock Options (Right to Buy)	$124.59	2022-03-05	Class A Common Stock (46965)	46965	Direct
Stock Options (Right to Buy)	$96.58	2023-03-04	Class A Common Stock (58918)	58918	Direct

Footnotes

F1: On March 4, 2017, 1,439 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, 1,175 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, 1,367 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, 1301 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: 1,366 vest on the first anniversary of the grant date and 1,367 vest on each of the second through fourth anniversaries of the grant date (March 6, 2013).

F9: These options vest in accordance with the following schedule: 12,830 vest on each of the first and the third anniversary of the grant date and 12,831 vest on each of the second and the fourth anniversary of the grant date (March 6, 2014).

F10: These restricted stock units vest in accordance with the following schedule: 1,301 vest on each of the first and the third anniversary of the grant date and 1,302 vest on each of the second and the fourth anniversary of the grant date (March 6, 2014).

F11: These options vest in accordance with the following schedule: 11,741 vest on each of the first through third anniversaries of the grant date and 11,742 vest on the fourth anniversary of the grant date (March 5, 2015).

F12: These restricted stock units vest in accordance with the following schedule: 1,175 vest on each of the first through third anniversaries of the grant date and 1,176 vest on the fourth anniversary of the grant date (March 5, 2015).

F13: These options vest in accordance with the following schedule: 14,729 vest on each of the first and the third anniversary of the grant date and 14,730 vest on each of the second and the fourth anniversary of the grant date (March 4, 2016).

F14: These restricted stock units vest in accordance with the following schedule: 1,439 vest on the first anniversary of the grant date and 1,440 vest on each of the second through fourth anniversaries of the grant date (March 4, 2016).

F15: These options vest in accordance with the following schedule: 12,565 vest on each of the first and the second anniversary of the grant date and 12,566 vest on each of the third and the fourth anniversary of the grant date (March 6, 2017).

F16: These restricted stock units vest in accordance with the following schedule: 1,289 vest on the first anniversary of the grant date and 1,290 vest on each of the second through fourth anniversaries of the grant date (March 6, 2017).