SBA COMMUNICATIONS CORP — Director's Dealing 2019

May 4, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2019-05-01

Reporting Person: Krouse George R Jr (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-03-21	Class A Common Stock	G	50	$0.00	Disposed	10481	Direct
2019-05-01	Class A Common Stock	M	269	—	Acquired	10750	Direct
2019-05-01	Class A Common Stock	M	200	—	Acquired	10950	Direct
2019-05-01	Class A Common Stock	F	165	$203.73	Disposed	10785	Direct
2019-05-02	Class A Common Stock	M	1899	$113.55	Acquired	12684	Direct
2019-05-02	Class A Common Stock	S	1899	$204.16	Disposed	10785	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-02	Stock Options (Right to Buy)	$113.55	M	1899	Disposed	2022-05-21	Class A Common Stock (1899)	Direct
2019-05-01	Restricted Stock Units	$	M	269	Disposed		Class A Common Stock (269)	Direct
2019-05-01	Restricted Stock Units	$	M	200	Disposed		Class A Common Stock (200)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$100.00	2023-05-13	Class A Common Stock (770)	770	Direct
Restricted Stock Units	$		Class A Common Stock (303)	303	Direct
Stock Options (Right to Buy)	$132.00	2024-05-18	Class A Common Stock (1977)	1977	Direct
Stock Options (Right to Buy)	$157.51	2025-05-17	Class A Common Stock (1411)	1411	Direct

Footnotes

F1: The Reporting Person gifted these shares to a 501(c)(3) charitable organization in an exempt transaction pursuant to Rule 16b-5 of the Securities Exchange Act of 1934, as amended.

F2: On May 1, 2019, 269 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.

F3: On May 1, 2019, 200 of the Reporting Person's restricted stock units were settled for an equal number of Class A Common Stock.

F4: Shares withheld for tax liability.

F5: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $204.14 and $204.19 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.

F6: These options are immediately exercisable.

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: 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: 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.

F10: These options vest in accordance with the following schedule: 658 vest on May 1, 2018; 659 vest on May 1, 2019; and 660 vest on May 1, 2020.

F11: These restricted stock units vest in accordance with the following schedule: 268 vest on May 1, 2018; 269 vest on May 1, 2019; and 270 vest on May 1, 2020.

F12: These options vest in accordance with the following schedule: 470 vest on May 1, 2019; 470 vest on May 1, 2020; and 471 vest on May 1, 2021.

F13: These restricted stock units vest in accordance with the following schedule: 200 vest on May 1, 2019; 201 vest on May 1, 2020; and 201 vest on May 1, 2021.