SBA COMMUNICATIONS CORP — Director's Dealing 2020

May 30, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2020-05-27

Reporting Person: Ciarfella Mark R (EVP - Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-27	Class A Common Stock	M	3379	$156.50	Acquired	21932.0951	Direct
2020-05-27	Class A Common Stock	S	3379	$300.05	Disposed	18553.0951	Direct
2020-05-28	Class A Common Stock	M	3380	$156.50	Acquired	21933.0951	Direct
2020-05-28	Class A Common Stock	S	3380	$308.47	Disposed	18553.0951	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-05-27	Stock Options (Right to Buy)	$156.50	M	3379	Disposed	2025-03-06	Class A Common Stock (3379)	Direct
2020-05-28	Stock Options (Right to Buy)	$156.50	M	3380	Disposed	2025-03-06	Class A Common Stock (3380)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$115.17	2024-03-06	Class A Common Stock (8377)	8377	Direct
Restricted Stock Units	$		Class A Common Stock (860)	860	Direct
Restricted Stock Units	$		Class A Common Stock (1409)	1409	Direct
Stock Options (Right to Buy)	$182.30	2026-03-06	Class A Common Stock (29796)	29796	Direct
Restricted Stock Units	$		Class A Common Stock (2079)	2079	Direct
Restricted Stock Units	$		Class A Common Stock (1960)	1960	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1960)	1960	Direct
Performance Restricted Stock Units	$		Class A Common Stock (1960)	1960	Direct

Footnotes

F1: The sale occurred pursuant to an existing Rule 10b5-1 plan adopted by the Reporting Person.

F2: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $300.00 to $300.93 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: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $308.37 to $308.64 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.

F4: 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).

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: 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).

F7: These options vest in accordance with the following schedule: 6,759 vest on each of the first through third anniversaries of the grant date and 6,760 vest on the fourth anniversary of the grant date (March 6, 2018).

F8: These restricted stock units vest in accordance with the following schedule: 704 vest on each of the first and the third anniversaries of the grant date and 705 vest on each of the second and the fourth anniversaries of the grant date (March 6, 2018).

F9: These options vest in accordance with the following schedule: 7,449 vest on each of the first through fourth anniversaries of the grant date (March 6, 2019).

F10: These restricted stock units vest in accordance with the following schedule: 692 vest on first anniversary of the grant date and 693 vest on each of the second through fourth anniversaries of the grant date (March 6, 2019).

F11: These restricted stock units vest in accordance with the following schedule: 653 vest on the first and second anniversaries of the grant date and 654 vest on the third anniversary of the grant date (February 25, 2020).

F12: Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F13: These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on February 25, 2023, which is the third anniversary of the grant date. The number of shares of Class A Common Stock that will be earned at the end of the three-year performance period is subject to increase or decrease based on the results of the performance condition.

F14: These performance restricted stock units have a three-year performance period and to the extent earned will vest 100% on February 25, 2023, which is the third anniversary of the grant date. The number of shares of Class A Common Stock that will be earned at the end of the three-year performance period is subject to increase or decrease based on the results of the performance condition.