SBA COMMUNICATIONS CORP — Director's Dealing 2020

Mar 7, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2020-03-04

Reporting Person: HUNT THOMAS P (Executive VP/General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-03-04	Class A Common Stock	M	1976	—	Acquired	165052	Direct
2020-03-04	Class A Common Stock	F	732	$286.66	Disposed	164320	Direct
2020-03-06	Class A Common Stock	M	802	$124.59	Acquired	165122	Direct
2020-03-06	Class A Common Stock	M	548	$182.30	Acquired	165670	Direct
2020-03-06	Class A Common Stock	M	1759	—	Acquired	167429	Direct
2020-03-06	Class A Common Stock	M	1409	—	Acquired	168838	Direct
2020-03-06	Class A Common Stock	M	1366	—	Acquired	170204	Direct
2020-03-06	Class A Common Stock	F	2345	$300.32	Disposed	167859	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-03-06	Stock Options (Right to Buy)	$124.59	M	802	Disposed	2022-03-05	Class A Common Stock (802)	Direct
2020-03-04	Restricted Stock Units	$	M	1976	Disposed		Class A Common Stock (1976)	Direct
2020-03-06	Restricted Stock Units	$	M	1759	Disposed		Class A Common Stock (1759)	Direct
2020-03-06	Restricted Stock Units	$	M	1409	Disposed		Class A Common Stock (1409)	Direct
2020-03-06	Stock Options (Right to Buy)	$182.30	M	548	Disposed	2026-03-06	Class A Common Stock (548)	Direct
2020-03-06	Restricted Stock Units	$	M	1366	Disposed		Class A Common Stock (1366)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$96.58	2023-03-04	Class A Common Stock (80832)	80832	Direct
Stock Options (Right to Buy)	$115.17	2024-03-06	Class A Common Stock (68540)	68540	Direct
Stock Options (Right to Buy)	$156.50	2025-03-06	Class A Common Stock (54074)	54074	Direct
Restricted Stock Units	$		Class A Common Stock (3856)	3856	Direct
Performance Restricted Stock Units	$		Class A Common Stock (3856)	3856	Direct
Performance Restricted Stock Units	$		Class A Common Stock (3856)	3856	Direct

Footnotes

F1: On March 4, 2020, 1,976 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 6, 2020, 1,759 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, 2020, 1,409 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, 2020, 1,366 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F6: Represents shares used to pay option exercise price or withheld for payment of tax liability.

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: 1,975 vest on each of the first through third anniversaries of the grant date and 1,976 vest on the fourth anniversary of the grant date (March 4, 2016).

F10: These options vest in accordance with the following schedule: 17,135 vest on each of the first through fourth anniversaries of the grant date (March 6, 2017).

F11: These restricted stock units vest in accordance with the following schedule: 1,758 vest on the first anniversary of the grant date and 1,759 vest on each of the second through fourth anniversaries of the grant date (March 6, 2017).

F12: These options vest in accordance with the following schedule: 13,518 vest on each of the first and the third anniversaries of the grant date, and
13,519 vest on each of the second and the fourth anniversaries of the grant date (March 6, 2018).

F13: These restricted stock units vest in accordance with the following schedule: 1,409 vest on each of the first through fourth anniversaries of the
grant date (March 6, 2018).

F14: These options vest in accordance with the following schedule: 14,695 vest on each of the first through third anniversaries of the grant date and 14,696 vest on the fourth anniversary of the grant date (March 6, 2019).

F15: 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, 2019).

F16: These restricted stock units vest in accordance with the following schedule: 1,285 vest on the first and second anniversaries of the grant date and 1,286 vest on the third anniversary of the grant date (February 25, 2020).

F17: Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F18: 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.

F19: 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.