SBA COMMUNICATIONS CORP — Director's Dealing 2020

Feb 28, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2020-02-25

Reporting Person: BERNSTEIN STEVEN E (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-02-25	Class A Common Stock	S	531	$291.74	Disposed	1485	Direct
2020-02-25	Class A Common Stock	S	300	$294.24	Disposed	1185	Direct
2020-02-25	Class A Common Stock	S	700	$295.49	Disposed	485	Direct
2020-02-25	Class A Common Stock	S	52580	$291.60	Disposed	112562	Indirect
2020-02-25	Class A Common Stock	S	3841	$294.27	Disposed	108721	Indirect
2020-02-26	Class A Common Stock	S	5731	$291.74	Disposed	102990	Indirect
2020-02-26	Class A Common Stock	S	600	$293.03	Disposed	102390	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$79.67	2020-05-09	Class A Common Stock (1999)	1999	Direct
Stock Options (Right to Buy)	$96.80	2021-05-08	Class A Common Stock (2202)	2202	Direct
Stock Options (Right to Buy)	$113.55	2022-05-21	Class A Common Stock (1899)	1899	Direct
Stock Options (Right to Buy)	$100.00	2023-05-13	Class A Common Stock (2308)	2308	Direct
Stock Options (Right to Buy)	$132.00	2024-05-18	Class A Common Stock (1977)	1977	Direct
Restricted Stock Units	$		Class A Common Stock (270)	270	Direct
Stock Options (Right to Buy)	$157.51	2025-05-17	Class A Common Stock (1411)	1411	Direct
Restricted Stock Units	$		Class A Common Stock (402)	402	Direct
Stock Options (Right to Buy)	$212.31	2026-05-16	Class A Common Stock (1501)	1501	Direct
Restricted Stock Units	$		Class A Common Stock (546)	546	Direct

Footnotes

F1: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $291.50 to $292.12 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.

F2: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $294.00 to $294.68 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 $295.22 to $295.76 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: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $291.50 to $292.22 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.

F5: These shares are held by Bernstein Limited Partnership II, an entity controlled, in part, by the Reporting Person. The Reporting Person disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein.

F6: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $294.00 to $294.87 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: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $291.50 to $292.29 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.

F8: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $293.00 to $293.04 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.

F9: These options are exercisable immediately.

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

F12: 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.

F13: 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.

F14: 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.

F15: These options vest in accordance with the following schedule: 500 vest on May 1, 2020; 500 vest on May 1, 2021; and 501 vest on May 1, 2022.

F16: These restricted stock units vest in accordance with the following schedule: 182 vest on May 1, 2020; 182 vest on May 1, 2021; and 182 vest on May 1, 2022.