SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
BAGWELL KURT L

(Last) (First) (Middle)
5900 BROKEN SOUND PARKWAY, NW

(Street)
BOCA RATON FL 33487

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
SBA COMMUNICATIONS CORP [ SBAC ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Operating Officer
3. Date of Earliest Transaction (Month/Day/Year)
01/25/2006
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 01/25/2006 M 1,667 A $0.05 38,143 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options (Right to buy) $0.05 01/25/2006 M 1,667 (1) 01/25/2011 Class A Common Stock 1,667 $0 1,667 D
Stock Options (Right to buy) $8 (2) 01/25/2011 Class A Common Stock 10,001 10,001 D
Stock Options (Right to buy) $8 (3) 12/19/2007 Class A Common Stock 3,334 3,334 D
Stock Options (Right to buy) $8 (4) 01/07/2012 Class A Common Stock 13,334 13,334 D
Stock Options (Right to buy) $2.1 (5) 05/14/2013 Class A Common Stock 65,000 65,000 D
Stock Options (Right to buy) $4.25 (6) 02/11/2014 Class A Common Stock 63,750 63,750 D
Stock Options (Right to buy) $8.56 (7) 02/01/2015 Class A Common Stock 82,000 82,000 D
Stock Options (Right to buy) $19.1 (8) 01/19/2016 Class A Common Stock 55,000 55,000 D
Explanation of Responses:
1. These options vest in accordance with the following schedule: 1,666 vest on each of the first and second anniversaries of the grant date (January 25, 2001) and 1,667 vest on each of the third through sixth anniversaries of the grant date.
2. These options vest in accordance with the following schedule: 10,000 vest on each of the six, eighteen, thirty and forty-two month anniversaries of the grant date (December 19, 2002).
3. These options vest in accordance with the following schedule: 3,333 vest on each of the six and eighteen month anniversaries of the grant date (December 19, 2002) and 3,304 vest on each of the thirty and forty-two month anniversaries of the grant date.
4. These options vest in accordance with the following schedule: 13,333 vest on each of the six and eighteen month anniversaries of the grant date (December 19, 2002) and 13,334 vest on each of the thirty and forty-two month anniversaries of the grant date.
5. These options vest in accordance with the following schedule: 32,500 vest on each of the first through fourth anniversaries of the grant date (May 14, 2003).
6. These options vest in accordance with the following schedule: 21,250 vest on each of the first through fourth anniversaries of the grant date (February 11, 2004).
7. These options vest in accordance with the following schedule: 20,500 vest on each of the first through fourth anniversaries of the grant date (February 1, 2005).
8. These options vest in accordance with the following schedule: 13,750 vest on each of the first through fourth anniversaries of the grant date (January 19, 2006).
/s/ Kurt L. Bagwell 01/26/2006
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.