SEC FORM 4

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^*

Cavanagh Brendan Thomas

(Last)

(First)

(Middle)

C/O SBA COMMUNICATIONS CORPORATION

8051 CONGRESS AVENUE

(Street)

BOCA RATON

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)
	Executive Vice President & CFO

3. Date of Earliest Transaction (Month/Day/Year)
11/16/2018

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	11/16/2018		M		28,999	A	$47.52	81,810	D
Class A Common Stock	11/16/2018		M		45,829	A	$72.99	127,639	D
Class A Common Stock	11/16/2018		M		51,842	A	$95.53	179,481	D
Class A Common Stock	11/16/2018		S		139,138	D	$172.11⁽¹⁾	40,343	D
Class A Common Stock	11/16/2018		S		879	D	$173.1⁽²⁾	39,464	D
Class A Common Stock	11/19/2018		M		8,746	A	$95.53	48,210	D
Class A Common Stock	11/19/2018		M		1,370	A	$72.99	49,580	D
Class A Common Stock	11/19/2018		F		1,163⁽³⁾	D	$172.02	48,417	D
Class A Common Stock	11/19/2018		S		5,404	D	$172.67⁽⁴⁾	43,013	D
Class A Common Stock	11/19/2018		S		2,296	D	$173.46⁽⁵⁾	40,717	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Options (Right to Buy)	$47.52	11/16/2018		M			28,999	⁽⁶⁾	03/06/2019	Class A Common Stock	28,999	$0.00	0	D
Stock Options (Right to Buy)	$72.99	11/16/2018		M			45,829	⁽⁶⁾	03/06/2020	Class A Common Stock	45,829	$0.00	1,370	D
Stock Options (Right to Buy)	$72.99	11/19/2018		M			1,370	⁽⁶⁾	03/06/2020	Class A Common Stock	1,370	$0.00	0	D
Stock Options (Right to Buy)	$95.53	11/16/2018		M			51,842	⁽⁶⁾	03/06/2021	Class A Common Stock	51,842	$0.00	8,746	D
Stock Options (Right to Buy)	$95.53	11/19/2018		M			8,746	⁽⁶⁾	03/06/2021	Class A Common Stock	8,746	$0.00	0	D
Stock Options (Right to Buy)	$124.59							⁽⁷⁾	03/05/2022	Class A Common Stock	54,411		54,411	D
Restricted Stock Units	⁽⁸⁾							⁽⁹⁾	⁽⁹⁾	Class A Common Stock	1,362		1,362	D
Stock Options (Right to Buy)	$96.58							⁽¹⁰⁾	03/04/2023	Class A Common Stock	68,258		68,258	D
Restricted Stock Units	⁽⁸⁾							⁽¹¹⁾	⁽¹¹⁾	Class A Common Stock	3,336		3,336	D
Stock Options (Right to Buy)	$115.17							⁽¹²⁾	03/06/2024	Class A Common	60,163		60,163	D
Restricted Stock Units	⁽⁸⁾							⁽¹³⁾	⁽¹³⁾	Class A Common Stock	4,632		4,632	D
Stock Options (Right to Buy)	$156.5							⁽¹⁴⁾	03/06/2025	Class A Common Stock	50,212		50,212	D
Restricted Stock Units	⁽⁸⁾							⁽¹⁵⁾	⁽¹⁵⁾	Class A Common Stock	5,234		5,234	D

Explanation of Responses:

1. Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $172.00 to $172.96 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.

2. Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $173.00 to $173.23 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.

3. Represents shares used to pay option exercise price.

4. Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $172.26 to $173.20 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.

5. Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $173.22 to $173.71 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.

6. These options are immediately exercisable.

7. These options vest in accordance with the following schedule: 13,602 vest on the first anniversary of the grant date and 13,603 vest on each of the second through fourth anniversaries of the grant date (March 5, 2015).

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

9. These restricted stock units vest in accordance with the following schedule: 1,361 vest on each of the first and third anniversary of the grant date and 1,362 vest on each of the second and fourth anniversary of the grant date (March 5, 2015).

10. These options vest in accordance with the following schedule: 17,064 vest on each of the first and third anniversary of the grant date and 17,065 vest on each of the second and fourth anniversary of the grant date (March 4, 2016).

11. These restricted stock units vest in accordance with the following schedule: 1,668 vest on each of the first through fourth anniversaries of the grant date (March 4, 2016).

12. These options vest in accordance with the following schedule: 15,040 vest on the first anniversary of the grant date and 15,041 vest on each of the second through fourth anniversaries of the grant date (March 6, 2017).

13. These restricted stock units vest in accordance with the following schedule: 1,543 vest on the first anniversary of the grant date and 1,544 vest on each of the second through fourth anniversaries of the grant date (March 6, 2017).

14. These options vest in accordance with the following schedule: 12,553 vest on each of the first through fourth anniversaries of the grant date (March 6, 2018).

15. These restricted stock units vest in accordance with the following schedule: 1,308 vest on each of the first and the third anniversaries of the grant date, and 1,309 vest on each of the second and the fourth anniversaries of the grant date (March 6, 2018).

Remarks:

	/s/ Thomas P. Hunt, Attorney-in-Fact	11/20/2018
	** 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).
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