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SBA COMMUNICATIONS CORP Director's Dealing 2010

May 10, 2010

30276_dirs_2010-05-10_f5869397-1d8f-4851-a0d6-433148d79e9f.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2010-05-06

Reporting Person: LANGER JACK (Director)

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2010-05-06 Stock Options (Right to Buy) $32.81 A 2042 Acquired 2017-05-06 Class A Common Stock (2042) Direct
2010-05-06 Restricted Stock Units $ A 1866 Acquired Class A Common Stock (1866) Direct

Holdings (Derivative)

Security Exercise Price Expiration Underlying Shares Ownership
Stock Options (Right to Buy) $3.78 2014-05-06 Class A Common Stock (25000) 25000 Direct
Stock Options (Right to Buy) $14.80 2015-07-22 Class A Common Stock (10000) 10000 Direct
Stock Options (Right to Buy) $26.36 2016-05-05 Class A Common Stock (10000) 10000 Direct
Stock Options (Right to Buy) $30.07 2014-05-17 Class A Common Stock (10000) 10000 Direct
Stock Options (Right to Buy) $34.49 2015-05-06 Class A Common Stock (9514) 9514 Direct
Stock Options (Right to Buy) $24.38 2016-05-07 Class A Common Stock (9374) 9374 Direct

Footnotes

F1: These options are immediately exercisable.

F2: These options vest in accordance with the following schedule: 3,171 vested on the earlier of the first anniversary of the grant date or the day immediately prior to the 2009 annual meeting of shareholders; 3,171 vest on the earlier of the second anniversary of the grant date or the day immediately prior to the 2010 annual meeting of shareholders; and 3,172 vest on the earlier of the third anniversary of the grant date or the day immediately prior to the 2011 annual meeting of shareholders.

F3: These options vest in accordance with the following schedule: 3,125 vest on the earlier of the first anniversary of the grant date or the day immediately prior to the 2010 annual meeting of shareholders; 3,124 vest on the earlier of the second anniversary of the grant date or the day immediately prior to the 2011 annual meeting of shareholders; and 3,125 vest on the earlier of the third anniversary of the grant date or the day immediately prior to the 2012 annual meeting of shareholders.

F4: These options vest in accordance with the following schedule: 680 vest on the earlier of May 6, 2011 or the day immediately prior to the 2011 annual meeting of shareholders; 681 vest on the earlier of May 6, 2012 or the day immediately prior to the 2012 annual meeting of shareholders; and 681 vest on the earlier of May 6, 2013 or the day immediately prior to the 2013 annual meeting of shareholders.

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: 622 vest on the earlier of May 6, 2011 or the day immediately prior to the 2011 annual meeting of shareholders; 622 vest on the earlier of May 6, 2012 or the day immediately prior to the 2012 annual meeting of shareholders; and 622 vest on the earlier of May 6, 2013 or the day immediately prior to the 2013 annual meeting of shareholders.