Sec Form 4 Filing - Cavanagh Brendan Thomas @ SBA COMMUNICATIONS CORP - 2020-03-04

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Cavanagh Brendan Thomas 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 (Last) (First) (Middle) C/O SBA COMMUNICATIONS CORPORATION, 8051 CONGRESS AVENUE 3. Date of Earliest Transaction (MM/DD/YY) 03/04/2020 (Street) BOCA RATON, FL33487 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 03/04/2020 M 1,668 A 46,008 D Class A Common Stock 03/04/2020 F 657 ( 2 ) D $ 286.66 45,351 D Class A Common Stock 03/06/2020 M 1,544 A 46,895 D Class A Common Stock 03/06/2020 M 1,309 A 48,204 D Class A Common Stock 03/06/2020 M 1,296 A 49,500 D Class A Common Stock 03/06/2020 F 1,634 ( 2 ) D $ 300.32 47,866 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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transactio n 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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) $ 96.58 ( 6 ) 03/04/2023 Class A Common Stock 68,258 68,258 D Restricted Stock Units ( 7 ) 03/04/2020 M 1,668 ( 8 ) ( 8 ) Class A Common Stock 1,668 ( 1 ) 0 D Stock Options (Right to Buy) $ 115.17 ( 9 ) 03/06/2024 Class A Common 60,163 60,163 D Restricted Stock Units ( 7 ) 03/06/2020 M 1,544 ( 10 ) ( 10 ) Class A Common Stock 1,544 ( 3 ) 1,544 D Stock Options (Right to Buy) $ 156.5 ( 11 ) 03/06/2025 Class A Common Stock 50,212 50,212 D Restricted Stock Units ( 7 ) 03/06/2020 M 1,309 ( 12 ) ( 12 ) Class A Common Stock 1,309 ( 4 ) 2,617 D Stock Options (Right to Buy) $ 182.3 ( 13 ) 03/06/2026 Class A Common Stock 55,741 55,741 D Restricted Stock Units ( 7 ) 03/06/2020 M 1,296 ( 14 ) ( 14 ) Class A Common Stock 1,296 ( 5 ) 3,888 D Restricted Stock Units ( 7 ) ( 15 ) ( 15 ) Class A Common Stock 3,663 3,663 D Performance Restricted Stock Units ( 16 ) ( 17 ) ( 17 ) Class A Common Stock 3,663 3,663 D Performance Restricted Stock Units ( 16 ) ( 18 ) ( 18 ) Class A Common Stock 3,663 3,663 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Cavanagh Brendan Thomas C/O SBA COMMUNICATIONS CORPORATION 8051 CONGRESS AVENUE BOCA RATON, FL33487 Executive Vice President & CFO Signatures /s/ Thomas P. Hunt, Attorney-in-Fact 03/06/2020 Signature of Reporting Person Date

Explanation of Responses:

( 1 )On March 4, 2020, 1,668 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock. ( 2 )Shares withheld for payment of tax liability. ( 3 )On March 6, 2020, 1,544 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock. ( 4 )On March 6, 2020, 1,309 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock. ( 5 )On March 6, 2020, 1,296 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock. ( 6 )These options are immediately exercisable. ( 7 )Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock. ( 8 )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). ( 9 )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). ( 10 )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). ( 11 )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). ( 12 )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). ( 13 )These options vest in accordance with the following schedule: 13,935 vest on each of the first through third anniversaries of the grant date and 13,936 vest on the fourth anniversary of the grant date (March 6, 2019). ( 14 )These restricted stock units vest in accordance with the following schedule: 1,296 vest on each of the first through fourth anniversaries of the grant date (March 6, 2019). ( 15 )These restricted stock units vest in accordance with the following schedule: 1,221 vest on each of the first through third anniversaries of the grant date (February 25, 2020). ( 16 )Each performance restricted stock unit represents a contingent right to receive one share of Class A Common Stock. ( 17 )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. ( 18 )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.

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