Statement of Changes of Beneficial Ownership


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 OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

STOOPS JEFFREY
2. Issuer Name and Ticker or Trading Symbol

SBA COMMUNICATIONS CORP [ SBAC ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Chief Executive Officer & Pres
(Last)          (First)          (Middle)

C/O SBA COMMUNICATIONS CORPORATION, 8051 CONGRESS AVENUE
3. Date of Earliest Transaction (MM/DD/YYYY)

3/4/2017
(Street)

BOCA RATON, FL 33487
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   3/4/2017     M    4926   A   (1) 357873   (2) D    
Class A Common Stock   3/4/2017     F    2067   (3) D $114.98   355806   D    
Class A Common Stock   3/5/2017     M    4022   A   (4) 359828   D    
Class A Common Stock   3/5/2017     F    1688   (3) D $114.98   358140   D    
Class A Common Stock   3/6/2017     M    4755   A   (5) 362895   D    
Class A Common Stock   3/6/2017     M    4452   A   (6) 367347   D    
Class A Common Stock   3/6/2017     F    3363   (3) D $114.98   363984   D    
Class A Common Stock                  489863   I   By Limited Partnership   (7)
Class A Common Stock                  5675   I   By Trust   (8)
Class A Common Stock                  5425   I   By Trust   (8)
Class A Common Stock                  5175   I   By Trust   (8)
Class A Common Stock                  3950   I   By Trust   (8)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 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)   $47.52                      (9) 3/6/2019   Class A Common Stock   106450     106450   D    
Stock Options (Right to Buy)   $72.99                      (9) 3/6/2020   Class A Common Stock   145228     145228   D    
Restricted Stock Units     (10) 3/6/2017     M         4755      (11)   (11) Class A Common Stock   4755     (5) 0   D    
Stock Options (Right to Buy)   $95.53                      (12) 3/6/2021   Class A Common Stock   175529     175529   D    
Restricted Stock Units     (10) 3/6/2017     M         4452      (13)   (13) Class A Common Stock   4452     (6) 4452   D    
Stock Options (Right to Buy)   $124.59                      (14) 3/5/2022   Class A Common Stock   160715     160715   D    
Restricted Stock Units     (10) 3/5/2017     M         4022      (15)   (15) Class A Common Stock   4022     (4) 8044   D    
Stock Options (Right to Buy)   $96.58                      (16) 3/4/2023   Class A Common Stock   201614     201614   D    
Restricted Stock Units     (10) 3/4/2017     M         4926      (17)   (17) Class A Common Stock   4926     (1) 14781   D    
Stock Options (Right to Buy)   $115.17   3/6/2017     A      173635         (18) 3/6/2024   Class A Common Stock   173635   $0.00   173635   D    
Restricted Stock Units     (10) 3/6/2017     A      17823         (19)   (19) Class A Common Stock   17823   $0.00   17823   D    

Explanation of Responses:
( 1)  On March 4, 2017, 4,926 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.
( 2)  Includes 221 shares acquired on February 27, 2017 pursuant to the SBA Communications Corporation 2008 Employee Stock Purchase Plan.
( 3)  Shares withheld for payment of tax liability.
( 4)  On March 5, 2017, 4,022 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, 2017, 4,755 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.
( 6)  On March 6, 2017, 4,452 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.
( 7)  These shares are owned by Calculated Risk Partners, L.P., a Delaware limited partnership ("CRLP"). The Reporting Person and his spouse control the general partner of CRLP. The Reporting Person disclaims beneficial ownership of the stock owned by CRLP except to the extent of his pecuniary interest therein.
( 8)  Each of the four different trusts is for the benefit of one of the Reporting Person's four children.
( 9)  These options are immediately exercisable.
( 10)  Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
( 11)  These restricted stock units vest in accordance with the following schedule: 4,754 vest on each of the first through third anniversaries of the grant date and 4,755 vest on the fourth anniversary of the grant date (March 6, 2013).
( 12)  These options vest in accordance with the following schedule: 43,882 vest on each of the first through third anniversaries of the grant date and 43,883 vest on the fourth anniversary of the grant date (March 6, 2014).
( 13)  These restricted stock units vest in accordance with the following schedule: 4,451 vest on the first anniversary of the grant date and 4,452 on each of the second through fourth anniversaries of the grant date (March 6, 2014).
( 14)  These options vest in accordance with the following schedule: 40,178 vest on the first anniversary of the grant date and 40,179 vest on each of the second through fourth anniversaries of the grant date (March 5, 2015).
( 15)  These restricted stock units vest in accordance with the following schedule: 4,021 vest on the first anniversary of the grant date and 4,022 vest on each of the second through fourth anniversaries of the grant date (March 5, 2015).
( 16)  These options vest in accordance with the following schedule: 50,403 vest on each of the first and third anniversary of the grant date and 50,404 vest on each of the second and fourth anniversary of the grant date (March 4, 2016).
( 17)  These restricted stock units vest in accordance with the following schedule: 4,926 vest on the first anniversary of the grant date and 4,927 vest on each of the second through fourth anniversaries of the grant date (March 4, 2016).
( 18)  These options vest in accordance with the following schedule: 43,408 vest on the first anniversary of the grant date and 43,409 vest on each of the second through fourth anniversaries of the grant date (March 6, 2017).
( 19)  These restricted stock units vest in accordance with the following schedule: 4,455 vest on the first anniversary of the grant date and 4,456 vest on each of the second through fourth anniversaries of the grant date (March 6, 2017).

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
STOOPS JEFFREY
C/O SBA COMMUNICATIONS CORPORATION
8051 CONGRESS AVENUE
BOCA RATON, FL 33487
X
Chief Executive Officer & Pres

Signatures
/s/ Thomas P. Hunt, Attorney-in-Fact 3/7/2017
** 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.
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