Document:

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                                                                   Exhibit 10.28

                          RESTRICTED STOCK AGREEMENT

     THIS RESTRICTED STOCK AGREEMENT (the "Agreement"), made as of this 5th day
of September, 2000, between SBA Communications Corporation (the "Corporation"),
and Thomas P. Hunt ("Participant").

                                  WITNESSETH:

     WHEREAS, Participant is an employee, director or consultant of the
Corporation;

     WHEREAS, the Corporation has adopted the 1999 Equity Participation Plan
(the "Plan") in order to provide its employees, directors and consultants with
incentives to achieve long-term corporate objectives; and

     WHEREAS, the Corporation's Board of Directors has granted Stock Purchase
Rights under the Plan to the Participant on the terms and conditions set forth
below;

     NOW, THEREFORE, in consideration of the payment of the purchase price set
forth in paragraph 1 below and the various covenants and agreements herein
contained, and intending to be legally bound hereby, the parties hereto agree as
follows:

     1.   Grant of Restricted Stock.
          -------------------------

     The Corporation hereby grants to Participant a total of Twenty Thousand
(20,000) shares of the Class A common stock, $.01 par value per share, of the
Corporation (the "Restricted Stock"), subject to the transfer restrictions and
other conditions set forth in this Agreement. Participant shall pay to the
Corporation the amount of $.05 per share for such Restricted Stock, in cash (the
"Purchase Price"). At the time of issuance, such Restricted Shares shall be
fully paid and nonaccessible and shall be registered under the Securities Act
of 1933, as amended, and the Corporation shall use its reasonable best efforts
to maintain an effective registration statement under the Securities Act
covering such Restricted Stock.

     The Corporation shall cause the Restricted Stock to be issued and a stock
certificate or certificates representing the Restricted Stock to be registered
in the name of Participant promptly upon execution of this Agreement and the
payment of the Purchase Price therefor, but the stock certificate or
certificates shall be delivered to, and held in custody by, the Corporation
until the applicable restrictions lapse at the times specified in Section 3
below. On or before the date of execution of this Agreement, Participant shall
deliver to the Corporation one or more stock powers endorsed in blank relating
to the Restricted Stock, which will permit transfer to the Corporation of all or
any portion of the Restricted Stock and any securities constituting Retained
Distributions that shall be forfeited or that shall not become vested in
accordance with this Agreement.

     2.   Restrictions.
          ------------
     (a) Participant shall have all rights and privileges of a Stockholder of
the Corporation with respect to the Restricted Stock, including voting rights
and the right to receive dividends paid
<PAGE>

with respect to such shares, except that the following restrictions shall apply,
until such time or times as restrictions lapse under Section 3 of this
Agreement:

          (i) Participant shall not be entitled to delivery of the certificate
     or certificates for any of the Restricted Stock until the restrictions
     imposed by this Agreement have lapsed with respect to the applicable
     portion of Restricted Stock, at the times defined in Section 3;

          (ii) other than regular cash dividends and such other distributions as
     the Board of Directors may in its sole discretion designate, the
     Corporation will retain custody of all distributions ("Retained
     Distributions") made or declared with respect to the Restricted Stock (and
     such Retained Distributions will be subject to the same restrictions, terms
     and conditions as are applicable to the Restricted Stock) until such time,
     if ever, as the Restricted Stock with respect to which such Retained
     Distributions shall have been made, paid or declared shall have become
     vested, and such Retained Distributions shall not bear interest or be
     segregated in separate accounts;

          (iii) the Restricted Stock may not be sold, transferred, assigned,
     pledged or otherwise encumbered or disposed of by Participant before these
     restrictions have lapsed pursuant to Section 3, except with the consent of
     the Corporation; and

          (iv) the Restricted Stock and Retained Distributions shall be subject
     to forfeiture upon termination of Participant's employment with the
     Corporation to the extent set forth in Section 6 below and upon the breach
     of any restrictions, terms or conditions of this Agreement.

     Once any portion of Participant's Restricted Stock award has become vested
under Section 3, the newly vested shares shall no longer be subject to the
preceding restrictions, and shall no longer be considered to be Restricted
Stock.

     (b) Any attempt to dispose of Restricted Stock in a manner contrary to the
restrictions set forth in this Agreement shall be ineffective.

     3.   When Restrictions Lapse.
          -----------------------

     The Restricted Stock shall vest and the restrictions set forth in this
Agreement shall lapse with respect to 33% of the Restricted Stock on September
20, 2001, and with respect to an additional 33% of the Restricted Stock on each
successive September 20, thereafter (on a cumulative basis), provided that
Participant is employed by the Corporation or a Subsidiary at the end of the
applicable month. Notwithstanding the foregoing, in the event of an Acceleration
Event (as such term is defined in that certain Incentive Stock Option Agreement
of even date herewith), Participant's vesting in all of the Restricted Stock
shall be immediately accelerated as to all of the Restricted Stock and the
restrictions set forth in this Agreement shall immediately lapse as to all of
the Restricted Stock.

                                      -2-
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     4.   Issuance of Stock Certificates for Shares.
          -----------------------------------------

     The stock certificate or certificates representing the Restricted Stock
shall be issued promptly following the execution of this Agreement, and shall be
delivered to the Corporate Secretary or such other custodian as may be
designated by the Corporation, to be held until the restrictions have lapsed
under Section 3. Such stock certificate or certificates shall bear the following
legend:

          The transferability of this certificate and the shares of stock
          represented hereby are subject to the terms and conditions (including
          forfeiture) of a Restricted Stock Agreement entered into between the
          registered owner and SBA Communications Corporation. A copy of such
          Agreement is on file in the offices of, and will be made available for
          a proper purpose by, the Corporate Secretary of SBA Communications
          Corporation.

Once the restrictions imposed by this Agreement have lapsed with respect to any
portion of the Restricted Stock, upon the written request of Participant, a
stock certificate or certificates for such portion of the Restricted Stock shall
be returned and exchanged for new stock certificates without the foregoing
legend for the newly vested portion of the Restricted Stock. Upon the written
request of Participant, the certificates representing the newly vested shares
shall be delivered to Participant (or to the person to whom the rights of
Participant shall have passed by will or the laws of descent and distribution)
promptly after the date on which the restrictions imposed on such shares by this
Agreement have lapsed but not before Participant has made any tax payment to the
Corporation or made other arrangements for tax withholding, as required by
Section 5. Once the restrictions imposed by this Agreement have lapsed with
respect to all of the Restricted Stock, all certificates held by the Corporation
representing the vested shares shall be delivered promptly to Participant (or to
the person to whom the rights of Participant shall have passed by will or the
laws of descent and distribution), provided that Participant has made any tax
payment to the Corporation or made other arrangements for tax withholding, as
required by Section 5.

     5.   Tax Withholding.
          ---------------

     Whenever the restrictions on Participant's rights to some or all of the
Restricted Stock lapse under Section 3 of this Agreement, the Corporation shall
notify Participant of the amount of tax which must be withheld by the
Corporation under all applicable federal, state and local tax laws. Participant
agrees to make arrangements with the Corporation to (a) remit a cash payment of
the required amount to the Corporation, (b) to authorize the deduction of such
amounts from Participant's compensation or (c) transfer to the Corporation
shares of such Restricted Stock with a fair market value equal to the sums
required to be withheld.

     6.   Forfeiture On Termination of Employment.
          ---------------------------------------

     If the Participant's employment with the Corporation or Subsidiary is
terminated for any reason, either by the Corporation or Participant, during the
term of this Agreement, other than with respect to any Acceleration Event as
contemplated by Section 3, any Restricted Stock remaining subject to the
restrictions imposed by this Agreement shall be forfeited.

                                      -3-
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     7.   Securities Laws.
          ---------------

     The Corporation may from time to time impose any conditions on the transfer
of the Restricted Stock as it reasonably deems necessary or advisable to ensure
that any transfers of the Restricted Stock granted hereunder will satisfy the
applicable requirements of federal and state securities laws. Such conditions to
satisfy applicable federal and state securities laws may include, without
limitation, the partial or complete suspension of the right to transfer the
Restricted Stock until the Restricted Stock have been registered under the
Securities Act of 1933 or the printing of legends on stock certificates.

     Participant hereby represents, warrants and agrees as follows, and
acknowledges that the Corporation is relying on the same in issuing the
Restricted Stock:

          A. No Representations. Participant is entering into this Agreement
             ------------------
     solely on the basis of his own familiarity with the Corporation and all
     relevant factors about the Corporation's affairs, and the Corporation has
     made no express or implied representations, covenants or warranties to
     Participant with respect to such matters.

          B. Counsel. Participant has read this Agreement and has been advised
             -------
     or has had the opportunity to be advised by his own legal counsel as to the
     consequences of entering into this Agreement.

          C. Access. Participant has had access to all documents, records and
             ------
     books pertaining to the Corporation or in any way relevant to the purchase
     of the Restricted Stock and has the opportunity to ask questions of, and
     receive answers from, the Corporation and its officers and directors
     concerning the terms and conditions of the transactions contemplated by
     this Agreement.

          D. Sophistication. Participant has knowledge and experience in
             --------------
     financial and business matters so as to be capable of evaluating the merits
     and risks of an investment in the Restricted Stock and has not utilized any
     other person to be his personal representative in connection with
     evaluating such merits and risks.

          E. Investment Intent. Participant is acquiring the Restricted Stock
             -----------------
     for his own account with investment intent and not with a view to the
     resale or distribution of all or any part of such shares.

          F. Restrictions. Participant agrees that the Corporation may impose
             ------------
     additional restrictions on the sale, pledge or other transfer of the
     Restricted Stock if, in the sole discretion of the Corporation and its
     counsel, such restrictions are necessary and desirable in order to achieve
     compliance with the provisions of Federal or state securities laws.

     8.   No Effect on Employment.
          -----------------------

     Neither this Agreement nor the Restricted Stock granted hereunder shall
confer upon Participant any right to continued employment with the Corporation
or any Subsidiary, and the parties agree that such matters and the Corporation's
or such Subsidiary's right to terminate such

                                      -4-
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employment are governed by that certain Employment Agreement of even date
herewith while such Employment Agreement is in effect.

     9.   Miscellaneous.
          -------------

     (a) This Agreement may be executed in one or more counterparts, all of
which taken together will constitute one and the same instrument.

     (b) The terms of this Agreement may only be amended, modified or waived by
a written agreement executed by both of the parties hereto.

     (c) The validity, performance, construction and effect of this Agreement
shall be governed by the laws of the State of Florida, without giving effect to
principles of conflicts of law.

     (d) This Agreement and that certain Employment Agreement and Incentive
Stock Option Agreement, each of even date herewith, constitute the entire
agreement between the parties hereto with respect to the transactions
contemplated herein and therein.

     (e) Except as otherwise herein provided, this Agreement shall be binding
upon and shall inure to the benefit of the Corporation, its successors and
assigns, and of Participant and Participant's personal representatives.

     (f) If any civil action or other legal proceeding arising out of or related
to this Agreement is brought for the enforcement of this Agreement, or because
of an alleged dispute, breach, default or misrepresentation in connection with
any provision of this Agreement, the successful or prevailing party or parties
shall be entitled to recover reasonable attorneys' fees, sales and use taxes,
court costs and all expenses even if not taxable as court costs (including,
without limitation, all such fees, taxes, costs and expenses incident to
arbitration, appellate, bankruptcy and post-judgment proceedings), incurred in
that civil action or legal proceeding, in addition to any other relief to which
such party or parties may be entitled. Attorneys' fees shall include, without
limitation, paralegal fees, investigative fees, administrative costs, sales and
use taxes and all other charges billed by attorney to the prevailing party.

     IN WITNESS WHEREOF, the parties have executed this Agreement on the date
and year first above written.

ATTEST:                             SBA COMMUNICATIONS CORPORATION

                                    By:
-------------------------              ------------------------------
Corporate Secretary                    Jeffrey A. Stoops, President

Witness:                            PARTICIPANT

------------------------            ---------------------------------
                                    THOMAS P. HUNT

                                      -5-<PAGE>

                                                                   Exhibit 10.29

                              EMPLOYMENT AGREEMENT
                              --------------------

     THIS EMPLOYMENT AGREEMENT between SBA COMMUNICATIONS CORPORATION, a Florida
corporation with its principal place of business at One Town Center Road, Boca
Raton, Florida (the "Company") and THOMAS P. HUNT ("Hunt"), is made and entered
into as of this 5th day of September, 2000.

                              W I T N E S S E T H:
                              -------------------

     WHEREAS, the Company and its subsidiaries engage in the business of
developing, leasing and maintaining wireless telecommunications tower sites; and

     WHEREAS, Hunt and the Company wish to provide for the employment of Hunt by
the Company on the terms and conditions set forth in this Agreement.

     NOW, THEREFORE, it is hereby agreed by and between the parties as follows:

     1. EMPLOYMENT. The Company hereby agrees to employ Hunt and Hunt hereby
        ----------
agrees to be employed by the Company on the terms and conditions set forth
herein.

     2. TERM. The initial term of employment of Hunt by the Company hereunder
        ----
shall commence as of September 20, 2000 and shall end September 19, 2001 (the
"Initial Term"), unless sooner terminated as hereinafter provided. At the end of
the Initial Term, Hunt's employment pursuant to this Agreement shall be extended
automatically for successive one (1) year terms of employment, unless either the
Company or Hunt notifies the other party in writing at least ninety (90) days
prior to the end of the Initial or any later Term of an intention not to renew
this Agreement, in which case this Agreement will terminate at the end of such
Term. All references herein to the "Term" shall refer to both such Initial Term
and any such successive Terms.

     3. POSITION AND DUTIES. Hunt shall initially serve as a Senior Vice
        -------------------
President and the General Counsel of the Company. Hunt shall generally perform
the duties of a general counsel for the Company and shall have such specific
responsibilities, titles, positions, duties and authorities as shall from time
to time be assigned by the President, Chief Executive Officer or the Board of
Directors of the Company. Hunt shall devote substantially all his working time
and efforts to the business and affairs of the Company and its subsidiaries.

     4. COMPENSATION AND RELATED MATTERS.
        --------------------------------

          (a) Salary. During the period of employment hereunder, Hunt shall be
              ------
paid an annual salary at a rate determined by the President, Chief Executive
Officer or the Board of Directors of the Company of not less that $225,000 per
annum (the "Base Salary"). The Base Salary shall be paid in monthly or
semi-monthly installments as shall be the practice of the Company, and may be
paid by the Company or any of its subsidiaries (although it is the Company's
obligation to ensure such Base Salary is paid). Compensation of Hunt by payments
of Base Salary shall not be deemed exclusive and shall not prevent Hunt from
participating in
<PAGE>

any other compensation or benefit plan of the Company or its subsidiaries. The
Board of Directors, Chief Executive Officer or President of the Company, in its
or his sole discretion, may from time to time authorize increases in the Base
Salary.

          (b) Bonuses. In addition to the Base Salary payable to Hunt hereunder,
              -------
Hunt shall be entitled to receive a bonus hereunder for each calendar year
(prorated for periods of services less than a full calendar year, including any
final year of service) to the extent earned in accordance with performance
targets, measurements and such other criteria as shall be established for such
year by the President, Chief Executive Officer or Board of Directors of the
Company on or before one (1) month after the date hereof and thereafter on or
before March 31 of such year. The annual amount of bonus potential pursuant to
this Section 4(b) shall not be less than 50% of the Base Salary paid to Hunt,
and the bonus shall be payable by March 31 of the succeeding calendar year or
thirty (30) days following termination of employment.

          (c) Expenses. During the Term of Hunt's employment, Hunt shall be
              --------
entitled to receive payment or reimbursement for all reasonable expenses
incurred by Hunt in performing services hereunder, including all expenses of
travel and living expenses while away from home on business or at the request of
and in the service of the Company or its subsidiaries, cell phone expenses and
dues and seminar fees (including, without limitation, the cost of seminars,
educational courses and license fees not to exceed $5,000 per annum necessary
for Hunt to maintain his active status as a Florida licensed attorney at law);
provided that such expenses are incurred and accounted for in accordance with
the policies and procedures then presently established by the Company.

          (d) Other Benefits. Hunt shall immediately be entitled to participate
              --------------
in or receive benefits under any employee benefit plan or arrangement made
available by the Company or its subsidiaries in the future to its executives and
key management employees, subject to and on a basis consistent with the terms,
conditions and overall administration of such plans and arrangements, which
benefits shall include disability insurance for as long as the Company generally
provides disability insurance to its officers. Any payments, bonuses or benefits
payable to Hunt hereunder in respect of any calendar year during which Hunt is
employed by the Company for less than the entire such year shall, unless
otherwise provided in the applicable plan or arrangement, be prorated in
accordance with the number of days in such calendar year during which he is so
employed.

          (e) Group or Family Medical Coverage. The Company shall immediately
              --------------------------------
cause to be provided at its expense group or family medical insurance coverage
to Hunt and his dependents under a plan for employees of the Company and such
plan shall include reasonable coverage for medical, hospital, surgical and major
medical expenses and shall be subject to such deductibles as applicable to other
Company employees.

          (f) Binding Guarantee. If the value of all vested options granted or
              -----------------
restricted stock issued to Hunt (including any restricted stock issued or
options granted subsequent to commencement of employment) (a) at September 19,
2003, or (b) on an Acceleration Event (as defined in that certain Incentive
Stock Option Agreement dated as of the date hereof), is not worth One Million
($1,000,000) dollars, then the Company will pay to Hunt (within 30 days

                                       2
<PAGE>

following the occurrence of such event) the difference at its option in cash or
freely-tradeable shares of SBA Class A Common Stock at that time. The "value" of
Hunt's options shall be the greater of (1) the gross amount realized by Hunt
upon a sale of the shares less the option exercise price, or (2) the amount
determined by the average closing price per share during the two non-blackout
periods in which Hunt otherwise could have sold shares immediately prior to
October 4, 2003 or the Acceleration Event, less the average exercise price of
Hunt's options calculated as if Hunt had not exercised any options or sold any
shares during the period between the date of this Agreement and the applicable
date. This Section 4(f) shall survive any termination of this Agreement.

     5. LEGAL REQUIREMENTS. Both Hunt and the Company agree that all legal
        ------------------
requirements shall be met with respect to United States Federal and foreign (if
applicable) withholding tax requirements, compensation income and the like.

     6. TERMINATION. Unless otherwise agreed to in writing by the Company and
        -----------
Hunt, Hunt's employment hereunder may be terminated under the following
circumstances:

          (a) Death. Hunt's death.
              -----

          (b) Disability. If, as a result of Hunt's incapacity due to physical
              ----------
or mental illness (such incapacity being determined by the Company in its
reasonable discretion), shall have been absent from his full-time duties as
described hereunder for the entire period of six (6) consecutive months, the
Company may terminate Hunt's employment hereunder.

          (c) Cause.
              -----

               (i) The Company may terminate Hunt's employment hereunder for
Cause. For purposes of this Agreement, "Cause" shall mean that (i) Hunt is
convicted of a felony which, in the reasonable determination of the Company,
would have a material adverse effect on Hunt's ability to perform his duties
hereunder or on the business or reputation of the Company; (ii) Hunt has
exhibited gross misconduct resulting in material harm to the Company, its
business or reputation; (iii) Hunt has willfully misappropriated Company assets
or has otherwise willfully defrauded the Company, including without limitation
by fraud, theft, embezzlement, or breach of a fiduciary duty involving personal
profit; (iv) Hunt has intentionally failed to perform his duties hereunder; or
(v) there has been a material breach of any material provision of this
Agreement. For the purposes of this Section 6(c)(i), no act or failure to act on
Hunt's part shall be considered "willful" unless done, or omitted to be done, by
him not in good faith and without reasonable belief that his action or omission
was in the best interests of the Company.

               (ii) Notwithstanding the foregoing, any termination of Hunt shall
not be considered a termination for Cause pursuant to this Section 6(c), and
shall be considered a termination Without Cause pursuant to Section 6(d) hereof,
if such termination is effected without: (1) reasonable notice to Hunt setting
forth the reasons for the Company's intention to terminate for Cause; (2) an
opportunity for Hunt to cure the matter constituting "Cause" within a reasonable
period of time; (3) an opportunity for Hunt, together with his counsel, to be
heard

                                       3
<PAGE>

before the Board of Directors of the Company; and (4) delivery to Hunt of a
Notice of Termination as provided for in Section 8 hereof from the Board of
Directors of the Company finding that in the good faith opinion of the Board of
Directors of the Company Hunt was guilty of conduct set forth above in clause
(i), and specifying the particulars thereof in detail.

          (d) Without Cause. Any termination of Hunt by the Company (including
              -------------
any action which is deemed a termination of Hunt pursuant to Section 6(f)
hereof), other than a termination pursuant to Section 6(a)-(c) hereof, shall be
deemed a termination Without Cause.

          (e) Termination by Hunt. Hunt may terminate this Agreement (i) due to
              -------------------
Hunt's retirement; provided that Hunt provide the Company with thirty (30) days
written notice, pursuant to Section 8(a), prior to the effective date of such
retirement, as shall be stated in such notice, and (ii) for any reason other
than Hunt's retirement; provided that Hunt provide the Company with sixty (60)
days written notice prior to the effective date of such termination, as shall be
stated in such notice.

          (f) Other Events of Termination. The following circumstances shall
              ---------------------------
specifically be deemed a termination Without Cause of Hunt's employment by the
Company:

               (i)   a vote by the Board of Directors to terminate Hunt Without
Cause, as defined in Section 6(d) hereof;

               (ii)  any termination of Hunt's employment which does not satisfy
the requirements of Section 6(c)(ii) or which is not effected pursuant to a
Notice of Termination satisfying the requirements of Section 8(a) hereof;

               (iii) a breach by the Company of this Agreement, and a subsequent
election by Hunt to terminate this Agreement pursuant to Section 6(e) above;

               (iv)  the performance of any other act by the Company which is
designed to prevent and does prevent Hunt from properly performing the
authorities, duties and responsibilities of his employment hereunder; or

               (v)    a Change in Control (as defined below) of the Company.

          (g) Change in Control. For purposes of this Agreement, "Change in
              -----------------
Control" shall be deemed to occur if (i) any "person" as that term is used in
Sections 13 and 14(d)(2) of the Exchange Act), other than Steven E. Bernstein,
is or becomes the beneficial owner (as that term is used in Section 13(d) of the
Exchange Act), directly or indirectly, of twenty-five percent (25%) or more of
the voting stock; or (ii) during any period of two consecutive years,
individuals who at the beginning of such period constitute the Board ceases for
any reason to constitute at least a majority thereof, unless the election or the
nomination for election by the Company's shareholders of each new director was
approved by a vote of at least three-quarters of the directors then still in
office who were directors at the beginning of the period. Any merger,
consolidation or corporate reorganization in which the owners of the Company's
capital stock entitled to vote in the election of directors ("Voting Stock")
prior to said combination own fifty percent (50%) or more of the resulting
entity's Voting Stock shall not, by itself, be considered a Change in Control.

                                       4
<PAGE>

     7. COMPENSATION UPON TERMINATION
        -----------------------------

          (a) If Hunt's employment is terminated for any reason pursuant to
Section 6(d) or Section 6(f) hereof, the Company shall be obligated to pay to
Hunt a severance payment in an amount equal to the Base Salary plus the then
current minimum cash bonus potential, such payment to be made in a lump sum on
or before the fifth day following the Date of Termination; provided, however,
                                                           --------  -------
that if the lump sum severance payment under this Section 7(a), either alone or
together with other payments which Hunt has the right to receive from the
Company, would constitute a "parachute payment" (as defined in Section 280G of
the Internal Revenue Code of 1986, as amended (the "Code")), such lump sum
severance payment shall be reduced to the largest amount as will result in no
portion of the lump sum severance payment under this Section 7(a) being subject
to the excise tax imposed by Section 4999 of the Code. The determination of any
reduction in the lump sum severance payment under this Section 7(a) pursuant to
the foregoing provision shall be made by independent counsel to the Company in
consultation with the independent certified public accounts of the Company. In
addition to the foregoing, the Company shall be obligated to pay to Hunt all
amounts accrued hereunder and otherwise, through and including the Date of -
Termination, whether such amounts were payable prior to the Date of Termination
or thereafter, and Hunt shall be entitled to receive any extension of benefits
beyond the Date of Termination, provided that (i) such benefits were received by
Hunt prior to the Date of Termination and (ii) such extension is customarily
offered by the Company to its employees or is otherwise required by applicable
law.

          (b) If Hunt's employment is terminated pursuant to Sections 6(a),
6(b), 6(c) or 6(e) hereof, on and after the Date of Termination the Company
shall no longer be obligated to pay Hunt any amounts payable hereunder for such
period, whether in the form of Base Salary or otherwise, and Hunt shall have no
right to compensation or other benefits hereunder for any such period.
Notwithstanding the foregoing, the Company shall be obligated to pay to Hunt all
amounts accrued hereunder and otherwise, through and - including the Date of
Termination, whether such amounts were payable prior to the Date of Termination
or thereafter, and Hunt shall be entitled to receive any extension of benefits
beyond the Date of Termination, provided that (i) such benefits were received by
Hunt prior to the Date of Termination and (ii) such extension is customarily
offered by the Company to its employees or is otherwise required by applicable
law.

          (c) Notwithstanding the foregoing or anything contained herein to the
contrary, in no event shall the total amount of payments made under this Section
7 of this Agreement on account of termination under Section 6(f)(v) hereof
exceed three times the "base amount" minus one dollar. "Base Amount" means the
average annualized compensation income from the Company includible in Hunt's
gross income for Federal income tax purposes over the five-year period (or such
lesser period as Hunt shall have been employed) preceding the year in which
Hunt's employment is terminated. This paragraph, and the language therein, shall
be interpreted consistently with Section 280G of the Internal Revenue Code of
1986, as amended, and any regulations thereunder.

          (d) The foregoing provisions shall be in addition to, and not in
limitation of, Hunt's rights to exercise stock options granted to him or sell
any restricted stock issued to him and Hunt's rights under Section 4(f) in
connection therewith.

                                       5
<PAGE>

     8. NOTICE OF TERMINATION AND EFFECTIVE DATE.
        ----------------------------------------

          (a) Any termination of Hunt's employment by the Company or by Hunt
(other than termination pursuant to Section 6(a) hereof) shall be communicated
by written Notice of Termination to the other party hereto. For purposes of this
Agreement, a "Notice of Termination" shall mean a notice which shall (i)
indicate the specific termination provisions in this Agreement relied upon; (ii)
set forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of Hunt's employment under the provision so indicated; and
(iii) contain any other information required by this Agreement.

          (b) For purposes of this Agreement, "Date of Termination" shall mean:
(i) if Hunt's employment is terminated by his death, the date of his death; (ii)
if Hunt's employment is terminated pursuant to Section 6(b) hereof, the
expiration of six (6) consecutive months of Hunt's incapacity due to physical or
mental illness, as set forth in Section 6(b) hereof (provided that Hunt shall
not have returned to the performance of his duties on a full-time basis during
such six (6) month period); (iii) if Hunt's employment is terminated pursuant to
Section 6(c) or 6(d) hereof, the date that the Notice of Termination is
communicated to Hunt pursuant to Section 8(a) hereof; (iv) if Hunt's employment
is terminated pursuant to Section 6(e) hereof, the termination date stated in
the written notice received by the Company; or (v) if deemed terminated pursuant
to Section 6(f) hereof, the date of such action which is deemed a termination of
Hunt by the Company.

     9. RESTRICTIVE COVENANT. Upon any cessation of employment hereunder other
        --------------------
than one pursuant to Sections 6(d) or 6(f), Hunt agrees that for the period
commencing on the Date of Termination and ending on the date which is one (1)
year from the Date of Termination, Hunt will not, directly or indirectly:

               (i)   engage in any trade or business directly competitive with
that of the Company or any of its subsidiaries, anywhere in the United States or
such other country or countries in which the Company actively engages in its
trade or business as of the Date of Termination (the "Territory");

               (ii)  become associated as a manager, supervisor, employee,
consultant, advisor, control shareholder (either individually or as part of an
affiliated group), or otherwise of any person, corporation or entity engaging in
any trade or business directly competitive with the Company or any of its
subsidiaries anywhere in the Territory;

               (iii) call upon any client or clients of the Company or any of
its subsidiaries for the purpose of selling or soliciting for any person,
corporation or entity, other than the Company or its subsidiaries, sales of any
products, processes, or services directly competitive with those of the Company
within the Territory;

               (iv)  divert, solicit or take away any such client or clients of
the Company or any of its subsidiaries for the purpose of selling any products
or services directly competitive with those of the Company or any of its
subsidiaries; and service any contracts or accounts relating to any products or
services directly competitive with those of the Company or

                                       6
<PAGE>

any of its subsidiaries for any person, corporation or entity other than the
Company or any of its subsidiaries; or

               (v)   induce, influence, combine or conspire with, or attempt to
induce, influence, combine or conspire with, any of the officers or employees of
the Company to terminate his or her employment with or to directly compete
against the Company, any of its present or future subsidiaries, or any of the
Company's present or future affiliates about which Hunt obtained any knowledge
of the business or operation of such affiliate during the Term of this
Agreement.

The provisions of this Section 9 shall not apply to Hunt in the event of a
termination of employment hereunder pursuant to Sections 6(b), 6(d) or 6(f) or
the Company electing not to renew any Term. The provisions of this Section 9
shall not preclude Hunt after the Date of Termination from engaging in the
practice of law as a shareholder, partner or employee of a law firm regardless
of whether he provides legal services to a person or entity which engages in a
trade or business competitive with that of the Company or any of its
subsidiaries. Should any of the time periods or the geographic area set forth in
this Section 9 be held to be unreasonable by any court of competent subject
matter jurisdiction, the parties hereto agree to petition such court to reduce
the time period or geographic area to the maximum permitted by governing law.

     10. CONFIDENTIALITY.
         ---------------

          (a) In the course of this employment, the Company or any of its
subsidiaries may disclose or make known to Hunt, and Hunt may be given access to
or may become acquainted with, certain information, trade secrets or both,
including but not limited to confidential information and trade secrets
regarding tapes, computer programs, designs, skills, procedures, formulations,
methods, documentation, drawings, facilities, customers, policies, marketing,
pricing, customer lists and leads, and other information and know-how, all
relating to or useful in the Company's business or the business of its
subsidiaries and/or affiliates (collectively, the "Information"), and which the
Company considers proprietary, desires to maintain confidential and is not in
the public domain. During the Term of this Agreement and at all times
thereafter, Hunt shall not in any manner, either directly or indirectly,
divulge, disclose or communicate to any person or firm, (except to or for the
Company's benefit as directed by the Company or as required by law, regulation,
subpoena, court order or the rules governing Hunt as a Florida attorney), any of
the Information which he may have acquired in the course of or as an incident to
his employment by the Company, the parties agreeing that such information
affects the successful and effective conduct of the Company's business and its
goodwill, and that any breach of the terms of this Section 10 is a material
breach of this Agreement.

          (b) All equipment, documents, memoranda, reports, records, files,
materials, samples, books, correspondence, lists, other written and graphic
records, and the like (collectively, the "Materials") affecting or relating to
the business of the Company or of its subsidiaries and/or affiliates, which Hunt
shall prepare, use, construct, observe, possess or control shall be and remain
the Company's sole property or in the Company's exclusive custody, and must not
be removed from the premises of the Company except as directed by the Company's
President, Chief Executive Officer or Board of Directors in writing. Promptly
upon termination of the Agreement, of Hunt's employment hereunder for any
reason, or otherwise

                                       7
<PAGE>

upon request of the President or Chief Executive Officer of the Company, the
Information, the Materials and all copies thereof in the custody or control of
Hunt shall be delivered to the Company.

     11. NOTICE. All notices, requests, consents and other communications
         ------
required or permitted under this Agreement shall be in writing (including
electronic transmission) and shall be (as elected by the person giving such
notice) hand delivered by messenger or courier service, electronically
transmitted, or mailed (airmail if international) by registered or certified
mail (postage prepaid), return receipt requested, addressed to:

       If to the Executive:               Thomas P. Hunt

       If to the Company:                 SBA Communications Corporation
                                          One Town Center Road, 3rd Floor
                                          Boca Raton, FL 33486
                                          Attn: President

or to such other address as any party may designate by notice complying with the
provisions of this Section. Each such notice shall be deemed delivered (a) on
the date delivered if by personal delivery; (b) on the date of transmission with
confirmed answer back if by electronic transmission; and (c) on the date upon
which the return receipt is signed or delivery is refused or the notice is
designated by the postal authorities as not deliverable, as the case may be, if
mailed.

     12. AMENDMENTS. The provisions of this Agreement may not be amended,
         ----------
supplemented, waived or changed orally, but only by a writing signed by the
party as to whom enforcement of any such amendment, supplement, waiver or
modification is sought and making specific reference to this Agreement.

     13. ASSIGNMENTS. No party shall assign his or its rights and/or obligations
         -----------
under this Agreement without the prior written consent of each other party to
the Agreement.

     14. COUNTERPARTS. This Agreement may be executed in one or more
         ------------
counterparts, each of which shall be deemed an original, but all of which taken
together shall constitute one and the same instrument. Confirmation of execution
by electronic transmission of a facsimile signature page shall be binding upon
any party so confirming.

     15. ENFORCEMENT COSTS. If any civil action or other legal proceeding
         -----------------
arising out of or related to this Agreement is brought for the enforcement of
this Agreement, or because of an alleged dispute, breach, default or
misrepresentation in connection with any provision of this Agreement, the
successful or prevailing party or parties shall be entitled to recover
reasonable attorneys' fees, sales and use taxes, court costs and all expenses
even if not taxable as court costs (including, without limitation, all such
fees, taxes, costs and expenses incident to arbitration, appellate, bankruptcy
and post-judgment proceedings), incurred in that civil action or

                                       8
<PAGE>

legal proceeding, in addition to any other relief to which such party or parties
may be entitled. Attorneys' fees shall include, without limitation, paralegal
fees, investigative fees, administrative costs, sales and use taxes and all
other charges billed by attorney to the prevailing party.

     16. EQUITABLE REMEDIES. Hunt acknowledges that the services to be rendered
         ------------------
by Hunt hereunder are extraordinary and unique and are vital to the success of
the Company, and that damages at law would be an inadequate remedy for any
breach or threatened breach of this Agreement by Hunt. Therefore, in the event
of a breach or threatened breach by Hunt of any provision of this Agreement, the
Company shall be entitled, in addition to all other rights or remedies, to an
injunction restraining such breach, without the Company being required to show
any actual damage or to post an injunction bond.

     17. GOVERNING LAW. This Agreement and all transactions contemplated by this
         -------------
Agreement shall be governed by, and construed and enforced in accordance with,
the laws of the State of Florida.

     18. JURISDICTION AND VENUE. The parties acknowledge that a substantial
         ----------------------
portion of the negotiations, anticipated performance and execution of this
Agreement occurred or shall occur in Palm Beach County, Florida. Any civil
action or legal proceeding arising out of or relating to this Agreement shall be
brought in the courts of record of the State of Florida in Palm Beach County or
the United States District Court, Southern District of Florida, West Palm Beach
Division. Each party consents to the jurisdiction of such court in any such
civil action or legal proceeding and waives any objection to the laying of venue
of any such civil action or legal proceeding in such court. Service of any court
paper may be effected on such party by mail, as provided in this Agreement, or
in such other manner as may be provided under applicable laws, rules of
procedure or local rules.

     19. THIRD PARTIES. Unless expressly stated herein to the contrary, nothing
         -------------
in this Agreement, whether express or implied, is intended to confer any rights
or remedies under or by reason of this Agreement on any persons other than the
parties hereto and their respective administrators, executors, other legal
representatives, heirs, successors and permitted assigns. Nothing is this
Agreement is intended to relieve or discharge the obligation or liability of any
third persons to any party to this Agreement, nor shall any provision give any
third person any right of subrogation or action over or against any party to
this Agreement.

     20. SEVERABILITY. If any provision of this Agreement or any other agreement
         ------------
entered into pursuant hereto is contrary to, prohibited by or deemed invalid
under applicable law or regulation, such provision shall be inapplicable and
deemed omitted to the extent so contrary, prohibited or invalid, but the
remainder hereof shall not be invalidated thereby and shall be given full force
and effect so far as possible. If any provision of this Agreement may be
construed in two or more ways, one of which would render the provision invalid
or otherwise voidable or unenforceable and another of which would render the
provision valid and enforceable, such provision shall have the meaning which
renders it valid and enforceable.

     21. ENTIRE AGREEMENT. This Agreement and the other documents executed by
         ----------------
the parties in connection herewith (including that certain Incentive Stock
Option Agreement and Restricted Stock Agreement) represent the entire
understanding and agreement between the

                                       9
<PAGE>

parties with respect to the subject matter hereof, and supersedes all other
negotiations, understandings and representations (if any) made by and between
such parties.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
and year first above written.

                                           SBA COMMUNICATIONS CORPORATION

                                           By: _______________________________
                                                    Jeffrey A. Stoops, President

                                           -----------------------------------
                                                    THOMAS P. HUNT

                                      10

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