Document:

Exhibit 10.66B

 Exhibit 10.66B 
 SECOND AMENDMENT 
 SECOND AMENDMENT, dated as of April 13, 2009 (this
“Amendment”), to the Credit Agreement, dated as of January 18, 2008, as amended by the First Amendment dated as of July 18, 2008 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among SBA Senior Finance, Inc. (the “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), Toronto Dominion (Texas) LLC,
as administrative agent (in such capacity, the “Administrative Agent”) and the other agents parties thereto. 
 W
I T N E S S E T H: 
 WHEREAS, the Borrower, SBA Telecommunications, Inc.
(“Holdings”) and SBA Communications Corporation (the “Parent”) have requested that the Lenders agree to effect certain modifications to the Credit Agreement as described herein; and 
 WHEREAS, the Lenders are willing, subject to the terms and conditions set forth herein, to so amend the Credit Agreement. 
 NOW THEREFORE, in consideration of the premises and mutual covenants hereinafter set forth, the parties hereto agree as follows: 
 SECTION 1. Definitions. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to
them in the Credit Agreement. 
 SECTION 2. Amendment of the Credit Agreement. The Credit Agreement is hereby amended, effective as of
the Second Amendment Effective Date (as defined below), as follows: 
 Amendments to Section 1.1. Section 1.1 of the Credit
Agreement is hereby amended as follows: 
 (a) by inserting the following new definition in appropriate alphabetical order:

 “Refinancing”: a refinancing, including with respect to the Convertible Senior Notes the issuance of
Indebtedness, a portion of the cash proceeds of which in an amount not less than the principal amount, from time to time, of the Convertible Senior Notes not held by a Loan Party at such time and the interest accruing thereon from the date of
issuance of such Indebtedness to December 1, 2010 (such portion, the “Convertible Senior Notes Deposit Amount”) are deposited and maintained (and which the Loan Parties agree to maintain so long as any Convertible Senior Notes
remain outstanding) with U.S. Bank National Association (or any successor thereto as trustee under the Convertible Senior Notes Indenture) or another financial institution reasonably acceptable to the Administrative Agent (the “Deposit
Agent”) pursuant to an account control agreement reasonably acceptable to the Administrative Agent (a) providing for irrevocable payment instructions by the Parent to the Deposit Agent that, so long as any Obligations remain
outstanding or the Revolving Credit 

 
Commitment remains in effect, the Convertible Senior Notes Deposit Amount shall be applied only to the payment in full of the principal of and accrued
interest on the Convertible Senior Notes and pending such application shall be invested in Cash Equivalents and (b) containing a customary waiver by the Deposit Agent of set-off rights with respect to the Convertible Senior Notes Deposit
Amount. 
 (b) by adding the following language at the end of the definition of Consolidated Total Net Debt: 
 “and the Convertible Senior Notes Deposit Amount” 
 (c) by deleting the word “refinancings” in the definition of Revolving Credit Termination Date and substituting in lieu thereof
the word “Refinancings”. 
 SECTION 3. Effectiveness. This Amendment shall become effective as of the date (the
“Second Amendment Effective Date”) on which the following conditions have been satisfied: 
 (a) The
Administrative Agent (or its counsel) shall have received duly executed and completed counterparts hereof (in the form provided and specified by the Administrative Agent) that, when taken together, bear the signatures of (x) the Borrower and
(y) the Required Lenders. 
 (b) To the extent invoiced, the Administrative Agent shall have received payment or
reimbursement of its reasonable out-of-pocket costs and expenses in connection with this Amendment and any other out-of-pocket costs or expenses of the Administrative Agent required to be paid or reimbursed pursuant to the Credit Agreement,
including the reasonable fees, charges and disbursements of counsel for the Administrative Agent. 
 (c) No Default or Event
of Default shall have occurred and be continuing under the Credit Agreement. 
 (d) All representations and warranties set
forth in Section 4 of the Credit Agreement shall be true and correct in all material respects, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall
have been true and correct in all material respects as of such earlier date). 
 SECTION 4. Representations and Warranties. To induce
the other parties hereto to enter into this Amendment, the Borrower hereby represents and warrants to each of the Lenders that each of the representations and warranties set forth in Section 4 of the Credit Agreement are true and correct in all
material respects on and as of the Second Amendment Effective Date with the same effect as though made on and as of the Second Amendment Effective Date, except to the extent such representations and warranties expressly relate to an earlier date (in
which case such representations and warranties were true and correct in all material respects as of such earlier date). 
  

 2 

 SECTION 5. Effect of Amendment. 
 5.1. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect
the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements
contained in the Credit Agreement or any other provision of the Credit Agreement or of any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and affect. Nothing herein shall be deemed to
entitle the Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different
circumstances. 
 5.2. On and after the Second Amendment Effective Date, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof”, “herein”, or words of like import, and each reference to the Credit Agreement in any other Loan Document shall be deemed a reference to the Credit Agreement as amended hereby.
This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 
 SECTION
6. General. 
 6.1. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK. 
 6.2. Costs and Expenses. The Borrower agrees to reimburse the Administrative Agent for its reasonable
out-of-pocket costs and expenses in connection with this Amendment, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent. 
 6.3. Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but one and the same instrument. Delivery of any executed counterpart of a signature page of this Amendment by facsimile or electronic transmission shall be as effective as delivery of a
manually executed counterpart hereof. 
 6.4. Headings. The headings of this Amendment are for purposes of reference only and shall
not limit or otherwise affect the meaning hereof. 
 [remainder of page intentionally left blank] 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by
their respective duly authorized officers as of the day and year first above written. 
  

			
	SBA SENIOR FINANCE, INC.
		
	By:	 	 /s/ Thomas P. Hunt

	Name:	 	Thomas P. Hunt
	Title:	 	Senior Vice President and General Counsel

			
	 TORONTO DOMINION (TEXAS) LLC, as
 Administrative Agent and as a Lender

		
	By:	 	 /s/ Ian Murray

	Name:	 	Ian Murray
	Title:	 	Authorized Signatory

			
	 CITICORP NORTH AMERICA, INC., as
 Co-Documentation Agent and as a Lender

		
	By:	 	 /s/ Humberto M. Salomon

	Name:	 	Humberto M. Salomon
	Title:	 	Vice President

			
	NAME OF LENDER:
	
	JPMorgan Chase Bank, N.A.
		
	By:	 	 /s/ Christophe Vohmann

	Name:	 	Christophe Vohmann
	Title:	 	Executive Director

			
	NAME OF LENDER:
	
	Wachovia Bank, N.A.
		
	By:	 	 /s/ Scott Suddreth

	Name:	 	Scott Suddreth
	Title:	 	Vice President

			
	NAME OF LENDER:
	
	The Royal Bank of Scotland plc
		
	By:	 	 /s/ Andrew Wynn

	Name:	 	Andrew Wynn
	Title:	 	Managing Director

			
	Deutsche Bank Trust Company, Americas
		
	By:	 	 /s/ Anca Trifan

	Name:	 	Anca Trifan
	Title:	 	Director
		
	By:	 	 /s/ Yvonne Tilden

	Name:	 	Yvonne Tilden
	Title:	 	Director

			
	NAME OF LENDER:
	
	Lehman Commercial Paper Inc.
		
	By:	 	 /s/ Randall Braunfeld

	Name:	 	Randall Braunfeld
	Title:	 	Authorized SignatoryExhibit 10.79

 Exhibit 10.79 
 [Bank Name and Address] 
 April 20, 2009 
 To: SBA Communications Corporation  
 5900 Broken Sound Parkway NW 
 Boca Raton, Florida 33487 
 Attention: Tom Hunt 
 Telephone No.: 
 Facsimile No.: 
  

	 	Re:	Convertible Bond Hedge Transaction 

 The purpose of
this letter agreement (this “Confirmation”) is to confirm the terms and conditions of the Transaction entered into between [Bank Name] (“Bank”) and SBA Communications Corporation (“Counterparty”) on
the Trade Date specified below (the “Transaction”). This letter agreement constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. This Confirmation shall replace any previous
agreements and serve as the final documentation for the Transaction. 
 The definitions and provisions contained in the 1996 ISDA Equity
Derivatives Definitions (the “Equity Definitions”), as published by the International Swaps and Derivatives Association, Inc. (“ISDA”), are incorporated into this Confirmation. In the event of any inconsistency
between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain defined terms used herein have the meanings assigned to them in the Offering Memorandum dated April 20, 2009 (as supplemented, the “Offering
Memorandum”) relating to the USD 450,000,000 principal amount of 4.00% Convertible Senior Notes due 2014, (the “Convertible Notes” and each USD 1,000 principal amount of Convertible Notes, a “Convertible
Note”) issued by Counterparty pursuant to an Indenture to be dated April 24, 2009 between Counterparty and U.S. Bank National Association, as trustee (the “Indenture”). In the event of any inconsistency between the
terms defined in the Offering Memorandum, the Indenture and this Confirmation, this Confirmation shall govern. The parties acknowledge that this Confirmation is entered into on the date hereof with the understanding that (i) definitions set
forth in the Indenture which are also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred to herein will conform to the descriptions thereof in the Offering Memorandum. If any such definitions in
the Indenture or any such sections of the Indenture differ from the descriptions thereof in the Offering Memorandum, the descriptions thereof in the Offering Memorandum will govern for purposes of this Confirmation. The parties further acknowledge
that the Indenture section numbers used herein are based on the draft of the Indenture last reviewed by Bank as of the date of this Confirmation, and if any such section numbers are changed in the Indenture as executed, the parties will amend this
Confirmation in good faith to preserve the intent of the parties. For the avoidance of doubt, references to the Indenture herein are references to the Indenture as in effect on the date of its execution and if the Indenture is amended following its
execution, any such amendment will be disregarded for purposes of this Confirmation unless the parties agree otherwise in writing. 
 Each
party is hereby advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the
Transaction to which this Confirmation relates on the terms and conditions set forth below. 
  

	1.	 This Confirmation evidences a complete and binding agreement between Bank and Counterparty as to the terms of the Transaction to which this Confirmation relates.
This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “Agreement”) as if Bank and Counterparty had executed an agreement in such form (but without any
Schedule) on the Trade Date. In the 

	 	 
event of any inconsistency between provisions of that Agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction to
which this Confirmation relates. The parties hereby agree that no Transaction other than the Transaction to which this Confirmation relates shall be governed by the Agreement. 

  

	2.	The terms of the particular Transaction to which this Confirmation relates are as follows: 

 General Terms: 
  

			
	Trade Date:	  	April 20, 2009
		
	Option Style:	  	“Modified American”, as set forth under “Exercise and Valuation” below
		
	Option Type:	  	Call
		
	Buyer:	  	Counterparty
		
	Seller:	  	Bank
		
	Shares:	  	The Class A common stock of Counterparty, par value USD 0.01 per Share (Exchange symbol “SBAC”)
		
	Number of Options:	  	The number of Convertible Notes in denominations of USD 1,000 principal amount issued by Counterparty on the closing date for the initial issuance of the Convertible Notes. For the avoidance
of doubt, the Number of Options outstanding shall be reduced by each exercise of Options hereunder. In no event will the Number of Options be less than zero.
		
	Option Entitlement:	  	As of any date, a number of Shares per Option equal to the Conversion Rate (as defined in the Indenture, but without regard to any adjustments to the Conversion Rate pursuant to Section
10.03, or to Section 10.04(g) or (h) of the Indenture), for each Convertible Note.
		
	Strike Price:	  	As of any date, an amount in USD, rounded to the nearest cent (with 0.5 cents being rounded upwards), equal to USD 1,000 divided by the Option Entitlement.
		
	Applicable Percentage:	  	[Barclays Bank, PLC - 45%; Citibank, N.A. - 30%; Deutsche Bank AG London - 12.5%; JPMorgan Chase Bank, National Association – 7.5%; Wachovia Capital Markets, LLC –
5%]
		
	Number of Shares:	  	The product of the Number of Options and the Option Entitlement and the Applicable Percentage.
		
	Premium:	  	[ Barclays Bank, PLC - USD 64,840,500.00; Citibank, N.A. - USD 43,227,000.00;Deutsche Bank AG London - USD 18,011,250.00; JPMorgan Chase Bank, National Association – USD 10,806,750.00;
Wachovia Capital Markets, LLC – USD 7,204,500.00]

			
	Premium Payment Date:	  	April 24, 2009
		
	Exchange:	  	The NASDAQ Global Select Market
		
	Related Exchange(s):	  	The principal exchange(s) for options contracts or futures contracts, if any, with respect to the Shares

 Exercise and Valuation: 
  

			
		
	Exercise Date:	  	Each Conversion Date.
		
	Conversion Date:	  	Each “Conversion Date”, as defined in the Indenture, of Convertible Notes (such Convertible Notes, the “Relevant Convertible Notes” for such Conversion
Date).
		
	Required Exercise on Conversion Dates:	  	On each Conversion Date for Relevant Convertible Notes, a number of Options (the “Exercisable Options”) equal to the number of Relevant Convertible Notes in denominations of
USD 1,000 principal amount submitted for conversion on such Conversion Date in accordance with the terms of the Indenture shall be automatically exercised, subject to Notice of Exercise and Notice of Settlement Method below.
		
	Exercise Period:	  	The period from and excluding the Trade Date to and including the Expiration Date.
		
	Expiration Date:	  	The earlier of (x) last day on which any Convertible Notes remain outstanding and (y) the maturity date of the Convertible Notes (the “Convertible Maturity
Date”).
		
	Scheduled Trading Day:	  	As such term is defined in Section 1.01 of the Indenture. Applicable.
		
	Notice of Exercise:	  	Notwithstanding anything to the contrary in the Equity Definitions, in order to exercise any Options,
		
		  	(a) if Physical Settlement applies, Counterparty must notify Bank in writing before 5:00 p.m. (New York City time) on the second Scheduled Trading Day immediately following the Conversion
Date for the Relevant Convertible Notes, which notice shall specify (i) the number of Exercisable Options and (ii) the Conversion Date; and
		
		  	(b) if Low Cash Combination Settlement, High Cash Combination Settlement or Cash Settlement applies, Counterparty must notify Bank in writing before 5:00 p.m. (New York City time) on the
Scheduled Trading Day immediately preceding the scheduled first day of the Settlement Period (as defined in the Indenture) for the Relevant Convertible Notes, which notice shall specify (i) the number of Exercisable Options , (ii) the scheduled
first day of the Settlement Period, and (iii) if Low Cash Combination

			
		  	Settlement or High Cash Combination Settlement applies, the fixed dollar amount per USD 1,000 of the principal amount of the Notes specified by Counterparty pursuant to Section 10.02(b)(3)
(A) of the Indenture (the “Specified Cash Amount”);
		
		  	provided that with respect to Options relating to Relevant Convertible Notes with a Conversion Date on or following the fiftieth (50th) Scheduled Trading Day prior to the Convertible Maturity
Date (the “Final Conversion Period”), such Notice of Exercise need only specify the number of Options being exercised and the Specified Cash Amount, if applicable.

 Settlement Terms: 
  

			
		
	Physical Settlement:	  	Notwithstanding anything to the contrary in the Equity Definitions, means that Counterparty has elected to deliver only Shares to satisfy the Conversion Obligation (as defined in the
Indenture) in connection with the conversion of the Relevant Convertible Notes.
		
	Low Cash Combination Settlement:	  	Means that (i) Counterparty has elected to deliver a combination of Shares and cash to satisfy the Conversion Obligation in connection with the conversion of the relevant Convertible Notes
and (ii) the Specified Cash Amount with respect to such conversion is equal to or less than USD 1,000.
		
	High Cash Combination Settlement:	  	Means that (i) Counterparty has elected to deliver a combination of Shares and cash to satisfy the Conversion Obligation in connection with the conversion of the Relevant Convertible Notes
and (ii) the Specified Cash Amount with respect to such conversion is greater than USD 1,000.
		
	Cash Settlement:	  	Notwithstanding anything to the contrary in the Equity Definitions, means that Counterparty has elected to deliver only cash to satisfy the Conversion Obligation in connection with the
conversion of the Relevant Convertible Notes.
		
	Notice of Settlement Method:	  	Counterparty initially elects Physical Settlement to settle its Conversion Obligation (as defined in the Indenture). If Counterparty chooses to elect a different method of settlement,
Counterparty must notify Bank of the newly chosen settlement method no later than the earlier of (i) 5:00 p.m. (New York City time) on the second Scheduled Trading Day immediately following the Conversion Date for the Relevant Convertible Notes to
which the newly chosen settlement method is going to apply and (ii) 5:00 p.m. (New York City time) on the Scheduled Trading Day immediately preceding the Final Conversion Period; provided that it shall be a condition to Counterparty’s election
of any such newly chosen settlement method that at the time of such election each of Counterparty and its affiliates is not, and Counterparty hereby represents and

			
		  	covenants that at such time neither of them will be, in possession of any material non-public information with respect to Counterparty or the Shares.
		
	Settlement Date:	  	Subject to the delivery of a Notice of Exercise and, to the extent applicable, a Notice of Settlement Method, to Bank, the date Shares and/or cash are required to be delivered with respect to
the Relevant Convertible Notes under the terms of the Indenture.
		
	Delivery Obligation:	  	In lieu of the obligations set forth in Sections 5.1 and 6.1 of the Equity Definitions, and subject to Notice of Exercise and Notice of Settlement Method above, in respect of an Exercise
Date, Bank will deliver to Counterparty, on the related Settlement Date,
		
		  	(a) if Physical Settlement or Low Cash Combination Settlement applies, a number of Shares equal to the product of the Applicable Percentage and the aggregate number of Shares (and cash in
lieu of fractional Shares, if any, resulting from rounding of such aggregate number of Shares based on the VWAP (as defined in the Indenture) on the Conversion Date) that Counterparty would have been obligated to deliver to the holder(s) of the
Relevant Convertible Notes had Counterparty elected to deliver a combination of Shares and cash to satisfy the Conversion Obligation pursuant to Section 10.02(b) of the Indenture and with a Specified Cash Amount of USD 1,000, as determined by the
Calculation Agent; provided that, in the case of Physical Settlement, the number of Shares delivered by Bank to Counterparty on the related Settlement Date shall not be greater than the product of (i) the Applicable Percentage and (ii) the
excess of (x) the aggregate number of Shares that Counterparty is obligated to deliver to the holder(s) of the Relevant Convertible Notes pursuant to Section 10.02(b)(1) of the Indenture over (y) the number of Shares equal to (a) the aggregate
principal amount of the Relevant Convertible Notes divided by (b) the Last Reported Sale Price (as defined in the Indenture) on the final Settlement Period Trading Day (as defined in the Indenture) of the applicable Settlement Period as if
Counterparty elected Low Cash Combination Settlement;
		
		  	(b) if High Cash Combination Settlement applies, (i) a number of Shares equal to the product of the Applicable Percentage and the aggregate number of Shares that Counterparty is obligated to
deliver to the holder(s) of the Relevant Convertible Notes pursuant to Section 10.02(b)(3) of the Indenture and (ii) an amount of cash equal to the product of the Applicable Percentage and the excess, if any, of (A) the amount of cash (including
cash in lieu of fractional Shares, if any, resulting from rounding of such aggregate number of Shares based on the VWAP (as defined in the Indenture and subject to the third immediately following paragraph) on the

			
		  	last day of the relevant Settlement Period) that Counterparty is obligated to deliver to the holder(s) of the Relevant Convertible Notes pursuant to Section 10.02(b)(3) of the Indenture over
(B) the principal amount of the Relevant Convertible Notes being converted on such Conversion Date; and
		
		  	(c) if Cash Settlement Applies, an amount equal to the product of the Applicable Percentage and the excess, if any, of (i) the cash that Counterparty is obligated to deliver to the holder(s)
of the Relevant Convertible Notes pursuant to Section 10.02(b)(2) of the Indenture over (ii) the principal amount of the Relevant Convertible Notes being converted on such Conversion Date (in each case, such Shares and/or cash collectively, the
“Convertible Obligation”);
		
		  	provided that, in all cases, the Delivery Obligation shall be determined excluding any Shares or cash (including cash in lieu of fractional Shares) that Counterparty is obligated to
deliver to holder(s) of the Relevant Convertible Notes as a direct or indirect result of any adjustments to the Conversion Rate pursuant to Section 10.03 or Section 10.04(g) or (h) of the Indenture and any interest payment that Counterparty is
obligated to deliver to holder(s) of the Relevant Convertible Notes. For the avoidance of doubt, in connection with each Exercise Date, if the Daily Conversion Value, as defined in the Indenture, for each of the Settlement Period Trading Days, as
defined in the Indenture, occurring in the relevant Settlement Period that would be applicable if cash settlement applied, is less than or equal to  1/45th of USD 1,000, Bank will have no delivery obligation hereunder in respect of such Exercise Date.
		
		  	Counterparty agrees that if, with respect to any Settlement Period Trading Day during any relevant Settlement Period, the per share volume-weighted average price as displayed under the
heading “Bloomberg VWAP” on Bloomberg page SBAC.UQ <equity> AQR is unavailable, Counterparty and the nationally recognized independent investment banking firm retained by Counterparty pursuant to the definition of VWAP in the
Indenture shall consult with the Calculation Agent to determine the VWAP on such Settlement Period Trading Day.
		
	Notice of Delivery Obligation:	  	As applicable and no later than the later of (a) the relevant Exercise Date and (b) the Exchange Business Day immediately following the last day of the Settlement Period, Counterparty shall
give Bank notice of the final number of Shares and/or the amount of cash comprising the relevant Convertible Obligation; provided that, with respect to any Exercise Date occurring during the Final Conversion Period, Counterparty may provide Bank
with a single notice of the aggregate number of Shares and/or the amount of cash comprising the Convertible Obligations for all such Exercise Dates (it being

			
		  	understood, for the avoidance of doubt, that the requirement of Counterparty to deliver such notice shall not limit Counterparty’s obligations with respect to Notice of Exercise, as set
forth above, in any way).
		
	Settlement Currency:	  	USD
		
	Other Applicable Provisions:	  	The provisions of Sections 6.6, 6.7, 6.8, 6.9 and 6.10 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-Settled” shall be
read as references to “Low Cash Combination Settled” or “High Cash Combination Settled” to the extent Low Cash Combination Settlement or High Cash Combination Settlement is applicable. “Low Cash Combination Settled” or
“High Cash Combination Settled” in relation to any Option means that Low Cash Combination Settlement or High Cash Combination Settlement is applicable to that Option.
		
	Failure to Deliver:	  	Applicable

  

	3.	Additional Terms applicable to the Transaction: 

  

			
	Adjustments applicable to the Transaction:	  	
		
	Potential Adjustment Events:	  	Notwithstanding Section 9.1(e) of the Equity Definitions, a “Potential Adjustment Event” means any occurrence of any event or condition, as set forth in Section 10.04 of the
Indenture that would result in an adjustment to the Conversion Rate of the Convertible Notes; provided that in no event shall there be any adjustment hereunder as a result of an adjustment to the Conversion Rate pursuant to Section 10.03 or
Section 10.04(g) or (h) of the Indenture.
		
	Method of Adjustment:	  	Calculation Agent Adjustment, and means that, notwithstanding Section 9.1(c) of the Equity Definitions, upon any adjustment to the Conversion Rate of the Convertible Notes pursuant to the
Indenture (other than Section 10.03 and Sections 10.04(g) and (h) of the Indenture), the Calculation Agent will make a corresponding adjustment to any one or more of the Strike Price, Number of Options, the Option Entitlement and any other variable
relevant to the exercise, settlement or payment for the Transaction.

 Extraordinary Events applicable 
 to the Transaction: 
  

			
		
	Merger Events:	  	Notwithstanding Section 9.2(a) of the Equity Definitions, a “Merger Event” means the occurrence of any event or condition set forth in Section 10.05 of the
Indenture.

			
	Consequence of Merger Events:	  	Notwithstanding Section 9.3 of the Equity Definitions, upon the occurrence of a Merger Event, the Calculation Agent shall make a corresponding adjustment in respect of any adjustment under
the Indenture to any one or more of the nature of the Shares, Strike Price, Number of Options, the Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction; provided however that such
adjustment shall be made without regard to any adjustment to the Conversion Rate for the issuance of additional shares as set forth in Section 10.03 of the Indenture.
		
	Nationalization and Insolvency:	  	Cancellation and Payment

  

					
	4.	 	Calculation Agent:	  	Bank, acting in its capacity as Calculation Agent.

  

	5.	Account Details 

  

	 	(a)	Account for payments to Counterparty: 

 To be provided by
Counterparty 
 Account for delivery of Shares to Counterparty: 
 To be provided by Counterparty 
  

	 	(b)	Account for payments to Bank: 

 [                                        
] 
 Account for delivery of Shares from Bank: 
 [                                        
] 
  

	6.	Offices: 

 The Office of Counterparty for the Transaction is: Inapplicable,
Counterparty is not a Multibranch Party. 
 The Office of Bank for the Transaction is:
[                    ] 
 [                                        
] 
  

	7.	Notices: For purposes of this Confirmation: 

  

	 	(a)	Address for notices or communications to Counterparty: 

 SBA Communications Corporation 
 5900 Broken Sound Parkway NW 
 Boca Raton, Florida 33487 
 Attention: Tom
Hunt 
 Telephone No.: 
 Facsimile No.: 

	 	(b)	Address for notices or communications to Bank: 

 [                                        
] 
  

	8.	Representations and Warranties of Counterparty 

 The representations and
warranties of Counterparty set forth in Section 3 of the Purchase Agreement (the “Purchase Agreement”) dated as of the Trade Date between the Counterparty and Citigroup Global Markets Inc., Barclays Capital Inc., Deutsche Bank
Securities Inc., J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC (collectively, the “Initial Purchasers”) are true and correct and are hereby deemed to be repeated to Bank as if set forth herein. Counterparty hereby
further represents and warrants to Bank that: 
  

	 	(a)	Counterparty has all necessary corporate power and authority to execute, deliver and perform its obligations in respect of the Transaction; such execution, delivery and performance
have been duly authorized by all necessary corporate action on Counterparty’s part; and this Confirmation has been duly and validly executed and delivered by Counterparty and constitutes its valid and binding obligation, enforceable against
Counterparty in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability,
to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and except that rights to indemnification and
contribution hereunder may be limited by federal or state securities laws or public policy relating thereto. 

  

	 	(b)	Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations of Counterparty hereunder will conflict with or result in a breach of the
certificate of incorporation or by-laws (or any equivalent documents) of Counterparty, or any applicable law or regulation, or any order, writ, injunction or decree of any court or governmental authority or agency, or any agreement or instrument to
which Counterparty or any of its subsidiaries is a party or by which Counterparty or any of its subsidiaries is bound or to which Counterparty or any of its subsidiaries is subject, or constitute a default under, or result in the creation of any
lien under, any such agreement or instrument, or breach or constitute a default under any agreements and contracts of Counterparty and the significant subsidiaries filed as exhibits to Counterparty’s Annual Report on Form 10-K for the year
ended December 31, 2008, incorporated by reference in the Offering Memorandum, as updated by any subsequent filings. 

  

	 	(c)	No consent, approval, authorization, or order of, or filing with, any governmental agency or body or any court is required in connection with the execution, delivery or performance
by Counterparty of this Confirmation, except such as have been obtained or made and such as may be required under the Securities Act of 1933, as amended (the “Securities Act”), or state securities laws. 

  

	 	(d)	It is an “eligible contract participant” (as such term is defined in Section 1(a)(12) of the Commodity Exchange Act, as amended. 

  

	 	(e)	It is a “qualified institutional buyer” as defined in Rule 144A under the Securities Act, or an “accredited investor” as defined under the
Securities Act. 

  

	 	(f)	Each of it and its affiliates is not, on the date hereof, in possession of any material non-public information with respect to Counterparty. 

  

	 	(g)	 Counterparty represents that it is not subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the assets used in
the Transaction (1) are not assets of any 

	 	 
“plan” (as such term is defined in Section 4975 of the Internal Revenue Code (the “Code”)) subject to
Section 4975 of the Code or any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) subject to Title I of ERISA, and (2) do not constitute “plan assets” within the meaning of
Department of Labor Regulation 2510.3-101, 29 CFR Section 2510-3-101 

  

	9.	Other Provisions: 

  

	 	(a)	Opinions. Counterparty shall deliver to Bank an opinion of counsel, dated as of the Trade Date, with respect to the matters set forth in Sections 8(a) through
(c) of this Confirmation. 

  

	 	(b)	Amendment. If the Initial Purchasers exercise their right to purchase additional Convertible Notes (the “Additional Convertible Notes”) as set forth
in the Purchase Agreement, then on the Additional Premium Payment Date (as defined below), the Number of Options will be automatically increased by additional Options (the “Additional Options”) equal to the number of Additional
Convertible Notes in denominations of USD 1,000 principal amount issued pursuant to such exercise and an additional premium equal to the product of the Additional Options and USD [        ] shall be paid by
Counterparty to Bank on the closing date for the purchase and sale of the Additional Convertible Notes (the “Additional Premium Payment Date”). 

  

	 	(c)	No Reliance, etc. Each party represents that (i) it is entering into the Transaction evidenced hereby as principal (and not as agent or in any other capacity);
(ii) neither the other party nor any of its agents are acting as a fiduciary for it; (iii) it is not relying upon any representations except those expressly set forth in the Agreement or this Confirmation; (iv) it has not relied on
the other party for any legal, regulatory, tax, business, investment, financial, and accounting advice, and it has made its own investment, hedging, and trading decisions based upon its own judgment and upon any view expressed by the other party or
any of its agents; and (v) it is entering into the Transaction with a full understanding of the terms, conditions and risks thereof and it is capable of and willing to assume those risks. 

  

	 	(d)	 Repurchase Notices. Counterparty shall, on any day on which Counterparty effects any repurchase of Shares, promptly give Bank a written notice of such
repurchase (a “Repurchase Notice”) on such day if following such repurchase, the quotient of (x) the [Number of Shares] [the sum of the Number of Shares for the Transaction [and the Number of Shares for the convertible bond
hedge transaction between the parties evidenced by the Confirmation dated March 20, 2007] and the Number of Shares for the convertible bond hedge transaction between the parties evidenced by the Confirmation dated May 12, 2008] divided by
(y) the number of Counterparty’s outstanding Shares (such quotient expressed as a percentage, the “Option Equity Percentage”) would be (i) greater than [Citibank, N.A. – 8.00%; Barclays Bank, PLC – 6.5%;
Deutsche Bank AG London – 6.5%; Wachovia Capital Markets, LLC – 2.2%; JPMorgan Chase Bank, National Association –1.4%] or (ii) 0.5% greater than the Option Equity Percentage included in the immediately preceding Repurchase
Notice. Counterparty agrees to indemnify and hold harmless Bank and its affiliates and their respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified Person”) from and
against any and all losses (including losses relating to Bank’s hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from
hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction), claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which
an Indemnified Person may become subject to, as a result of Counterparty’s failure to provide Bank with a Repurchase Notice on the day and in the manner specified in this paragraph, and to reimburse, within 30 days, upon written request, each
of such Indemnified Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony or other evidence in 

	 	 
connection with or defending any of the foregoing. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand
shall be brought or asserted against the Indemnified Person as a result of Counterparty’s failure to provide Bank with a Repurchase Notice in accordance with this paragraph, such Indemnified Person shall promptly notify Counterparty in writing,
and Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding and shall pay the fees
and expenses of such counsel related to such proceeding. Counterparty shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff,
Counterparty agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the Indemnified Person, effect any settlement of
any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such
Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph is unavailable to an Indemnified Person
or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Counterparty under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such
Indemnified Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Party at law
or in equity. The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless of the termination of the Transaction. 

  

	 	(e)	Regulation M. Counterparty is not on the Trade Date engaged in a distribution, as such term is used in Regulation M under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), of any securities of Counterparty, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and 102(b)(7) of Regulation M. Counterparty shall not, until the
second Exchange Business Day immediately following the Trade Date, engage in any distribution other than those described in this paragraph. 

  

	 	(f)	No Manipulation. Counterparty is not entering into the Transaction to create actual or apparent trading activity in the Shares (or any security convertible into or
exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares). 

  

	 	(g)	Number of Repurchased Shares. Counterparty represents that it could have purchased Shares, in an amount equal to the product of the Number of Options and the Option
Entitlement, on the Exchange or otherwise, in compliance with applicable law, its organizational documents and any orders, decrees and contractual agreements binding upon Counterparty, on the Trade Date, the Premium Payment Date and each Additional
Premium Payment Date. 

  

	 	(h)	Board Authorization. Each of the Transaction and the issuance of the Convertible Notes was approved by its board of directors and publicly announced, solely for the
purposes stated in such board resolution and public disclosure and, prior to any exercise of Options hereunder, Counterparty’s board of directors will have duly authorized any repurchase of Shares pursuant to the Transaction. Counterparty
further represents that there is no internal policy, whether written or oral, of Counterparty that would prohibit Counterparty from entering into any aspect of the Transaction, including, but not limited to, the purchases of Shares to be made
pursuant hereto. 

	 	(i)	Transfer or Assignment.(i) Counterparty shall have the right to transfer or assign its rights and obligations hereunder with respect to all, but not less than
all, of the Options hereunder (such Options, the “Transfer Options”); provided that such transfer or assignment shall be subject to reasonable conditions that Bank may impose, including but not limited, to the following conditions:

  

	 	(A)	With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification obligations pursuant to Section 9(b) or any obligations under
Section 9(o) or 9(t) of this Confirmation; 

  

	 	(B)	Any Transfer Options shall only be transferred or assigned to a third party that is a U.S. person (as defined in the Internal Revenue Code of 1986, as amended);

  

	 	(C)	Such transfer or assignment shall be effected on terms, including any reasonable undertakings by such third party (including, but not limited to, an undertaking with respect to
compliance with applicable securities laws in a manner that, in the reasonable judgment of Bank, will not expose Bank to material risks under applicable securities laws) and execution of any documentation and delivery of legal opinions with respect
to securities laws and other matters by such third party and Counterparty, as are requested and reasonably satisfactory to Bank; 

  

	 	(D)	Bank will not, as a result of such transfer and assignment, be required to pay the transferee on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater
than an amount that Bank would have been required to pay to Counterparty in the absence of such transfer and assignment; 

  

	 	(E)	An Event of Default, Potential Event of Default or Termination Event will not occur as a result of such transfer and assignment; 

  

	 	(F)	Without limiting the generality of clause (B), Counterparty shall cause the transferee to make such Payee Tax Representations and to provide such tax documentation as may be
reasonably requested by Bank to permit Bank to determine that results described in clauses (D) and (E) will not occur upon or after such transfer and assignment; and 

  

	 	(G)	Counterparty shall be responsible for all reasonable costs and expenses, including reasonable counsel fees, incurred by Bank in connection with such transfer or assignment.

  

	 	(ii)	 Bank may transfer or assign without any consent of Counterparty its rights and obligations hereunder, in whole or in part, to any of its affiliates whose
obligations hereunder would be guaranteed by [            ] by a Guarantee; provided further that Bank may transfer or assign all or any portion of its rights or obligations under the
Transaction without consent of Counterparty to any third party with a rating for its long term, unsecured and unsubordinated indebtedness equal to or better than the lesser of (1) the credit rating of Bank at the time of the transfer and
(2) A- by Standard and Poor’s Rating Group, Inc. or its successor (“S&P”), or A3 by Moody’s Investor Service, Inc. (“Moody’s”) or, if either S&P or Moody’s ceases to rate such debt,
at least an equivalent rating or better by a substitute agency rating mutually agreed by Counterparty and Bank. If after Bank’s commercially reasonable efforts, Bank is unable to effect a transfer or assignment on pricing terms reasonably
acceptable to Bank and within a time period reasonably acceptable to Bank of a sufficient number of Options to reduce (1) Bank’s 

	 	 
“beneficial ownership” (within the meaning of Section 16 of the Exchange Act and rules promulgated thereunder) to
[        ]% of Counterparty’s outstanding Shares or less or (2) the Option Equity Percentage to [        ]% or less, Bank may designate any Exchange Business
Day as an Early Termination Date with respect to a portion (the “Terminated Portion”) of the Transaction, such that (1) its “beneficial ownership” following such partial termination will be equal to or less than
[        ]% or (2) the Option Equity Percentage following such partial termination will be equal to or less than [        ]%. In the event that Bank so designates
an Early Termination Date with respect to a portion of the Transaction, a payment shall be made pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms
identical to the Transaction and a Number of Options equal to the Terminated Portion, (2) Counterparty shall be the sole Affected Party with respect to such partial termination and (3) such Transaction shall be the only Terminated
Transaction (and, for the avoidance of doubt, the provisions of paragraph 9(p) shall apply to any amount that is payable by Bank to Counterparty pursuant to this sentence). Notwithstanding any other provision in this Confirmation to the contrary
requiring or allowing Bank to purchase, sell, receive or deliver any shares or other securities to or from Counterparty, Bank may designate any of its affiliates to purchase, sell, receive or deliver such shares or other securities and otherwise to
perform Bank’s obligations in respect of the Transaction and any such designee may assume such obligations. Bank shall be discharged of its obligations to Counterparty to the extent of any such performance. 

  

	 	(j)	Staggered Settlement. If upon advice of counsel with respect to applicable legal and regulatory requirements, including any requirements relating to Bank’s
hedging activities hereunder, or due to inability to borrow Shares to deliver to Counterparty at a rate of borrowing less than 35 basis points, Bank reasonably determines that it would not be practicable or advisable to deliver, or to acquire Shares
to deliver, any or all of the Shares to be delivered by Bank on the Settlement Date for the Transaction, Bank may, by notice to Counterparty on or prior to any Settlement Date (a “Nominal Settlement Date”), elect to deliver the
Shares on two or more dates (each, a “Staggered Settlement Date”) as follows: 

  

	 	(a)	in such notice, Bank will specify to Counterparty the related Staggered Settlement Dates, which Bank shall choose in a commercially reasonable manner, (the first of which will be
such Nominal Settlement Date and the last of which will be no later than the twentieth (20th) Exchange Business Day following such Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement Date on a
payment versus delivery basis; 

  

	 	(b)	the aggregate number of Shares that Bank will deliver to Counterparty hereunder on all such Staggered Settlement Dates will equal the number of Shares that Bank would otherwise be
required to deliver on such Nominal Settlement Date; and 

  

	 	(c)	if the Physical Settlement terms, the Low Cash Combination Settlement terms or the High Cash Combination Settlement terms set forth above were to apply on the Nominal Settlement
Date, then the Physical Settlement terms, the Low Cash Combination Settlement terms or the High Cash Combination Settlement terms, as the case may be, will apply on each Staggered Settlement Date, except that the Shares will be allocated among such
Staggered Settlement Dates as specified by Bank in the notice referred to in clause (a) above. 

	 	(k)	Damages. Neither party shall be liable under Section 6.10 of the Equity Definitions for special, indirect or consequential damages, even if informed of the
possibility thereof, except as specifically set forth otherwise herein. 

  

	 	(l)	Early Unwind. In the event the sale of Convertible Notes is not consummated with the Initial Purchasers for any reason or Counterparty fails to deliver to Bank
opinions of counsel to Counterparty as required pursuant to Section 9(a) by the close of business in New York on April 24, 2009 (or such later date as agreed upon by the parties, April 24, 2009 or such later date as agreed upon being
the “Early Unwind Date”), the Transaction shall automatically terminate (the “Early Unwind”), on the Early Unwind Date and (i) the Transaction and all of the respective rights and obligations of Bank and
Counterparty under the Transaction shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees not to make any claim against the other party with respect to any obligations or
liabilities of the other party arising out of and to be performed in connection with the Transaction either prior to or after the Early Unwind Date; provided that, other than to the extent the Early Unwind Date occurred as a result of the breach of
the Purchase Agreement by the Initial Purchasers, Counterparty shall reimburse Bank, in cash or Shares, for any costs or expenses (including market losses) relating to the unwinding of its or its affiliate’s hedging activities in connection
with the Transaction (including any loss or cost incurred as a result of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position). Bank shall notify Counterparty of such amount and Counterparty shall pay such
amount in immediately available funds or deliver Shares on the Early Unwind Date. Bank and Counterparty represent and acknowledge to the other that, subject to the proviso included in this paragraph, upon an Early Unwind, all obligations with
respect to the Transaction shall be deemed fully and finally discharged. 

  

	 	(m)	[Agent. Agent is acting as agent on behalf of Bank and Counterparty for the Transaction. Agent has no obligations, by guarantee, endorsement or otherwise, with respect
to the performance of the Transaction by either party.] 

  

	 	(n)	Additional Provisions. 

  

	 	(i)	Section 9.6(a)(ii) of the Equity Definitions is hereby amended by (1) deleting from the third line thereof the word “or” after the word “official” and
inserting a comma therefor, and (2) deleting the period at the end of subsection (ii) thereof and inserting the following words therefor “ or (C) at Bank’s option, the occurrence of any of the events specified in
Section 5(a)(vii) (1) through (9) of the Agreement with respect to that Issuer.” 

  

	 	(ii)	Notwithstanding Section 9.7 of the Equity Definitions, everything in the first paragraph of Section 9.7(b) of the Equity Definitions after the words “Calculation
Agent” in the third line through the remainder of such Section 9.7 shall be deleted and replaced with the following: 

 “based on an amount representing the Calculation Agent’s determination of the fair value to Counterparty of an option with terms that would preserve for Counterparty the economic equivalent of any payment or delivery (assuming
satisfaction of each applicable condition precedent) by the parties in respect of the relevant Transaction that would have been required after that date but for the occurrence of the Option Value Event.” 

	 	(iii)	Notwithstanding anything to the contrary in this Confirmation, if any of the following events occurs, (1) Bank shall have the right to designate such an event an Additional
Termination Event and designate an Early Termination Date pursuant to Section 6(b) of the Agreement, and (2) Counterparty shall be deemed the sole Affected Party and the Transaction shall be deemed the sole Affected Transaction:

  

	 	(a)	At any time during the period from and including the Trade Date, to and including the Expiration Date, the Shares cease to be listed or quoted on the Exchange for any reason (other
than a Merger Event as a result of which the shares of common stock underlying the Options are listed or quoted on The New York Stock Exchange, The American Stock Exchange or the NASDAQ Global Select Market (or their respective successors) (each, a
“Successor Exchange”)) and are not immediately re-listed or quoted as of the date of such de-listing on a Successor Exchange. 

  

	 	(b)	Counterparty amends, modifies, supplements or waives any term of the Indenture or the Convertible Notes governing the principal amount, coupon, maturity, repurchase obligation of
Counterparty, redemption right of Counterparty, any term relating to conversion of the Convertible Notes (including changes to the conversion price, conversion settlement dates or conversion conditions), or any term that would require consent of the
holders of not less than 100% of the principal amount of the Convertible Notes to amend, in each case without the prior consent of Bank. 

  

	 	(c)	On or after the Trade Date, a Change in Law (as defined in the 2002 Equity Derivatives Definitions as published by ISDA (the “2002 Definitions”), with any reference
in such definition to “Shares” being replaced with references to “Hedge Position(s)” and without regard to clause (Y) of such definition) shall have occurred. 

  

	 	 (iv)
	 Notwithstanding anything to the contrary in this Confirmation, if any of the following events occurs,
(1) Counterparty shall immediately notify Bank of such event, (2) such an Event shall be an Additional Termination Event, (3) an Early Termination Date shall be deemed to occur automatically on the earlier of (x) the thirtieth
(30th) calendar day following the occurrence of such an event and (y) the 47th Scheduled Trading Day immediately preceding the Convertible
Maturity Date, or, if such earlier day is not an Exchange Business Day, the next following Exchange Business Day, with respect to a portion of the Transaction relating to a number of Options equal to the number of Convertible Notes in denominations
of USD 1,000 principal amount so repurchased, exchanged or repaid in connection with any of the events set forth below (the “Affected Portion”); (4) Counterparty shall be deemed the sole Affected Party and the Affected Portion
shall be deemed the sole Affected Transaction and (5) Bank may determine the Close-out Amount in connection with such Additional Termination Event using a volume-weighted average price determined over a time period reasonably determined by
Bank: 

  

	 	(a)	any Convertible Notes are repurchased (whether in connection with or as a result of a change of control, howsoever defined, or for any other reason) by Counterparty or any of its
subsidiaries; 

  

	 	(b)	any Convertible Notes are delivered to Counterparty in exchange for delivery of any property or assets of Counterparty or any of its subsidiaries (howsoever described);

	 	(c)	any principal of any of the Convertible Notes is repaid prior to the final maturity date of the Convertible Notes (whether following acceleration of the Convertible Notes or
otherwise); or 

  

	 	(d)	any Convertible Notes are exchanged by or for the benefit of the holders thereof for any other securities of Counterparty or any of its affiliates (or any other property, or any
combination thereof) pursuant to any exchange offer or similar transaction; 

 in each case, where such repurchase, exchange or
repayment is made at a time when none of Counterparty and its affiliates is in possession of any material non-public information regarding Counterparty or the Shares; provided that, in the case of each of clauses (a) through (d),
conversions of the Convertible Notes pursuant to the terms of the Indenture shall not be an Additional Termination Event. 
  

	 	(v)	Notwithstanding anything to the contrary in this Confirmation, the giving of any Notice of Exercise shall constitute an Additional Termination Event hereunder with respect to the
number, if any, of Exercisable Options specified in such Notice of Exercise as corresponding to a conversion of Convertible Notes in compliance with Section 10.03 of the Indenture. Upon receipt of any such notice, Bank shall designate an
Exchange Business Day as an Early Termination Date (such day to occur as close as practicable, in Bank’s commercially reasonable judgment, to the settlement date of the Relevant Convertible Notes), with respect to the portion of the Transaction
corresponding to number of such Exercisable Options so specified. In lieu of the provisions of “Delivery Obligation”, any payment and/or delivery hereunder with respect to such conversion shall be calculated pursuant to Section 6 of
the Agreement; where, for the purposes of such calculation, (A) Counterparty shall be the sole Affected Party with respect to such Additional Termination Event, (B) Bank shall be the party entitled to designate an Early Termination Date
pursuant to Section 6(b) of the Agreement; and (C) for the avoidance of doubt, in determining the amount payable pursuant to Section 6 of the Agreement, the Calculation Agent (i) shall take into account the time value of the
Transaction with respect to the Expiration Date and (ii) shall not take into account any adjustments to the Option Entitlement that result from corresponding adjustments to the Conversion Rate pursuant to Section 10.03 of the Indenture;
provided further that (A) in case of a partial termination, an Early Termination Date shall be designated in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the terminated portion and such
Transaction shall be the only Terminated Transaction; (B) any amount payable by Bank to Counterparty shall be satisfied solely by delivery by Bank to Counterparty of a number of Shares and cash in lieu of a fractional share equal to such amount
calculated pursuant to Section 6 divided by a price per Share determined by the Calculation Agent; and (C) the number of Shares deliverable in respect of such early termination by Bank to Counterparty shall not be greater than the product
of (x) the Applicable Percentage and (y) the excess of (a) the total number of Shares underlying the corresponding Convertible Notes (including the number of Additional Shares (as defined in the Indenture) resulting from any
adjustment set forth in Section 10.03 of the Indenture) over (b) the number of Shares equal in value to the aggregate principal amount of the corresponding Convertible Notes, as determined by the Calculation Agent in its sole reasonable
discretion. 

  

	 	(vi)	 For the avoidance of doubt, in determining the Close-out Amount pursuant to Section 6(e) of the Agreement, the Determining Party shall act in good faith and a
commercially reasonable manner, and, upon request, the Determining Party shall provide to the other party a statement showing in reasonable detail, such calculations (including any 

	 	 
quotations, market data or information from internal sources used in making such calculation); provided that the Determining Party shall not be obligated to
disclose any proprietary model used for such calculation. 

  

	 	(o)	No Collateral or Setoff. Notwithstanding any provision of the Agreement or any other agreement between the parties to the contrary, the obligations of the Counterparty
hereunder are not secured by any collateral. Each party waives any and all rights it may have to set-off delivery or payment obligations it owes to the other party under the Transaction against any delivery or payment obligations owed to it by the
other party, whether arising under the Agreement, under any other agreement between parties hereto, by operation of law or otherwise. Notwithstanding anything to the contrary in the Equity Definitions, Counterparty shall have no obligation to make
any delivery or payment to Bank (i) pursuant to Section 9.7 of the Equity Definitions or (ii) pursuant to Section 6(d)(ii) of the Agreement. 

  

	 	(p)	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. If in respect of the Transaction, an amount is payable by Bank to
Counterparty (i) pursuant to Section 9.7 of the Equity Definitions or (ii) pursuant to Sections 6(d) and 6(e) of the Agreement (a “Payment Obligation”), Counterparty may request Bank to satisfy any such Payment
Obligation by the Share Termination Alternative (as defined below) (except that Counterparty shall not make such an election in a Merger Event, in which the consideration to be paid to holders of Shares consists solely of cash, or an Event of
Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party, other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the
Agreement or a Termination Event of the type described in Section 5(b) of the Agreement in each case that resulted from an event or events outside Counterparty’s control) and shall give irrevocable telephonic notice to Bank, confirmed in
writing within one Currency Business Day, no later than 12:00 p.m. New York local time on the Merger Date or the Early Termination Date, as applicable; provided that if Counterparty does not validly request Bank to satisfy its Payment Obligation by
the Share Termination Alternative, Bank shall have the right, in its sole discretion, to satisfy its Payment Obligation by the Share Termination Alternative, notwithstanding Counterparty’s election to the contrary. 

  

			
	Share Termination Alternative:	  	Applicable and means that Bank shall deliver to Counterparty the Share Termination Delivery Property on the date when the Payment Obligation would otherwise be due pursuant to Section 9.7 of
the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable (the “Share Termination Payment Date”), in satisfaction of the Payment Obligation in the manner reasonably requested by Counterparty free of
payment.
		
	Share Termination Delivery Property:	  	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall
adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.

		
	Share Termination Unit Price:	  	The value to Bank of property contained in one Share Termination Delivery Unit on the date such Share Termination

			
		  	Delivery Units are to be delivered as Share Termination Delivery Property, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the
Calculation Agent to Bank at the time of notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider the purchase price paid
in connection with the purchase of Share Termination Delivery Property.
		
	Share Termination Delivery Unit:	  	One Share or, if a Merger Event has occurred and a corresponding adjustment to the Transaction has been made, a unit consisting of the number or amount of each type of property received by a
holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Merger Event, as determined by the Calculation Agent.
		
	Failure to Deliver:	  	Applicable
		
	Other applicable provisions:	  	If Share Termination Alternative is applicable, the provisions of Sections 6.6, 6.7, 6.8, 6.9 and 6.10 (as modified above) of the Equity Definitions will be applicable, except that all
references in such provisions to “Physically-Settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery
Units”. “Share Termination Settled” in relation to the Transaction means that Share Termination Alternative is applicable to the Transaction.

  

	 	(q)	Governing Law. For the Agreement and this Confirmation, New York law (without reference to choice of law doctrine to the extent inconsistent with choice of New York
law). 

  

	 	(r)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or
proceeding relating to the Transaction. Each party (i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such other party would not, in the event of such a suit, action or
proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual waivers and certifications provided herein.

  

	 	(s)	 Registration. Counterparty hereby agrees that if, in the good faith reasonable judgment of Bank, the Shares (“Hedge Shares”) acquired
by Bank for the purpose of hedging its obligations pursuant to the Transaction cannot be sold in the public market by Bank without registration under the Securities Act, Counterparty shall, at its election, either (i) in order to allow Bank to
sell the Hedge Shares in a registered offering, make available to Bank an effective registration statement under the Securities Act and enter into an agreement, in form and substance satisfactory to Bank, substantially in the form of an underwriting
agreement for a registered secondary offering; provided however, that if Bank, in its sole reasonable discretion, is not satisfied with access to due diligence materials, the results of its due diligence investigation, or the procedures and
documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this paragraph shall apply at the election of Counterparty, (ii) in order to allow Bank to sell the 

	 	 
Hedge Shares in a private placement, enter into a private placement agreement substantially similar to private placement purchase agreements customary for
private placements of equity securities of similar size, in form and substance satisfactory to Bank (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction which are necessary, in its reasonable judgment, to
compensate Bank for any discount from the public market price of the Shares incurred on the sale of Hedge Shares in a private placement), or (iii) purchase the Hedge Shares from Bank at the Last Reported Sale Price on such Trading Days, and in
the amounts, requested by Bank. 

  

	 	(t)	Tax Disclosure. Effective from the date of commencement of discussions concerning the Transaction, Counterparty and each of its employees, representatives, or other
agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) that are provided to Counterparty relating to
such tax treatment and tax structure. 

  

	 	(u)	Status of Claims in Bankruptcy. Bank acknowledges and agrees that this Confirmation is not intended to convey to Bank rights with respect to the Transaction that are
senior to the claims of common stockholders of Counterparty in any U.S. bankruptcy proceedings of Counterparty; provided that nothing herein shall limit or shall be deemed to limit Bank’s right to pursue remedies in the event of a breach by
Counterparty of its obligations and agreements with respect to the Transaction; provided, further, that nothing herein shall limit or shall be deemed to limit Bank’s rights in respect of any transactions other than the Transaction.

  

	 	(v)	Securities Contract; Swap Agreement. The parties hereto intend for: (a) the Transaction to be a “securities contract” and a “swap agreement”
and the Agreement to be a “master netting agreement”, in each case as defined in the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections
afforded by, among other Sections, Sections 362(b)(6), 362(b)(7), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 548(d)(2), 555, 560 and 561 of the Bankruptcy Code; (b) a party’s right to liquidate the Transaction and to exercise any other
remedies upon the occurrence of any Event of Default or Termination Event under the Agreement with respect to the other party or any Extraordinary Event that results in the termination or cancellation of any Transaction to constitute a
“contractual right” as described in the Bankruptcy Code; and (c) each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement payment” and a
“transfer” as defined in the Bankruptcy Code. 

  

	 	(w)	Additional Provisions. Counterparty covenants and agrees that, as promptly as practicable following the public announcement of any consolidation, merger and binding
share exchange to which Counterparty is a party, or any sale of all or substantially all of Counterparty’s assets, in each case pursuant to which the Shares will be converted into cash, securities or other property, Counterparty shall notify
Bank in writing of the types and amounts of consideration that holders of Shares have elected to receive upon consummation of such transaction or event (the date of such notification, the “Consideration Notification Date”); provided
that in no event shall the Consideration Notification Date be later than the date on which such transaction or event is consummated. 

  

	 	(x)	 Private Placement Procedures. If, in the reasonable opinion of Bank based upon advice of counsel, following any delivery of Shares to Bank pursuant to
Section 9(l) “ Early Unwind”, such Shares would be in the hands of Bank subject to any applicable restrictions with respect to any registration or qualification requirement or prospectus delivery requirement for such Shares pursuant
to any applicable federal or state securities law (including, without limitation, any such requirement arising under Section 5 of the Securities Act as a result of such Shares being 

	 	 
“restricted securities”, as such term is defined in Rule 144 under the Securities Act, or as a result of the sale of such Shares or Share
Termination Delivery Property being subject to paragraph (c) of Rule 145 under the Securities Act) (such Shares, “Restricted Shares”), then delivery of such Restricted Shares shall be effected pursuant to clause (i) below.

  

	 	(i)	Delivery of Restricted Shares by Counterparty shall be effected in customary private placement procedures with respect to such Restricted Shares of similar size in form and
substance reasonably acceptable to Bank (a “Private Placement Settlement”). The Private Placement Settlement of such Restricted Shares shall include customary representations, covenants, blue sky and other governmental filings
and/or registrations, indemnities to Bank, due diligence rights (for Bank or any designated buyer of the Restricted Shares by Bank), opinions and certificates, and such other documentation as is customary for private placement agreements, all
reasonably acceptable to Bank. Bank shall determine the appropriate discount applicable to such Restricted Shares in a commercially reasonable manner and appropriately adjust the amount of such Restricted Shares to be delivered to Bank hereunder;
provided that in no event such number shall be greater than two times the Number of Shares (the “Maximum Amount”). Notwithstanding the Agreement or this Confirmation, the date of delivery of such Restricted Shares shall be the
Exchange Business Day following notice by Bank to Counterparty, of such applicable discount and the number of Restricted Shares to be delivered pursuant to this clause (i). 

  

	 	(ii)	In the event Counterparty shall not have delivered the full number of Restricted Shares otherwise applicable as a result of the proviso above relating to the Maximum Amount (such
deficit, the “Deficit Restricted Shares”), Counterparty shall be continually obligated to deliver, from time to time until the full number of Deficit Restricted Shares have been delivered pursuant to this paragraph, Restricted
Shares when, and to the extent, that (i) Shares are repurchased, acquired or otherwise received by Counterparty or any of its subsidiaries after the Trade Date (whether or not in exchange for cash, fair value or any other consideration),
(ii) authorized and unissued Shares reserved for issuance in respect of other transactions prior to the Trade Date which prior to such date become no longer so reserved and (iii) Counterparty additionally authorizes any unissued Shares
that are not reserved for other transactions. Counterparty shall immediately notify Bank of the occurrence of any of the foregoing events (including the number of Shares subject to clause (i), (ii) or (iii) and the corresponding number of
Restricted Shares to be delivered) and promptly deliver the Applicable Percentage of the aggregate number of such Restricted Shares thereafter. 

  

	 	(iii)	Without limiting the generality of the foregoing, Counterparty agrees that any Restricted Shares delivered to Bank, as purchaser of such Restricted Shares, (i) may be
transferred by and among Bank and its affiliates and Counterparty shall effect such transfer without any further action by Bank and (ii) after the period of 6 months from the Trade Date (or 1 year from the Trade Date if, at such time,
informational requirements of Rule 144(c) are not satisfied with respect to Counterparty) has elapsed after any Settlement Date for such Restricted Shares, Counterparty shall promptly remove, or cause the transfer agent for such Restricted Shares to
remove, any legends referring to any such restrictions or requirements from such Restricted Shares upon request by Bank (or such affiliate of Bank) to Counterparty or such transfer agent, without any requirement for the delivery of any certificate,
consent, agreement, opinion of counsel, notice or any other document, any transfer tax stamps or payment of any other amount or any other action by Bank (or such affiliate of Bank). 

 If Counterparty shall fail to effectuate the Private Placement Settlement as set forth in clause (i),
then such failure shall constitute an Event of Default with respect to which Counterparty shall be the Defaulting Party. 
  

	 	(y)	Regulatory Provisions. (a) Counterparty represents and warrants that it has received and read and understands the Notice of Regulatory Treatment and the OTC
Option Risk Disclosure Statement. 

  

	 	(b)	[Agent will furnish Counterparty, upon written request, a statement as to the source and amount of any remuneration received or to be received by Agent in connection with the
Transaction evidenced hereby.] 

  

	 	(z)	Right to Extend. Bank may postpone any Exercise Date or Settlement Date or any other date of valuation or delivery by Bank, with respect to some or all of the relevant
Options (in which event the Calculation Agent shall make appropriate adjustments to the Delivery Obligation), if Bank determines, in its reasonable discretion based on advice of counsel, that such extension is reasonably necessary to preserve
Bank’s hedging or hedge unwind activity hereunder in light of existing liquidity conditions or to enable Bank to effect purchases of Shares or Share Termination Delivery Units in connection with its hedging, hedge unwind or settlement activity
hereunder in a manner that would, if Bank were Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable legal, regulatory or self-regulatory requirements. 

 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing this
Confirmation and returning an executed copy to [                    ], Facsimile No.
[                    ]. 
  

			
	Very truly yours,
	
	[Bank]
		
	By:	 	  

		 	Authorized Signatory
	Name:	 	

  

			
	Accepted and confirmed
	as of the Trade Date:
	
	SBA COMMUNICATIONS CORPORATION
		
	By:	 	  

		 	Authorized Signatory
	Name:

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