Document:

Form of Subscription Rights Agreement

 Exhibit 4.5 
 eLOYALTY CORPORATION 
 RIGHTS CERTIFICATE FOR RIGHTS OFFERING 
 TO STOCKHOLDERS OF RECORD ON [    ], 2008 
  

			
	  
	 	  

	Rights Certificate Number	 	Record Date Common Shares
		
	  
	 	  

	Rights	 	Record Date Series B Preferred Shares

 eLoyalty Corporation (the “Company”) is conducting a rights offering
(the “Rights Offering”) pursuant to which each stockholder of record of the Company’s common stock, par value $0.01 per share (the “Common Stock”) and the Company’s Series B convertible preferred stock, par value $0.01
per share (the “Series B Preferred Stock”), as of 5:00 p.m., New York City time, on [    ], 2008 (the “Record Date”) is receiving [            ] of a
right for each share of Common Stock and each share of Series B Preferred Stock held on the Record Date. Each whole right (each a “Right”) entitles its holder to subscribe for one share of Common Stock (the “Basic Subscription
Privilege”). If you exercise your Basic Subscription Privilege in full, you may also exercise an over-subscription privilege (the “Over-Subscription Privilege”) to purchase additional shares of Common Stock that remain unsubscribed
for at the expiration of the Rights Offering, subject to availability and proration among persons exercising their Over-Subscription Privilege. The purchase price per share of Common Stock is $5.67. 
 For a more complete description of the terms and conditions of the Rights Offering, please refer to the Prospectus for the Rights
Offering, dated [    ], 2008, which is incorporated herein by reference. Copies of the Prospectus are available upon request from the Information Agent for the Rights Offering, Georgeson Inc. (toll- free (800) 334-8612).

 The Company has not issued any fractional Rights (or distributed any cash in lieu thereof). If the number of shares of
Common Stock and Series B Preferred Stock held by a stockholder of record on the Record Date would have resulted in such stockholder receiving a fractional Right, the number of Rights issued to such stockholder has been rounded down to the nearest
whole number. 
 The Rights represented by this Rights Certificate may be exercised by duly completing Form 1. In addition,
if certificates representing the Common Stock are to be issued in a name other than the registered holder or are to be sent to an address other than that shown on the face of this Rights Certificate, also complete Form 2. 
 Set forth at the top of this Rights Certificate is the number of shares of Common Stock and the number of shares of Series B Preferred
Stock held by the applicable stockholder of record as of the Record Date and the number of Rights that such stockholder received pursuant to the Rights Offering. 
 This Rights Certificate must be duly completed and received by the Subscription Agent for the Rights Offering, Computershare Trust Company, together with payment in full of the Subscription
Price for each Right that is exercised pursuant to the Basic Subscription Privilege plus the full Subscription Price for any additional shares of Common Stock subscribed for pursuant to the Over-Subscription Privilege, by 5:00 p.m., New York City
time, on [    ], 2008, unless extended by the Company. Any Rights not exercised prior to such time will be null and void. Any subscription for shares of Common Stock made hereby is irrevocable. 
 To exercise the Rights represented hereby, duly complete the reverse of this Rights Certificate. Rights holders are advised to review the
Prospectus and instructions, copies of which are available from the Information Agent, before exercising their Rights. 
 This Rights Certificate and the Rights represented hereby may not be transferred. 

 (Reverse of Rights Certificate) 
 FORM 1 
 EXERCISE AND SUBSCRIPTION: The undersigned
hereby irrevocably exercises one or more Rights to subscribe for shares of Common Stock as indicated below, on the terms and subject to the conditions specified in the Prospectus, receipt of which is hereby acknowledged. 
 Basic Subscription Privilege — If you wish to exercise your Basic Subscription Privilege in full or in part, please
complete the following: 
  

					
	 I apply for                              shares of Common Stock at $5.67 each
= $                        .
	 	
	                 (number of shares)
	 	                                         
                  (total for basic subscription)
	 	

 Over-Subscription Privilege — If you have exercised you Basic
Subscription Privilege in full and you wish to exercise your Over-Subscription Privilege, please also complete the following: 
  

					
	 I apply for                              shares of Common Stock at $5.67 each
= $                        .
	 	
	                 (number of shares)
	 	                                         
                  (total for over-subscription)
	 	

 METHOD OF PAYMENT (check and complete appropriate boxes): 
  

	 ̈	 Uncertified check payable to “Computershare Trust Company (acting as Subscription Agent for eLoyalty)”; 

  

	 ̈	 Certified or cashier’s check drawn upon a U.S. bank payable to “Computershare Trust Company (acting as Subscription Agent for eLoyalty)”; or

  

	 ̈	 U.S. money order payable to “Computershare Trust Company (acting as Subscription Agent for eLoyalty)”. 

 SIGNATURE(S) 
 I acknowledge that I
have received the Prospectus for this offering and I hereby irrevocably subscribe for the total number of shares indicated above on the terms and conditions specified in the Prospectus. 
  

			
	 Signature
	 	 Telephone No.: (            )

		
	  
 Print Name:
	 	

 IMPORTANT: THE SIGNATURE(S) MUST CORRESPOND IN EVERY PARTICULAR, WITHOUT
ALTERATION, WITH THE NAME(S) AS THEY APPEAR ON THE BOOKS OF THE COMPANY’S TRANSFER AGENT. 
 If signature by trustee(s),
executor(s), administrator(s), guardian(s), attorney(s)-in-fact, agent(s), officer(s) of a corporation or another acting in a fiduciary or representative capacity, please provide the following information (please print): 
  

					
	 Name:
	 	 Capacity
	 	 Soc. Sec. #/Tax ID#

			
	  
 Address
	 	 Phone:
	 	

 FORM 2 
 DELIVERY INSTRUCTIONS: Address for mailing of stock or new Rights Certificate or any cash payment in accordance with the Prospectus, if different from the address shown on the face of this
Rights Certificate. 
 Name: 
 Address: 
 GUARANTEE OF SIGNATURE(S) 
 YOU MUST
HAVE YOUR SIGNATURE GUARANTEED IF YOU WISH TO HAVE YOUR SHARES DELIVERED TO AN ADDRESS OTHER THAN THE ONE LISTED ON THE FACT OF THIS RIGHTS CERTIFICATE OR TO A STOCKHOLDER OTHER THAN THE REGISTERED HOLDER. 
 Your signature must be guaranteed by an Eligible Guarantor Institution, as defined in rule 17Ad-15 of the Securities Exchange Act of
1934, as amended. These generally include (a) a commercial bank or trust company, (b) a member firm of a domestic stock exchange, or (c) a credit union. 
  

					
	 Signature:
	 	  

		 		 	(Name of Bank for Firm)
	 By:
	 	  
  

		 	(Signature of Officer)Form of Convertible Bond

 Exhibit 10.71 
 [Bank Name and Address] 
 May 12, 2008 
 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 

 (Reference
Number:[            ]) 
 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 this 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 May 12, 2008 (as supplemented, the “Offering Memorandum”) relating to
the USD 500,000,000 principal amount of 1.875% Convertible Senior Notes due 2013, (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 May 16, 2008 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 except for the election of the laws of the State of New York as the governing law 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:	  	May 12, 2008
			
		 	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:	  	[    ]%
			
		 	Number of Shares:	  	The product of the Number of Options and the Option Entitlement and the Applicable Percentage.
			
		 	Premium:	  	USD [            ]
			
		 	Premium Payment Date:	  	May 16, 2008
			
		 	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:	  	
			
		 	Potential Exercise Dates:	  	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.

  

 2 

					
		 	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.
			
		 	Scheduled Trading Day:	  	As such term is defined in Section 1.01 of the Indenture.
			
		 	Multiple Exercise:	  	Applicable.
			
		 	Minimum Number of Options:	  	1
			
		 	Maximum Number of Options:	  	Number of Options
			
		 	Integral Multiple:	  	Not Applicable
			
		 	Automatic Exercise:	  	As provided above under “Required Exercise on Conversion Dates”.
			
		 	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 Options being exercised 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 Options being exercised, (ii) the scheduled
first day of the Settlement Period, and (iii) if Low Cash Combination Settlement or High Cash Combination Settlement applies, the fixed cash amount specified by Counterparty pursuant to Section 10.02(b)(3)(i)(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 Expiration 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.

  

 3 

					
		 	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 $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 $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 Cash Settlement, Low Cash Combination Settlement or High Cash Combination Settlement that at the time of such election Counterparty and each of 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.
			
		 	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 if 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 specified a fixed cash amount of USD 1,000 pursuant to Section
10.02(b)(3)(i)(A) of the Indenture, 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

  

 4 

					
		 		  	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) USD 1,000 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 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 the Counterparty is
obligated to deliver to holder(s) of the Relevant Convertible Notes. For the avoidance of doubt, if Cash Settlement applies and 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, 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 the 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;

  

 5 

					
		 		  	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.

  

 6 

					
	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: 
 [To be provided by 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 among Counterparty, Deutsche Bank Securities Inc., Citigroup Global Markets
Inc., Lehman Brothers Inc., J.P. Morgan Securities Inc., Wachovia Capital Markets, LLC, Greenwich Capital Markets, Inc. and TD Securities (USA) 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 this 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 

  

 7 

	 	 
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, 2007, 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 this Transaction with a full understanding of the terms, conditions and risks thereof and it is capable of and willing to assume those risks. 

  

 8 

	 	(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 sum of] the Number of Shares [under this Transaction and the Number of Shares as defined in the confirmation with respect to a convertible
bond hedge transaction dated March 20, 2007 between Counterparty and Bank,] 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 [    ] % 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 this 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 this 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 this 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). 

  

 9 

	 	(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. 

  

	 	(h)	Board Authorization. Each of this 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 this 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 this 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
[                                        ];
provided further that Bank may transfer or assign all or any portion of its rights or obligations under this 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 7.5% 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 this Transaction, such that (1) its “beneficial ownership” 

  

 10 

 
following such partial termination will be equal to or less than 7.5% 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 this 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 this 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 this 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 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 Low Cash
Combination Settlement terms or the High Cash Combination Settlement terms 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 May 16, 2008 (or such later date as agreed upon by the parties) May 16, 2008 or such later date as agreed
upon being the “Early Unwind Date”), this 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 hedging activities in connection with the
Transaction (including any loss or cost incurred as a result of its terminating, liquidating, obtaining or 

  

 11 

	 	 
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)	[Method of Delivery. Insert appropriate agency language if an agent is used.] 

  

	 	(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 Share De-Listing.” 
 (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 (a “Share De-listing”) 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) (the “Successor Exchange”)) and are not immediately re-listed or quoted
as of the date of such de-listing on the 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. 
 (iv) 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 this Transaction corresponding to number of such Exercisable Options so specified. Any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of the Agreement;
provided that 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 this
Transaction with respect to the Expiration Date and (ii) shall not take into account any adjustments to the Option Entitlement that result from 

  

 12 

 
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 this 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. 
  

	 	(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 Company
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 this 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. In calculating
any amounts under Section 6(e) of the Agreement or Section 9.7 of the Equity Definitions, as applicable, notwithstanding anything to the contrary in the Agreement or the Equity Definitions, (1) separate amounts shall be calculated as
set forth in Section 6(e) of the Agreement or Section 9.7 of the Equity Definitions, as applicable, with respect to (i) this Transaction and (ii) all other Transactions, and (2) such separate amounts shall be payable
pursuant to Section 6(d)(ii) of the Agreement or Section 9.7 of the Equity Definitions, as applicable. 

  

					
		 	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

  

 13 

					
		 		  	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 this 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 this Transaction means that Share Termination Alternative is applicable to this Transaction.

  

	 	(q)	Governing Law. New York law (without reference to choice of law doctrine). 

  

	 	(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 this 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 this 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 this 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; 

  

 14 

	 	 
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 this 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”
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)(17), 546(e),
546(g), 555 and 560 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 under the Agreement with respect to the other party 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 hereunder, 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 

  

 15 

	 	 
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). 

 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 such Restricted Shares thereafter.

  

	 	(iii)	Without limiting the generality of the foregoing, the 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 the 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 the 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. 
  

 16 

 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing this
Confirmation and returning it to [                    ], or by fax to
[                    ]. 
  
  

					
	Very truly yours,
		
		 	[Bank]
			
		 	By:	 	  

		 	Authorized Signatory
		 	Name:

  

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

		 	Authorized Signatory
		 	Name:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00145-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00145-of-00352.parquet"}]]