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| SBAC > SEC Filings for SBAC > Form 8-K on 14-Oct-2009 | All Recent SEC Filings |
14-Oct-2009
Change in Directors or Principal Officers, Financial Statements and Exhib
On October 13, 2009, the Board of Directors (the "Board") of SBA Communications Corporation (the "Company") appointed Kevin L. Beebe to serve as a member of the Board effective as of October 28, 2009. Mr. Beebe will serve as a Class II director of the Company for a term expiring at the 2010 Annual Meeting of Shareholders, at which time his continued Board service will be subject to renomination and shareholder approval.
The selection of Mr. Beebe was not pursuant to any arrangement or understanding between him and any other person. In addition, Mr. Beebe is not a party to any transaction, or any proposed transaction, required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Mr. Beebe will be compensated in accordance with the Company's previously disclosed compensation programs for non-management directors as described in the Company's Proxy Statement on Schedule 14A for the Company's 2009 Annual Meeting of Shareholders and enter into an indemnification agreement as described in the Company's Annual Report on Form 10-K filed with the SEC on February 27, 2009. Accordingly, Mr. Beebe will receive a grant of stock options for 25,000 shares of Class A common stock upon the effective date of his appointment to the Board. These options will have an exercise price equal to the fair market value of the Company's Class A common stock on the grant date and will vest and become exercisable in equal annual installments on each of the first five anniversaries of the grant date, so long as Mr. Beebe continues to serve as a member of the Board.
On October 14, 2009, the Company issued a press release announcing the appointment of Mr. Beebe as a member of the Board. The press release is attached hereto as Exhibit 99.1.
(d) Exhibits
Exhibit No. Description
99.1 Press release issued by SBA Communications Corporation on October
14, 2009.
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