Company: SBAC
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001193125-25-074669
Chunk: 88

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 88
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 Reports on Form 10-Kfor each of the years ended December 31, 2024, 2023, 2022, 2021, and 2020. Column (i). Company-selected Measure is AFFO per Share, which is described below. Relationship between Pay and Performance. The graphs below reflect (1) the relationship of CAP to our former CEO, CEO and other NEOs in 2020, 2021, 2022, 2023, and 2024 as compared to SBA’s TSR, our net income, and our AFFO per share, and (2) SBA’s one-year, two-yearand three-year TSR as compared to the one-year, two-yearand three-year TSR of its Large Public Tower Company Peer Group CAP, as required under SEC rules, reflects adjusted values to unvested and vested equity awards during the years shown in the tables above based on year-endstock prices, various accounting valuation assumptions, and projected performance modifiers but does not reflect actual amounts paid out for those awards. CAP generally fluctuates due to stock price achievement and varying levels of projected and actual achievement of performance goals. In 2022, CAP for both our former CEO and the average of other NEOs is a negative number, reflecting the impact of the change in our stock price between December 31, 2021 and December 31, 2022 because of the significant portion of our executives’ compensation tied to equity with fair values based in part on stock price. For a discussion of how our Compensation Committee assessed our performance and our named executive officers’ pay each year, see “Compensation Discussion and Analysis” in this proxy statement and in the proxy statements for the 2024, 2023, 2022 and 2021 annual meetings of shareholders.

72 SBA Communications Corporation | 2025 Proxy Statement

| Proxy Summary |     | Proposal 1 |     | Corporate Governance |     | Executive Officers |     | Executive Compensation |     | Security Ownership |     | Proposal 2 |     | Proposal 3 |     | Other Compensation Disclosures |     | Q&A About Voting |     | OtherMatters |
|               |     |            |     |                      |     |                    |     |                        |     |                    |     |            |     |            |     | ●                              |     |                  |     |              |

Listed below are the financial and non-financial performance measures which in our assessment represent the most important financial performance measures we used for