Company: SBAC
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001193125-25-074669
Chunk: 65

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 65
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 rather than the LTI values approved by the Compensation Committee as discussed on page 48. |

| (2) | This amount includes the aggregate grant date fair value of (i) time-based RSUs, and (ii) Performance RSUs granted in 2024. The aggregate grant date fair value of the Performance RSUs was computed based on the probable outcome of the applicable performance target as of the grant date and 100% achievement of such performance target. The Performance RSUs are earned based on AFFO per share, relative TSR and average ROIC. |

| (a) | The grant date fair value of $255.20 per PSU for the Relative TSR portion of the PSU award was determined using a Monte Carlo simulation model. The value was determined using the historical stock price volatilities of the Company and the companies in our comparator group over the most recent 2.9-year period assuming dividends for each company are reinvested on a continuous basis and a risk-free rate of interest of 4.3% and that dividends declared on vested shares are received over the vesting period. |

| (b) | The grant date fair value of $216.97 for the AFFO and the ROIC portions of the awards is based on the closing price of our Class A common stock on the business day prior to the grant date. |

| (c) | If we assume that the highest level of performance conditions will be achieved with respect to the PSUs (and thus the maximum number of shares will be issued under the PSUs), using the fair value of our Class A common stock on the business day prior to the grant date for such shares, the 2024 fiscal year Performance RSUs would be as follows: $6,331,804, $2,205,070, $1,692,820, $1,642,281, $1,575,303 and $2,126,580, for Messrs. Cavanagh, Montagner, Ciarfella, Cane, Koenig and Silberstein, respectively. |

| (3) | The amounts reported in this column reflect compensation earned for 2024, 2023, and 2022 performance under our annual cash incentive compensation program. We make payments under this program in the first quarter of the fiscal year following the fiscal year in which they were earned after finalization of our audited financial statements. |

SBA Communications Corporation | 2025 Proxy Statement 53

| Proxy Summary |     | Proposal