Company: SBAC
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001193125-25-074669
Chunk: 44

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 44
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.W. Cook & Co., Inc. (“FW Cook”) to:

| > | review those companies that comprise our Peer Group and propose changes if necessary; |

| > | provide a competitive analysis of our compensation components for our NEOs against our 2024 Peer Group; |

| > | assist in the design of the revised executive compensation program to address shareholder comments, including the selection of a new metric for the annual incentive plan and the structure of the equity compensation program; and |

| > | review this CD&A. |

FW Cook does not perform any other services for SBA other than its consulting services to the Compensation Committee. The Compensation Committee has reviewed the independence of FW Cook in light of SEC rules and Nasdaq Listing Standards regarding compensation consultants and has concluded that FW Cook’s work for the Compensation Committee during 2024 did not raise any conflict of interest and that FW Cook is independent. Evaluating Compensation Program Design and Relative Competitive Position At the beginning of the executive compensation setting process each year, the Compensation Committee considers the results of the prior year advisory vote on our say-on-payproposal and the results of shareholder engagement, including the outreach discussed earlier on page 28. In addition, the Compensation Committee, in consultation with its independent compensation consultant, FW Cook, assesses the executive compensation program design and its relative competitive position by (i) reviewing the continued suitability of the current companies within the peer group and (ii) identifying potential candidates for addition to the peer group, based on US-basedpublic companies in related industries that fall within 1/3x-3xSBA’s size relative to the identified measures. The Compensation Committee strives to select companies that are of similar size (based on revenues, EBITDA/FFO, market capitalization and enterprise value), operate in similar business areas (i.e., companies that are either in the communications industry or REIT industry) and compete for the same talent. While the Compensation Committee endeavors to select peer companies that are similar to SBA with respect to all these criteria, it recognizes that it cannot develop a peer group in which all companies satisfy all criteria. The Compensation Committee believes that, given the relatively high market capitalization to revenue ratio that has been characteristic of the communications infrastructure industry, including SBA and the two other public tower companies, American Tower and Crown Castle, it would be detrimental to SBA and shareholders to focus primarily on any one factor, such as revenues, when selecting peer companies as this could adversely affect its ability to attract and retain high-quality executive talent. 2024