Company: SBAC
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001193125-25-074669
Chunk: 87

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 87
---
     |            |  9,750,582 |   |     |            | 11,961,853 |   |     |            | (1,385,547 | ) |     |            |  2,695,520 |   |     |            |  1,720,240 |   |

Equity Valuations: For performance restricted stock unit awards, the grant date fair value of awards used for SCT calculations assumes target performance. To determine the year-end fair values used in the CAP calculations, we have updated the performance expectations to reflect the latest performance estimates for unvested and outstanding awards at each fiscal year-end date. For options awards, updated market input assumptions (stock price, risk free interest rate, volatility, expected term and future dividend yield expectations) have been used to determine the fair values of outstanding awards as of the identified vesting dates and the relevant fiscal year-end dates using the Black-Scholes option pricing model.

Column (f) . For the relevant fiscal year, represents the cumulative total shareholder return (TSR) of SBA for the measurement periods beginning on December 31, 2019 and ending on December 31 of each of 2024, 2023, 2022, 2021, and 2020 respectively.

Column (g). For the relevant fiscal year, represents the cumulative TSR of our Large Public Tower Company Peer Group for the measurement periods beginning on December 31, 2019 and ending on December 31 of each of 2024, 2023, 2022, 2021,

SBA Communications Corporation | 2025 Proxy Statement 71

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

and 2020 respectively. The Large Public Tower Company Peer Group for each of 2024, 2023, 2022, 2021, and 2020 consisted of the following companies: American Tower Corporation and Crown Castle Inc. Column (h). Reflects “Net Income” in our consolidated income statements included in our Annual