Company: SBAC
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001193125-25-074669
Chunk: 58

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 58
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 compensation and approves the dollar value of long-term equity awards that will be granted to each NEO. In addition, the Compensation Committee approves the final list of equity award recipients. Initially, the Compensation Committee reviews the various forms of equity that may be awarded, including stock options, restricted stock units and other forms of equity-based compensation, and receives reports from its compensation consultant 46 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 |     | Other   
 Matters |
|               |     |            |     |                      |     |                    |     | ●                      |     |                    |     |            |     |            |     |                                |     |                  |     |         |

with alternatives and recommendations. For 2024, the Compensation Committee confirmed that it believed that performance based and time based restricted stock units continued to be the most appropriate forms of equity award. The Compensation Committee then evaluates the structure of the equity compensation program, including the division between time-based and performance-based equity and, with respect to the performance-based equity, the metrics upon which the equity would be earned. For the 2024 compensation program, the Compensation Committee modified the structure of the equity awards, to (1) diversify the metrics against which the Performance RSUs could be earned by adding a new metric Return on Invested Capital (ROIC), which the Compensation Committee believed was an appropriate method for measuring our executives’ effective use of shareholders’ capital, and (2) modifying the percentage of RSU versus Performance RSUs to provide additional retention value in light of the uncertain macroeconomic environment, including continuing high interest rates, which are challenging telecommunications companies as well as REITs. As a result, the Compensation Committee decided that 60% of the equity award for our CEO would be granted in the form of three-year Performance RSUs and 40% in the form of Time RSUs, which vest over three years, and that for our other NEOs, 50% of the equity award would be in the form of three-year Performance RSUs and 50% in the form of Time RSUs, which vest over three years. The table below sets forth (1) each performance metric, (2) the percentage of Performance RSUs granted that will be earned based on such metric and