Company: SBAC
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001193125-25-074669
Chunk: 73

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 73
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 annual bonus target in effect immediately prior to the officer’s termination of employment plus(iii) in the case of the Cavanagh Employment Agreement, the Reference Benefits Value (as defined below). The applicable multiple with respect to the Cavanagh Employment Agreement, means two (2), in the event a termination or resignation occurs prior to a Change In Control and three (3), in the event termination or resignation occurs on or after a Change In Control. Reference Benefits Value means the greater of (1) $33,560 and (2) the value of all medical, dental, health, life, and other fringe benefit plans, and arrangements applicable to the Executive and his dependents for the year in which the termination occurs. The applicable multiple with respect to the Executive Severance Plan means one (1), in the event the termination occurs prior to a Change in Control of the Company, and two (2), in the event the termination occurs on or after a Change in Control of the Company. The severance payment is payable in a lump sum. Death or Disability . If the employment of Mr. Cavanagh or any ESP Participant were terminated due to death or disability, such officer or his estate would receive an amount equal to the pro rata portion of the minimum annual bonus target for the period of service in the year in which the termination occurs. This amount is payable in a lump sum. Excise tax .Neither the Cavanagh Employment Agreement nor the Executive Severance Plan provides for gross-uppayments. Pursuant to the Cavanagh Employment Agreement and the Executive Severance Plan in the event that any payments made in connection with a termination of employment would be subject to the excise tax imposed by Section 4999 of the U.S. Internal Revenue Code, and if the reduction of the payments to an amount that would not be subject to the excise tax is greater than if the payment had not been reduced, then, subject to limitations, the payments would be reduced to such amount. Benefit continuation .Pursuant to the Executive Severance Plan, the medical, dental and life insurance benefits of each ESP Participant would be continued until the earlier of applicable multiple of years from the date of termination or the date the officer becomes eligible for comparable benefits provided by a third party. Acceleration of Vesting of Equity In addition to the severance payments that would be payable under the Cavanagh Employment Agreement or the Executive Severance Plan, our option and restricted stock unit agreements provide for either accelerated vesting or continued vesting under certain circumstances. In