Company: SBAC
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001193125-25-074669
Chunk: 53

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 53
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BITDA, rather than Annualized Adjusted EBITDA. The Compensation Committee decided that Adjusted EBITDA was appropriate as it aligns the compensation performance metric directly with the metric used in our guidance and reported quarterly to investors. Adjusted EBITDA is a metric that every NEO can impact and therefore serves as an appropriate measure of company-wide performance. Based on the growing contribution of our international operations to SBA’s overall results and the volatility of the certain currencies in which we conduct business, the Compensation Committee continued to evaluate this financial metric on a constant currency basis utilizing exchange rates used in establishing the budget. The Compensation Committee believes that this allows it to more accurately capture the operating results of the business as impacted by the NEO. |

| > | 25% of each NEO’s annual bonus target was based on the performance level of Site Leasing Revenue achieved. As discussed above, in response to commentary received from shareholders during our annual engagement activities, we modified the annual incentive program to replace AFFO with Site Leasing Revenue to address concerns that the same financial metric was being utilized in both our annual and our long-term incentive compensation programs. The Compensation Committee took into consideration market data provided by its compensation consultant and selected Site Leasing Revenue as it measures the results of our site leasing activities, which represented an average of approximately 90% of our total revenue for the past five years and is one of the metrics on which investors are focused. Based on the growing contribution of our international operations to SBA’s overall results and the volatility of certain currencies in which we conduct business, the Compensation Committee measured Site Leasing Revenue on |

44 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 |
|               |     |            |     |                      |     |                    |     | ●                      |     |                    |     |            |     |            |     |                                |     |                  |     |         |

| a constant currency basis utilizing exchange rates used in establishing the budget. The Compensation Committee believes that this allows it to more accurately capture the operating results of the business as impacted by the NEO. |

| > | 25% of each NEO’s annual bonus target was based on an evaluation of the extent to which the NEO contributed to SBA