Company: SBAC
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001193125-25-074669
Chunk: 40

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 40
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 growth, same-tower organic growth, margin enhancements, portfolio growth on attractive terms, optimizing our capital structure and a disciplined approach to capital allocation. The following graphs illustrate our strong performance over the past five years.

| AFFO Per Share(1) |     | Adjusted EBITDA(1) |

| (1) | See Appendix A for reconciliation of non-GAAP metrics. |

| Tower Cash Flow(1) |     | Return on Invested Capital (ROIC)(1) |

| (1) | See Appendix A for reconciliation of non-GAAP metrics. |

SBA Communications Corporation | 2025 Proxy Statement 35

| 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 |
|               |     |            |     |                      |     |                    |     | ●                      |     |                    |     |            |     |            |     |                                |     |                  |     |         |

Our Executive Compensation Is Linked to Performance The core of our executive compensation philosophy is that our executives’ pay should be linked to the performance of SBA. Accordingly, our executives’ compensation is heavily weighted toward compensation that is performance-based or equity-based. The compensation of our NEOs for 2024 reflects this commitment. For 2024, 90% of our CEO’s target total compensation and an average of 85% of our other NEOs’ target total compensation was performance-based or equity-based. As a result, our executives only recognize value approaching their target compensation when our shareholders have enjoyed value creation.

Our Performance Metrics Drive Shareholder Value We reward financial, operational and qualitative metrics that we believe will drive long-term shareholder value appreciation. For 2024, our annual incentive bonus for our CEO and each of our NEOs was:

| > | 50% based on the performance level of Adjusted EBITDA achieved; |

| > | 25% based on the performance level of Site Leasing Revenue achieved; and |

| > | 25% based on an evaluation of the extent to which the NEO contributed to SBA meeting its qualitative, financial and operational metrics. |

Our Executive Compensation Program is Responsive to Shareholders We believe that shareholder engagement remains a key driver of our continued success. We engage with our shareholders on a regular basis through our active engagement