Company: SGA
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001104659-25-033247
Chunk: 47

Company: SAGA COMMUNICATIONS INC
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 47
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 a change-in-control. All restricted stock awards comprise Class A Common Stock. (2) Based on $11.03 per share, which was the closing price of our Class A Common Stock on the NASDAQ on December 31, 2024 (the last business day of the fiscal year). Employment Agreements and Potential Payments Upon Termination or Change-in-Control Mr. Forgy’s Employment Agreement On November 16, 2022, we entered into an employment agreement with Mr. Forgy, who was appointed as our President and CEO effective December 7, 2022. Mr. Forgy’s employment agreement has an initial term

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of three years, and we and Mr. Forgy may mutually agree to extend the term for an additional two years. Either party may provide written notice of its intent not to extend the initial term at least one year prior to the end of the initial term. Under the employment agreement, Mr. Forgy’s base salary is set at:

| ​ | Year 1                                    | ​ | ​ | ​ | ​ |       ​ | ​ | ​ |
|:--|:------------------------------------------|:--|:--|:--|:--|--------:|:--|:--|
| ​ | December 7, 2022 through December 6, 2023 | ​ | ​ | ​ | $ | 670,000 | ​ | ​ |
| ​ | Year 2                                    | ​ | ​ | ​ | ​ |       ​ | ​ | ​ |
| ​ | December 7, 2023 through December 6, 2024 | ​ | ​ | ​ | $ | 697,000 | ​ | ​ |
| ​ | Year 3                                    | ​ | ​ | ​ | ​ |       ​ | ​ | ​ |
| ​ | December 7, 2024 through December 6, 2025 | ​ | ​ | ​ | $ | 725,000 | ​ | ​ |

**In December 2024, the Company and Mr. Forgy mutually agreed to renew the term of Mr. Forgy’s employment for an additional two years, Mr. Forgy’s base salary will be $753,000 in the fourth year through December 6, 2026, and $783,000 in the fifth year through December 6, 2027. Mr. Forgy will have the opportunity to earn an annual performance bonus under the CEO Plan. His bonus in any fiscal