Company: SGA
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001104659-25-033247
Chunk: 36

Company: SAGA COMMUNICATIONS INC
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 36
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 of broadcast assets during the fiscal year 2023, the established BCF goals would be adjusted. The established BCF goals would be reduced by the budgeted BCF for the broadcast assets sold during fiscal year 2023 on a pro-rata basis. Pro-rata BCF generated from broadcast assets acquired during fiscal year 2023 would be added to adjust the BCF goals. The BCF target levels are selected to reward improvements in BCF. It was believed that the initial target level will be achievable based on past performance, while the other targets will be more difficult to achieve. For fiscal year 2023, the Committee determined that BCF did not meet any of the established BCF goals noted above. For fiscal year 2023, the Committee awarded Mr. Forgy with a discretionary bonus of $245,000 due to the significant achievements of the Company under the leadership of Mr. Forgy during 2023, including significant investments in initiatives to diversify our revenue and building our Corporate management team to establish a base for future growth and to hold revenue flat in comparison to 2022 year-end during a year when revenue was impacted by a reduction in political revenue. For fiscal year 2024, in March 2024, the Committee approved a broadcast cash flow (“BCF”) goal for Mr. Forgy with five different BCF targets of $27.4 million, $28.8 million, $30.2 million, $ 31.3 million and $32.5 million, allowing for a possible award of $245,000, $390,000, $535,000, $610,000 and $670,000, respectively, payable in cash if such targets were achieved. The Committee further determined, in the event of a sale or acquisition of broadcast assets during the fiscal year 2024, the established BCF goals would be adjusted. The established BCF goals would be reduced by the budgeted BCF for the broadcast assets sold during fiscal year 2024 on a pro-rata basis. Pro-rata BCF generated from broadcast assets acquired during fiscal year 2024 would be added to adjust the BCF 23 TABLE OF CONTENTS goals. The BCF target levels are selected to reward improvements in BCF. It was believed that the initial target level will be achievable based on past performance, while the other targets will be more difficult to achieve. For fiscal year 2024, the Committee determined that BCF did not meet any of the established BCF goals noted above