Company: SGA
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001104659-25-033247
Chunk: 50

Company: SAGA COMMUNICATIONS INC
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 50
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 with the Company. The employment agreement also contains customary confidentiality and non- disparagement covenants. Mr. Leland’s Letter Agreement On November 15, 2022 we entered into a letter of employment with Wayne Leland to serve as our Senior Vice President/Operations beginning January 3, 2023. The letter agreement provides for the following compensation and benefits: • A base salary of $300,000 per year, payable bi-weekly in accordance with Saga’s current payroll policy; • Eligibility for an annual discretionary bonus of up to $35,000 as determined by the Company’s Compensation Committee based on the Company’s performance; • Participation, subject to Board of Director approval and direction, in the Company’s 2023 Incentive Compensation plan for awarding restricted stock; • Participation in the Company’s health, medical reimbursement, life, 401K, and disability plans; • Participation in the Company’s Non-Qualified Deferred Compensation Plan upon meeting eligibility requirements; • Reimbursement for reasonable and customary business expenses in accordance with Saga’s reimbursement policy; and • Temporary housing and moving expense reimbursement in connection with relocation from Virginia to Michigan. On September 16, 2024, Mr. Leland was promoted to our Chief Operating Officer. Notwithstanding his promotion, Mr. Leland remains party to his existing employment agreement and will continue to receive the compensation and benefits contemplated thereby. Change-in-Control Agreements As of December 28, 2007, Mr. Bush entered into a change-in-control agreement. As of September 28, 2018, Mr. Forgy also entered into a change-in-control agreement. A change-in-control is defined in these 30 TABLE OF CONTENTS agreements to mean the occurrence of: (a) any person or group becoming the beneficial owner, directly or indirectly, of more than 30% of the combined voting power of the Company’s then outstanding securities and Mr. Christian ceasing to be Chairman and CEO of the Company; (b) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto continuing to represent more than 50% of the combined voting securities of the Company or such surviving entity; or (c) the approval of the shareholders of the Company of a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of its assets. If there is a change-in-control