Company: SGA
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001104659-25-033247
Chunk: 44

Company: SAGA COMMUNICATIONS INC
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 44
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 the Company provided automobile, housing accommodations, medical expense reimbursements and country club dues. In 2023, perquisites also included personal use of the Company’s private plane lease. In 2024 and 2023, Mr. Bush received perquisites for automobile allowance, housing accommodations and medical expense reimbursements. Mr. Leland received perquisites for moving expenses and housing accommodations in 2023 and for medical reimbursements and housing accomodations in 2024. Perquisites are valued based on the aggregate incremental costs to the Company. In addition, in 2024 and 2023, the Company paid life insurance (including split dollar) premiums for Mr. Bush in the amount of $10,000. Under the 401(k) Plan, all matching funds in the amount of $1,200 and $1,200, respectively, were used to purchase 99 and 51 shares of Class A Common Stock in 2024 and 2023, respectively, for Mr. Forgy, Mr. Bush and Mr. Leland. Under the Second Restated and Amended 2005 Incentive Compensation Plan and the 2023 Incentive Compensation Plan, dividends paid on unvested restricted stock were $150,973 and $31,579 for Mr. Forgy, $68,907 and $36,120 for Mr. Bush and $33,726 and $10,537 for Mr. Leland in 2024 and 2023, respectively.

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TABLE OF CONTENTS

2024 CEO and Named Executive Officer Compensation In 2024, our most highly compensated executive officer was Mr. Forgy, our President and Chief Executive Officer. Mr. Forgy received a discretionary bonus of $243,950 and a salary of $698,616 in 2024 that was determined based on his 2022 employment agreement as was recommended and approved by the Compensation Committee. Based on the CEO’s (Mr. Forgy’s) subjective review of the 2024 performance of the other executive officers, the CEO recommended that 2024 cash bonuses in the amount of $50,000 and $35,000 be paid to Mr. Bush, and Mr. Leland, respectively, and the Committee agreed and approved. See “Base Salary” and “Bonuses” under “Compensation Overview” above. Outstanding Equity Awards at Fiscal Year-End The following table provides information as of December 31, 2024 regarding unexercised options and restricted stock that has not vested for