Company: SGA
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001104659-25-033247
Chunk: 2

Company: SAGA COMMUNICATIONS INC
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 2
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 Report are available at: www.proxyvote.com.

TABLE OF CONTENTS

SAGA COMMUNICATIONS, INC. Proxy Statement
For the 2025 Annual Meeting of
Shareholders To Be Held on May 2, 2025 TABLE OF CONTENTS

| ​ | INTRODUCTION                                                                                       | ​ | ​ | ​ | ​ |   1 | ​ | ​ |
| ​ | PROPOSAL 1 — ELECTION OF DIRECTORS                                                                 | ​ | ​ | ​ | ​ |   3 | ​ | ​ |
| ​ | CORPORATE GOVERNANCE                                                                               | ​ | ​ | ​ | ​ |   7 | ​ | ​ |
| ​ | FINANCE AND AUDIT COMMITTEE REPORT                                                                 | ​ | ​ | ​ | ​ |  13 | ​ | ​ |
| ​ | COMPENSATION OF DIRECTORS                                                                          | ​ | ​ | ​ | ​ |  14 | ​ | ​ |
| ​ | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT                                     | ​ | ​ | ​ | ​ |  15 | ​ | ​ |
| ​ | CERTAIN BUSINESS RELATIONSHIPS AND TRANSACTIONS WITH DIRECTORS AND MANAGEMENT                      | ​ | ​ | ​ | ​ |  18 | ​ | ​ |
| ​ | PROPOSAL 2 — TO RATIFY APPOINTMENT OF INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM                 | ​ | ​ | ​ | ​ |  19 | ​ | ​ |
| ​ | COMPENSATION OVERVIEW                                                                              | ​ | ​ | ​ | ​ |  21 | ​ | ​ |
| ​ | COMPENSATION OF EXECUTIVE OFFICERS                                                                 | ​ | ​ | ​ | ​ |  27 | ​ | ​ |
| ​ | PAY VERSUS PERFORMANCE                                                                             | ​ | ​ | ​ | ​ |  32 | ​ | ​ |
| ​ | PROPOSAL 3 — TO RE-APPROVE THE MATERIAL TERMS OF THE CHIEF EXECUTIVE OFFICER ANNUAL INCENTIVE PLAN | ​ | ​ | ​ | ​ |  35 | ​ | ​ |
| ​ | PROPOSAL 4 — ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION                         | ​ | ​ | ​ | ​ |  38 | ​ | ​ |
| ​ | DELINQU