Company: SGA
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001104659-25-033247
Chunk: 37

Company: SAGA COMMUNICATIONS INC
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 37
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. For fiscal year 2024, the Committee awarded Mr. Forgy with a discretionary bonus of $243,950 due to the significant achievements of the Company under the leadership of Mr. Forgy during 2024, including significant investments in initiatives to diversify our revenue and building our Corporate management team to establish a base for future growth. The CEO provides input and makes recommendations to the Committee as to the bonuses to be paid to the other executive officers. Based on Mr. Forgy’s subjective review of the 2023 performance of the executive officers, Mr. Forgy recommended that 2023 cash bonuses be awarded in the amount of $52,500 for Mr. Bush and $35,000 for Mr. Leland, and the Committee agreed and the Board approved these bonuses. Based on Mr. Forgy’s subjective review of the 2024 performance of the executive officers, Mr. Forgy recommended that 2024 cash bonuses be awarded in the amount of $50,000 for Mr. Bush and $35,000 for Mr. Leland, and the Committee agreed. The Committee then made such recommendation to the Board for the Board’s final approval, and the Board agreed. Long-Term Incentives In 2005, we engaged Towers Watson (then Towers Perrin) to conduct a review of our long-term incentive plan and provide recommendations, as appropriate, for redesigning our plan. We did not request, and Towers Watson did not conduct, a review of our long-term incentive award opportunities relative to market levels. The purpose of the review was to determine a long-term strategy for providing an effective equity incentive package which would attract, motivate, and retain our executive officers. Based on Towers Watson’s recommendations, we developed a new strategy to award a combination of stock options and restricted stock, and adopted the 2005 Incentive Compensation Plan, subject to shareholder approval. Shareholders approved this Plan at the 2005 Annual Meeting of Shareholders and re-approved it at the 2010 Annual Meeting of Shareholders, by written consent in 2013 and at the 2018 Annual Meeting of Shareholders. In June 2008, the Committee determined that it would only award restricted stock pursuant to the 2005 Incentive Compensation Plan, since awarding stock options historically had not been an effective strategy, as previously granted options were generally underwater, and stock options had the potential to result in the issuance of a far larger number of shares than by granting only restricted stock. In March 2013, we