Exhibit 10.1


 


SEPARATION
AGREEMENT AND MUTUAL release of all claims


 


This Separation Agreement
and Mutual Release of All Claims (“Agreement”) is made between Steven J. Goldstein (“Executive”) and Saga
Communications, Inc. and each of its subsidiaries (the “Company”) as of the effective date (the “Effective Date”)
set forth above Executive’s signature below, as follows:


 


1.          Separation
from Employment. Executive voluntarily resigns from employment with the Company effective on March 24, 2015 (“Separation
Date”). The Company accepts such resignation. Executive further resigns from all, officer, agent or committee positions with
the Company, if any, and the Company accepts such resignations. Executive agrees to execute any separate resignation notices for
such purposes as reasonably requested by the Company. Executive shall be paid Executive’s salary and all benefits through
the Separation Date. Except as set forth in this Agreement, all compensation and benefits from the Company terminate on the Separation
Date.


 


2.          Accelerated
Vesting of Restricted Stock. Executive was granted 3,526 shares of Class A Common Stock of the Company (“Restricted
Stock”) under the terms of that certain Restricted Stock Agreement dated November 6, 2013 between Executive and the Company,
with vesting as follows:


 


	Shares	 	Vesting Date	 	Vesting Status
	 	 	 	 	 
	1,175	 	November 6, 2014	 	Vested
	 	 	 	 	 
	1,175	 	November 6, 2015	 	Not vested
	 	 	 	 	 
	1,176	 	November 6, 2016	 	Not vested


 


Under the terms of such Restricted
Stock Agreement, shares which are not vested at the time of termination of employment with the Company are forfeited. Notwithstanding
the provisions of the Restricted Stock Agreement, Executive and the Company agree that all of the foregoing Restricted Stock are
vested as of the Effective Date and Executive shall have all rights incumbent with such stock, free of any restriction and unlegended
certificates representing such shares shall be promptly issued to Executive.


 


3.          Stock
Options/Nonqualified Deferred Compensation. Executive holds certain stock options previously granted to him by the Company.
Similarly, Executive has previously deferred a portion of his salary pursuant to the Company’s nonqualified deferred compensation
plans. Executive’s rights regarding such stock options and deferred compensation balance are as set forth in the respective
grant awards/plans in the event of termination of employment with the Company. Such rights are not otherwise affected by this Agreement.


 




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4.          Mutual
Release of All Claims and Covenant Not to Sue. Except for the performance of this Agreement, the Consulting Agreement of
even date with the Company, the License Agreement of even date with the Company and any indemnification obligations of the Company
or its affiliates in favor of Executive under its/their Articles of Incorporation or Bylaws, Executive, on behalf of Executive
and anyone claiming through Executive, releases and forever discharges the Company, its , subsidiaries, joint ventures and affiliated
organizations and its/their past and present directors, officers, shareholders, employees, agents, attorneys, benefit plans and
plan administrators, sureties, insurers, successors and assigns (collectively “Released Parties”) from all claims,
liabilities, demands, rights, costs, attorney fees, causes of action and damages, including all consequential and incidental damages,
whether known or unknown, arising from the beginning of time to the Effective Date, including without limitation those relating
directly or indirectly to Executive’s employment with the Company and all claims for personal injury, defamation, breach
of contract, violation of due process or civil rights, wrongful discharge, and violation of any federal, state or local statute,
law or ordinance and the common law, including without limitation violation of the federal Employee Retirement Income Security
Act, the Age Discrimination in Employment Act, Title VII of the Civil Rights Act, the Equal Pay Act, the Americans with Disabilities
Act, , the Fair Labor Standards Act, the Family and Medical Leave Act, the Sarbanes-Oxley Act, Connecticut Fair Employment Practices
Act, Connecticut Family and Medical Leave Act, Connecticut Whistleblower Law, the Michigan Elliott-Larsen Civil Rights Act, the
Michigan Persons with Disabilities Act, the Michigan Wage and Fringe Benefits Act, the Michigan Whistleblower’s Protection
Act, all such laws as amended to date, and/or any federal, state or local law regarding discrimination, employment, compensation
and/or employee civil rights, provided, however, that if any individual of the Released Parties brings a claim against Executive
based on any action occurring prior to the Effective Date, then the foregoing release of claims by Executive is withdrawn and shall
be of no effect as to such individual, only. Notwithstanding the above, Executive does not release any (a) vested 401(k) plan balance,
(b) rights under the federal COBRA law, (c) rights under worker’s compensation and unemployment compensation laws, or (d)
any other rights which by law cannot be released.


 


It is understood and
agreed that except for the exceptions set forth in this Agreement, this is a full and final release in complete settlement
of all claims and rights of every nature and kind whatsoever which Executive has or may have against the Company and other Released
Parties.


 


Executive agrees that Executive
will never make any claim or demand against the Company and/or other Released Parties as to any matter released under this Agreement,
including without limitation the filing of a lawsuit in any state or federal court or, to the full extent authorized by law, the
filing of a claim with any governmental agency; provided, however, that the foregoing does not affect any right to file an administrative
charge with the Equal Employment Opportunity Commission, subject to the restriction that if any such charge is filed, Executive
agrees not to seek or in any way obtain or accept any monetary award, recovery, settlement or relief therefrom. Executive agrees
that if Executive makes such claim or demand in violation of this paragraph, (a) this Agreement shall serve as a full and complete
defense and (b) Executive will pay the Company’s/Released Parties’ attorney fees and costs to the full extent authorized
by law.


  




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Except for the performance
of this Agreement, the Consulting Agreement of even date with Executive and the License Agreement of even date with Executive
and except for acts of criminal misconduct by Executive (the Company not having present knowledge of any such criminal misconduct),
the Company releases and forever discharges Executive, his executors, personal representatives and heirs from any and all claims,
liabilities, demands, rights, costs, attorney fees, causes of action and damages, including all consequential and incidental damages,
whether known or unknown, arising from the beginning of time to the Effective Date, including without limitation those relating
directly or indirectly to Executive’s employment with the Company and all claims for personal injury, defamation, breach
of contract, violation of due process or civil rights, wrongful discharge, and violation of any federal, state or local statute,
law or ordinance and the common law. It is understood and agreed that except for the exceptions set forth in this Agreement, this
is a full and final release in complete settlement of all claims and rights of every nature and kind whatsoever which the Company
has or may have against Executive. The Company agrees that the Company will never make any claim or demand against Executive as
to any matter released under this Agreement.


 


5.          No
Admission of Wrongdoing. This Agreement shall not be construed as an admission of wrongdoing or liability by the Company
or by Executive.


 


6.          Duties
as to Confidential Information. Executive agrees that Executive will keep confidential and not disclose or use (other than
on behalf of the Company) any and all confidential or proprietary information of the Company. As used in this Agreement, confidential
or proprietary information includes trade secrets, methods of operation, broadcast analyses, non-public financial information,
employment practices, station acquisition information, customer lists, potential customer lead or prospect lists, business plans,
strategic plans, management systems, internal procedures, techniques, processes, and computer systems and programs, including the
source and object codes, as well as all analyses, compilations, forecasts, studies, summaries, notes, data and other documents
and material (in whatever form or medium maintained) prepared by Executive or the Company, or by its accountants, attorneys and
financial advisors, which contain or reflect, or are generated or derived from, any information provided by the Company. Executive
further agrees to immediately return all confidential or proprietary information, including those described in Section 7, and not
make or retain any copies thereof. Confidential information shall not include i) publicly available information which did not become
public through any act of Executive, ii) information independently developed by Executive after the date hereof which is not derived
directly or indirectly from confidential information of the Company, or iii) information provided to Executive after the date hereof
from an individual or entity not under any confidentiality obligation to the Company and who is not a current or former employee
of the Company.


 


7.          Return
of Company Property, Records and Documents. Executive shall immediately return at the Company’s expense all property
of the Company in Employee’s possession including, but not limited to, any of the following: equipment, including laptop
computers, desk top computers and iPads, software and all Company records and documents whether in hard copy or electronic form,
including without limitation the following: all contact information, files, broadcast content, broadcast analyses and data compilation,
broadcast contests, interactive content and files, promotional materials, competitive information, talent files and correspondence
to and from stations, vendors and consultants. Executive shall not make or retain copies of any such Company records and documents
other than contact information. Provided, however, Executive may retain and transfer to Executive the cellular telephone number
used by him (not the Company office telephone number or fax number) and the office telephone system, microwave, fax machine and
office furniture and other Company owned equipment located in the Westport, CT office suite utilized by Executive.


 




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8.           Mutual
No Negative Comments or Interference. Executive shall not until the tenth (10th) anniversary of the Effective
Date: (a) directly or indirectly disparage, criticize or make negative comments about the Company, its directors, officers, employees,
stations or holdings or (b) take any action intended to have the effect of damaging the business reputation of the Company or its
stations. Executive agrees that Executive will not directly or indirectly induce any employee of the Company to engage in any activities
prohibited to Executive under this Agreement or to terminate the employee’s employment with the Company. The foregoing shall
not prevent Executive from testifying truthfully if compelled by law, subpoena or other legal process. The Company on behalf of
itself, its affiliates and each of their directors and officers, shall not until the tenth (10th) anniversary of the
Effective Date directly or indirectly disparage, criticize or make negative comments about Executive or take any action having
the effect of damaging the reputation of Executive. The foregoing shall not prevent representatives of the Company from testifying
truthfully if compelled by law, subpoena or other lawful process.


 


9.           No
Support for Claims Against the Company. Unless compelled by law, subpoena or other legal process, Executive will not provide,
directly or indirectly, any information, encouragement or assistance to any person or entity regarding pursuit of a claim or lawsuit
against the Company. Unless compelled by law, subpoena or other legal process neither the Company nor any of its officers or directors
shall directly or indirectly provide any information, encouragement or assistance to any person or entity regarding pursuit of
a claim against the Executive. This Section 9 shall not prevent Executive from cooperating with the Equal Employment Opportunity
Commission or any governmental agency without the necessity of a subpoena.


 


10.         Cooperation
in Litigation, Investigations and Company Business. Executive agrees to reasonably cooperate with the Company (which shall
be credited against the hourly service obligation under Section 2 of the Consulting Agreement with the Company), without additional
compensation other than reimbursement by the Company of Executive’s reasonable expenses, in its defense of or other participation
in any administrative, judicial, arbitral, investigative or other proceeding arising from any charge, complaint or other action
that has been or may be filed, or with respect to which the Company may be or become involved, relating to any matter that occurred
during Executive’s employment with the Company.


 


11.         Violation
of Agreement. The parties acknowledge that Sections 6, 7, 8, 9, and 10 are material provisions of this Agreement and that
any violation of such Sections will (a) deprive the non-violating party of consideration which is integral to this Agreement and
(b) cause irreparable injury to the non-violating party. Accordingly, each party agrees that in the event of such violation, in
addition to any other relief permitted by law or this Agreement, the non-violating party shall be entitled to a temporary restraining
order, preliminary and permanent injunctive relief and such other equitable relief as appropriate for any such violation without
posting a bond or other security being required and without proof of damages. If either Executive or the Company is found by a
court of competent jurisdiction (see Section 14(c)) to have intentionally violated this Agreement, the party in violation shall
pay all of the legal expenses of the non-violating party, including court costs and attorney fees, for the enforcement of this
Agreement.


 




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12.         No
Violations of Law or Contract. Executive represents that he is not actually aware of any violations of law by the Company
or of any material breaches of contract or violations of terms and conditions by the Company.


 


13.         Representations
and Revocation Rights. Executive represents that Executive has been advised by the Company (and is further advised by this
writing prior to execution of this Agreement) that Executive should consult with an attorney before executing this Agreement. Executive
acknowledges that Executive has been given at least twenty-one (21) days by the Company in which to consider this Agreement and
that if Executive signed the Agreement before expiration of the twenty-one (21) days, Executive did so voluntarily and with the
intention of waiving the remainder of such period. The Agreement shall not be effective or enforceable for a period of seven (7)
days following the date of Executive’s signature below, during which time only, Executive may revoke this Agreement. Any
such revocation must be in writing, signed by Executive and delivered or mailed so as to arrive within such seven (7) days to David
C. Stone, Esq., Attorney for Saga Communications, Inc., Bodman PLC, 201 W. Big Beaver Road, Suite 500, Troy, Michigan 48084. No
other revocation can be made or will be effective. If Executive revokes this Agreement, Executive’s voluntary resignation
from employment shall remain effective and Executive shall not be engaged as a consultant by the Company.


 


		14.	Miscellaneous.



 


		(a)	This Agreement, together with the Consulting Agreement between Executive and the Company which
is executed concurrently with this Agreement, constitute the entire agreement between Executive and the Company regarding the subject
matter thereof and supersede any prior or contemporaneous promises, representations or agreements. The Change-In-Control Agreement
previously executed by Executive and the Company is null and void. This Agreement cannot be modified orally but only in a written
document signed by Executive and an authorized representative of the Company.



 


		(b)	Each party has carefully reviewed this Agreement in its entirety and signs as his/its free act.



 


		(c)	This Agreement shall be governed by the laws of the State of Michigan without regard to conflict
of law principles. Executive and the Company consent to the jurisdiction of the federal and state courts in Wayne County, Michigan
for any matter related to this Separation Agreement. EXECUTIVE AND THE COMPANY WAIVE THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY IN
ANY ACTION RELATED TO THIS AGREEMENT.






 






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		(d)	The captions and headings of the Sections of this Agreement are for convenience of reference only
and are not to be considered in construing this Agreement. This Agreement accurately sets forth the intent and understanding of
each party. This Agreement shall not be construed for or against either party as a result of the drafting hereof if there is any
dispute over the meaning or intent of any of its provisions.



 


		(e)	If any provision of this Agreement, in whole or in part, is determined to be unlawful or unenforceable,
the parties agree that such provision shall be deemed modified, if possible, to the extent necessary to render such provision valid
and enforceable to the maximum extent permitted by law and, if not possible, it shall be severed from the Agreement. In either
event all remaining provisions of this Agreement shall remain in full force and effect.



 


		(f)	This Agreement may be executed in counterparts, which together shall constitute one Agreement.
A photocopy of this Agreement as signed is effective as an original. Scanned or faxed signatures are effective as originals.



 


Effective on the eighth
(8th) day following the date of Executive’s signature below.


 


READ BEFORE SIGNING


 


	 	 	Executive:
	 	 	 
	3/24/15	 	/s/ Steven J. Goldstein
	Date	 	 
	 	 	Company:
	 	 	 
	 	 	SAGA COMMUNICATIONS, INC.
	 	 	 	 
	3/24/15	 	By: 	/s/ Edward K. Christian
	Date	 	Its:	  Chairman, President and CEO


 




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