Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
The Amendment extends the term of the Employment Agreement from
? Paragraph 16 is revised to add a definition of "Change in Control" that tracks
Section 409A requirements;
? Paragraph 17 is revised to provide that the "Change in Control" payment is made
in a lump sum within 45 days after the Change in Control;
? Paragraph 30 is revised to include a "clawback" provision;
Paragraph 31 provides that payments are intended to comply with, or be exempt
from, Section 409A, and the Agreement is to be interpreted, construed and
? administered in accordance with Section 409A. It also contains provisions
regarding six-month delay of certain payments following a separation from
service, reimbursements and timing of tax gross up payments pursuant to 409A.
The foregoing description of the Amendment does not purport to be complete and
is qualified in its entirety by reference to the Amendment, a copy of which is
attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated
herein by reference. A copy of
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits. 10.1 Third Amendment to Employment Agreement datedJanuary 25, 2022 betweenSaga Communications, Inc. andEdward K. Christian .
104 Cover Page Interactive Data File (formatted as inline XBRL and contained in
Exhibit 101)
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