<SEC-DOCUMENT>0000950123-11-061089.txt : 20110623
<SEC-HEADER>0000950123-11-061089.hdr.sgml : 20110623
<ACCEPTANCE-DATETIME>20110623120610
ACCESSION NUMBER:		0000950123-11-061089
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110617
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20110623
DATE AS OF CHANGE:		20110623

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAGA COMMUNICATIONS INC
		CENTRAL INDEX KEY:			0000886136
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				383042953
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11588
		FILM NUMBER:		11927164

	BUSINESS ADDRESS:	
		STREET 1:		73 KERCHEVAL AVE
		CITY:			GROSSE POINTE FARMS
		STATE:			MI
		ZIP:			48236
		BUSINESS PHONE:		3138867070

	MAIL ADDRESS:	
		STREET 1:		73 KERCHEVAL AVE
		CITY:			GROSSE POINTE FARMS
		STATE:			MI
		ZIP:			48236
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>b87057e8vk.htm
<DESCRIPTION>FORM 8-K
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
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<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): June&nbsp;17, 2011</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>SAGA COMMUNICATIONS, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in its Charter)</DIV>


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    <TD align="center" valign="top"><B>Delaware</B><BR>
(State or other jurisdiction <BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-11588</B><BR>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>38-3042953</B><BR>
(IRS Employer<BR>
Identification No.)</TD>
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    <TD align="center" valign="top"><B>73 Kercheval Avenue <BR>
Grosse Pointe Farms, MI</B><BR>
(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>48236</B><BR>
(Zip Code)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(313)&nbsp;886-7070</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(e) <I>Employment Agreement &#151; Edward K. Christian. </I>On June&nbsp;17, 2011, the Company and Edward K.
Christian, its Chairman, President and CEO, entered into a new employment agreement, effective as
of June&nbsp;1, 2011, which replaces and supersedes his prior employment agreement. Unless Mr.
Christian&#146;s employment has been earlier terminated pursuant to the terms of the new employment
agreement, the new employment agreement terminates on March&nbsp;31, 2018.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the terms of the new employment agreement, Mr.&nbsp;Christian continues as Chairman, President and
CEO of the Company. The new employment agreement provides for an annual base salary of $860,000
per year. Mr.&nbsp;Christian has agreed to a 2.5% reduction to his base salary in conformance with the
same current reduction to salary taken by all of the Company&#146;s employees. Mr.&nbsp;Christian may defer
any or all of his annual salary. On each anniversary of the new employment agreement, the
Compensation Committee shall determine, in its discretion, the amount of any increase to Mr.
Christian&#146;s then existing annual salary provided, however, that such increase shall not be less
than the greater of 3% or a cost of living increase based on a consumer price index.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Christian shall be eligible for a Chief Executive Incentive Bonus awarded at the
discretion of the Board of Directors and an annual performance bonus pursuant to the terms of the
Chief Executive Officer Annual Incentive Plan originally effective as of January&nbsp;1, 2000 and as
amended effective as of January&nbsp;1, 2005, and which was approved by stockholders at the 2010 Annual
Meeting of Stockholders. For any fiscal year, the largest performance bonus shall be 100% of the
base compensation for each such fiscal year. The Compensation Committee shall determine the actual
bonus to be paid for each fiscal year based on the Company&#146;s and Mr.&nbsp;Christian&#146;s performance and
achievement of target performance goals established by the Compensation Committee. In addition,
Mr.&nbsp;Christian shall be eligible for awards in amounts approved by the Compensation Committee under
the terms of the Company&#146;s 2005 Incentive Compensation Plan or as otherwise determined by the
Compensation Committee in its discretion based on the performance of the Company and accomplishment
of objectives established by the Compensation Committee. Under the agreement, the Company
maintains an office for Mr.&nbsp;Christian at its principal executive offices and in Sarasota County,
Florida.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The new employment agreement also provides for certain payments to Mr.&nbsp;Christian in the event of
his disability or death or a change in control. In the event of disability, Mr.&nbsp;Christian shall
receive the accrued portion of any salary and bonus, and severance pay equal to 100% of his then
base salary for fifteen months. In addition, any previously granted award shall become immediately
100% vested. In the event of Mr.&nbsp;Christian&#146;s death, his estate shall receive his then current base
salary, and any previously granted
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">award shall become immediately vested. Mr.&nbsp;Christian may
terminate his employment following a change in control. A change in control is defined as the
consummation of a sale or transfer of all or substantially all of the assets or stock of the
Company or the consummation of a merger or consolidation involving the Company in which the Company
is not the surviving corporation. Upon the happening of a change of control, the Company will pay
Mr.&nbsp;Christian an amount of cash equal to 2.99 times the average of Mr.&nbsp;Christian&#146;s total annual
salary and bonuses for each of the three immediately preceding periods of twelve consecutive
months. In addition, the Company shall pay Mr.&nbsp;Christian such amount that is necessary to enable
Mr.&nbsp;Christian to pay all tax liabilities under Internal Revenue Code Sections&nbsp;280G and 4999 and all
federal and state tax liabilities arising by receipt of such payments. In addition, if Mr.
Christian&#146;s employment is terminated for any reason, including death, disability or voluntary
resignation, but not for cause, the Company will continue to provide health insurance and medical
reimbursement to Mr.&nbsp;Christian and his wife and maintain all existing life insurance policies for a
period of ten years, and the current split dollar life insurance policy shall be transferred to Mr.
Christian and his wife, and the Company shall reimburse Mr.&nbsp;Christian for any tax consequences of
such transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company may, by the vote of majority of independent directors of the Company, terminate Mr.
Christian&#146;s employment at any time &#147;for cause&#148; which term means conviction of a felony, willful
misconduct, gross neglect of duty, material breach of fiduciary duty to the Company, or material
breach of the new employment agreement. The new employment agreement contains a covenant not to
complete restricting Mr.&nbsp;Christian generally from competing with the Company in any of its markets
if he voluntarily terminates his employment with the Company or is terminated for cause, for a
three year period thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing summary does not purport to be complete and is qualified in its entirety by reference
to the text of the new employment agreement, a copy of which the Company intends to file as an
exhibit to the Company&#146;s Form 10-Q for the quarter ending June&nbsp;30, 2011.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>


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    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>SAGA COMMUNICATIONS, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Dated: June 22, 2011&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Samuel D. Bush
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Samuel D. Bush&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice President, CFO and Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD colspan="5">&nbsp;</TD>
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