<SEC-DOCUMENT>0001144204-18-052509.txt : 20181004
<SEC-HEADER>0001144204-18-052509.hdr.sgml : 20181004
<ACCEPTANCE-DATETIME>20181004163023
ACCESSION NUMBER:		0001144204-18-052509
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180928
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181004
DATE AS OF CHANGE:		20181004

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:		181108180

	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>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tv504070_8k.htm
<DESCRIPTION>FORM 8-K
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<!-- Field: Rule-Page --><DIV STYLE="text-align: center"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%; text-align: center">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 14pt">FORM
8-K</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">CURRENT
REPORT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of Report (Date of earliest event reported):
<B>September 28, 2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 14pt">SAGA
COMMUNICATIONS, INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact Name of Registrant as Specified in
its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="width: 34%; text-align: center"><B>1-11588</B></TD>
    <TD STYLE="width: 33%; text-align: center"><B>38-3042953</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">of incorporation)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 67%; text-align: center"><B>73 Kercheval Avenue</B></TD>
    <TD STYLE="width: 33%; text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><B>Grosse Pointe Farms, MI</B></TD>
    <TD STYLE="text-align: center"><B>48236</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 117pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Registrant&rsquo;s telephone number, including area code: <B>(313)
886-7070</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (<FONT STYLE="font-family: Times New Roman, Times, Serif">&sect;</FONT>230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (<FONT STYLE="font-family: Times New Roman, Times, Serif">&sect;</FONT>240.12b-2
of this chapter).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Emerging growth company&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 5.02</B></TD><TD STYLE="text-align: justify"><B>Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatiry Arrangements of Certain Officers.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Change in Control Agreement &ndash; Named Executive Officer.
</I>As of September 28, 2018, Christopher Forgy, Senior Vice President/Operations, entered into a Change in Control Agreement.
A change in control is defined to mean the occurrence of (a)&nbsp;any person or group becoming the beneficial owner, directly or
indirectly, of more than 30% of the combined voting power of the Company&rsquo;s then outstanding securities and Edward K.&nbsp;Christian
ceasing to be Chairman and CEO of the Company; (b)&nbsp;the consummation of a merger or consolidation of the Company with any other
corporation, other than a merger or consolidation which results in the voting securities of the Company outstanding immediately
prior thereto continuing to represent more than 50% of the combined voting securities of the Company or such surviving entity;
or (c)&nbsp;the approval of the stockholders of the Company of a plan of complete liquidation of the Company or an agreement for
the sale or disposition by the Company of all or substantially all of its assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a change in control, the Company shall pay a lump
sum payment within 45&nbsp;days thereof of 1.5 times the average of the executive&rsquo;s last three full calendar years of such
executive&rsquo;s base salary and any annual cash bonus paid. In the event that such payment constitutes a &ldquo;parachute payment&rdquo;
within the meaning of Section&nbsp;280G subject to an excise tax imposed by Section&nbsp;4999 of the Internal Revenue Code, the
Company shall pay the executive an additional amount so that the executive will receive the entire amount of the lump sum payment
before deduction for federal, state and local income tax and payroll tax. In the event of a change in control (other than the approval
of plan of liquidation), the Company or the surviving entity may require as a condition to receipt of payment that the executive
continue in employment for a period of up to six months after consummation of the change in control. During such six months, executive
will continue to earn his pre-existing salary and benefits. In such case, the executive shall be paid the lump sum payment upon
completion of the continued employment. If, however, the executive fails to remain employed during this period of continued employment
for any reason other than (a)&nbsp;termination without cause by the Company or the surviving entity, (b)&nbsp;death, (c)&nbsp;disability
or (d)&nbsp;breach of the agreement by the Company or the surviving entity, then executive shall not be paid the lump sum payment.
In addition, if the executive&rsquo;s employment is terminated by the Company without cause within six months prior to the consummation
of a change in control, then the executive shall be paid the lump sum payment within 45&nbsp;days of such change in control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">                                                                                                                                      <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; white-space: nowrap"><U>Exhibit No</U>.</TD><TD STYLE="text-align: justify; white-space: nowrap"><U>Description</u></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15%; text-align: left; white-space: nowrap"><A HREF="tv504070_ex10-r.htm" STYLE="-sec-extract: exhibit">10(r)</A></TD><TD STYLE="text-align: justify; white-space: nowrap; width: 85%"><A HREF="tv504070_ex10-r.htm" STYLE="-sec-extract: exhibit">Change in Control Agreement of Christopher Forgy dated
as of September 28, 2018.</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>SAGA COMMUNICATIONS,
INC.</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Dated: October 4, 2018</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Samuel
D. Bush</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Samuel D. Bush</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Senior Vice President
and</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEX OF EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">                                                                                                                                      <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; white-space: nowrap"><U>Exhibit No</U>.</TD><TD STYLE="text-align: justify; white-space: nowrap"><U>Description</u></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15%; text-align: left; white-space: nowrap"><A HREF="tv504070_ex10-r.htm" STYLE="-sec-extract: exhibit">10(r)</A></TD><TD STYLE="text-align: justify; white-space: nowrap; width: 85%"><A HREF="tv504070_ex10-r.htm" STYLE="-sec-extract: exhibit">Change in Control Agreement of Christopher Forgy dated
as of September 28, 2018.</A></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-10.R
<SEQUENCE>2
<FILENAME>tv504070_ex10-r.htm
<DESCRIPTION>EXHIBIT 10(R)
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10(r)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CHANGE IN CONTROL AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Change in Control Agreement (this &ldquo;Agreement&rdquo;)
between SAGA COMMUNICATIONS, INC. (the &ldquo;Corporation&rdquo;) and the undersigned executive (&ldquo;Executive&rdquo;) is effective
on the date set forth following the parties&rsquo; signatures below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Executive is a valued member of the Corporation&rsquo;s
management team. The Corporation desires to furnish Executive with a payment in the event of a Change of Control, subject to the
terms and conditions set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Corporation and Executive agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Change
in Control Definition. </B>For the purpose of this Agreement, &ldquo;Change in Control&rdquo; shall mean the occurrence, subsequent
to the effective date of this Agreement, of any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
 &ldquo;person&rdquo; or &ldquo;group&rdquo; (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of
1934, as amended (the &ldquo;Exchange Act&rdquo;)) other than Edward K. Christian, the Corporation, any trustee or other fiduciary
holding Corporation common stock under an employee benefit plan of the Corporation or a related company, or any corporation which
is owned, directly or indirectly, by the stockholders of the Corporation in substantially the same proportions as their ownership
of the Corporation&rsquo;s common stock, is or becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of more than thirty percent (30%) of the combined voting power of the Corporation&rsquo;s then outstanding
securities and Edward K. Christian ceases to be the Chairman and Chief Executive Officer of the Corporation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consummation of a merger or consolidation of the Corporation with any other corporation, other than a merger or consolidation which
would result in the voting securities of the Corporation outstanding immediately prior thereto continuing to represent (either
by remaining outstanding or being converted into voting securities of the surviving entity) more than fifty percent (50%) of the
combined voting securities of the Corporation or such surviving entity outstanding immediately after such merger or consolidation;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
approval of the stockholders of the Corporation of a plan complete liquidation of the Corporation or an agreement for the sale
or disposition by the Corporation of all or substantially all of its assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Change
in Control Payment. </B>The Corporation shall pay Executive a lump sum payment (the &ldquo;Change in Control Payment&rdquo;)
within forty-five (45) days after the consummation of a Change in Control. Notwithstanding the previous sentence, if
Executive is furnished with the notice under Section 4 of the Agreement, the time of the Change in Control Payment and
conditions of such payment shall be governed by Section 4. The Change in Control payment shall be calculated at one and
on-half (1.5) times the average of Executive&rsquo;s last three (3) full calendar years of Cash Compensation. &ldquo;Cash
Compensation&rdquo; means the total of Executive&rsquo;s base salary and any annual cash bonus paid. The change in Control
Payment shall be due only upon consummation of the first Change in Control following the effective date of this Agreement and
not upon any subsequent Change in Control. In the event that the Change in Control Payment would constitute a
 &ldquo;parachute payment: within the meaning of Section 280G of the Internal Revenue Code and the Change in Control Payment
would be subject to the excise tax imposed by Section 49999 of such Code, the Corporation shall pay Executive an additional
amount such that the net amount retained by Executive, after deduction of such excised tax on the additional amount paid, but
before deduction for any federal, state and local income tax and payroll tax on the Change in Control Payment, shall be equal
to the Change in Control Payment. The good faith opinion of the Corporation&rsquo;s independent certified public accountants,
appointed prior to the Change in Control, that the Change in Control Payment is not a &ldquo;parachute payment: or is not
subject to such excise tax, shall be conclusive. The Corporation shall bear the cost of any such opinion by such
accountant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination
of Employment.</B> If Executive&rsquo;s employment is terminated by the Corporation without Cause within six (6) months prior to
the consummation of a Change in Control, then Executive shall be paid the Change in Control Payment at the time set forth in Section
2. For the purpose of this Agreement, &ldquo;Cause&rdquo; means (a) willful dishonesty involving the Corporation, excluding good
faith expense account disputes, (b) conviction of or entering of a no contest plea to a felony or other crime involving material
dishonesty or moral turpitude, (c) material failure or refusal to perform Executive&rsquo;s duties or other lawful directive from
the Corporation&rsquo;s CEO or Board of Directors which is not cured by the Executive within ten (10) days after receipt by Executive
of a written notice from the Corporation specifying the details thereof, (d) willful violation by Executive of the Corporation&rsquo;s
lawful policies or of Executive&rsquo;s fiduciary duties, which violation is not cured by the Executive within ten (10) days after
receipt by Executive of a written notice from the Corporation specifying the details thereof, (e) Executive&rsquo;s will violation
of the Corporation&rsquo;s published business conduct guidelines, code of ethics, conflict of interest or similar policies or (f)
illegal drug or substance abuse or addiction by Executive which is not protected by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as set forth in this Section 3, Executive
shall not be paid the Change in Control Payment unless Executive is employed with the Corporation at the time the Change in Control
is consummated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Condition
of Continued Employment.</B> In the event of a Change in Control (other than the approval of a plan of liquidation described
in Section 1(c)), the Corporation (or surviving entity in the event of a merger or consolidation) may require as a condition
to the Change in Control Payment that Executive continue in employment for a period of up to six (6) months after the
consummation of the Change in Control (&ldquo;Period of Continued Employment&rdquo;). The Corporation or surviving entity
shall inform Executive of the condition of continued employment through a written notice furnished by personal delivery,
overnight delivery by a recognized carrier or certified mail, return receipt requested, delivered within forty-five (45) days
after the consummation of the Change in Control. During the Period of Continued Employment Executive&rsquo;s pre-existing
salary (or greater amount), benefits (or similar benefits which are equivalent in the aggregate) and duties (or comparable
duties) shall remain effective and the location of Executive&rsquo;s employment shall not, without Executive&rsquo;s consent,
be changed from the location immediately prior to the Change in Control. If this Section 4 applies, Executive shall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">be paid the Change in Control Payment upon completion of the
Period of Continued Employment. If Executive fails to remain employed and complete the Period of Continued Employment for any reason
other than (a) termination without Cause by the Corporation or such surviving entity, (b) death, (c) disability as determined by
a physician acceptable to Executive and the Corporation or such surviving entity or (d) breach of this Agreement by the Corporation
or such surviving entity, then Executive shall not be paid the Change in Control payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Miscellaneous.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Successors.</B>
This Agreement shall bind any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Corporation, in the same manner and to the same extent that the Corporation
would be obligated under this Agreement if no succession had taken place. In the case of any transaction in which a successor would
not, by the foregoing provision or by operation of law, be bound by this Agreement, the Corporation shall require such successor
expressly and unconditionally to assume and agree to perform the obligations of the Corporation under this Agreement, in the same
manner and to the same extent that the Corporation would be required to perform if no such succession had taken place. This Agreement
may not be assigned by Executive but shall inure to the benefit of Executive, his heirs, and personal representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Employment
Status.</B> This Agreement does not constitute a contract of employment or impose upon the Corporation any obligation to
retain Executive as an employee, to change the status of Executive&rsquo;s employment, or to change any employment policies
of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Withholding
of Taxes. </B>The Corporation shall withhold from any amounts payable under this Agreement all federal, state, local or other taxes
that are legally required to be withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Effect on Other Benefits.</B> Benefits payable under this Agreement shall not be counted as compensation for purposes of determining
benefits under other benefit plans, programs, policies and agreements, except to the extent expressly provided therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Validity
and Severability.</B> The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision of the Agreement, which shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Settlement
of Claims. </B>The Corporation&rsquo;s obligation to make the payment provided for in this Agreement shall not be affected by any
set-off, counterclaim, defense, recoupment or other right which the Corporation may have against the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Governing
Law. </B>The Agreement shall be governed by and construed in accordance with the laws of the State of Michigan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Entire
Agreement.</B> This Agreement sets forth the entire understanding of the Corporation and Executive with respect to its subject
matter, merges and supersedes all prior and contemporaneous understandings with respect to its subject matter, and may not be waived
or modified, in whole or in part, except by a writing signed by each of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Counterparts.</B>
This Agreement may be executed counterpart, which together will constitute but one and the same instrument and may be sufficiently
evidenced by any one counterpart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Corporation and Executive have executed
this Agreement as of the date set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="white-space: nowrap">SAGA COMMUNICATIONS, INC.</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">EXECUTIVE</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 40%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 5%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 45%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 5%; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap"><U STYLE="text-decoration: none">/s/ Gary Stevens</u></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap"><U STYLE="text-decoration: none">/s/ Christopher Forgy</u></TD>
    <TD STYLE="white-space: nowrap">(SIGN)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">Its:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">Chairman of Compensation Committee</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">Christopher
Forgy</TD>
    <TD STYLE="white-space: nowrap">(PRINT)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">Effective Date:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">September 28, 2018</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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