<SEC-DOCUMENT>0001104659-23-089771.txt : 20230810
<SEC-HEADER>0001104659-23-089771.hdr.sgml : 20230810
<ACCEPTANCE-DATETIME>20230810160159
ACCESSION NUMBER:		0001104659-23-089771
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20230810
DATE AS OF CHANGE:		20230810
EFFECTIVENESS DATE:		20230810

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:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-273868
		FILM NUMBER:		231159155

	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>S-8
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<FILENAME>tm2323150d1_s8.htm
<DESCRIPTION>S-8
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<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>As filed with the Securities and Exchange Commission on August 10, 2023&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333--_______</B></P>

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





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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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>UNITED STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>________________________________</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: center"><B>FORM&nbsp;S-8</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: center"><B>REGISTRATION STATEMENT</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES ACT OF 1933</B>&nbsp;</P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Saga Communications,&nbsp;Inc.</B>&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 50%"><FONT STYLE="font-size: 10pt"><B>Florida</B></FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;38-3042953</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction
    of <BR> of incorporation or organization)</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification
    No.)</FONT></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"></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"><B>73 Kercheval Avenue, Grosse Pointe Farms, MI
48236</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)&nbsp;(Zip
Code)</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: center"><B>Saga Communications,&nbsp;Inc. 2023 Incentive
Compensation Plan</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Samuel D. Bush</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Senior Vice President, Chief Financial Officer,
    and Treasurer</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Saga Communications,&nbsp;Inc.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>73 Kercheval Avenue</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Grosse Pointe Farms, MI 48236</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(313) 886-7070</B>&nbsp;</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Copies to:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bradley J. Wyatt</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dickinson Wright PLLC</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>350 S. Main St., Suite&nbsp;300</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ann Arbor, MI 48104</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(734) 623-1905</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name and address of agent for service)</FONT></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 a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller
reporting company&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></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: 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&nbsp;7(a)(2)(B)&nbsp;of the Securities Act. <FONT STYLE="font-family: Wingdings">&#168;</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"></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-align: center"><B>PART&nbsp;I</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: center"><B>INFORMATION REQUIRED IN SECTION&nbsp;10(a)&nbsp;PROSPECTUS</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information called for in Part&nbsp;I of Form&nbsp;S-8
is not being filed with or included in this registration statement (by incorporation by reference or otherwise) in accordance with the
rules&nbsp;and regulations of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;).</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: center"><B>PART&nbsp;II</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: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</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"><B>Item 3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporation
of Documents by Reference.</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Saga Communications,&nbsp;Inc. (the &ldquo;Registrant&rdquo;)
incorporates by reference in this registration statement the following documents previously filed with the Commission under the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;):</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/886136/000155837023004013/sga-20221231x10k.htm" STYLE="-sec-extract: exhibit">The Registrant&rsquo;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2022, filed with the Commission on March&nbsp;16, 2023 (File No.&nbsp;001-11588).</A></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
other reports filed by the Registrant pursuant to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act since the end of the fiscal
year covered by the annual report referred to in paragraph 1 above (other than portions of these documents not deemed to be filed).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
description of the Registrant&rsquo;s common stock contained in the Registrant&rsquo;s registration statements filed under Section&nbsp;12
of the Exchange Act, including any amendments or reports filed for the purpose of updating such descriptions.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All reports and other documents filed with the
Commission by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of the Exchange Act after the date hereof (except for
any portions of the Registrant&rsquo;s Current Reports on Form&nbsp;8-K furnished pursuant to Item 2.02 and/or Item 7.01 thereof and any
corresponding exhibits thereto not filed with the Commission) and prior to the filing of a post-effective amendment to this registration
statement, which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold,
shall be deemed to be incorporated herein by reference and to be a part of this registration statement from the date of filing of such
documents or reports.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any statements contained in this registration statement,
or in an amendment hereto or in a document incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified
or superseded for purposes of this registration statement to the extent that a statement contained in this registration statement or in
any other subsequently filed amendment to this registration statement or in any document that also is or is deemed to be incorporated
by reference herein modifies or supersedes such earlier statement. Any statement so modified or superseded shall not be deemed, except
as so modified or superseded, to constitute a part of this registration statement, except as to any specific sections of such statements
as set forth therein.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under no circumstances shall any information furnished
under Item 2.02 and/or Item 7.01 of a Current Report on Form&nbsp;8-K and any corresponding exhibits thereto be deemed incorporated herein
by reference unless such Current Report on Form&nbsp;8-K expressly provides to the contrary.</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-align: justify"><B>Item 4.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description
of Securities.</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; text-indent: 0.5in">Not Applicable.</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"><B>Item 5.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests
of Named Experts and Counsel.</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; text-indent: 0.5in">Not Applicable.</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"><B>Item 6.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification
of Directors and Officers.</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; text-indent: 0.5in"><I>Indemnification</I></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrant is a Florida corporation. The Florida
Business Corporation Act, as amended (the &ldquo;FBCA&rdquo;), provides that, in general, a business corporation may indemnify any person
who is or was a party to any proceeding (other than an action by, or in the right of, the corporation) by reason of the fact that he or
she is or was a director or officer of the corporation, against liability incurred in connection with such proceeding, including any appeal
thereof, provided certain standards are met, including that such officer or director acted in good faith and in a manner he or she reasonably
believed to be in, or not opposed to, the best interests of the corporation, and provided further that, with respect to any criminal action
or proceeding, the officer or director had no reasonable cause to believe his or her conduct was unlawful. In the case of proceedings
by or in the right of the corporation, the FBCA provides that, in general, a corporation may indemnify any person who was or is a party
to any such proceeding by reason of the fact that he or she is or was a director or officer of the corporation against expenses and amounts
paid in settlement actually and reasonably incurred in connection with the defense or settlement of such proceedings, including any appeal
thereof, provided that such person acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the
best interests of the corporation, except that no indemnification shall be made in respect of any claim as to which such person is adjudged
liable unless a court of competent jurisdiction determines upon application that such person is fairly and reasonably entitled to indemnity.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent that any officers or directors are
successful on the merits or otherwise in the defense of any of the proceedings described above, the FBCA provides that the corporation
is required to indemnify such officers or directors against expenses actually and reasonably incurred in connection therewith. However,
the FBCA further provides that, in general, indemnification or advancement of expenses shall not be made to or on behalf of any officer
or director if a judgment or other final adjudication establishes that his or her actions, or omissions to act, were material to the cause
of the action so adjudicated and constitute: (i)&nbsp;a violation of the criminal law, unless the director or officer had reasonable cause
to believe his or her conduct was lawful or had no reasonable cause to believe it was unlawful; (ii)&nbsp;a transaction from which the
director or officer derived an improper personal benefit; (iii)&nbsp;in the case of a director, a circumstance under which the director
has voted for or assented to a distribution made in violation of the FBCA or the corporation&rsquo;s articles of incorporation; or (iv)&nbsp;willful
misconduct or a conscious disregard for the best interests of the corporation in a proceeding by or in the right of the corporation to
procure a judgment in its favor or in a proceeding by or in the right of a shareholder.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of the indemnification provisions
of the FBCA, &ldquo;director&rdquo; or &ldquo;officer&rdquo; means an individual who is or was a director or officer, respectively, of
a corporation or who, while a director or officer of the corporation, is or was serving at the corporation&rsquo;s request as a director
or officer, manager, partner, trustee, employee, or agent of another domestic or foreign corporation, limited liability company, partnership,
joint venture, trust, employee benefit plan, or another enterprise or entity and the terms include, unless the context otherwise requires,
the estate, heirs, executors, administrators, and personal representatives of a director or officer.</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; text-indent: 0.5in">Article&nbsp;13 of the Registrant&rsquo;s
Articles of Incorporation provides that it shall indemnify and hold harmless to the full extent permitted under the laws of the State
of Florida any past or present director, officer, employee or agent of the Registrant for all expenses and liabilities resulting from
the fact such person is or was a director, officer, employee, or agent of the Registrant.</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-align: justify; text-indent: 0.5in">Article&nbsp;7 of the Registrant&rsquo;s
Bylaws provides that it shall indemnify and hold harmless each person who at any time is, or shall have been, a director or officer of
the Registrant to the full extent permitted under, and in accordance with the procedures and limitations set forth in, the FBCA, as the
same exists and may subsequently be amended.</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>Insurance</I></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; text-indent: 0.5in">Section&nbsp;607.0857 of the
FBCA permits the Registrant to purchase and maintain insurance on behalf of its directors and officers against liability arising out of
their positions with the Registrant (or positions held with another entity at the request of the Registrant), whether or not the liabilities
would be within the indemnification provisions described above.</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; text-indent: 0.5in">Pursuant to the Registrant&rsquo;s
Bylaws, the Registrant must purchase and maintain insurance on behalf of any person who is or was or has agreed to become a director or
officer of the Registrant, provided that such insurance is available on acceptable terms.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under an insurance policy maintained by the Registrant,
its directors and officers are insured within the limits and subject to the limitations of the policy, against specified expenses in connection
with the defense of specified claims, actions, suits or proceedings, and specified liabilities which might be imposed as a result of claims,
actions, suits or proceedings, which may be brought against them by reason of being or having been directors and officers of the Registrant.</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>Limitation of Director Liability</I></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;607.0831 of the FBCA limits the liability
of directors for monetary damages to the corporation for any action or failure to take action as a director, unless (1)&nbsp; the director
failed to perform his or her duties or (2)&nbsp;the directors breach or failure to perform such duties (i)&nbsp;violated criminal law,
except for when the director had reasonable belief such conduct was unlawful; (ii)&nbsp;constituted a circumstance under which the transaction
at issue is one from which the director directly or indirectly derived a personal benefit; (iii)&nbsp;constituted a circumstance under
which the director has voted for or assented to a distribution made in violation of the FBCA or the corporation&rsquo;s articles of incorporation;
(iv)&nbsp;in a proceeding by or in the right of the corporation to procure a judgment in its favor or by or in the right of a shareholder,
the director showed conscious disregard for the best interest of the corporation, or willful or intentional misconduct; or (v)&nbsp;in
a proceeding by or in the right of someone other than the corporation or a shareholder, the director was recklessness or committed an
act or omission in bad faith or with malicious purpose or in a manner exhibiting wanton and willful disregard of human rights, safety,
or property.</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; text-indent: 0.5in">Pursuant to the Registrant&rsquo;s
Articles of Incorporation, a director is not personally liable to the Registrant or its shareholders for monetary damages for breach of
fiduciary duty as a director, except to the extent such exemption from liability or limitation of liability is not permitted under the
FBCA.</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"><B>Item 7.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemption
from Registration Claimed.</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; text-indent: 0.5in">Not Applicable</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"><B>Item 8.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</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; text-indent: 0.5in">The following exhibits are
filed with this registration statement:</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">&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">
<TD STYLE="padding-bottom: 1pt; width: 0.5in">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 0.5in">Exhibit<BR>
 Number</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">Exhibit</TD></TR>

<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/886136/000110465920064224/tm2019562d1_ex3-1.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/886136/000110465920064224/tm2019562d1_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Incorporation of Saga Communications Reincorporation,&nbsp;Inc., a Florida corporation, filed as an Exhibit&nbsp;3.1 of
its Form&nbsp;10-K for the year ended December&nbsp;31, 2022, as filed with the Commission on March&nbsp;16, 2023 and incorporated herein
by reference.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/886136/000110465920064224/tm2019562d1_ex3-2.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/886136/000110465920064224/tm2019562d1_ex3-2.htm" STYLE="-sec-extract: exhibit">Bylaws of Saga Communications,&nbsp;Inc., a Florida corporation, filed as Exhibit&nbsp;3.2 of its Form&nbsp;10-K for the year ended
December&nbsp;31, 2022, as filed with the Commission on March&nbsp;16, 2023 and incorporated herein by reference.</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><A HREF="tm2323150d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1*</A></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="tm2323150d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Dickinson Wright PLLC</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><A HREF="tm2323150d1_ex23-1.htm" STYLE="-sec-extract: exhibit">23.1*</A></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="tm2323150d1_ex23-1.htm" STYLE="-sec-extract: exhibit">Consent of UHY LLP</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><A HREF="tm2323150d1_ex5-1.htm" STYLE="-sec-extract: exhibit">23.2*</A></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="tm2323150d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Dickinson Wright PLLC (included in exhibit 5.1)</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><A HREF="#a_001">24.1*</A></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="#a_001">Power of Attorney (included on signature page)</A></TD>
</TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><A HREF="tm2323150d1_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1*</A></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="tm2323150d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Saga Communications,&nbsp;Inc. 2023 Incentive Compensation Plan</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><A HREF="tm2323150d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">107*</A></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="tm2323150d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">Calculation of Filing Fee Tables</A></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">* Filed herewith.</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"><B>Item 9.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undertakings.</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; background-color: white">(a)&nbsp;The undersigned registrant hereby
undertakes:</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">(1)&nbsp;
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;To
include any prospectus required by&nbsp;section 10(a)(3)</FONT>&nbsp;of the Securities Act of 1933;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;(&sect;&nbsp;230.424(b)</FONT>&nbsp;of
this chapter) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering
price set forth in the&nbsp;&ldquo;Calculation of Registration Fee&rdquo;&nbsp;table in the effective registration statement.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: white">(iii)&nbsp;&nbsp;To include any material
information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to
such information in the registration statement;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided,
however</I></FONT>, that paragraphs (a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section
13 or section 15(d)&nbsp;of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the registration
statement.</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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(2)&nbsp; That, for the purpose of determining any
liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(3)&nbsp; To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant
to section 13(a)&nbsp;or section 15(d)&nbsp;of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee
benefit plan's annual report pursuant to section 15(d)&nbsp;of the Securities Exchange Act of 1934) that is incorporated by reference
in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(h)&nbsp; Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</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-align: center"><B><A NAME="a_001"></A>SIGNATURES</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
Registrant.</B></FONT> Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds
to believe that it meets all of the requirements for filing on Form&nbsp;S-8 and has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of Grosse Pointe Farms, State of Michigan on August&nbsp;10,
2023.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Saga Communications,&nbsp;Inc.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Samuel D. Bush</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">Samuel D. Bush, Senior Vice President, Chief Financial Officer, and Treasurer</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"><B>SIGNATURES AND POWER OF ATTORNEY</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each person whose signature appears below constitutes
and appoints Samuel D. Bush and Catherine A. Bobinski, and each of them singly, with full power to act without the other, such person&rsquo;s
true and lawful attorneys-in-fact and agents, with full power of substitution and re-substitution, severally, for him or her and in his
or her name, place and stead, in any and all capacities, to sign this registration statement and any and all amendments, including post-effective
amendments to this registration statement, and to file the same, with all exhibits and schedules thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform each and every act and thing requisite and necessary or desirable to be done in connection therewith,
as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or any of them or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities indicated on August&nbsp;10, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: left; padding-left: 0">/s/ Warren S. Lada</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: left; padding-left: 0">/s/ Christopher S. Forgy</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; width: 49%; text-align: left; padding-left: 0">Warren S. Lada, Chairman of the Board of Directors&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; width: 2%; font: 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; width: 49%; text-align: left; padding-left: 0">Christopher S. Forgy, Director (principal executive officer)&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">/s/ Clarke R. Brown,&nbsp;Jr.</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">/s/ Timothy J. Clarke</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: left; padding-left: 0">Clarke R. Brown,&nbsp;Jr., Director</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: left; padding-left: 0">Timothy J. Clarke, Director &nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">/s/ Roy F. Coppedge</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">/s/ Marcia K. Lobaito</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: left; padding-left: 0">Roy F. Coppedge III, Director &nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: left; padding-left: 0">Marcia K. Lobaito, Director</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">/s/ Gary G. Stevens</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">/s/ Michael W. Schechter</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 0; font-size: 10pt; text-align: left; padding-left: 0">Gary G. Stevens, Director</TD>
    <TD STYLE="padding-bottom: 0; font-size: 10pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 0; font-size: 10pt; text-align: left; padding-left: 0">Michael W. Schechter, Director</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0">/s/ Samuel D. Bush</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0">/s/ Catherine A. Bobinski</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: justify; padding-bottom: 0; padding-left: 0">Samuel D. Bush, Senior Vice President, Chief Financial Officer, and Treasurer (principal financial officer)</TD>
    <TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-bottom: 0">Catherine A. Bobinski, Senior Vice President, Chief Accounting Officer and Corporate Controller (principal accounting officer)</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"></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-align: center"><B>EXHIBIT&nbsp;INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">
<TD STYLE="padding-bottom: 1pt; width: 0.5in">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 0.5in">Exhibit<BR>
 Number</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">Exhibit</TD></TR>

<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/886136/000110465920064224/tm2019562d1_ex3-1.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/886136/000110465920064224/tm2019562d1_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Incorporation of Saga Communications Reincorporation,&nbsp;Inc., a Florida corporation, filed as an Exhibit&nbsp;3.1 of
its Form&nbsp;10-K for the year ended December&nbsp;31, 2022, as filed with the Commission on March&nbsp;16, 2023 and incorporated herein
by reference.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/886136/000110465920064224/tm2019562d1_ex3-2.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/886136/000110465920064224/tm2019562d1_ex3-2.htm" STYLE="-sec-extract: exhibit">Bylaws of Saga Communications,&nbsp;Inc., a Florida corporation, filed as Exhibit&nbsp;3.2 of its Form&nbsp;10-K for the year ended
December&nbsp;31, 2022, as filed with the Commission on March&nbsp;16, 2023 and incorporated herein by reference.</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><A HREF="tm2323150d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1*</A></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="tm2323150d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Dickinson Wright PLLC</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><A HREF="tm2323150d1_ex23-1.htm" STYLE="-sec-extract: exhibit">23.1*</A></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="tm2323150d1_ex23-1.htm" STYLE="-sec-extract: exhibit">Consent of UHY LLP</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><A HREF="tm2323150d1_ex5-1.htm" STYLE="-sec-extract: exhibit">23.2*</A></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="tm2323150d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Dickinson Wright PLLC (included in exhibit 5.1)</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><A HREF="#a_001">24.1*</A></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="#a_001">Power of Attorney (included on signature page)</A></TD>
</TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><A HREF="tm2323150d1_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1*</A></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="tm2323150d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Saga Communications,&nbsp;Inc. 2023 Incentive Compensation Plan</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><A HREF="tm2323150d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">107*</A></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="tm2323150d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">Calculation of Filing Fee Tables</A></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">* Filed herewith.</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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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2323150d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 421pt"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 421pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2323150d1_ex5-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 421pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">August 10, 2023</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Saga Communications, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">73 Kercheval Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Grosse Pointe Farms, Michigan 48236</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Re:&nbsp;&nbsp;Saga Communications, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">Saga Communications, Inc. 2023 Incentive Compensation Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">Registration Statement on Form S-8</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">We are acting as counsel for Saga Communications,
Inc., a Florida corporation (&quot;Saga&quot;), in connection with its registration on a Form S-8 registration statement (the &quot;Registration
Statement&quot;) of 600,000 shares of its common stock (the &quot;Plan Shares&quot;) that may be issued under the Saga Communications,
Inc. 2023 Incentive Compensation Plan (the &quot;Plan&quot;). This opinion is being delivered pursuant to the requirements of Item 601(b)(5)
of Regulation S-K under the Securities Act of 1933 (the &quot;Act&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">As counsel to Saga and in connection with
this opinion, we have examined and relied upon copies, certified or otherwise identified to our satisfaction, of (i) the Articles of Incorporation
of Saga, (ii) the Bylaws of Saga, (iii) records of actions of the shareholders and Board of Directors of Saga, (iv) resolutions of the
Board of Directors of Saga relating to the adoption of the Plan, (v) the Registration Statement, and (vi) such other documents as we have
deemed appropriate in connection with this opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">In our examination, we have assumed the
genuineness of all signatures, the legal capacity of all natural persons signing or delivering an instrument, the authenticity of all
documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified, telecopied,
facsimile, conformed or photostatic copies, and the absence of any understandings, waivers, or amendments which would vary the terms of
any document which we have reviewed. As to various questions of fact material to this opinion, we have relied upon oral or written statements
and representations of officers or other representatives of Saga and upon certificates or other documents of public officials. We have
further assumed that this opinion will be used only in connection with the offer and sale of Plan Shares while the Registration Statement
remains in effect under the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: Red"><IMG SRC="tm2323150d1_ex5-1img002.jpg" ALT=""></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: Red"><B><IMG SRC="tm2323150d1_ex5-1img004.jpg" ALT="">&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Based upon the foregoing, and subject to
the qualifications and limitations stated herein, it is our opinion that the Plan Shares have been duly authorized and, once the Registration
Statement has become effective under the Act, when and to the extent Plan Shares are duly issued, sold, and paid for in accordance with
the terms of the Plan, such Plan Shares will be validly issued, fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Our opinions expressed herein are subject
to bankruptcy, insolvency and other similar laws affecting the rights and remedies of creditors generally and general principles of equity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">We have not reviewed for purposes of this opinion,
and this opinion does not address: any ERISA laws, rules or regulations; any Federal or state securities or &quot;blue sky&quot; laws,
rules or regulations; any Federal or state banking laws, rules or regulations; any laws relating to fiduciary duties; or any Federal,
state or local taxation laws, rules, or regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">This opinion is limited in all respects
to matters arising under the Florida Business Corporation Act, and, to the extent addressed herein, the Federal law of the United States
of America.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">This opinion is limited to the matters
set forth herein and no opinion is intended to be implied or may be inferred beyond those expressly stated herein. This opinion is predicated
solely upon laws and regulations in existence as of the current date, and as they currently apply, and as to the facts as they currently
exist. We assume no obligation to revise or supplement this opinion should such matters change by legislative action, judicial decision
or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">We consent to the filing of this opinion
as Exhibit 5 to the Registration Statement. In giving such consent, we do not admit that we are in the category of persons whose consent
is required under Section 7 of the Act or the rules and regulations of the Securities and Exchange Commission.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Very truly yours,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Dickinson Wright PLLC</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: Red"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: Red"><B><IMG SRC="tm2323150d1_ex5-1img003.jpg" ALT="">&nbsp;</B></P>

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

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

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm2323150d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<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-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;23.1</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: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consent to the incorporation by reference in the </FONT>Registration Statement on Form&nbsp;S-8 pertaining to the Saga Communications,&nbsp;Inc.
2023 Incentive Compensation Plan, of our reports dated March&nbsp;16, 2023, with respect to the consolidated financial statements and
schedule of Saga Communications,&nbsp;Inc. and the effectiveness of internal control over financial reporting of Saga Communications,&nbsp;Inc.
included in its Annual Report (Form&nbsp;10-K) for the year ended December&nbsp;31, 2022, filed with the Securities and Exchange Commission.</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">/s/ UHY LLP</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">Sterling Heights, Michigan&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">August&nbsp;10, 2023</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;99.1</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: center"><B>SAGA COMMUNICATIONS,&nbsp;INC.<BR>
2023 INCENTIVE COMPENSATION PLAN</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: center"><B>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GENERAL
PROVISIONS</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; text-indent: 0.25in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Purpose</B>.
The purposes of this Saga Communications,&nbsp;Inc. 2023 Incentive Compensation Plan (the &ldquo;Plan&rdquo;) are to encourage directors
who are not Employees, officers and selected employees of Saga Communications,&nbsp;Inc. (the &ldquo;Company&rdquo;) and its subsidiaries
to acquire a proprietary interest in the Company in order to create an increased incentive to contribute to the Company&rsquo;s future
success and prosperity, and enhance the ability of the Company and its Subsidiaries to attract and retain highly qualified individuals
upon whom the sustained progress, growth and profitability of the Company depend, thus enhancing the value of the Company for the benefit
of its stockholders.</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; text-indent: 0.25in">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Participants</B>.
Participants in the Plan shall be such Employees (including Employees who are directors) and directors who are not Employees of the Company
and its subsidiaries as the Committee may select from time to time.</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; text-indent: 0.25in">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Definitions</B>.
As used in this Plan, the following terms have the meaning described 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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Agreement</U>&rdquo;
means the written agreement that sets forth the terms of a Participant&rsquo;s Award.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Award</U>&rdquo;
means any Option, Restricted Stock, Restricted Stock Unit or Performance Award, or other incentive award granted under this Plan.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Board</U>&rdquo;
means the Board of Directors of the Company.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Cashless
Exercise Procedure</U>&rdquo; means delivery to the Company by a Participant exercising an Option of a properly executed exercise notice,
acceptable to the Company, together with irrevocable instructions to the Participant&rsquo;s broker to deliver to the Company sufficient
cash to pay the exercise price and any applicable income and employment withholding taxes, in accordance with a written agreement between
the Company and the brokerage firm.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Cause</U>&rdquo;
means (1)&nbsp;with respect to any Participant who is a party to a written employment agreement with the Company or subsidiary, &ldquo;Cause&rdquo;
as defined in such employment agreement, or (2)&nbsp;with respect to any Participant who is not a party to a written employment agreement
with the Company or subsidiary, personal dishonesty, willful misconduct, any breach of fiduciary duty involving personal profit, intentional
failure to perform stated duties, willful violation of any law, rule&nbsp;or regulation (other than traffic violations or similar offenses)
or receipt of a final cease-and-desist order. In determining willfulness, no act or failure to act on a Participant&rsquo;s part shall
be considered &ldquo;willful&rdquo; unless done or omitted to be done by the Participant not in good faith and without reasonable belief
that the Participant&rsquo;s action or omission was in the best interests of the Company.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Change
in Control</U>&rdquo; means the occurrence of any of the following events:</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 0pt 1in; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
one Person, or more than one Person acting as a group, other than a Person owning more than 30% of the total voting power of all outstanding
voting securities of the Company on the Effective Date, acquires ownership of stock of the Company that, together with stock held by such
Person or group, constitutes more than 30% of the total voting power of all outstanding voting securities of the Company; 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 0pt 1in; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
majority of the members of the Company&rsquo;s Board of Directors is replaced during any period of 12 consecutive calendar months by directors
whose appointment or election is not endorsed by a majority of the directors prior to the date of appointment or election of a director;
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 0pt 1in; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
consummation of:</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: 2in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">a sale or disposition of all or substantially all of the Company&rsquo;s assets; or</TD></TR></TABLE>

<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: 2in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">a merger, consolidation or reorganization of the Company with or involving any other company, other than
a merger, consolidation or reorganization that would result in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least
fifty percent (50%) of the combined voting power of the voting securities of the Company (or such surviving entity) outstanding immediately
after such merger, consolidation or reorganization; or</TD></TR></TABLE>

<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: 1.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">a complete liquidation or dissolution of the Company</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Class&nbsp;A
Common Stock</U>&rdquo; means shares of the Company&rsquo;s authorized and unissued Class&nbsp;A common stock, $.01 par value, or reacquired
shares of such Class&nbsp;A common stock.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Code</U>&rdquo;
means the Internal Revenue Code of 1986, as amended.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Committee</U>&rdquo;
means the members of the Compensation Committee of the Company&rsquo;s Board, which consists of &ldquo;non-employee directors&rdquo; (as
defined in Rule&nbsp;16b-3 under the Exchange Act) and, if the Company's Common Stock is listed for trading on NASDAQ, or such other stock
exchange or stock market, each of whom shall be an &quot;independent director&quot; as defined in the listing standards of NASDAQ or such
other stock exchange or stock market, if the Committee is designated by the Board to administer the Plan. The fact that a Committee member
shall fail to qualify under Rule&nbsp;16b-3 under the Exchange Act shall not invalidate any grant or award made by the Committee, if the
grant or award is otherwise validly granted under the Plan.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Common
Stock</U>&rdquo; means shares of Class&nbsp;A Common Stock.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Disability</U>&rdquo;
means disability as defined in Section&nbsp;22(e)&nbsp;of the Code.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Effective
Date</U>&rdquo; means the date on which the shareholders of the Company have approved the Plan.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Employee</U>&rdquo;
means an employee of the Company and its subsidiaries, who has an &ldquo;employment relationship&rdquo; with the Company, as defined in
Treasury Regulation 1.421-7(h); and the term &ldquo;employment&rdquo; means employment with the Company and its subsidiaries.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Exchange
Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended from time to time and any successor thereto.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Fair
Market Value</U>&rdquo; means with respect to any share of Common Stock on the Grant Date, the closing price of the Class&nbsp;A Common
Stock on NASDAQ, or any other such stock exchange or stock market, on which the Class&nbsp;A Common Stock may be listed or traded, for
the Grant Date. In the event that there were no Class&nbsp;A Common Stock transactions on such date, the Fair Market Value shall be determined
as of the immediately preceding date on which there were Class&nbsp;A Common Stock transactions. Unless otherwise specified in the Plan,
 &ldquo;Fair Market Value&rdquo; for purposes of determining the value of Class&nbsp;A Common Stock on the date of exercise means the closing
price of the Class&nbsp;A Common Stock on NASDAQ, or any other such stock exchange or stock market, on which the Class&nbsp;A Common Stock
may be listed or traded, on the last date preceding the exercise of which there were Class&nbsp;A Common Stock transactions.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Grant
Date</U>&rdquo; means the date on which the Committee authorizes an individual Award.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Incentive
Stock Option</U>&rdquo; means an Option that is intended to meet the requirements of Section&nbsp;422 of the Code and is designated as
such in the Agreement evidencing the grant.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Key
Employee</U>&rdquo; refers to a Participant who meets the requirements of Code Section&nbsp;416(i)(1)(A)(i), (ii)&nbsp;or (iii), but disregarding
Code Section&nbsp;416(i)(5), at any time during the twelve (12) month period ending on December&nbsp;31st of each calendar year.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Nonqualified
Stock Option</U>&rdquo; means an Option that is not an Incentive Stock Option.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Option</U>&rdquo;
means either an Incentive Stock Option or a Nonqualified Stock Option.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Participant</U>&rdquo;
is defined in Section&nbsp;1.2.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Performance
Award</U>&rdquo; means a performance award granted pursuant to Article&nbsp;IV.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Person</U>&rdquo;
means an individual, partnership, corporation, limited liability company, joint stock company, trust, unincorporated association, business
trust, joint venture, governmental authority or other entity of whatever nature.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Related
Employer</U>&rdquo; means the Company and any person which is a member of a controlled group of corporations (as defined in Code Section&nbsp;414(b)),
and any trade or business (whether or not incorporated) which is under common control (as defined in Code Section&nbsp;414(c)) hereinafter
referred to as the &ldquo;Related Group.&rdquo; Only employees of an adopting member of the Related Group may become eligible to participate
and receive Awards under the Plan.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Restricted
Stock</U>&rdquo; means Common Stock that is subject to vesting or other restrictions pursuant to Article&nbsp;III or Article&nbsp;IV.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Restricted
Stock Unit</U>&rdquo; means a right granted pursuant to Article&nbsp;III to receive Restricted Stock or an equivalent value in cash pursuant
to the terms of this Plan and the related Agreement.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(aa)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Retention
Requirement</U>&rdquo; is defined in Section&nbsp;3.2.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(bb)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Separation
from Service</U>&rdquo; or &ldquo;<U>Separates from Service</U>&rdquo; means that the Company and Participant reasonably anticipate that
no further services would be performed after a certain date or that the level of bona fide services the Participant would perform after
such date, whether as an employee or independent contractor, would permanently decrease to no more than twenty percent (20%) of the average
level of bona fide services performed, whether as an employee or an independent contractor, over the immediately preceding thirty six
(36) month period, or the full period of services to the Company if the Participant has been providing services to the Company for less
than thirty six (36) months.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(cc)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Specified
Employee</U>&rdquo; means a Participant who, as of the date of Separation from Service, is treated as a Key Employee and is employed by
the Company or a Related Employer whose stock is publicly traded on an established securities market.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(dd)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Vesting</U>&rdquo;
for purposes of an Option, generally means the dates on which portions of the Option become exercisable by the Optionee, and for purposes
of Restricted Stock, generally means the dates on which portions of the Restricted Stock become available for direct ownership by the
grantee thereof (subject to the terms of the Plan and Award Agreement).</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; text-indent: 0.25in">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Administration</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan shall be administered by the Committee or by the Board acting as the Committee. The Committee, at any time and from time to time,
subject to Sections 2.2 and 7.7, may grant Awards to such Participants and for such number of shares of Common Stock as it shall designate.
The Committee shall interpret the Plan, prescribe, amend, and rescind rules&nbsp;and regulations relating to the Plan, and make all other
determinations necessary or advisable for its administration. The decision of the Committee on any question concerning the interpretation
of the Plan or its administration shall be final and binding upon all Participants.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">Subject to Section&nbsp;7.8,
the Committee shall have the authority to amend or modify the terms of any outstanding Award in any manner, provided that the amended
or modified terms are not prohibited by the Plan as then in effect and provided that such actions do not cause an Award not otherwise
subject to Section&nbsp;409A of the Code to become subject to Section&nbsp;409A of the Code. The Committee shall without limitation, have
the authority to: (a)&nbsp;modify the number of shares or other terms and conditions of an Award; provided that any increase in the number
of shares of an Award other than pursuant to Section&nbsp;6.1 will be considered to be a new grant with respect to such additional shares
for purposes of Section&nbsp;409A of the Code and such new grant shall be made at Fair Market Value on the date of the new grant; (b)&nbsp;extend
the term of an Award to a date that is no later than the earlier of the latest date upon which the Award could have expired by its terms
under any circumstances or the 10th anniversary of the date of grant (for purposes of clarity, as permitted under Section&nbsp;409A of
the Code, if the term of an Option is extended at a time when the Option exercise price equals or exceeds the Fair Market Value, it will
not be an extension of the term of the Option, but instead will be treated as a modification of the Option and a new Option will be treated
as having been granted); (c)&nbsp;accelerate the exercisability or vesting or otherwise terminate, waive or modify any restrictions relating
to an Award; (d)&nbsp;accept the surrender of any outstanding Award; and (e)&nbsp;to the extent not previously exercised or vested, authorize
the grant of new Awards in substitution for surrendered Awards (such grant of new Awards will be considered to be a new grant for purposes
of Section&nbsp;409A of the Code and such new grant shall be made at Fair Market Value on the date of the new grant); provided<I>, </I>that
Awards issued under the Plan may not be repriced, replaced, regranted through cancellation or modified without shareholder approval if
the effect of such repricing, replacement, regrant or modification would be to reduce the exercise price of such Awards to the same Participants.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by applicable law, the Committee may delegate to one or more officers or managers of the Company or a committee of
such officers or managers, the authority, subject to such terms and limitations as the Committee shall determine, to grant Awards to,
or to cancel, modify, waive rights with respect to, alter, discontinue or terminate Awards held by Participants who are not officers or
directors of the Company for purposes of Section&nbsp;16 of the Exchange Act.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreements
shall not provide for vesting prior to the first anniversary of the Grant Date, provided, that the Committee may provide for shorter or
earlier vesting in connection with a Change in Control, death, Disability, retirement or other event or circumstance that the Committee
determines to be appropriate, and may further exercise its discretion to modify the terms of an outstanding Award to accelerate vesting
under such circumstances as the Committee deems appropriate, including without limitation, upon retirement of a Participant.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member or former member of the Committee, or any individual or group to whom authority or responsibility is or has been delegated, shall
be personally responsible or liable for any act or omission in connection with the performance of powers or duties or the exercise of
discretion or judgment in the administration and implementation of the Plan. Each person who is or was a member of the Committee, and
any other individual or group exercising delegated authority or responsibility with respect to the Plan, shall be indemnified and held
harmless by the Company from and against any cost, liability or expense imposed or incurred in connection with such person's or the Committee's
taking or failing to take any action under the Plan or the exercise of discretion or judgment in the administration and implementation
of the Plan. This Section&nbsp;1.4(d)&nbsp;shall not be construed as limiting the Company's ability to terminate or otherwise alter the
terms and conditions of the employment of an individual or group exercising delegated authority or responsibility with respect to the
Plan, or to discipline any such person. Each such person shall be justified in relying on information furnished in connection with the
Plan's administration by any appropriate person or persons.</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; text-indent: 0.5in">1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Stock</B>.
The total number of shares available for grants and awards under this Plan shall be Six Hundred Thousand (600,000) shares of Class&nbsp;A
Common Stock. Up to a maximum aggregate of 600,000 shares may be granted as Incentive Stock Options. Shares subject to any portion of
a terminated, forfeited, cancelled or expired Award granted hereunder may again be subjected to grants and awards under the Plan as of
the date of such termination, forfeiture, cancellation or expiration. If the exercise price of any Option and/or the tax withholding obligations
relating to any Award are satisfied by delivering shares (either actually or through a signed document affirming a Participant's ownership
and delivery of such shares) or withholding shares relating to such Award, the gross number of shares subject to the Award shall nonetheless
be deemed to have been granted for purposes of the first sentence of this Section&nbsp;1.5. The amounts in this Section&nbsp;1.5 shall
be adjusted, as applicable, in accordance with Article&nbsp;VI.</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-align: justify; text-indent: 0.25in">1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Participant
Limitations</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp; Subject
to adjustment as provided in Article&nbsp;VI, no Participant in any one fiscal year of the Company may be granted (i)&nbsp;Options; (ii)&nbsp;shares
of Restricted Stock or shares evidenced by Restricted Stock Units that are denominated in shares of Common Stock; or (iii)&nbsp;Performance
Awards that are denominated in shares of Common Stock with respect to more than 60,000 shares in the aggregate. The maximum dollar value
payable to any Participant in any one fiscal year of the Company with respect to Restricted Stock Units or Performance Awards that are
valued in property other than Common Stock is the lesser of $1,000,000 or 2.99 times the Participant&rsquo;s base salary for the fiscal
year. If an Award is cancelled with respect to a Participant, the cancelled Award shall continue to be counted towards the applicable
annual limitations for that Participant in that fiscal year.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
total value of any annual Award to a Participant who is an Employee on the Grant Date will be a percentage of base salary, as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: justify">Award
    Group</TD><TD STYLE="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center">Award Range</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Chief Executive Officer</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">75% - 125%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Senior Vice Presidents and Executive Vice Presidents</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">40% - 75%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">General Managers and other Employees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">10% - 40%</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
total value of any annual Award to a Participant who is a director who is not an Employee on the Grant Date will be a percentage of the
total annual compensation expected to be paid to the director for the fiscal year, not exceeding 50%.</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: center"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STOCK
OPTIONS</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; text-indent: 0.25in">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Grant
of Options</B>. The Committee may grant Options to Participants and, to the extent Options are granted, shall determine the general terms
and conditions of exercise, including any applicable vesting or performance requirements, which shall be set forth in a Participant&rsquo;s
Agreement. The Committee may designate any Option granted as either an Incentive Stock Option or a Nonqualified Stock Option, or the Committee
may designate a portion of an Option as an Incentive Stock Option and the remainder as a Nonqualified Stock Option. Notwithstanding the
foregoing, directors who are not Employees may not receive Incentive Stock Options. An Option shall expire no later than the close of
business on the tenth anniversary of the Grant Date. However, an Incentive Stock Option that is granted to an Employee who, at the time
of grant, owns or beneficially owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of
stock of the Company, may not have a term that exceeds five (5)&nbsp;years from the date of grant. Any Participant may hold more than
one Award under the Plan and any other plan of the Company. The Committee shall determine the per share exercise price for each Option
granted under the Plan, but no Option shall be granted with an exercise price below 100% of the Fair Market Value of Common Stock on the
Grant Date, however, an Incentive Stock Option may not be granted to an Employee who, at the time of grant, owns or beneficially owns
stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any parent or
subsidiary of the Company, unless the Exercise Price per share is not less than one hundred ten percent (110%) of the Fair Market Value
of Company Stock on the date of grant. The Committee may, in its discretion, accelerate a Participant&rsquo;s right to exercise an Option.
Awards to directors who are not Employees may be made pursuant to policy adopted by the Committee from time to time.</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-align: justify; text-indent: 0.25in">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Incentive
Stock Options</B>. Any Option intended to constitute an Incentive Stock Option shall only be granted to an Employee and the terms of any
Incentive Stock Option granted under this Plan shall comply in all respects with the provisions of Section&nbsp;422 of the Code, or any
successor provision thereto, and any regulations promulgated thereunder. Subject to the terms of this Plan, the Committee may impose such
conditions or restrictions on any Option as it deems appropriate.</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; text-indent: 0.25in">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Payment
for Option Shares</B>. The purchase price for shares of Common Stock to be acquired upon exercise of an Option granted hereunder shall
be paid (a)&nbsp;in cash or by personal check, bank draft or money order at the time of exercise; (b)&nbsp;by tendering shares of Common
Stock which are freely owned and held by the Participant independent of any restrictions, hypothecations or other encumbrances, duly endorsed
for transfer (or with duly executed stock powers attached); (c)&nbsp;by the Company purchasing that number of shares of Common Stock subject
to Option sufficient to pay the exercise price (which if this cashless method is selected by Participant would reduce thereby the number
of shares to be delivered to Participant in connection with the exercise of the Option); (d)&nbsp;by reduction of the number of shares
otherwise deliverable upon exercise of such Option equal to the aggregate exercise price of the shares exercised; (e)&nbsp;in any other
form of legal consideration that may be acceptable to the Committee; (f)&nbsp;by using the Cashless Exercise Procedure if the relevant
agreement between the Company and the Participant&rsquo;s broker referred to in the definition of such term has been executed by the Company
and such broker; or (g)&nbsp;in any combination of the above. If shares of Common Stock are tendered in payment of all or part of the
exercise price, or if Option shares are purchased or reduced by the Company, they shall be valued for such purpose at their Fair Market
Value on the date of exercise.</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: center"><B>III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESTRICTED
STOCK AND RESTRICTED STOCK UNITS</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; text-indent: 0.25in">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Terms
of Restricted Stock and Restricted Stock Units</B>. The Committee shall have the authority to grant Restricted Stock Awards and Restricted
Stock Units to such Participants and for such number of shares of Common Stock as it shall designate. Awards of Restricted Stock and Restricted
Stock Units shall be evidenced by an Agreement that shall specify the terms thereof, including vesting, the number of shares of Common
Stock subject to the Award or Unit, and such other provisions as the Committee shall determine. Restricted Stock Units shall be settled
no later than the 15th day of the third month after the Restricted Stock Units vest. The Committee shall have the right to make the timing
of the grant and/or issuance of, the ability to retain and the vesting and/or the settlement of Restricted Stock Units and shares of Restricted
Stock subject to continued employment, passage of time and/or performance goals as deemed appropriate by the Committee. In no event shall
the grant, issuance, retention, vesting or settlement of shares of Restricted Stock or Restricted Stock Units that is based on performance
goals or a level of achievement measured against performance goals be subject to a performance period of less than one year. No condition
that is based upon continued employment or the passage of time shall provide for vesting or settlement in full of Restricted Stock or
Restricted Stock Units over a period of less than one year from the date the Award is made, other than as a result of or upon the death,
Disability or retirement of the Participant or a Change in Control, or other event or circumstance that the Committee determines to be
appropriate, and may further exercise its discretion to modify the terms of an outstanding Award to accelerate vesting under such circumstances
as the Committee deems appropriate, including without limitation the retirement of a Participant.</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; text-indent: 0.25in">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Retention
Requirement</B>. Until Employees are no longer Employees and until directors who are not Employees cease serving as directors, they shall
retain 50% of any net Award of Restricted Stock. For purposes of clarity, the 50% is based on the total number of shares of Restricted
Stock awarded and is not reduced by any shares which have vested or which are sold or transferred pursuant to the terms of the Plan, but
is reduced by shares which have been netted out to pay withholding taxes.</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-align: justify; text-indent: 0.25in">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Transferability</B>.
Except as provided in this Article&nbsp;III of the Plan, shares of Restricted Stock or shares of Common Stock subject to a Restricted
Stock Unit may not be transferred, pledged, assigned, or otherwise alienated or hypothecated until (a)&nbsp;the applicable vesting date,
and (b)&nbsp;upon the satisfaction of other conditions as specified in the Plan and the Agreement. Prior to vesting and any other restrictions,
all rights with respect to the Restricted Stock or Common Stock subject to a Restricted Stock Unit shall be exercisable during the Participant&rsquo;s
lifetime only by the Participant or the Participant&rsquo;s legal representative.</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; text-indent: 0.25in">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Other
Restrictions</B>. Restrictions may differ among Participants. Subject to the terms of this Plan, Awards of Restricted Stock and Restricted
Stock Units shall have such restrictions as the Committee may impose (including, without limitation, limitations on the right to vote
Restricted Stock or the right to receive any dividend or other right or property), which restrictions may vest separately or in combination
at such time or times, in installments or otherwise. Unless the Committee shall otherwise determine, any shares or other securities distributed
with respect to Restricted Stock or which a Participant is otherwise entitled to receive by reason of such Restricted Stock shall be subject
to the restrictions contained in the applicable Agreement. Subject to the aforementioned restrictions and the provisions of this Plan,
Participants shall have all of the rights of a stockholder with respect to shares of Restricted Stock and shares subject to a Restricted
Stock Unit.</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; text-indent: 0.25in">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Book-Entry
Restrictive Instructions and Certificate Legend</B>. The Restricted Stock awarded pursuant to this Article&nbsp;III or Article&nbsp;IV
shall be awarded in book-entry form unless the Committee otherwise determines, and may include restrictive instructions to the Company&rsquo;s
registrar and transfer agent in accordance with the Plan and the Agreement; and in addition to any legends placed on certificates pursuant
to Article&nbsp;IV, any certificate representing shares of Restricted Stock or shares of Common Stock subject to a Restricted Stock Unit
shall bear the following legend unless the shares have been registered under federal securities laws:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">The sale or other
transfer of the shares of stock represented by this certificate, whether voluntary, involuntary or by operation of law, is subject to
certain restrictions on transfer set forth in the Saga Communications,&nbsp;Inc. 2023 Incentive Compensation Plan (the &ldquo;Plan&rdquo;),
rules&nbsp;and administrative guidelines adopted pursuant to such Plan and an Agreement. A copy of the Plan, such rules&nbsp;and such
Agreement may be obtained from the Secretary of the Company.</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; text-indent: 0.5in">In addition, if a Participant
is an affiliate of the Corporation, as such term is defined and interpreted under federal securities law, the certificate shall include
the standard legend for &ldquo;affiliate shares&rdquo; and may only be transferred or sold in accordance with federal securities laws.</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; text-indent: 0.25in">3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Removal
of Restrictions</B>. Except as otherwise provided under this Plan, if the vesting and/or other restrictions of the Restricted Stock have
been satisfied or been waived by the Committee with respect to all or a portion of the Restricted Stock represented by a certificate or
in book-entry form, the holder thereof shall be entitled to have the legend required by Section&nbsp;3.5 removed from such stock certificate
or the restrictive instructions with respect to the book-entry shares removed with respect to the applicable shares. Any certificate evidencing
the remaining shares shall bear the legend required by Section&nbsp;3.5 and the remaining book-entry shares shall remain subject to the
restrictive instructions. The Company shall have the right to retain any certificate representing shares of Restricted Stock or shares
subject to a Restricted Stock Unit until such time as all conditions and/or restrictions applicable to such shares of Common Stock have
been satisfied.</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; text-align: center"><B>IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PERFORMANCE
AWARDS</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Performance
Awards</B>. The Committee is authorized to grant Performance Awards to eligible Participants. Subject to the terms of the Plan, a Performance
Award granted under the Plan (a)&nbsp;may be denominated or payable in cash or shares of Common Stock (including, without limitation,
Restricted Stock or Restricted Stock Units), and (b)&nbsp;shall confer on the holder thereof rights valued as determined by the Committee
and payable to, or exercisable by, the holder of the Performance Award, in whole or in part, upon the achievement of such performance
goals during such performance period, as the Committee shall establish. Subject to the terms of this Plan, the performance goals to be
achieved during any performance period, the length of any performance period, the amount of any Performance Award granted, the amount
of any payment or transfer to be made pursuant to any Performance Award, and the other terms and conditions of any Performance Award,
including the effect upon such Award of termination of the Participant&rsquo;s employment and/or directorship, shall be determined by
the Committee.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Requirements
Applicable to Performance Awards</B>. Performance Awards must comply with the following additional requirements, which override any other
provision set forth in this Article&nbsp;IV:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grants</U>.
Each Performance Award shall be based upon pre-established, objective performance goals. Further, at the discretion of the Committee,
a Performance Award also may be subject to goals and restrictions in addition to the performance requirements.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance
Goals</U>. Each Performance Award shall be based upon the attainment of specified levels of Company performance (or combination thereof)
during a specified performance period, as measured by any or all of the following, which may be specified on a consolidated, same station,
pro forma, per share and/or segment basis: (i)&nbsp;earnings (as measured by net income, operating income, operating income before interest,
EBIT, EBITA, EBITDA, pre-tax income, or cash earnings, or earnings as adjusted by excluding one or more components of earnings); (ii)&nbsp;revenue
(as measured by operating revenue or net operating revenue); (iii)&nbsp;cash flow; (iv)&nbsp;free cash flow; (v)&nbsp;broadcast cash flow,
margins and/or margin growth; (vi)&nbsp;earnings and/or revenue growth; (vii)&nbsp;working capital; (viii)&nbsp;market capitalization;
(ix)&nbsp;market revenue performance; (x)&nbsp;achievement and/or maintenance of target stock prices; (xi)&nbsp;stock price growth; (xii)&nbsp;return
on equity; (xiii)&nbsp;return on investment; and (xiv)&nbsp;return on assets/net assets.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Committee
Determinations</U>. For each designated performance period, the Committee shall (i)&nbsp;select those Employees who shall be eligible
to receive a Performance Award; (ii)&nbsp;determine the performance period, which may be from one to five years; (iii)&nbsp;determine
the target levels of Company or subsidiary performance; and (iv)&nbsp;determine the Performance Award to be paid to each selected Employee.
The Committee shall make the foregoing determinations prior to the commencement of services to which a Performance Award relates (or during
the first ninety days of the performance period) and while the outcome of the performance goals and targets is uncertain.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Committee
Certification</U>. For each performance period, the Committee shall certify, in writing: (i)&nbsp;if the Company or its subsidiary(ies)
(as applicable) has attained the performance targets; and (ii)&nbsp;the cash or number of shares (or combination thereof) pursuant to
the Performance Award that shall be paid to each selected Employee (or the number of shares that are to become freely transferable, if
a Performance Award is granted subject to attainment of the designated performance goals). The Committee may not waive all or part of
the conditions, goals and restrictions applicable to the receipt of full or partial payment of a Performance Award. No part of a Performance
Award shall be paid or become transferable until the Committee certifies in writing that the performance goals and restrictions have been
satisfied.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Alienation</U>.
Except as provided in this Article&nbsp;IV of the Plan, the shares subject to a Performance Award granted hereunder may not be transferred,
pledged, assigned, or otherwise alienated or hypothecated until the applicable performance targets and other restrictions are satisfied,
as shall be certified in writing by the Committee. All rights with respect to a Performance Award granted hereunder shall apply only to
such Employee or the Employee&rsquo;s legal representative.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Removal
of Legend</U>. Except as otherwise provided in this Article&nbsp;IV or as required by other restrictions set forth in the Plan, and subject
to applicable federal and state securities laws, shares covered by each) Performance Award made under the Plan shall become freely transferable
by the Employee after the Committee has certified that the applicable performance targets and restrictions have been satisfied. Once the
shares are released from all restrictions, the Employee shall be entitled to have the legend required by Section&nbsp;3.5 removed from
the applicable Common Stock certificate or the restrictive instructions with respect to the book-entry shares removed.</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: center"><B>V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION
OF EMPLOYMENT AND SERVICES</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Options</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided in the applicable Agreement, if, prior to the date that an Option first becomes exercisable, a Participant&rsquo;s
status as an Employee or as a director who is not an Employee is terminated for any reason, the Participant&rsquo;s right to exercise
an Option shall terminate and all rights thereunder shall cease as of the close of business on the date of such termination.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
any Nonqualified Stock Option unless otherwise provided in the applicable Agreement and for any Incentive Stock Option, if, on or after
the date that the Option first becomes exercisable, a Participant&rsquo;s status as an Employee or, as applicable, a director who is not
an Employee, is terminated (1)&nbsp;for Cause, any unexercised portion of the Option (whether then exercisable or not) shall, as of the
time of the Cause determination, immediately terminate, (2)&nbsp;due to death or Disability, then the Option, to the extent that it is
exercisable on the date of termination, shall be exercisable only until the earlier of the one year anniversary of such termination or
the &ldquo;expiration date&rdquo; set forth in the applicable Agreement, (3)&nbsp;for any other reason (except as provided in the next
sentence), then the Option, to the extent that it is exercisable on the date of termination, shall be exercisable only until the earlier
of the three month anniversary of such termination or the &ldquo;expiration date&rdquo; set forth in the applicable Agreement. For any
Nonqualified Stock Option, unless otherwise provided in the applicable Agreement, if, on or after the date that the Option first becomes
exercisable, a Participant&rsquo;s status as an Employee or, as applicable, a director who is not an Employee, is terminated due to retirement,
or is terminated involuntarily (other than for Cause or due to death or Disability) within 6 months following a Change in Control, then
the Option, to the extent that it is exercisable on the date of termination, shall be exercisable until the &ldquo;expiration date&rdquo;
set forth in the applicable Agreement. The Committee, at its discretion, may designate in the applicable Agreement a different post-termination
period for exercise of a Nonqualified Stock Option and may extend the exercise period of any Option, but in no event may the post-termination
exercise period exceed the tenth anniversary of the Grant Date; it being understood that the extension of the exercise term for an Incentive
Stock Option may cause such Option to become a Nonqualified Stock Option.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
subject to Options that are not exercised within the time allotted for exercise shall expire and be forfeited by the Participant as of
the close of business on the date they are no longer exercisable.</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; text-indent: 0.25in">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Restricted
Stock and Restricted Stock Units</B>. Unless otherwise provided in the applicable Agreement, if the status as an Employee or as a director
who is not an Employee, of a Participant holding a Restricted Stock or Restricted Stock Unit terminates for any reason prior to vesting
or satisfaction of applicable restrictions, any shares of Common Stock subject to a Restricted Stock Award or Restricted Stock Unit shall
be forfeited by the Participant; provided, however, that the Committee, in its sole discretion, may waive or change the remaining restrictions
or add additional restrictions with respect to any Restricted Stock Award or Restricted Stock Unit that would otherwise be forfeited,
as it deems appropriate.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Performance
Awards</B>. Unless otherwise provided in the applicable Agreement, if the status as an Employee or as a director who is not an Employee
of a Participant holding a Performance Award terminates for any reason prior to satisfaction of the performance requirements of such Award,
such Award automatically shall be forfeited by the Participant to the extent such requirements are not satisfied; provided, however, that
the Committee, in its sole discretion, may waive or change the remaining requirements or add additional requirements with respect to any
Performance Award or portion thereof that would otherwise be forfeited, as it deems appropriate.</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; text-indent: 0.25in">5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Other
Provisions</B>. Neither the transfer of a Participant from one member of the Related Group to another member of the Related Group, nor
a leave of absence under the Company&rsquo;s leave policy, shall be deemed to constitute a termination of status as a Participant for
purposes of the Plan.</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; text-indent: 0.25in">5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Specified
Employee Limitation</B>. Except as otherwise provided in this subsection, a distribution of any Award that is &ldquo;deferred compensation&rdquo;
that is made because of a Separation from Service to a Participant who is a Specified Employee shall not occur before the date which is
six (6)&nbsp;months after the Separation from Service.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
this purpose, a Participant who is treated as a Specified Employee shall be treated as a Specified Employee for the entire twelve (12)
month period beginning on April&nbsp;1st of each calendar year.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
subsection shall not apply to payments that occur after the death of the Participant.</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; text-indent: 0.25in">5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Leaves
of Absence</B>. Authorized leaves of absence, including periods of &ldquo;disability&rdquo; which occur prior to termination of an Employee
for Disability as defined in the Plan (unless Employee has an employment agreement, and then as &ldquo;disability&rdquo; is defined under
such employment agreement) or leaves of absence which applicable law requires to be counted as service shall not constitute termination
of service.</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-align: center"><B>VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADJUSTMENTS
AND CHANGE IN CONTROL</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Adjustments</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee shall determine that any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or
other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, or exchange of Common Stock or other securities of the Company, issuance of warrants or other rights to purchase Common Stock
or other securities of the Company, or other corporate transaction or event affects the Common Stock such that an adjustment is appropriate
in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the
Committee shall, in such manner as it may deem equitable, adjust any or all of (1)&nbsp;the number and type of shares of Common Stock
which thereafter may be made the subject of Awards, (2)&nbsp;the number and type of shares of Common Stock subject to outstanding Awards,
and (3)&nbsp;the exercise price with respect to any Option, or, if deemed appropriate, cancel outstanding Options and make provision for
a cash payment to the holders thereof; provided, however, in each case, that with respect to Incentive Stock Options any such adjustment
shall be made in accordance with Section&nbsp;422 of the Code or any successor provision thereto to the extent that such Option is intended
to remain an Incentive Stock Option.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing adjustments shall be made by the Committee or, if such adjustment is required by the Board, then by the Board at the recommendation
of the Committee. Any such adjustment shall provide for the elimination of any fractional share that might otherwise become subject to
an Award.</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; text-indent: 0.25in">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Change
in Control</B>. Upon the occurrence of a Change in Control, then Awards shall be treated as the Committee may determine (including acceleration
of vesting and cash settlements of Options and acceleration of vesting or other restrictions of Restricted Stock) at the time of grant
or at a subsequent date, as provided in the recipient&rsquo;s Agreement. If no such provision is made in the recipient&rsquo;s Agreement
and no subsequent determination is made by the Committee, then (a)&nbsp;any Option granted hereunder immediately shall become exercisable
in full, regardless of any installment provision applicable to such Option; (b)&nbsp;any shares of Restricted Stock or shares subject
to a Restricted Stock Unit granted hereunder immediately shall vest and all other restrictions waived; and (c)&nbsp;the performance requirements
for a Performance Award granted hereunder shall be deemed to have been satisfied in full at the target performance level.</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; text-indent: 0.25in">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Merger</B>.
Subject to Section&nbsp;6.2, if the Company is a party to any merger, consolidation, reorganization, or sale of substantially all of its
assets, each holder of an outstanding Award, to the extent that such Award remains outstanding thereafter, shall be entitled to receive,
in lieu of the shares of Common Stock to which such holder would otherwise be entitled, upon the exercise of such Option or the vesting
of the shares of Restricted Stock or shares subject to a Restricted Stock Unit or the satisfaction of the performance requirements for
a Performance Award, the securities and/or property which a stockholder owning the number of shares subject to the holder&rsquo;s Award
would be entitled to receive pursuant to such merger, consolidation, reorganization or sale of 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-align: center"><B>VII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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-align: justify; text-indent: 0.25in">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Partial
Exercise/Fractional Shares</B>. The Committee may permit, and shall establish procedures for, the partial exercise of Options granted
under the Plan. No fractional shares shall be issued in connection with the exercise or payment of a grant or award under the Plan; instead,
the Fair Market Value of the fractional shares shall be paid in cash, or at the discretion of the Committee, the number of shares shall
be rounded down to the nearest whole number of shares, and any fractional shares shall be disregarded.</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-align: justify; text-indent: 0.25in">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rule&nbsp;16b-3
Requirements</B>. Notwithstanding any other provision of the Plan, the Committee may impose such conditions on Restricted Stock, shares
subject to a Restricted Stock Unit or Performance Award or the exercise of an Option (including, without limitation, the right of the
Committee to limit the time of exercise to specified periods) as may be required to satisfy the requirements of Rule&nbsp;16b-3 of the
Exchange Act (as such rule&nbsp;may be in effect at such time).</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; text-indent: 0.25in">7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;409A</B>.
The terms and conditions of all grants under the Plan shall be designed to comply with the applicable requirements, if any, of Code Section&nbsp;409A.
To the extent that any amount or benefit that constitutes &quot;deferred compensation&quot; to a Participant under Code Section&nbsp;409A
or is otherwise payable or distributable to a Participant under the Plan or any Agreement solely by reason of the occurrence of a change
in control of the Company or due to the Participant's disability or &quot;separation from service&quot; (as such term is defined in Treasury
Regulation Section&nbsp;1.409A-1(h)), such amount or benefit will not be payable or distributable to the Participant by reason of such
circumstance unless the Committee determines in good faith that (i)&nbsp;the circumstances giving rise to such change in control, disability
or separation from service meet the definition of a change in ownership or effective control, disability or separation from service, as
the case may be, in Code Section&nbsp;409A(a)(2)(A)&nbsp;and applicable regulations, or (ii)&nbsp;the payment or distribution of such
amount or benefit would be exempt from the application of Section&nbsp;409A by reason of the short-term deferral exemption or otherwise.</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; text-indent: 0.25in">7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rights
Prior to Issuance of Shares</B>. No Participant shall have any rights as a stockholder with respect to shares covered by an Award until
the issuance of such shares as reflected on the books and records of the Company or its transfer agent. No adjustment shall be made for
dividends or other rights with respect to such shares for which the record date is prior to the date the shares are issued.</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; text-indent: 0.25in">7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Non-Assignability</B>.
No Award shall be transferable by a Participant except by will or the laws of descent and distribution. During the lifetime of a Participant,
an Incentive Stock Option shall be exercised only by the Participant. No transfer of an Award shall be effective to bind the Company unless
the Company shall have been furnished with written notice thereof and a copy of the will or such evidence as the Company may deem necessary
to establish the validity of the transfer and the acceptance by the transferee of the terms and conditions of the Award.</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; text-indent: 0.25in">7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Securities
Laws.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s obligation to sell and deliver Common Stock pursuant to the exercise of an Option, or deliver a certificate or issue instructions
to the Company&rsquo;s transfer agent relating to book-entry shares representing shares of Restricted Stock or shares issuable pursuant
to a Restricted Stock Unit or Performance Award, is subject to such compliance with federal and state laws, rules&nbsp;and regulations
applying to the authorization, issuance or sale of securities as the Company deems necessary or advisable. The Company shall not be required
to sell or deliver Common Stock unless and until it receives satisfactory assurance that the issuance or transfer of such shares shall
not violate any of the provisions of the Securities Act of 1933, as amended, the Exchange Act, any other applicable federal laws, or the
rules&nbsp;and regulations of the Securities and Exchange Commission promulgated thereunder or those of NASDAQ, or any such other stock
exchange or stock market, on which the Class&nbsp;A Common Stock may be listed or traded, the provisions of any state laws governing the
sale of securities, or that there has been compliance with the provisions of such acts, rules, regulations and laws.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee may impose such restrictions on any shares of Common Stock subject to or underlying an Award as it may deem advisable, including,
without limitation, restrictions (i)&nbsp;under applicable federal securities laws, (ii)&nbsp;under the requirements of any stock exchange
or other recognized trading market upon which the shares of Class&nbsp;A Common Stock are then listed or traded, or (iii)&nbsp;under any
blue sky or state securities laws applicable to such shares of Common Stock. No shares shall be issued until counsel for the Company has
determined that the Company has complied with all requirements under appropriate securities laws.</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-align: justify; text-indent: 0.25in">7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Withholding
and Taxes</B>. The Company shall have the right to withhold from a Participant&rsquo;s compensation or require a Participant to remit
sufficient funds to satisfy applicable withholding for income and employment taxes upon the exercise of an Option, the vesting of, and
satisfaction of any other restrictions on, Restricted Stock, or the satisfaction of the performance requirements relating to a Performance
Award. A Participant may satisfy applicable withholding for income and employment taxes using any of the methods set forth in Section&nbsp;2.3,
provided that subject to Section&nbsp;2.3, the Company shall not withhold more Option shares or shares of vested Restricted Stock than
are necessary to satisfy the established requirements of federal, state and local tax withholding obligations. To the extent the Company
permits any cashless method to cover the withholding tax, this cashless method would reduce thereby the number of shares to be delivered
to Participant in connection with the exercise of the Option or the vesting of the Restricted Stock, as applicable.</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; text-indent: 0.25in">7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination
and Amendment</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board may terminate this Plan, or the granting of Awards under this Plan, at any time. No new grants or Awards shall be made under the
Plan after May&nbsp;8, 2033.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board may amend or modify the Plan at any time and from time to time, but no amendment or modification, without the approval of the stockholders
of the Company, shall (i)&nbsp;materially increase the benefits accruing to Participants under the Plan; (ii)&nbsp;increase the amount
of Common Stock for which Awards may be made under the Plan, except as permitted under Section&nbsp;1.5 and Article&nbsp;VI; (iii)&nbsp;change
the provisions relating to the eligibility of individuals to whom Awards may be made under the Plan; or (iv)&nbsp;permit the repricing
of Options, except in accordance with Article&nbsp;VI. In addition, if the Company&rsquo;s Common Stock is listed on NASDAQ or another
stock exchange or stock market, the Board may not amend the Plan in a manner requiring approval of the stockholders of the Company under
the rules&nbsp;of NASDAQ, or such other stock exchange or stock market, without obtaining the approval of the stockholders.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
amendment, modification or termination of the Plan shall adversely affect any Award previously granted under the Plan in any material
way without the consent of the Participant holding the Award, except as set forth in any Agreement relating to an Award, or to bring the
Plan or an Award into compliance with Code Section&nbsp;409A.</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; text-indent: 0.25in">7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Clawbacks</B>.
By accepting an Award, a Participant is agreeing to be bound by the Company&rsquo;s Clawback Policy which may be amended from time to
time by the Company in its discretion (including, without limitation, to comply with the requirements of (i)&nbsp;the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010, (ii)&nbsp;federal securities laws, regulations and rules, and (iii)&nbsp;regulations
or rules&nbsp;of NASDAQ or any other stock exchange or stock market), and is further agreeing that all of the Participant&rsquo;s Awards
and Award Agreements may be unilaterally amended by the Company to the extent needed to comply with the Clawback Policy as it may be amended
from time to time.</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; text-indent: 0.25in">7.10<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No Rights to Awards.</B> No Participant or other person shall have any claim to be granted any Award under the Plan and there is no
obligation of uniformity of treatment of Participants or holders or beneficiaries of Awards under the Plan. The terms and conditions
of Awards of the same type and the determination of the Committee to grant a waiver or modification of any Award and the terms and
conditions thereof need not be the same with respect to each Participant or the same Participant.</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-align: justify; text-indent: 0.25in">7.11<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Right to Employment.</B> The grant of an Award shall not be construed as giving a Participant the right to be retained as an Employee
or director of the Company or any Related Employer. The Company or any Related Employer may at any time dismiss a Participant from employment,
free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or in any written agreement with
the Participant.</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; text-indent: 0.25in">7.12<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Liability of Company.</B> The Company and any Related Employer which is in existence or hereafter comes into existence shall not be liable
to a Participant or any other person as to: (a)&nbsp;the non-issuance or non-sale of Common Stock as to which the Company has been unable
to obtain from any regulatory body having jurisdiction the authority deemed by the Company's counsel to be necessary to the lawful issuance
and sale of any shares hereunder; (b)&nbsp;any tax consequence to any Participant or other person due to the receipt, exercise or settlement
of any Award granted hereunder; and (c)&nbsp;any provision of law or legal restriction that prohibits or restricts the transfer of shares
of Common Stock issued pursuant to any Award.</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; text-indent: 0.25in">7.13<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suspension
of Rights under Awards.</B> The Company, by written notice to a Participant, may suspend a Participant's and any transferee's rights under
any Award for a period not to exceed 60 days while the termination for Cause of that Participant's employment with the Company or any
Related Employer is under consideration or while the removal for Cause of the Participant as a director is under consideration.</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; text-indent: 0.25in">7.14<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing
Law.</B> The validity, construction and effect of the Plan and any rules&nbsp;and relating to the Plan shall be determined in accordance
with the laws of the State of Michigan and applicable federal 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; text-indent: 0.25in; margin: 0pt 0; text-align: justify">7.15<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severability.</B>
In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining provisions of the Plan and the Plan shall be construed and enforced as if the illegal or invalid provision had not been
included, unless such construction would cause the Plan to fail in its essential purposes.</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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<TYPE>EX-FILING FEES
<SEQUENCE>5
<FILENAME>tm2323150d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
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     <TITLE></TITLE>
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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-align: right"><B>Exhibit&nbsp;107</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: center"><B>CALCULATION OF REGISTRATION FEE</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: center"><B>Form&nbsp;S-8</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form&nbsp;Type)</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: center"><B>Saga Communications,&nbsp;Inc.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: center"><U>Table 1: Newly Registered Securities</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">Security<BR>

    Type</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">Security
    <BR>
Class<BR>
 &nbsp;Title</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">Fee
    <BR>
Calculation<BR>
 Rule</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amount
    <BR>
Registered<SUP>(1)</SUP></FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Proposed<BR>

    Maximum <BR>
Offering Price <BR>
Per Unit<SUP>(2)</SUP></FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Maximum<BR>

    Aggregate<BR>
 Offering <BR>
Price<SUP>(2)</SUP></FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">Fee
    Rate</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">Amount
    of<BR>
 Registration <BR>
Fee</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; vertical-align: top; width: 12%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Equity</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 12%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Class&nbsp;A
    Common Stock</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 12%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Other</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">600,000
                                            Shares</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 9pt">21.25</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; width: 9%; text-align: right"><FONT STYLE="font-size: 9pt">12,750,000</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 9%; text-align: right"><FONT STYLE="font-size: 9pt">0.00011020</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; width: 9%; text-align: right"><FONT STYLE="font-size: 9pt">1,405.05</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt; vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Total Offering Amounts</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">12,750,000</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,405.05</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Total
    Fee Offsets</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Net Fee
    Due</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,405.05</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></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; text-align: justify; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus
an indeterminate number of additional shares which may be required to be issued to prevent dilution resulting from stock splits, stock
dividends or similar transactions.</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">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated
pursuant to rule&nbsp;457(h)&nbsp;and (c)&nbsp;solely for purposes of calculating the registration fee, based upon the average of the
high and low prices of the Registrant&rsquo;s common stock on August&nbsp;4, 2023, as reported on The Nasdaq Stock Market LLC.</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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    <!-- Field: /Page -->

<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"></P>

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




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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
