As of January 25, the President/CEO and Chairman of the Board of radio broadcasting industry pure-play Saga Communications has a new compensation and employment agreement with the company he leads.
A “third amendment” to an employment agreement first signed in June 2011 by Ed Christian has been finalized. It extends the term of the original agreement from March 31, 2025 to March 31, 2027. It also makes various minor changes to Christian’s agreement pursuant to Section 409A of the Internal Revenue Code.
The biggest takeaway from the new deal involving Christian, who has been CEO of Saga since 1986: Should there be any change in control at the company, he’d get a lump-sum payment.
Christian is presently 75 years of age. According to the Saga 2021 10-K filing it made with the Securities and Exchange Commission, for the three years ended December 31, 2020 Christian’s average annual compensation, as defined by the employment agreement, was approximately $1,862,000.
On December 14, 2018, Christian agreed to defer approximately $100,000 of his 2019 salary to be paid 100% on January 3, 2020. On December 6, 2019, Christian agreed to defer approximately $100,000 of his 2020 salary to be paid 100% on January 15, 2021. On December 16, 2020, Christian agreed to defer approximately $100,000 of his 2021 salary which was scheduled to be paid 100% on January 15, 2022.