June 24, 2011
Saga Chairman, President and CEO Ed Christan's new employment agreement says he will receive an annual base salary of $860,000. Christian has agreed to a 2.5% reduction to his base salary in conformance with the same current reduction to salary taken by all of the Company?s employees. On each anniversary of the new employment agreement, the Compensation Committee will determine the amount of any increase to Christian?s annual salary. The increase can not be less than the greater of 3% or a cost of living increase based on a consumer price index. Christian The company Christian started will celebrate its 25th anniversary this year.
Christian is also eligible for an incentive bonus at the discretion of the Board of Directors and an annual performance bonus of up to 100% of his base salary. The Saga compensation committee will determine the size of Christian's bonus based on his performance and whether specific goals are achieved. Saga has 91 stations in 12 markets and generates about $113 million in 2010 according to BIA. Christian
