Saga Communications has amended its employment contract with Chair/President/CEO Ed Christian.
The deal has been extended until March 31, 2021.
The amendment continues the terms of his contract signed in 2011, when his base pay was set at $860,000. Disclosed in an 8-K filing with the Securities and Exchange Commission, the company’s compensation committee can determine whether to increase (but not decrease) Christian’s annual salary by 4%, or the cost of living, whichever is greater.
His annual vacation was bumped to 6 weeks and now the company is authorized to pay Christian’s annual tax preparation services.
Should his contract be terminated, Christian is entitled to severance equal to 100% of his base salary for 24 months (paid monthly) plus any unvested or time-vested stock options become vested.
Other terms of the agreement remain intact.