Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 28, 2021, Saga Communications, Inc. (the "Company") appointed
Marcia K. Lobaito to its Board of Directors, effective immediately. As was
previously announced, Ms. Lobaito retired from her position as Senior Vice
President and Director of Business Affairs, effective March 13, 2020. At the
request of the Company, Ms. Lobaito continued to and will continue to serve as
Corporate Secretary.
Ms. Lobaito will serve until the Company's 2022 Annual Meeting of Shareholders,
when she is expected to stand for re-election to the Board by a vote of the
Company's shareholders. At this time it is not expected that Ms. Lobaito will be
a member of the Company's compensation or audit committees.
Ms. Lobaito will be compensated under the Company's standard compensatory
arrangement for non-employee directors, as described in the Company's most
recent proxy statement. In addition, Ms. Lobaito, as a non-employee director, is
eligible, as a participant in the Company's Second Amended and Restated 2005
Incentive Compensation Plan, as amended (the "Plan"), to receive grants of
awards, as determined in the discretion of the Company's Compensation Committee,
pursuant to the terms of the Plan. In addition to her director fees, she will
also continue to be compensated for her duties as Corporate Secretary.
There are no arrangements or understandings between Ms. Lobaito and any other
persons pursuant to which Ms. Lobaito was appointed to the Company's Board, and
Ms. Lobaito does not have any direct or indirect material interest in any
transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Item 8.01.Other Events.
On September 28, 2021, Saga Communications, Inc. announced that its Board of
Directors declared a quarterly cash dividend of $0.16 per share on its Classes A
and B Common Stock to be paid on October 22, 2021 to shareholders of record on
October 8, 2021, as set forth in the press release included as Exhibit 99.1
hereto.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release dated September 28, 2021.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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