SAGA COMMUNICATIONS INC
For the period ended Jun 1, 2026. Filed Apr 20, 2026.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Jun 1, 2026 · Filed Apr 20, 2026
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Contents
PAY VERSUS PERFORMANCE
The following table provides information for fiscal years 2025, 2024 and 2023 with respect to the compensation, as calculated under SEC rules, of our principal executive officer (“PEO”), our current CEO, the average compensation of our other NEOs, and certain performance measures specified under SEC rules.
Pay Versus Performance Table
| Year (a) | Summary compensation table total for PEO(1)(2)(b) | Compensation actually paid to PEO(3)(4)(c) | Average summary compensation table total for non-PEO named executive officers(1)(d) | Average summary compensation table total for non-PEO named executive officers(3)(4)(e) | Value of initial fixed $100 investment based on total shareholder return(5)(f) | Net income (loss)(6) (h) |
|---|---|---|---|---|---|---|
| 2025 | $1,433,041 | $1,449,451 | $539,882 | $545,212 | $65.06 | $(7,899,000) |
| 2024 | $1,656,270 | $1,177,742 | $627,788 | $469,399 | $57.85 | $3,460,000 |
| 2023 | $1,751,842 | $1,796,443 | $636,321 | $638,334 | $107.05 | $9,500,000 |
| (1) | Christopher S. Forgy was our PEO for each year presented. Samuel D. Bush and Wayne P. Leland were the non-PEO NEOs for each year presented. |
| (2) | The dollar amounts reported in column (b) is the amount of total compensation reported for Mr. Forgy (our current President and Chief Executive Officer since December 7, 2022) for each corresponding year in the “Total” column of the 2025 summary compensation table. Refer to the “2025 Summary Compensation Table.” |
| (3) | Compensation actually paid amounts shown have been calculated in accordance with Item 402(v) of Regulation 402(v) of Regulation S-K and do not reflect compensation actually earned, realized or received by the NEOs. |
| (4) | For each year the values included in these columns for the compensation actually paid to our PEO and the average compensation actually paid to our non-PEO NEOs reflect the following adjustments to the values included in columns (b) and (d), respectively: |
| FY 2025 | FY 2024 | FY 2023 | ||||
|---|---|---|---|---|---|---|
| PEO | Non-PEO NEOs Average | PEO | Non-PEO NEOs Average | PEO | Non-PEO NEOs Average | |
| Summary Compensation Table (“SCT”) Total | $1,433,041 | $539,882 | $1,656,270 | $627,788 | $1,751,842 | $636,321 |
| Adjustments: | ||||||
| - SCT “Stock Awards” Column (grant date FV of equity awards reported in SCT) | (362,511) | (109,503) | (522,753) | (146,003) | (737,005) | (202,763) |
| + year-end fair value of equity awards granted in the covered year that were outstanding and unvested as of the covered year-end | 348,211 | 105,184 | 486,169 | 135,785 | 803,809 | 221,142 |
| +/- year over year change in fair value of equity awards granted in prior years that are outstanding and unvested as of the covered year-end | 17,396 | 4,838 | (294,821) | (92,799) | (8,173) | (6,057) |
| + vesting date fair value of equity awards granted and vested in the covered year | — | — | — | — | — | — |
| +/- year-over-year change in fair value of equity awards granted in prior years that vested in the covered year | 13,314 | 4,812 | (147,123) | (55,372) | (14,030) | (10,309) |
| - fair value as of prior year end equity awards granted in prior years that failed to vest in the covered year (i.e., forfeited) | — | — | — | — | — | — |
| + dollar value of dividends/earnings paid on equity awards in the covered year | — | — | — | — | — | — |
| + excess fair value for equity award modifications | — | — | — | — | — | — |
| Compensation Actually Paid to PEO (columns(c)) | $1,449,451 | $545,212 | $1,177,742 | $469,399 | $1,796,443 | $638,334 |
| (5) | For each year, total shareholder return for the Company was calculated in accordance with Item 201 (e) and Item 402 (v) of Regulation S-K. |
| (6) | Net income (loss) is rounded to the nearest thousand. |
Pay Versus Performance Relationship Descriptions
The following graphical comparisons describe the relationships between certain figures included in the Pay Versus Performance Tables for each of 2025, 2024 and 2023, including: (a) a comparison between our cumulative total shareholder return and (b) comparisons between (i) the compensation actually paid to the PEO and the average compensation actually paid to our non-PEO NEOs and (ii) the performance measure set forth in column (f) and (h) of the Pay Versus Performance Table.
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