Exhibit 10.1
August 21, 2022
Xx. Xxxxxx Xxxx
0000 Xxxxxx Xx.
Xxx Xxxxx, XX 00000
Dear Xxxxxx:
This Letter of Employment is intended to summarize the terms under which you would agree to serve as the Company’s Interim President and Chief Executive Officer. This letter is not intended to serve as an employment contract, nor is it intended to create any contractual obligation by either party. The terms of this agreement are as follows:
1.Beginning August 22, 2022, in consideration for your services and employment as Interim President and Chief Executive officer, you will be paid an annualized base salary of $750,000 payable bi-weekly in accordance with Saga's current payroll policies. 0.Xx the conclusion of your services as Interim President and Chief Executive Officer, you will be eligible for a discretionary bonus as determined by the Company's Compensation Committee based your performance.
0.Xxx will be provided with local transportation at the Company’s expense for up to three days a week to assist you in your commute to the Company’s offices in Grosse Pointe.
0.Xxx will be eligible for participation in the Company's benefit plans as an employee upon completion of the eligibility requirements. As a former participant in the Saga Communications Employees’ 401(k) Plan, you will be eligible for re-enrollment in that plan effective immediately.
0.Xxx will also receive reimbursement for all reasonable and documented out of pocket business expenses.
If you are in agreement with the terms set forth above, please sign and return this Letter of Employment to the Company’s HR Director Xxxxxxx Xxxxxxxxxx as well as a copy to Xxxxx Xxxxxxxx.
Sincerely,
Xxxx Xxxxxxx
Compensation Committee Chair
Lead Director
AGREED TO:
| | | |
/s/ Xxxxxx X. Xxxx | | August 24, 2022 | |
Xxxxxx X. Xxxx | | Date | |
