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Exhibit 10(a)(2)
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT is made as of the 8th day of December, 1998, between
SAGA COMMUNICATIONS, INC., a Delaware corporation with its principal office at
00 Xxxxxxxxx Xxxxxx, Xxxxxx Xxxxxx Xxxxx, Xxxxxxxx 00000 (the "Corporation"),
and Xxxxxx X. Xxxxxxxxx of Xxxxxx Xxxxxx Xxxxx, Xxxxxxxx 00000 ("Christian").
W I T N E S S E T H T H A T:
WHEREAS, the Corporation and Christian entered into an Employment
Agreement dated as of April 8, 1977 (the "Agreement"); and
WHEREAS, the Corporation and Christian desire to amend Section 13 of
the Agreement;
NOW, THEREFORE, for good and valuable consideration, the receipt of
which is hereby acknowledged, the parties hereto agree as follows:
1. The Agreement is hereby amended by replacing the existing Section 13
in its entirety with the following:
"13. In recognition of Christian's service to the Corporation for over
ten years, the Corporation hereby agrees to forgive the indebtedness of
Christian evidenced by the Note (including unpaid interest thereon) in five
equal installments on December 18, 1998 and March 31 of 1999, 2000, 2001 and
2002. In addition, the Corporation shall pay Christian such amount as is
necessary to enable Christian to pay all federal and state income tax
liabilities (including, without limitation, liabilities under Internal Revenue
Code Sections 280G and 4999) arising by reason of the foregoing forgiveness of
indebtedness and by reason of payments received pursuant to this sentence, it
being the intent of the parties that Christian be made whole with respect to the
economic effect of all federal and state income taxes arising under this
paragraph 13."
2. Except as modified and amended hereby, the Agreement shall remain in
full force and effect and is hereby ratified and affirmed.
3. The Pledge Agreement dated as of December 10, 1992 of Christian
securing the indebtedness evidenced by the Note is hereby terminated.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the day and year first above written.
SAGA COMMUNICATIONS, INC.
By
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Xxxxxx X. Xxxx, Vice President
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Xxxxxx X. Xxxxxxxxx
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SAGA COMMUNICATIONS, INC.
SCHEDULE II - ALLOWANCE FOR DOUBTFUL ACCOUNTS
(in thousands)
Additions
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Balance at Charged to Charged to Balance at
Beginning Costs and Other End of
Description of Period Expenses Accounts Deductions Period
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Year Ended December 31, 1998
Allowance for doubtful accounts $514 $441 $459(1) $496
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Year Ended December 31, 1997
Allowance for doubtful accounts $319 $549 $354(1) $514
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Year Ended December 31, 1996
Allowance for doubtful accounts $295 $365 $341(1) $319
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Year Ended December 31, 1995
Allowance for doubtful accounts $274 $534 $513(1) $295
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(1) Write-off of uncollectible accounts, net of recoveries.
