The Late Ed Christian's Saga Shares Transferred into Trust

RADIO ONLINE | Thursday, August 25, 2022

Saga Communications

Prior the death of Saga Communications Chairman, President and CEO Ed Christian on August 19, he held 65% of the combined voting power of the company's common stock based on Class B Common Stock generally being entitled to ten votes per share. As a result, Christian was generally able to control the vote on most matters. Christian's passing results in the transfer of his Class B shares into an estate planning trust. This results in an automatic conversion of each Class B Share he held into one fully paid and non-assessable Class A Share.

Upon the settling of Christian's estate, the Edward K. Christian Trust u/a/d/ December 29, 1998, will be the owner of 965,149 shares of Class A Common Stock, which represents 15.95% of the company's outstanding Common Stock when accounting for the conversion of Class B shares to Class A Shares. Michael Dallaire, Esquire (Christian's nephew) and Judith A. Christian (Christian's spouse) are co-trustees of the trust.

Effective August 24, the Board voted unanimously to appoint existing board member Gary G. Stevens as interim Chairman. Stevens, 82, has been a member of the company's board of directors since 1995. He most recently served as the company's lead independent director. He will continue his service as Chair of our Compensation Committee.

Stevens has served as Managing Director of Gary Stevens & Co. (a media broker) founded in 1988. From 1977 to 1985, Mr. Stevens was Chief Executive Officer of the broadcast division of Doubleday & Co. From 1986 to 1988, he was a Managing Director of the then Wall Street investment firm of Wertheim, Schroder & Co.