Back in May Saga created a new corporate position for Chris Forgy, Senior Vice President of Operations. On Thursday the company filed an 8K announcing that Forgy has entered into a Change in Control Agreement. What that means is that Forgy will receive a wheelbarrel full of money if CEO Ed Christian ends his reign as CEO of the company.
If there is a change in control at Saga, and there have been no indications there will be, the Company will pay Forgy 1.5 times the average of his base salary of the previous three years plus any annual cash bonus due to him. That money must be paid to Forgy in a lump sum within 45 days of the change.
Forgy joined Saga in 1995 as Director of Sales for the company’s stations in Columbus, until 2006. He left Saga from 2006 to 2011 to serve as General Manager of radio clusters for other companies. Forgy rejoined Saga as President and General Manager of the Columbus market where he was until his promotion to corporate.
Change-in-Control agreements, sometimes referred to as “golden parachutes,” compensate executives for loss of job due to mergers or sale.
