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Exhibit 10(N)
STOCK OPTION CANCELLATION AGREEMENT
This
Stock Option Cancellation Agreement (this "Agreement") is entered
into
as of this 22nd day of December, 2005, by and between Saga
Communications, Inc.,
a Delaware corporation (the "Company"), and ____________________
(the "Option
Holder").
W I T N E S S E T H
WHEREAS, on December 19, 2005, the Board of Directors and the
Compensation
Committee of the Company approved an offer to buy back the option
("Option")
granted to the Option Holder pursuant to that certain Stock Option
Agreement
dated June 2, 2003 (the "Stock Option Agreement") at a price of ten
cents
($0.10) per share (based on the valuation of an independent
valuation firm).
WHEREAS, the Option granted pursuant to such Stock Option Agreement
is
currently deeply underwater(1);
WHEREAS, the Company believes it's in the best interest of
stockholders to
buy back and cancel the Option for ten cents ($0.10) per share;
WHEREAS, the Option Holder being under no compulsion to sell the
Option,
and recognizing that the Option is deeply underwater and that the
offering
price, based on the valuation of an independent valuation firm, is
fair, desires
to cancel the Option and all of the Option Holder's rights under
the Stock
Option Agreement in consideration of payment by the Company of ten
cents ($0.10)
per share.
NOW,
THEREFORE, in consideration of the promises and agreements
contained
herein, and intending to be legally bou
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