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STOCK OPTION CANCELLATION AGREEMENT

Termination Agreement

STOCK OPTION CANCELLATION AGREEMENT | Document Parties: SAGA COMMUNICATIONS INC You are currently viewing:
This Termination Agreement involves

SAGA COMMUNICATIONS INC

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Title: STOCK OPTION CANCELLATION AGREEMENT
Date: 3/13/2006
Industry: Broadcasting and Cable TV    

STOCK OPTION CANCELLATION AGREEMENT, Parties: saga communications inc
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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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