Saga's Ed Christian Gets A New Deal With An $860,000 Base Salary
June 24, 2011 at 3:56 AM (PT)
SAGA Chairman/Pres./CEO ED CHRISTIAN has entered into a new employment agreement, effective as of JUNE 1st, according to an 8-K SEC filing.
Under the terms of the new employment agreement, "CHRISTIAN continues as Chairman, President and CEO of the Company. The new employment agreement provides for an annual base salary of $860,000 per year. Mr. CHRISTIAN has agreed to a 2.5% reduction to his base salary in conformance with the same current reduction to salary taken by all of the Company's employees."
The filing also notes, "On each anniversary of the new employment agreement, the Compensation Committee shall determine, in its discretion, the amount of any increase to Mr. CHRISTIAN's then existing annual salary provided, however, that such increase shall not be less than the greater of 3% or a cost-of-living increase based on a consumer price index."