SAGA COMMUNICATIONS INC
EX-10.(M) AMENDMENTS TO 1997 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN
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<DESCRIPTION>EX-10.(M) AMENDMENTS TO 1997 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10 (M)</B>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Amendments to Saga Communications, Inc. 1997 Non-Employee Director Stock Option Plan</B>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(as adopted by the Board of Directors of Saga Communications, Inc. effective as of December
19, 2005.)
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;New Sections&nbsp;3.2 and 3.3 are inserted to read as follows, and the remaining subsections of
Section&nbsp;3 are renumbered accordingly:
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    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;&#146;Change in Effective Control of the Company&#146; has the meaning as
provided in Prop. Treas. Reg. &#167; 1.409A-3(g)(5)(vi) or applicable final
regulation promulgated under &#167; 409A of the Internal Revenue Code of 1986.&#148;</TD>
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<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;&#146;Change in a Substantial Portion of the Assets of the Company&#146;
has the meaning as provided in Prop. Treas. Reg. &#167; 1.409A-3(g)(5)(vii) or
applicable final regulation promulgated under &#167; 409A of the Internal Revenue
Code of 1986.&#148;</TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Section&nbsp;5.3 of the Plan is amended to read in it entirety as follows:
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Vesting</U>. An Option shall vest immediately upon its grant; provided, however, that
any Option granted prior to the date of shareholder approval of this Plan as referred to in Section
2.2 hereof shall not vest and become exercisable until the date of such shareholder approval.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;A new Section&nbsp;5.4 is inserted to read as follows and the remaining subsections of Section&nbsp;5
are renumbered accordingly:
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Exercise</U>. An Option shall become exercisable at the election of a Director according
to Election I, Election II or Election III as provided in this Section&nbsp;5.4. Such elections shall
be in writing and delivered to the Board no later than December&nbsp;31 of the year before the year in
which the Director earns a retainer to which such Option is related, and such election shall become
irrevocable on such December&nbsp;31. Directors may elect that an Option shall become exercisable:
Election I, upon the date it is granted, Election II, upon the first to occur of the following
events, (a)&nbsp;the date upon which the Director resigns or is no longer a member of the Board, (b)&nbsp;the
date of a Change in Effective Control of the Company or the date of a Change in a Substantial
Portion of the Assets of the Company, (c)&nbsp;the death of the Director, (d)&nbsp;the expiration of a number
of years, specified by the Director in his or her written election, after the date an Option is
granted, or (e)&nbsp;the date twelve months before the Option would otherwise expire under Section
5.5(1), or Election III, upon the first to occur of the following events, (a)&nbsp;the date upon which
the Director resigns or is no longer a member of the Board, (b)&nbsp;the date of a Change in Effective
Control of the Company or the date of a Change in a Substantial Portion of the Assets of the
Company, (c)&nbsp;the death of the Director, or (d)&nbsp;the date twelve months before the Option would
otherwise expire under Section&nbsp;5.5(1). If a Director makes no election, he or she shall be deemed
to have opted for Election III.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Section&nbsp;5.5 of the Plan is amended to read in it entirety as follows:
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Expiration</U>. Each Option shall expire and no longer be exercisable upon the first to
occur of, (1)&nbsp;the date which is ten years from the date upon which the Option is granted, or (2)
the March&nbsp;16<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> following the calendar year in which the Option first becomes exercisable
as provided in Section&nbsp;5.4 hereof.&#148;
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