STUART W. EPPERSON - 31 Dec 2021 Form 5 Insider Report for SALEM MEDIA GROUP, INC. /DE/ (SALM)

Role: Former Chairman of the Board
Signature: /s/Christopher J. Henderson, Attorney-in-fact for Stuart W. Epperson pursuant to a continuing Power of Attorney
Issuer symbol: SALM
Transactions as of: 31 Dec 2021
Net transactions value: $0
Form type: 5
Filing time: 14 Feb 2022, 18:20:44 UTC
Next filing: 14 Feb 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SALM	Class A Common Stock	Gift	$0	-162,000	-7%	$0.000000	2,155,012	22 Nov 2021	Direct	F1, F2
holding	SALM	Class A Common Stock						35,158	31 Dec 2021	Direct
holding	SALM	Class A Common Stock						1,145,720	31 Dec 2021	By Children's Trust	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Stuart W. Epperson and Nancy A. Epperson gifted Nine Thousand (9,000) shares of Class A Common Stock to a custodial account for each of seventeen (17) grandchildren and one (1) great grandchild, for a total gift of One Hundred Sixty-Two Thousand (162,000)shares. Stuart W. Epperson has not retained any voting or dispositive power over such gifted shares.
F2	Stuart W. Epperson and Nancy A. Epperson, as Joint Tenants.
F3	Stuart W. Epperson as Trustee of each of the four (4) Epperson Children's Trusts for all purposes other than voting matters.