Christopher J. Henderson - Oct 22, 2021 Form 4 Insider Report for SALEM MEDIA GROUP, INC. /DE/ (SALM)

Role: EVP, General Counsel & Secy
Signature: /s/Christopher J. Henderson
Stock symbol: SALM
Transactions as of: Oct 22, 2021
Transactions value $: -$4,739
Form type: 4
Date filed: 10/25/2021, 08:58 PM
Previous filing: Oct 14, 2021
Next filing: Mar 22, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SALM	Class A Commmon Stock	Options Exercise	$30.3K	+6.25K	+40.32%	$4.85^*	21.8K	Oct 22, 2021	Direct
transaction	SALM	Class A Commmon Stock	Sale	-$35.1K	-6.25K	-28.73%	$5.61^*	15.5K	Oct 22, 2021	Direct	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SALM	Stock Options (right to buy)	Options Exercise	$0	-6.25K	-25%	$0.00	18.8K	Oct 22, 2021	Class A Common Stock	6.25K	$4.85	Direct	F3, F4

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

Explanation of Responses:

Id	Content
F1	This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 18, 2021.
F2	This transaction was executed in multiple trades at prices ranging from $5.50 to $6.00. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
F3	The options vest annually in four (4) equal installments commencing March 8, 2017.
F4	Each annual installment of the option expires on the fifth (5th) anniversary of the vesting date. The last installment to vest will expire on March 8, 2025.