Edward G. Atsinger III - Mar 14, 2023 Form 4 Insider Report for SALEM MEDIA GROUP, INC. /DE/ (SALM)

Role: Chief Executive Officer, Director, 10%+ Owner
Signature: /s/Christopher J. Henderson, Attorney-in-fact for Edward G. Atsinger III pursuant to a continuing Power of Attorney
Stock symbol: SALM
Transactions as of: Mar 14, 2023
Transactions value $: $0
Form type: 4
Date filed: 3/22/2023, 04:24 PM

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)	Award	$0	+200K		$0.00	200K	Mar 14, 2023	Class A Common Stock	200K	$1.06	Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	The option was granted under the Issuer's Amended and Restated 1999 Stock Incentive Plan in a transaction exempt under Rule 16(b)-3. The options shall vest as follows: 66,667 shares shall vest on March 15, 2026, 66,667 shares shall vest on March 15, 2027, and 66,666 shares shall vest on March 15, 2028.
F2	The options shall expire as follows: The first installment of 66,667 shares will expire on March 15, 2031, the second installment of 66,666 shares will expire on March 15, 2032, and the last installment of 66,666 shares will expire on March 15, 2033.