Masyr Evan D - Mar 14, 2023 Form 4 Insider Report for SALEM MEDIA GROUP, INC. /DE/ (SALM)

Role: EVP & CFO
Signature: Christopher J. Henderson, as Attorney-in-Fact for MASYR EVAN D 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, 04:27 PM
Previous filing: Nov 12, 2021

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	+100K		$0.00	100K	Mar 14, 2023	Class A Common Stock	100K	$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: 33,334 shares shall vest on March 15, 2026, 33,333 shares shall vest on March 15, 2027, and 33,333 shares shall vest on March 15, 2028.
F2	The options shall expire as follows: The first installment of 33,334 shares will expire on March 15, 2031, the second installment of 33,333 shares will expire on March 15, 2032; and the last installment of 33,333 shares will expire on March 15, 2033.