DAVID EVANS - 02 Jan 2022 Form 4 Insider Report for SALEM MEDIA GROUP, INC. /DE/ (SALM)

Role: Chief Operating Officer
Signature: /s/Christopher J. Henderson, Attorney-in-fact for David Evans pursuant to a continuing Power of Attorney
Issuer symbol: SALM
Transactions as of: 02 Jan 2022
Transactions value $: $0
Form type: 4
Filing time: 04 Jan 2022, 20:04:32 UTC
Next filing: 03 Mar 2022
SEC: View on sec.gov

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	+50,000		$0	50,000	02 Jan 2022	Common Stock	50,000	$3.26	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 shall vest twenty-five percent (25%) on January 1, 2025, twenty-five percent (25%) on January 1, 2026, twenty-five percent (25%) on January 1, 2027, and twenty-five percent (25%) on January 1, 2028.
F2	The option expires on the fourth (4th) anniversary of each vesting date. The first installment to vest will expire on December 31, 2028 and the last installment to vest will expire on December 31, 2031.