Power Eugene Allen - 14 Mar 2023 Form 4 Insider Report for SALEM MEDIA GROUP, INC. /DE/ (SALM)

Role: President Broadcast Media
Signature: Christopher J. Henderson, as Attorney-in-Fact for Power, Eugene Allen pursuant to a continuing Power of Attorney
Issuer symbol: SALM
Transactions as of: 14 Mar 2023
Transactions value $: $0
Form type: 4
Filing time: 22 Mar 2023, 16:28:36 UTC
Previous filing: 10 Jan 2023
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	+20,000		$0	20,000	14 Mar 2023	Class A Common Stock	20,000	$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 option shall vest as follows: 5,000 shares shall vest on March 15, 2024, 5,000 shares shall vest on March 15, 2025, 5,000 shares shall vest on March 15, 2026, and 5,000 shares shall vest on March 15, 2027.
F2	The options shall expire as follows: the first installment of 5,000 shares shall expire on March 15, 2029, the second installment of 5,000 shares shall expire on March 15, 2030, the third installment of 5,000 shares shall expire on March 15, 2031 and the last installment of 5,000 shares shall expire on March 15, 2032.