HENDERSON CHRISTOPHER J (EVP, General Counsel & Secy) sold 77.9% of their position (54.75K shares) of SALEM MEDIA GROUP, INC. /DE/ on the open market

Open‑market sale worth $225.2K — a major position exit. Review remaining holdings and any 10b5‑1 plan disclosures.

S · 2 sales

HENDERSON CHRISTOPHER J

Filed: 10/14/2021ACC: 0001562180-21-006457

InsiderHENDERSON CHRISTOPHER JCIK 1428455

→

IssuerSALEM MEDIA GROUP, INC. /DE/CIK 1050606

Officer· EVP, General Counsel & Secy

Since Jul 2018

-54.75K

Net shares

Net seller

$225.2K

Total sold

Open market trades

0B · 2S

Total transactions

54.75K acquired · 109.50K disposed

Non-Derivative Transactions5

Class A Commmon Stock

Direct

M · Option Exercise

+3.10K

Price / share

$2.74

Trade value

$8.49K

% of position

20.0%

9/30/2021

15.50K→18.60K

Class A Commmon Stock

Direct

S · Sale

−3.10K

Price / share

$3.78

Trade value

$11.71K

% of position

16.7%

9/30/2021

18.60K→15.50K

Class A Commmon Stock

Direct

M · Option Exercise

+32.90K

Price / share

$2.74

Trade value

$90.15K

% of position

212.2%

10/1/2021

15.50K→48.40K

Class A Commmon Stock

Direct

M · Option Exercise

+18.75K

Price / share

$1.34

Trade value

$25.13K

% of position

38.7%

10/1/2021

48.40K→67.15K

Class A Commmon Stock

Direct

S · Sale

−51.65K

Price / share

$4.13

Trade value

$213.49K

% of position

76.9%

10/1/2021

67.15K→15.50K

Total

Net shares

+0.00

Net value

-$101.44K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Class A Commmon Stock Direct	9/30/2021	M · Option Exercise	+3.10K	$2.74	$8.49K	20.0%	15.50K	18.60K
Class A Commmon Stock Direct	9/30/2021	S · Sale	−3.10K	$3.78	$11.71K	16.7%	18.60K	15.50K
Class A Commmon Stock Direct	10/1/2021	M · Option Exercise	+32.90K	$2.74	$90.15K	212.2%	15.50K	48.40K
Class A Commmon Stock Direct	10/1/2021	M · Option Exercise	+18.75K	$1.34	$25.13K	38.7%	48.40K	67.15K
Class A Commmon Stock Direct	10/1/2021	S · Sale	−51.65K	$4.13	$213.49K	76.9%	67.15K	15.50K
Total			+0.00		-$101.44K

Derivative Transactions3

Stock Option (right to buy)

Direct

M · Option Exercise

Converts to

Class A Common Stock

3.10K shares

−3.10K

Strike price

2.74

Held after

32.90K

Exercisable

—

9/30/2021

Stock Option (right to buy)

Direct

M · Option Exercise

Converts to

Class A Common Stock

32.90K shares

−32.90K

Strike price

2.74

Held after

0.00

Exercisable

—

10/1/2021

Stock Options (Right to buy)

Direct

M · Option Exercise

Converts to

Common Stock

18.75K shares

−18.75K

Strike price

1.34

Held after

56.25K

Exercisable

—

10/1/2021

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Stock Option (right to buy) Direct	Class A Common Stock3.10K shares	9/30/2021	M · Option Exercise	−3.10K	2.74	—	32.90K
Stock Option (right to buy) Direct	Class A Common Stock32.90K shares	10/1/2021	M · Option Exercise	−32.90K	2.74	—	0.00
Stock Options (Right to buy) Direct	Common Stock18.75K shares	10/1/2021	M · Option Exercise	−18.75K	1.34	—	56.25K