X0306 4 2017-02-24 0 0001050606 SALEM MEDIA GROUP, INC. /DE/ SALM 0001106066 ATSINGER EDWARD G III 4880 SANTA ROSA RD CAMARILLO CA 93012 1 1 1 0 Chief Executive Officer Class A Common Stock 2017-02-24 4 A 0 42554 0 A 42554 D Class A Common Stock 3211502 I By Atsinger Family Trust Class A Common Stock 1090078 I By Ted Atsinger Irrevocable Trust Class A Common Stock 25000 I By Atsinger 1999 Charitable Remainder Trust Stock Option (right to buy) 4.85 2017-02-24 4 D 0 50000 0 D 2017-03-08 2025-03-08 Class A Common Stock 50000 100000 D Stock Option (right to buy) 6.92 2017-02-24 4 D 0 50000 0 D 2014-03-11 2021-03-11 Class A Common Stock 50000 100000 D Restricted stock grant. By Edward G. Atsinger III, as Trustee of the Atsinger Family Trust. By Edward G. Atsinger III, as Trustee of the Ted Atsinger Irrevocable Trust for all purposes other than voting matters. By Edward G. Atsinger III, as Trustee of the Atsinger 1999 Charitable Remainder Trust. This transaction involves the partial rescission of stock options previously granted under the Issuer's Amended and Restated 1999 Stock Incentive Plan. /s/Christopher J. Henderson, Attorney-in-fact for Edward G. Atsinger III pursuant to a continuing Power of Attorney 2017-02-28