X0306 5 2022-12-31 0 0 0 0001050606 SALEM MEDIA GROUP, INC. /DE/ SALM 0001675058 Epperson Stuart W. Jr. 6400 N. BELT LINE ROAD IRVING TX 75063 1 0 1 0 Class B Common Stock 2022-05-03 5 G 0 2776848 0.00 A Class A Common Stock 2776848 2776848 I By Epperson 2022 GST Trust Each share of Class B Common Stock is convertible into one of share of Class A Common Stock at any time, at the holder's election and upon the occurrence of other events set forth in the Issuer's Amended and Restated Certificate of Incorporation. On May 3, 2022, Stuart W. Epperson transferred 2,776,848 shares of Class B Common Stock to the Epperson 2022 GST Trust for the benefit of his descendants. Stuart W. Epperson has not retained any voting or dispositive power over such gifted shares. This was a bona fide gift with no payment in consideration. The Epperson 2022 GST Trust is an irrevocable trust of which Stuart W. Epperson Jr. is the trustee and a beneficiary. /s/Christopher J. Henderson, Attorney-in-fact for Stuart W. Epperson Jr. pursuant to a continuing Power of Attorney 2023-02-14