# EDGAR Filing Document

**Accession Number:** 0001050606
**File Stem:** 0001562180-23-003024
**Filing Date:** 2023-3
**Character Count:** 9444
**Document Hash:** 9144eb60562b7eda38e32054bfca5d08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562180-23-003024.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0001562180-23-003024

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230314

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Grizzle Heather W
- **CENTRAL INDEX KEY:** 0001777721

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-26497
- **FILM NUMBER:** 23753235

**MAIL ADDRESS:**
- **STREET 1:** 4880 SANTA ROSA ROAD
- **CITY:** CAMARILLO
- **STATE:** CA
- **ZIP:** 93010
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SALEM MEDIA GROUP, INC. /DE/
- **CENTRAL INDEX KEY:** 0001050606
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO BROADCASTING STATIONS [4832]
- **IRS NUMBER:** 770121400
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 6400 NORTH BELT LINE ROAD
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75063
- **BUSINESS PHONE:** 8059870400

**MAIL ADDRESS:**
- **STREET 1:** 6400 NORTH BELT LINE ROAD
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75063

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SALEM COMMUNICATIONS CORP /DE/
- **DATE OF NAME CHANGE:** 19971201

## Ex-24

```

HEATHER GRIZZLE
LIMITED POWER OF ATTORNEY FOR
SECTION 16 REPORTING OBLIGATIONS

Know all by these presents, that the undersigned hereby makes,
constitutes and appoints Evan D. Masyr and Christopher J. Henderson,
each acting individually, as the undersigned's true and lawful
attorney-in-fact, with full power and authority as hereinafter
described on behalf of and in the name, place and stead of the
undersigned to:

(1) prepare, execute, acknowledge, deliver and file Forms 3, 4, and 5
(including any amendments thereto) with respect to the securities of
Salem Media Group, Inc., a Delaware corporation (the "Company"), with
the United States Securities and Exchange Commission, any national
securities exchanges and the Company, as considered necessary or
advisable under Section 16(a) of the Securities Exchange Act of 1934
and the rules and regulations promulgated thereunder, as amended from
time to time (the "Exchange Act");

(2) seek or obtain, directly or through a designated person(s) as the
undersigned's representative and on the undersigned's behalf,
information on transactions in the Company's securities from any
third party, including brokers, employee benefit plan administrators
and trustees, and the undersigned hereby authorizes any such person
to release any such information to the undersigned and approves and
ratifies any such release of information; and

(3) perform any and all other acts which in the discretion of such
attorney-in- fact are necessary or desirable for and on behalf of the
undersigned in connection with the foregoing.

The undersigned acknowledges that:

(1) this Power of Attorney authorizes, but does not require, each
such
attorney-in-fact to act in their discretion on information provided
to such attorney-in-fact without independent verification of such
information;

(2) any documents prepared and/or executed by either such attorney-
in-fact on behalf of the undersigned pursuant to this Power of
Attorney will be in such form and will contain such information and
disclosure as such attorney-in-fact, in his or her discretion, deems
necessary or desirable;

(3) neither the Company nor either of such attorneys-in-fact or
representative assumes (i) any liability for the undersigned's
responsibility to comply with the requirement of the Exchange Act,
(ii) any liability of the undersigned for any failure to comply with
such requirements, or (iii) any obligation or liability of the
undersigned for profit disgorgement under Section l 6(b) of the
Exchange Act; and

(4) this Power of Attorney does not relieve the undersigned from
responsibility for compliance with the undersigned's obligations
under the Exchange Act,
including without limitation the reporting requirements under Section
16 of the Exchange Act.

The undersigned hereby gives and grants each of the foregoing
attorneys-in-fact full power and authority to do and perform all and
every act and thing whatsoever requisite, necessary or appropriate to
be done in and about the foregoing matters as fully to all intents
and purposes as the undersigned might or could do if present, hereby
ratifying all that each such attorney-in-fact of, for and on behalf
of the undersigned, shall lawfully do or cause to be done by virtue
of this Limited Power of Attorney.

This Power of Attorney shall remain in full force and effect until
revoked by the undersigned in a signed writing delivered to each such
attorney-in-fact.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of this 8th day of May, 2019.

/s/ Heather Grizzle
Heather Grizzle

```

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Grizzle Heather W<br><sub>(Last) (First) (Middle)</sub><br>4880 SANTA ROSA RD<br><sub>(Street)</sub><br>CAMARILLO, CA 93012<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-14 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>SALEM MEDIA GROUP, INC. /DE/ [ SALM ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Stock Options (Right to buy) | $1.06 | 2023-03-14 |  | A |  | 7500.00 |  | 2024-03-15<sup>(1)</sup> | 2029-03-15 | Class A Common Stock | 7500.00 | $0.00 | 7500.00 | D |  |

---

### Footnotes:

(1) The option was granted under the Issuer's Amended and Restated 1999 Stock Incentive Plan in a transaction exempt under Rule 16(b)-3.

**Signature:** Christopher J. Henderson, as Attorney-in-Fact for Heather W Grizzle pursuant to a continuing Power of Attorney  
**Date:** 2023-03-22

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**