Document:

EX-10.01

 EXHIBIT 10.01 

EMPLOYMENT AGREEMENT 

This Employment Agreement (the “Agreement”) is entered into effective as of July 1, 2019, by and between Stuart W.
Epperson, an individual (“Executive”), and Salem Communications Holding Corporation, a Delaware corporation (the “Company”). 

RECITALS 
 WHEREAS, the
Executive and the Company are parties to an Employment Agreement, dated July 1, 2018 (the “Old Employment Agreement”); 

WHEREAS, the Executive and the Company wish to terminate the Old Employment Agreement, effective as of midnight on June 30, 2019; 

WHEREAS, the Company desires to employ Executive in the capacity of Chairman of the Board of the Company on the terms and conditions set forth
herein; and 
 WHEREAS, Executive desires to serve in such capacity on behalf of the Company and to provide to the Company the services
described herein on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing recitals, the terms and
conditions set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Executive and the Company hereby agree as follows: 

1.    Employment by the Company and Term. 

(a)    Duties. Subject to the terms set forth herein, the Company agrees to employ Executive as Chairman of the
Board and Executive hereby accepts such employment. As Chairman of the Board, Executive shall have the authority, functions, duties, powers and responsibilities for Executive’s corporate office and position as set forth in the Company’s
Bylaws from time to time and such other authority, functions, duties, powers and responsibilities as the Board of Directors of the Company (the “Board”) may from time to time prescribe or delegate to Executive, in all cases to be
consistent with Executive’s corporate offices and positions. Notwithstanding the foregoing, the Board may change Executive’s title, corporate office, positions, authority, functions, duties, powers and responsibilities from time to time if
it, in its sole discretion, believes such change(s) to be in the best interest of the Company, provided that in no event shall Executive’s status be of lesser stature than as non-executive Vice Chairman.

 (b)    Full Time and Best Efforts. During the Term, Executive shall apply, on a full-time basis, all of his
skill and experience to the performance of his duties hereunder and shall not, without the prior consent of the Board, devote substantial amounts of time to outside business activities. The performance of Executive’s duties shall be primarily
in Winston-Salem, 

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North Carolina and Jacksonville, Florida, subject to reasonable travel as the performance of his duties in the business may require. Notwithstanding the foregoing, Executive may devote a
reasonable amount of his time to civic, community, charitable or passive investment activities in a manner which is reasonably consistent with his historic practices. 

(c)    Company Policies. The employment relationship between the parties shall be governed by the general
employment policies and practices of the Company and of its parent, Salem Media Group, Inc., a Delaware corporation (“Parent”), including without limitation the policies described in Section 10 of this Agreement, except that when the
terms of this Agreement differ from or are in conflict with the Company’s or Parent’s general employment policies or practices, this Agreement shall control. 

(d)    Term. Executive’s term of employment under this Agreement shall commence as of the date hereof (the
“Effective Date”) and, subject to the terms hereof, shall terminate on such date (the “Termination Date”) that is the earlier of: (1) June 30, 2020, or (2) the termination of Executive’s employment
pursuant to Section 4 of this Agreement. The period from the Effective Date until the Termination Date shall be defined herein as the “Term.” 

2.    Compensation and Benefits. 

(a)    Cash Salary. Executive shall receive for services to be rendered hereunder an annual base salary (the
“Base Salary”), at a rate of Two Hundred Thousand Dollars ($200,000). 
 (b)    Participation in
Benefit Plans. During the Term, Executive shall be entitled to participate in any group insurance, hospitalization, medical, dental, health and accident, disability, compensation or other plan or program of the Parent or Company now existing or
established hereafter to the extent that he is eligible under the general provisions thereof. The Company may, in its sole discretion and from time to time, amend, eliminate or establish additional benefit programs as it deems appropriate. The
availability and terms of such benefit plans shall be set by the Board of Directors of Parent, or its designated committee, and may change from time-to-time. Executive
shall be required to comply with all conditions attendant to coverage by the benefit plans hereunder and shall be entitled to benefits only in accordance with the terms and conditions of such plans as they may be enumerated from time to time. 

(c)    Perquisites. During the Term, the Company shall provide Executive with the perquisites and other fringe
benefits generally made available to senior executives of the Company and any such other benefits as the Board of Directors of Parent, or its designated committee, may elect to grant from time-to-time including the following: 
 (1)    Automobile Allowance.
The Company shall provide Executive, at no cost to Executive, the use of a company-owned or company-leased vehicle of a cost and quality reasonably acceptable to the Company but, in any event, equal to or exceeding the cost and quality of the
vehicle presently used by Executive. The Company shall pay, or reimburse Executive for, all costs associated with operating, maintaining and insuring such automobile, provided such costs are itemized and presented to the company in writing and in a
form as then prescribed by the Company in its policies for the reimbursement of employee business expenses; 

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 (2)    Life Insurance. The Company shall provide Executive the
death benefit provided under a split-dollar life insurance policy pursuant to a separate Split Dollar Life Insurance Agreement dated January 10, 2011, and entered into by Executive and the Company; 

(3)    Regulatory Filings. The Company shall pay for all governmental and regulatory filings required by Executive
solely as a result of his position as an officer or director of the Company or Parent, including, but not limited to, all Section 16 filings required by Executive. For avoidance of doubt, such filings would include SEC Forms 4 and 5 and
Schedule 13G and FCC ownership reports and transfer applications and would not include other filings required in connection with the sale of company stock by Executive; 

(4)    Regulatory Filings/Fees Associated with Option Exercises. In the event Executive is required to make
regulatory filings as a result of his exercise of options granted him by the Company for the purchase of stock of the Parent, the Company shall pay the cost of such filings, including any filing fee. The benefits provided in this
Section 2(c)(4) shall include full reimbursement for any income and employment taxes applicable to such benefits; 

(5)    Travel and Entertainment Expenses. Reasonable, bona-fide Company-related entertainment and travel expenses
incurred by Executive in accordance with the Employee Handbook, Code of Ethical Conduct, Financial Code of Conduct and other written policies, all as issued by the Company, relating thereto shall be reimbursed or paid by the Company; and, 

(6)     Health Benefit. Employer will pay the employee, spouse and dependents portions of the monthly group health
care premiums on behalf of Executive. 
 3.    Bonuses. 

In addition to the other compensation of Executive as set forth herein, and subject to the provisions of Section 4 hereof, Executive shall
be eligible for an annual merit bonus in an amount to be determined at the discretion of the Board of Directors of the Company, which bonus may be paid in cash, stock, stock options or a combination thereof. 

4.    Termination of Employment. 

(a)    Termination For Cause. 

(1)    Termination; Payment of Accrued Salary. The Board may terminate Executive’s employment with the
Company at any time for Cause (as hereinafter defined), immediately upon notice to Executive of the circumstances leading to such termination for Cause. In the event that Executive’s employment is terminated for Cause, Executive shall receive
payment for all accrued salary through the Termination Date, which in this event shall be the date upon which notice of termination is given. The Company shall have no further obligation to pay severance of any kind nor to make any payment in lieu
of notice. 

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 (2)    Definition of Cause. For the purposes of this Agreement,
“Cause” shall mean, without limitation, the following: (A) continued gross neglect, malfeasance or gross insubordination in performing duties assigned to Executive; (B) a conviction for a crime involving moral turpitude;
(C) an egregious act of dishonesty (including without limitation theft or embezzlement) in connection with employment, or a malicious action by Executive toward Parent, Company, or their affiliates or related entities (together with Parent,
collectively “Affiliates”); (D) a violation of the provisions of Section 6(a) hereof; (E) a willful breach of this Agreement; (F) disloyalty; and (G) material and repeated failure to carry out reasonably assigned duties
or instructions consistent with Executive’s position. 
 (b)    Termination by Executive. Executive shall
have the right, at his election, to terminate his employment with the Company by notice to the Company to that effect: (1) if the Company shall have failed to substantially perform a material condition or covenant of this Agreement
(“Company’s Material Breach”) or (2) if the Company materially reduces or diminishes Executive’s powers and responsibilities hereunder; provided, however, that a termination under clauses (1) and (2) of this
Section 4(b) shall not be effective until Executive shall have given notice to the Company specifying the claimed breach and, provided such breach is curable, Company fails to correct the claimed breach within 30 days after the receipt of the
applicable notice or such longer term as may be reasonably required by the Company due to the nature of the claimed breach (but within 10 days if the failure to perform is a failure to pay monies when due under the terms of this Agreement). 

(c)    Termination Upon Disability. The Company may terminate Executive’s employment in the event Executive
suffers any mental or physical impairment which prevents Executive at any time during the Term from performing the essential functions of his full duties for a period of 180 days within any 270 day period and Executive thereafter fails to return to
work within 10 days of notice by the Company of intention to terminate (“Disability”). After the Termination Date, which in the event of a Disability shall be the date upon which notice of termination is given, no further compensation
shall be payable under this Agreement except that Executive shall receive the accrued portion of any salary and bonus through the Termination Date, less standard withholdings for tax and social security purposes, payable, in the case of a bonus,
upon such date or over such period of time which is in accordance with the applicable bonus plan plus severance equal to 100% of his then Base Salary for 15 months without offset for any disability payments Executive may receive, payable in equal
monthly installments. After the Termination Date following a Disability, any then unvested or time-vested stock options previously granted to Executive by the Company shall become immediately one hundred percent (100%) vested. 

(d)    Termination Without Cause. In the event that, during the Term, Executive’s employment is terminated by
the Company other than pursuant to Section 4(a) or 4(c), or by Executive pursuant to Section 4(b), the Company shall pay Executive as severance an amount equal to his then Base Salary for the longer of six months or the remainder of the
Term, less standard withholdings for tax and social security purposes, payable in equal installments 

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over six consecutive months, or, if longer, the number of months remaining in the Term, commencing immediately following termination, in monthly pro rata payments commencing as of the Termination
Date, plus the accrued portion of any bonus through the Termination Date, less standard withholdings for tax and social security purposes, payable, in the case of a bonus, upon such date or over such period of time which is in accordance with the
applicable bonus plan. 
 (e)    Benefits Upon Termination. All benefits provided under Section 2(b) hereof
shall be extended at the Executive’s cost, to the extent permitted by the Company’s insurance policies and benefit plans, for six months after Executive’s Termination Date, except (i) as required by law (e.g.
COBRA health insurance continuation election) or (ii) in the event of a termination by the Company pursuant to Section 4(a). 

(f)    Termination Upon Death. If Executive dies prior to the expiration of the Term, the Company shall
(1) continue coverage of Executive’s dependents (if any) under all applicable benefit plans or programs of the type listed above in Section 2(b) herein for a period of 12 months, to the extent permitted by the Company’s insurance
policies and benefit plans, and (2) pay to Executive’s estate the accrued portion of any salary and bonus through the Termination Date, less standard withholdings for tax and social security purposes, payable, in the case of a bonus, upon
such date or over such period of time which is in accordance with the applicable bonus plan. After the Termination Date, which in this event shall be the date of Executive’s death, any then unvested or time-vested stock options previously
granted to Executive by the Company shall become immediately one hundred percent (100%) vested. 
 (g)    No
Offset. Executive shall have no duty to mitigate any of his damages or losses and the Company shall not be entitled to reduce or offset any payments owed to Executive hereunder for any reason. 

5.    Right of First Refusal on Corporate Opportunities. 

During the Term, Executive agrees that he shall, prior to exploiting a Corporate Opportunity (hereafter defined) for his own account or for the
benefit of an immediate family member’s account, offer the Company a right of first refusal with respect to such Corporate Opportunity. For purposes of this Section 5, “Corporate Opportunity” shall mean any business opportunity
that is in the same or a related business as any of the businesses in which the Company or any of its Affiliates is involved. The determination as to whether a business opportunity constitutes a Corporate Opportunity shall be made by the Nominating
and Corporate Governance Committee of Parent or a majority of the disinterested and independent members of the Board, and their determination shall be based on an evaluation of: (a) the extent to which the Corporate Opportunity is within
the Company’s or any of its Affiliates’ existing lines of business or its existing plans to expand; (b) the extent to which the Corporate Opportunity supplements the Company’s or any of its Affiliates’ existing lines of
activity or complements the Company’s or any of its Affiliates’ existing methods of service; (c) whether the Company has available resources that can be utilized in connection with the Corporate Opportunity; (d) whether the
Company is legally or contractually barred from utilizing the Corporate Opportunity; (e) the extent to which utilization of the Corporate Opportunity by Executive would create conflicts of 

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interest with the Company or any of its Affiliates; and (f) any other factors the Nominating and Corporate Governance Committee or such disinterested and independent Board members deem(s)
appropriate under the circumstances. 
 6.    Executive’s Obligations. 

(a)    Confidential Information. Executive agrees that, during the Term or at any time thereafter: 

(1)    Executive shall not use for any purpose other than the duly authorized business of Company, or disclose to any
third party, any information relating to Company or any of its Affiliates which is proprietary to Company or any of its Affiliates (“Confidential Information”), including any customer list, contact information, rate schedules, programming,
data, plans, intellectual property, trade secret or any written (including in any electronic form) or oral communication incorporating Confidential Information in any way (except as may be required by law or in the performance of Executive’s
duties under this Agreement consistent with Company’s policies) regardless of whether or not such information has been labeled as “confidential”; and 

(2)    Executive shall comply with any and all confidentiality obligations of Company to a third party, whether arising
under a written agreement or otherwise. 
 (b)     Work For Hire. 

(1)    The results and proceeds of Executive’s services to Company, including, without limitation, any works of
authorship resulting from Executive’s services during Executive’s employment with Company and/or any of its Affiliates and any works in progress resulting from such services, shall be works-made-for-hire and Company shall be deemed the sole owner of any and all rights of every nature in such works, whether such rights are now known or hereafter defined or discovered, with the right to use
the works in perpetuity in any manner Company determines in its sole discretion without any further payment to Executive. If, for any reason, any of such results and proceeds are not legally deemed a work-made-for-hire and/or there are any rights in such results and proceeds which do not accrue to Company under the preceding sentence, then Executive hereby irrevocably assigns and agrees to assign any and
all of Executive’s right, title and interest thereto, whether now known or hereafter defined or discovered, and Company shall have the right to use the work in perpetuity in any location and in any manner Company determines in its sole
discretion without any further payment to Executive. 
 (2)    Executive shall do any and all things which Company may
deem useful or desirable to establish or document Company’s rights in any such results and proceeds, including, without limitation, the execution of appropriate copyright, trademark and/or patent applications, assignments or similar documents
and, if Executive is unavailable or unwilling to execute such documents, Executive hereby irrevocably designates the Chief Executive Officer of Parent or his designee as Executive’s attorney-in-fact with the power to execute such documents on Executive’s behalf. To the extent Executive has any rights in the results and proceeds of Executive’s services under this Agreement that
cannot be assigned as described above, Executive unconditionally and irrevocably waives the enforcement of such rights. 

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 (3)
    Works-made-for-hire do not include subject matter that meets all of the following criteria: (A) is conceived, developed and created by
Executive on Executive’s own time without using the Company’s or any of its Affiliate’s equipment, supplies or facilities or any trade secrets or confidential information, (B) is unrelated to the actual or reasonably anticipated
business or research and development of Company or any of its Affiliates of which Executive is or becomes aware; and (C) does not result from any work performed by Executive for Company or any of its Affiliates. 

(c)    Return of Property. All documents, data, recordings, equipment or other property, whether tangible or
intangible, including all information stored in electronic form, obtained or prepared by or for Executive and utilized by Executive in the course of Executive’s employment with Company or any of its Affiliates shall remain the exclusive
property of Company and shall not be removed from the premises of the Company under any circumstances whatsoever without the prior written consent of the Company, except when (and only for the period) necessary to carry out Executive’s duties
hereunder, and if removed shall be immediately returned to the Company upon any termination of his employment and no copies thereof shall be kept by Executive; provided, however, that Executive shall be entitled to retain documents reasonably
related to his prior interest as a shareholder. Upon termination of employment, Executive shall promptly return all property of Company or any of its Affiliates. 

(d)    Use of Executive’s Name, Image and Likeness. Company may make use of Executive’s name, photograph,
drawing or other likeness in connection with the advertising or the giving of publicity to Company, Parent or a program broadcast or content provided by Company, Parent or any Affiliates. In such regard, Company may make recordings, transcriptions,
videotapes, films and other reproductions of any and all actions performed by Executive in his or her capacity as an Executive of Company, including without limitation any voice-over or announcing material provided by Executive (collectively
“Executive Performances”). Company shall have the right to broadcast, display, license, assign or use any Executive Performances on a royalty-free basis without additional compensation payable to Executive. 

7.    Noninterference. 

While employed by the Company and for a period of two years thereafter, Executive agrees not to interfere with the business of the Company by
directly or indirectly soliciting, attempting to solicit, inducing, or otherwise causing any executive or material employee of the Company or any of its Affiliates to terminate his or her employment in order to become an employee, consultant or
independent contractor to or for any other Company. 
 8.    Noncompetition. 

Because of the need to protect the Company’s business interests, including confidential information known by Executive, and as
consideration for Company’s offer to 

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employ Executive for the Term, Executive agrees that during the Term and for a period of two years thereafter, he shall not, without the prior consent of the Company, directly or indirectly, be
employed by, be connected with, or have an interest in, as an employee, consultant, officer, director, partner, stockholder or joint venturer, in any person or entity owning, managing, controlling, operating or otherwise participating or assisting
in any business that is in competition with the business of the Company or any of its Affiliates (a) during the Term, in any location, and (b) for the two-year period following the termination of
this Agreement, in any province, state or jurisdiction in the United States in which the Company or any of its Affiliates was conducting business at the date of termination of Executive’s employment and continues to do so thereafter; provided,
however, that the foregoing shall not prevent Executive from being a stockholder of less than one percent of the issued and outstanding securities of any class of a corporation listed on a national securities exchange or designated as national
market system securities on an interdealer quotation system by the National Association of Securities Dealers, Inc. Notwithstanding the foregoing, this paragraph shall not operate to limit Executive’s ability to provide non-confidential information to, serve on the board of directors of, or be employed by any 501(c)(3) organization, including any such organization operating non-commercial
radio station(s). 
 9.    Remedies. 

Executive acknowledges that a breach or threatened breach by Executive of any of the provisions of Sections 5, 6, 7 or 8 will result in the
Company and its stockholders suffering irreparable harm which cannot be calculated or fully or adequately compensated by recovery of monetary damages alone. Accordingly, Executive agrees that the Company shall be entitled to interim, interlocutory
and permanent injunctive relief, specific performance and other equitable remedies, in addition to any other relief to which the Company may become entitled should there be such a breach or threatened breach. 

10.    Personal Conduct. 

Executive agrees to promptly and faithfully comply with all present and future policies, requirements, directions, requests and rules and
regulations of the Company in connection with the Company’s business, including without limitation the policies and requirements set forth in Parent’s Employee Handbook, Code of Ethical Conduct and Financial Code of Conduct. Executive
further agrees to comply with all laws and regulations pertaining to Executive’s employment with the Company. Executive hereby agrees not to engage in any activity that is in direct conflict with the essential interests of the Company or any of
its Affiliates. Executive hereby acknowledges that nothing set forth in the Employee Handbook, Code of Ethical Conduct or Financial Code of Conduct or any other policy issued by the Company or Parent shall be deemed to create a separate contractual
obligation, guarantee or inducement between Executive and the Company. 

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 11.    Indemnification. 

The Company shall indemnify Executive to the fullest extent permitted by law, in effect at the time of the subject act or omission, and shall
advance to Executive reasonable attorneys’ fees and expenses as such fees and expenses are incurred (subject to an undertaking from Executive to repay such advances if it shall be finally determined by a judicial decision which is not subject
to further appeal that Executive was not entitled to the reimbursement of such fees and expenses). Executive shall be entitled to the protection of any insurance policies that the Company may elect to maintain generally for the benefit of its
directors and officers against all costs, charges and expenses incurred or sustained by him in connection with any action, suit or proceeding (other than any action, suit or proceeding arising under or relating to this Agreement) to which Executive
may be made a party by reason of his being or having been a director, officer or employee of the Company or any of its Affiliates, or his serving or having served any other enterprise as a director, officer or employee at the request of the Company.
The Company covenants to maintain during Executive’s employment for the benefit of Executive (in his capacity as an officer and director of the Company) Directors’ and Officers’ Insurance providing benefits to Executive no less
favorable, taken as a whole, than the benefits provided to the other senior executives of the Company by the Directors’ and Officers’ Insurance maintained by the Company on the date hereof; provided, however, that the Board may elect to
terminate Directors’ and Officers’ Insurance for all officers and directors, including Executive, if the Board determines in good faith that such insurance is not available or is available only at unreasonable expense. 

12.    Miscellaneous. 

(a)    Notices. Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of
(1) personal delivery (including personal delivery by e-mail or fax), (2) on the first day after mailing by overnight courier, or (3) on the third day after mailing by first class mail, to the
recipient at the address indicated below: 
 To the Company: 

Salem Communications Holding Corporation 

4880 Santa Rosa Road 
 Camarillo,
California 93012 
 Attention: Christopher J. Henderson, Executive Vice President, General Counsel & Secretary 

To Executive: 
 Stuart W.
Epperson 
 3780 Will Scarlet Road 

Winston-Salem, NC 27104 
 or to such other
address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party. 

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 (b)    Severability. If any provision of this Agreement is
determined to be invalid or unenforceable by a court of competent jurisdiction from which no further appeal lies or is taken, that provision shall be deemed to be severed herefrom, and all remaining provisions of this Agreement shall not be affected
thereby and shall remain valid and enforceable. 
 (c)    Entire Agreement. This document constitutes the final,
complete, and exclusive embodiment of the entire agreement and understanding between the parties related to the subject matter hereof and supersedes and preempts any prior or contemporaneous understandings, agreements, or representations by or
between the parties, written or oral. Without limiting the generality of the foregoing, except as provided in this Agreement, all understandings and agreements, written or oral, relating to the employment of Executive by the Company or the payment
of any compensation or the provision of any benefit in connection therewith or otherwise, are hereby terminated and shall be of no further force and effect. 

(d)    Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain
signatures of more than one party, but all of which taken together shall constitute one and the same agreement. 

(e)    Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by
Executive and the Company, and their respective successors and assigns, except that Executive may not assign any of his duties hereunder and he may not assign any of his rights hereunder without the prior written consent of the Company. 

(f)    Amendments. No amendments or other modifications to this Agreement may be made except by a writing signed by
both parties. No amendment or waiver of this Agreement requires the consent of any individual, partnership, corporation or other entity not a party to this Agreement. Nothing in this Agreement, express or implied, is intended to confer upon any
third person any rights or remedies under or by reason of this Agreement. 
 (g)    Attorneys’ Fees. If any
legal proceeding is necessary to enforce or interpret the terms of this Agreement, or to recover damages for breach therefore, the prevailing party shall be entitled to reasonable attorney’s fees, as well as costs and disbursements, in addition
to other relief to which he or it may be entitled. 
 (h)    Choice of Law. All questions concerning the
construction, validity and interpretation of this Agreement shall be governed by the internal law, and not the law of conflicts, of the State of California. 

(i)    Resolution of Disputes. Company and Executive mutually agree to resolve any and all legal claims arising
from or in any way relating to Executive’s employment with Company through mediation or, if mediation does not resolve the claim or dispute within ten (10) days of notice demanding mediation, by binding arbitration under the Federal
Arbitration Act subject to the terms and conditions provided below. Notwithstanding the foregoing, insured workers’ compensation claims (other than wrongful discharge claims) and claims for unemployment insurance are excluded from arbitration
under this Agreement. This Agreement does not prevent the filing of charges with administrative agencies such as the Equal 

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Employment Opportunity Commission, the National Labor Relations Board, or equivalent state agencies. Arbitration shall be conducted in Ventura County, California in accordance with any of the
following, at Executive’s election: (a) the JAMS® Employment Rules of Procedure, or (b) the rules of procedure issued by another alternative dispute resolution service mutually
acceptable to Executive and Company. Any award issued in accordance with this Section 12(i) shall be rendered as a judgment in any trial court having competent jurisdiction. Company shall pay the arbitration fees and expenses, less any filing
fee amount the Executive would otherwise have to pay to pursue a comparable lawsuit in a United States district court in the jurisdiction where the dispute arises or state court in the jurisdiction where the dispute arises, whichever is less. All
other rights, remedies, exhaustion requirements, statutes of limitations and defenses applicable to claims asserted in a court of law shall apply in the arbitration. Executive expressly waives any presumption or rule, if any, which requires this
Agreement to be construed against the Company. 
 (j)    Integration. This Agreement comprises the entire
understanding of the parties with respect to the subject matter and shall supersede all other prior written or oral agreements, including without limitation the Old Employment Agreement. 

{Continued on the following page.} 

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 (k)    Survival; Modification of Terms. No change in
Executive’s duties or salary shall affect, alter, or otherwise release Executive from the covenants and agreements contained herein. All post-termination covenants, agreements, representations and warranties made herein by Executive shall
survive the expiration or termination of this Agreement or employment under this Agreement in accordance with their respective terms and conditions. 

IN WITNESS WHEREOF, the parties have executed this agreement effective as of the date first written above. 

 

							
		 		 	“EXECUTIVE”
			
		 		 	 /s/ Stuart W. Epperson

		 		 	Stuart W. Epperson
			
		 		 	 “COMPANY”

			
		 		 	SALEM COMMUNICATIONS HOLDING CORPORATION
				
		 		 	By:	 	 /s/ Edward G. Atsinger III

		 		 		 	Edward G. Atsinger III
		 		 		 	Chief Executive Officer

 I hereby certify that the terms and conditions of this Employment Agreement have been reviewed and approved by
the Compensation Committee of Salem Media Group, Inc. 
  

							
	Effective Date: July 1, 2019	 		 	 /s/ Keet Lewis

		 		 	Keet Lewis
		 		 	Chairman of the Compensation Committee,
		 		 	Salem Media Group, Inc.EX-4.2

 Exhibit 4.2 

DESCRIPTION OF SECURITIES REGISTERED UNDER SECTION 12 OF THE EXCHANGE ACT 

The following description of registered securities of EverQuote, Inc. (“us,” “our,” “we” or the
“Company”) is intended as a summary only and does not purport to be complete. It is subject to and qualified in its entirety by reference to the Company’s Restated Certificate of Incorporation (the “Certificate of
Incorporation”), the Company’s Amended and Restated Bylaws (the “Bylaws”), and the applicable provisions of the Delaware General Corporation Law (the “DGCL”). The Certificate of Incorporation and the Bylaws are
incorporated by reference as Exhibit 3.1 and Exhibit 3.2, respectively, to the Annual Report on Form 10-K of which this Exhibit 4.2 is a part. 

Authorized Capital Stock 
 Our authorized
capital stock consists of 220,000,000 shares of Class A common stock, par value $0.001 per share, 30,000,000 shares of Class B common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share.
Our Class A common stock is registered under Section 12(b) of the Securities Exchange Act of 1934 (the “Exchange Act”). 
 Common
Stock 
 Voting Rights. Holders of Class A common stock are entitled to one vote for each share of Class A common stock
held on all matters submitted to a vote of stockholders, and holders of Class B common stock are entitled to ten votes for each share of Class B common stock held on all matters submitted to a vote of stockholders. Holders of Class A
common stock and Class B common stock vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, unless otherwise required by law. We have not provided for cumulative voting for the
election of directors in our Certificate of Incorporation. 
 Dividends. Subject to preferences that may apply to any shares of
preferred stock outstanding at the time, the holders of Class A common stock and Class B common stock are entitled to receive dividends out of funds legally available if our board of directors, in its discretion, determines to issue
dividends and then only at the times and in the amounts that our board of directors may determine. 
 Liquidation, Dissolution and
Winding Up. If we become subject to a liquidation, dissolution or winding-up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of
Class A common stock, Class B common stock and any participating preferred stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation
preferences, if any, on any outstanding shares of preferred stock. 
 Right to Receive Certain Transaction Distributions. Our
Certificate of Incorporation provides that in the event of any Combination Transaction (as defined below) to which the Company is a party in which the shares of Class A common stock or Class B common stock will be exchanged for or
converted into, or will receive a distribution of, cash or other property or securities of the Company or any other person or entity, each share of Class A common stock and Class B common stock shall be entitled to receive Equivalent
Consideration (as defined below) on a per share basis, unless different treatment of the shares of each such class is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class A common stock and by the
affirmative vote of the holders of a majority of the outstanding shares of Class B common stock, each voting separately as a class. 

The term “Combination Transaction” means any reorganization by way of share exchange, consolidation or merger or otherwise, in one
transaction or series of related transactions, in which the Company is a constituent corporation or is a party with another entity if, as a result of such Combination Transaction, the voting securities of the Company that are outstanding immediately
prior to the consummation of such Combination Transaction (other than any such securities that are held by an Acquiring Stockholder (as defined below)) do not represent, or are not converted into, securities of the surviving corporation of such
Combination Transaction (or such surviving corporation’s parent corporation if the surviving corporation is owned by the parent corporation) that, immediately after the consummation of such Combination Transaction, together possess a majority
of the total voting power of all securities of such surviving corporation (or its parent corporation, if applicable) that are outstanding immediately after the consummation of such Combination Transaction, including securities of such surviving
corporation (or its parent corporation, if applicable) that are held by the Acquiring Stockholder. 

 The term “Acquiring Stockholder” means a stockholder or group of stockholders of
the Company that (i) merges or combines with the Company in such Combination Transaction or (ii) owns or controls a majority of another corporation or entity that merges or combines with the Company in such Combination Transaction. 

The term “Equivalent Consideration” means consideration in the same form, in the same amount and with the same voting rights on a per-share basis; provided, however, that for the avoidance of doubt, consideration to be paid or received by a holder of Class A common stock or Class B common stock in connection with any Combination
Transaction pursuant to any employment, consulting, severance or other arrangement shall not be deemed to be “consideration” that is included in the determination of “Equivalent Consideration.” 

Other Rights. Holders of Class A common stock and Class B common stock are not entitled to preemptive rights, and are not
subject to conversion, redemption or sinking fund provisions, except for the conversion provisions with respect to the Class B common stock described below. 

Conversion. Each outstanding share of Class B common stock is convertible at any time, at the option of the holder thereof, into
one share of Class A common stock. Each outstanding share of Class B common stock will convert automatically into one share of Class A common stock upon its transfer, whether or not for value and whether voluntary or involuntary or by
operation of law, except for certain exceptions and permitted transfers described in our Certificate of Incorporation, including certain transfers by a stockholder to (1) certain trusts for the benefit of the stockholder or other persons, so
long as the stockholder, either alone or with a family member, has sole dispositive power and exclusive voting control over the transferred shares, (2) an individual retirement account or a pension, profit sharing, stock bonus or other type of
plan or trust of which the stockholder is a participant or beneficiary, so long as the stockholder, either alone or with a family member, has sole dispositive power and exclusive voting control over the transferred shares, (3) a corporation,
partnership or limited liability company in which the stockholder, either alone or with a family member, has sufficient ownership interests or otherwise has legally enforceable rights such that the stockholder, either alone or with a family member,
retains sole dispositive power and exclusive voting control over the transferred shares, and (4) any other entity that is a direct or indirect wholly owned subsidiary of the stockholder, a parent of the stockholder, or under common control with
the stockholder. In addition, each outstanding share of Class B common stock held by a stockholder who is a natural person, or held by the permitted transferees of such stockholder, will convert automatically into one share of Class A
common stock nine months after the death or incapacity of such stockholder. 
 The conversion of Class B common stock into Class A
common stock, whether voluntary, upon a transfer of Class B common stock or upon the death of a holder of Class B common stock, will have the effect, over time, of increasing the relative voting power of those holders of Class B
common stock who retain their shares of Class B common stock. 
 All outstanding Class B common stock will convert automatically
into Class A common stock, on a share-for-share basis, upon the date and time, or occurrence of an event, specified by vote or written consent of the holders of a
majority of the voting power of the then outstanding shares of Class B common stock. In addition, all outstanding Class B common stock will convert automatically into Class A common stock, on a share-for-share basis, at such time as the aggregate voting power of all then outstanding shares of Class B common stock represents less than 10% of the aggregate voting power of all then outstanding
shares of our capital stock. 
 Each share of Class B common stock that is converted into Class A common stock will thereupon
automatically be retired and not be available for reissuance. If we subsequently wish to issue more shares of Class B common stock than are then authorized for issuance, we would first have to amend our Certificate of Incorporation with the
approval of our board of directors and stockholders in accordance with the DGCL. 

 Preferred Stock 

Under the terms of our Certificate of Incorporation, our board of directors is authorized to direct us to issue shares of preferred stock in
one or more series without stockholder approval. Our board of directors has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and
liquidation preferences, of each series of preferred stock. 
 The purpose of authorizing our board of directors to issue preferred stock
and determine its rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions, future financings and
other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or could discourage a third party from seeking to acquire, a majority of our outstanding voting stock. 

Provisions of Our Certificate of Incorporation and Bylaws and the Delaware General Corporation Law That May Have Anti-Takeover Effect 

Delaware Law. We are subject to Section 203 of the DGCL. Subject to certain exceptions, Section 203 prevents a publicly held
Delaware corporation from engaging in a “business combination” with any “interested stockholder” for three years following the date that the person became an interested stockholder, unless the interested stockholder attained such
status with the approval of our board of directors or unless the business combination is approved in a prescribed manner. A “business combination” includes, among other things, a merger or consolidation involving us and the
“interested stockholder” and the sale of more than 10% of our assets. In general, an “interested stockholder” is any entity or person beneficially owning shares representing 15% or more of the voting power of our outstanding
voting stock and any entity or person affiliated with or controlling or controlled by such entity or person. 
 Removal of
Directors. Our Certificate of Incorporation and our Bylaws provide that, subject to the rights of holders of any series of preferred stock, prior to the Threshold Date (as defined below), directors may be removed, with or without cause,
by the affirmative vote or written consent of the holders of a majority of the votes that all the stockholders would be entitled to cast in an election of directors. Subject to the rights of holders of any series of preferred stock, from and after
the Threshold Date, directors of the Company may be removed only for cause and only by the affirmative vote of the holders of a majority of the votes that all the stockholders would be entitled to cast in an election of directors. Until the
Threshold Date, any vacancies in the board of directors may be filled by the affirmative vote of the holders of a majority of the voting power of all shares that stockholders would be entitled to vote for the election of directors. From and after
the Threshold Date, any vacancies in the board of directors may be filled only by our board of directors. 
 The term “Threshold
Date” means the first date after the effectiveness of our Certificate of Incorporation on which the Link-Controlled Shares (as defined below) represent less than a majority of the voting power of the then-outstanding shares of Class A
common stock and Class B common stock in an election of directors. 
 The term “Link-Controlled Shares” means all outstanding
shares of Class A common stock and Class B common stock with respect to which Link Ventures, LLLP, a Delaware limited liability limited partnership (including any successor entity thereto) (“Link Ventures”), and any person or
entity controlling, controlled by or under common control with Link Ventures possess the power (whether shared or exclusive) to vote or direct the voting thereof, whether by proxy, voting agreement or otherwise. 

These limitations on the removal of directors and filling of vacancies from and after the Threshold Date could make it more difficult for a
third party to acquire, or discourage a third party from seeking to acquire, control of the Company. 

Supermajority Voting. The DGCL provides generally that the affirmative vote of a majority of the shares entitled to
vote on any matter is required to amend a corporation’s certificate of incorporation or bylaws, unless a corporation’s certificate of incorporation or bylaws, as the case may be, requires a greater percentage. Our Certificate of
Incorporation and Bylaws may be amended or repealed by a majority vote of our board of directors or the affirmative vote of the holders of at least 66 2/3% of the votes that all our stockholders would be entitled to cast for the election of
directors. 

 Stockholder Action; Special Meeting of Stockholders; Advance Notice Requirements for
Stockholder Proposals and Director Nominations. Our Certificate of Incorporation provide that, from and after the Threshold Date, any action required or permitted to be taken by our stockholders must be effected at a duly called annual or
special meeting of such stockholders and may not be effected by any consent in writing by such stockholders. Our Certificate of Incorporation and our Bylaws also provide that, from and after the Threshold Date, except as otherwise required by law,
special meetings of our stockholders can only be called by our board of directors. In addition, our Bylaws establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of stockholders, including proposed
nominations of candidates for election to our board of directors. Stockholders at an annual meeting may only consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our board of
directors, or by a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has delivered timely written notice in proper form to our secretary of the stockholder’s intention to bring such
business before the meeting. These provisions could have the effect of delaying until the next stockholder meeting stockholder actions that are favored by the holders of a majority of our outstanding voting securities. These provisions also could
discourage a third party from making a tender offer for our capital stock, because even if it acquired a majority of our outstanding voting stock, it would be able to take action as a stockholder, such as electing new directors or approving a
merger, only at a duly called stockholders meeting and not by written consent. 
 Choice of Forum. Our Certificate of Incorporation
provides that unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware does not have jurisdiction, the federal district court for the
District of Delaware) shall, to the fullest extent permitted by law, be the sole and exclusive forum for (1) any derivative action or proceeding brought on behalf of the Company, (2) any action asserting a claim of breach of fiduciary duty
owed by any director, officer or other employee or stockholder of the Company to us or our stockholders, (3) any action asserting a claim arising pursuant to any provision of the DGCL or as to which the DGCL confers jurisdiction on the Court of
Chancery, or (4) any action asserting a claim governed by the internal affairs doctrine. Our Certificate of Incorporation further provides that unless we consent in writing to the selection of an alternative forum, the federal district courts
of the United States of America shall, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended. On December 19,
2018, the Delaware Court of Chancery, in Sciabacucchi v. Salzberg, et al., C.A. No. 2017-0931-JTL (Del. Ch. Dec. 19, 2018), held that such federal forum selection provisions are invalid under Delaware
law. We will not enforce our federal forum selection provision while the appeal of this case is pending before the Delaware Supreme Court. Neither of these choice of forum provisions would affect suits brought to enforce any liability or duty
created by the Exchange Act, or the rules and regulations thereunder, jurisdiction over which is exclusively vested by statute in U.S. federal courts, or any other claim for which U.S. federal courts have exclusive jurisdiction.

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