Salem Media Group, Inc. (the ? Company?) and certain subsidiaries of the Company party to the Credit Agreement and the Forbearance Agreement (together with the Company, the ? Loan Parties?) entered into an Amendment Number Eleven to Credit Agreement and Amendment to Forbearance Agreement and Amendment Number Seven to Credit Agreement and Amendment Number One to Guaranty and Security Agreement, dated as of December 1, 2023 (the ?

Amendment?), with the lenders party thereto (the ? Lenders?), and Wells Fargo Bank, National Association, as administrative agent (the ? Agent?).

The Amendment amends the Credit Agreement, dated as of May 19, 2017 (as amended, supplemented or otherwise modified, including pursuant to the Amendment, the ? Credit Agreement?), by and among the Company and the other Loan Parties that are borrowers thereunder, the Lenders and the Agent, and the Forbearance Agreement and Amendment Number Seven to Credit Agreement and Amendment Number One to Guaranty and Security Agreement, dated as of August 7, 2023 (as amended, supplemented or otherwise modified, including pursuant to the Amendment, the ? Forbearance Agreement?), by and among the Loan Parties, the Lenders and the Agent.

The Amendment extends the current Forbearance Period under the Forbearance Agreement though and including December 18, 2023. In addition, among other things, the Amendment increases the minimum availability requirement from $2,000,000 to $5,000,000 through December 8, 2023, and to $7,500,000 thereafter.