SALEM COMMUNICATIONS CORP /DE/ 4
4 · SALEM COMMUNICATIONS CORP /DE/ · Filed May 20, 2005
Insider Transaction Report
Form 4
DAVIS JOE D
President - Radio Division
Transactions
- Award
Stock Option (right to buy)
2005-05-18+3,000→ 3,000 totalExercise: $16.75From: 2006-05-18Exp: 2014-05-18→ Class A Common Stock (3,000 underlying) - Award
Stock Option (right to buy)
2005-05-18+5,000→ 5,000 totalExercise: $22.70From: 2005-05-18Exp: 2005-05-18→ Class A Common Stock (5,000 underlying)
Footnotes (3)
- [F1]The option grant was approved by a committee of Salem Communications Corporation's ("Salem") board of directors on March 9, 2005, subject to stockholder approval of the stock option plan under which the option was granted. Salem's stockholders approved the plan on May 18, 2005.
- [F2]The option vest in four installments, commencing on May 18, 2005.
- [F3]Each installment of the option expires on the fifth anniversary of the vesting date. The last installment to vest shall expire May 18, 2014.