Biard Michael 4

What Happened

• Michael Biard, President & COO of Nexstar Media Group (NXST), had 2,500 target performance-based restricted stock units (PSUs) vest on June 8, 2026. The Compensation Committee determined achievement at 124.33% of target, so the vested PSUs converted into 3,108 shares of Nexstar common stock. The Form 4 shows an acquisition of 3,108 shares (exercise/conversion, code M) and a corresponding disposition of 2,500 derivative units at $0.00 (conversion of the PSUs, no cash sale).

Key Details

• Transaction date: 2026-06-08; Form 4 filed: 2026-06-10 (filed within the typical 2-business-day window).
• Converted shares acquired: 3,108 shares; derivative units cancelled/converted: 2,500 target PSUs at $0.00.
• Price/consideration: No cash changed hands for the conversion (conversion of PSUs, not an open-market sale or purchase).
• Footnotes: F1 explains PSUs pay out 0%–200% of target based on performance and continued service. F2 notes 10,000 target PSUs were granted 5/23/2024 and 2,500 target PSUs vest each anniversary; the committee certified a 124.33% payout for this tranche.
• Shares owned after transaction: Not specified in the provided excerpt of the filing.

Context

• These were performance-based restricted stock units converting at a formulaic payout — a common form of executive compensation — not a market buy or sale. The "Disposed" derivative line at $0.00 represents the cancellation/conversion of the target PSU units into shares, not a cash sale. This filing is routine and timely.