Nexstar (NXST) President & COO Michael Biard Sells Shares

What Happened
Michael Biard, Nexstar Media Group’s President & COO, had 6,250 time‑based RSUs vest and convert into 6,250 shares of common stock on Aug 21, 2026 (reported as an exercise/conversion). He sold 2,465 of those shares in an open‑market transaction on Aug 24, 2026 at $185.82 per share, generating proceeds of about $458,047. The sale was for tax withholding related to the RSU settlement, not an opportunistic open‑market trade.

Key Details

• Transaction dates and prices:
  • 2026-08-21: Conversion/exercise of derivative (RSUs) — 6,250 shares acquired at $0.00 (code M).
  • 2026-08-24: Open‑market sale — 2,465 shares at $185.82 each, proceeds ≈ $458,047 (code S).
  • 2026-08-21: A derivative disposition of 6,250 shares at $0.00 is also reported (reflecting RSU settlement mechanics).
• Footnotes:
  • F1: Each time‑based RSU converts to one share on vesting subject to continued service.
  • F2: These RSUs were part of a 25,000 RSU award on Aug 21, 2023, with 6,250 RSUs vesting each anniversary through Aug 21, 2027.
  • F3: The 2,465‑share sale was to cover tax withholding obligations from the RSU settlement.
• Shares owned after the transaction: The filing excerpt does not state total post‑transaction holdings. Based solely on these entries, 6,250 shares vested and 2,465 were sold, a net increase of 3,785 shares to his holdings (assuming no other transactions).
• Timeliness: Form 4 was filed Aug 24, 2026 covering the Aug 21 vesting and the Aug 24 sale — appears to be filed within the usual Form 4 reporting window.

Context

• The primary activity was RSU vesting and a tax‑withholding sale, not a market timing sale. Code M indicates conversion/exercise of a derivative (here, RSU settlement into common stock).
• Sales to cover taxes are routine and do not necessarily indicate the insider’s view on the company’s prospects.