Biard Michael 4

What Happened
Michael Biard, President & COO of Nexstar Media Group (NXST), had restricted equity convert to common stock on March 24, 2026 and sold 1,802 shares on March 25, 2026 for $218.53 each, netting $393,794. The conversions included vested time‑based RSUs and performance PSUs that converted at no cash cost to the reporting person; a portion of the shares were sold to cover tax withholding.

Key Details

• Transaction dates: conversions on 2026-03-24; open‑market sale on 2026-03-25. Form filed 2026-03-26 (covers 3/24 transactions). No late filing flag shown in the provided data.
• Conversions (code M): +2,500 shares from time‑based RSUs (vested); +2,007 shares from performance PSUs (result of 1,875 target PSUs vesting and converting at 107.06%). Additional derivative disposal lines reflect settlement of vested awards. All conversions reported at $0.00 per share (no cash exercise price).
• Sale (code S): 1,802 shares sold at $218.53 each for proceeds of $393,794. The filing states the sale was to cover tax withholding obligations related to the RSU/PSU settlements.
• Shares owned after transaction: not specified in the information you provided.
• Relevant footnotes: RSUs vest over anniversaries (2,500 RSUs/yr from a 7,500 award). PSUs were performance‑based (0–200% payout), and the Compensation Committee certified a 107.06% payout for the 2026 tranche. The reported sale was to satisfy tax withholding (routine).

Context
This was not a cash purchase; it was the settlement of equity awards (RSUs/PSUs) that converted into shares and a subsequent open‑market sale to cover tax withholding. Such sales to cover taxes are common and do not necessarily indicate a change in an insider’s view of the company. M = conversion/exercise of restricted units; S = sale; F (as used in the filing) indicates the sale was for tax withholding.