Michael Biard - 23 May 2025 Form 4 Insider Report for NEXSTAR MEDIA GROUP, INC. (NXST)

Role: President & COO
Signature: /s/ Mark Hoyla, Attorney-in-Fact for Michael Biard
Issuer symbol: NXST
Transactions as of: 23 May 2025
Net transactions value: -$378,780
Form type: 4
Filing time: 28 May 2025, 15:29:14 UTC
Previous filing: 26 Mar 2025
Next filing: 22 Aug 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Biard Michael	President & COO	C/O NEXSTAR MEDIA GROUP, INC., 545 E. JOHN CARPENTER FREEWAY, SUITE 700, IRVING	/s/ Mark Hoyla, Attorney-in-Fact for Michael Biard	28 May 2025	0001990398

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NXST	Common Stock	Options Exercise	$0	+2,500	+66%	$0.000000	6,292	23 May 2025	Direct	F1, F2
transaction	NXST	Common Stock	Options Exercise	$0	+3,108	+49%	$0.000000	9,400	23 May 2025	Direct	F1, F3
transaction	NXST	Common Stock	Sale	$378,780	-2,182	-23%	$173.59	7,218	27 May 2025	Direct	F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NXST	Restricted Stock Units	Options Exercise	$0	-2,500	-25%	$0.000000	7,500	23 May 2025	Common Stock	2,500		Direct	F1, F2, F5
transaction	NXST	Restricted Stock Units	Options Exercise	$0	-2,500	-25%	$0.000000	7,500	23 May 2025	Common Stock	3,108		Direct	F1, F3, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each time-based restricted stock unit ("RSU") is converted into one share of Nexstar's common stock at the vesting date. Each performance-based restricted stock unit ("PSU") represents the right to receive, following vesting, between 0% and 200% of one share of Nexstar's Common Stock, subject to the level of achievement of pre-established company performance metric.
F2	10,000 RSUs were awarded on May 23, 2024, of which, 2,500 RSUs vest at each anniversary of the award through May 23, 2028.
F3	10,000 target PSUs were awarded on May 23, 2024, of which, 2,500 target PSUs vest at each anniversary of the award through May 23, 2028, subject to the achievement of pre-established company performance metric. The number of shares of Nexstar's common stock that may be earned is between 0% and 200% of the target number of PSUs. The Compensation Committee of Nexstar's Board of Directors performed an assessment and determined that the conditions to receive 124.33% of the target number of PSUs were satisfied. Thus, the 2,500 target PSUs that vested on May 23, 2025 were converted into 3,108 shares of Nexstar common stock.
F4	The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligations in connection with the settlement of RSUs and PSUs that vested on May 23, 2025.
F5	The RSUs/PSUs have no expiration. However, any and all unvested portion of RSUs/PSUs shall be forfeited and cancelled should the awardee's employment terminate for any reason other than a company change of control.