Form 4: Nexstar Media Group Executive Brett Jenkins Awarded Restricted Stock Units

Brett Jenkins, EVP, Chief Technology & Digital Officer of Nexstar Media Group, was granted restricted stock units (RSUs) and performance-based stock units (PSUs) on March 24, 2025.

Summary

• On March 24, 2025, Brett Jenkins, EVP, Chief Technology & Digital Officer of Nexstar Media Group, received an award of restricted stock units (RSUs) and performance-based stock units (PSUs).
• A total of 2,250 time-based RSUs were granted, vesting in equal installments of 750 units on each anniversary date of the award through March 24, 2028.
• Additionally, 2,250 target PSUs were awarded, vesting in installments on March 24, 2026 (563 units), 2027 (562 units), and 2028 (1,125 units), contingent upon the achievement of pre-established company performance metrics.
• The actual number of shares received from the PSUs at each vesting date may range from 0% to 150% of the target number, depending on the level of performance achieved.
• Unvested RSUs and PSUs will be forfeited if the awardee's employment terminates for any reason other than a company change of control.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, indicating a stable and ongoing business operation. The use of performance-based units suggests a focus on achieving company goals, which is generally viewed positively.

Positives

• The award of RSUs and PSUs aligns executive compensation with the company's long-term performance.
• The vesting schedule encourages continued employment and commitment to Nexstar Media Group.
• Performance-based vesting incentivizes the achievement of company performance metrics.

Negatives

• The forfeiture of unvested units upon termination of employment (excluding change of control) could be seen as a potential loss for the executive.

Risks

• The value of the RSUs and PSUs is subject to the market price of Nexstar's common stock.
• The actual number of shares received from PSUs depends on the achievement of pre-established company performance metrics, which may not be met.
• Changes in company control could impact the vesting and forfeiture terms of the awards.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting schedule of the RSUs and PSUs.

Industry Context

Equity compensation is a common practice in the media industry to attract and retain top talent and align their interests with those of shareholders. The use of performance-based units further incentivizes executives to achieve company goals.

Comparison to Industry Standards

• Equity compensation packages for executives in the media industry often include a mix of time-based and performance-based awards.
• Companies like Sinclair Broadcast Group, Gray Television, and Tegna also utilize RSUs and PSUs as part of their executive compensation plans.
• The vesting schedules and performance metrics vary depending on the company and the specific role of the executive.

Stakeholder Impact

• Shareholders may view the equity compensation as a positive sign, aligning executive interests with company performance.
• Employees may see the awards as a sign of the company's commitment to its leadership team.
• The awards have no immediate impact on customers, suppliers, or creditors.

Next Steps

• The executive will need to monitor the vesting schedule and company performance to determine the actual number of shares received from the RSUs and PSUs.
• Nexstar Media Group will need to track the vesting of the awards and report any changes in beneficial ownership.

Key Dates

Keywords

Nexstar Media Group, Brett Jenkins, Restricted Stock Units, Performance Stock Units, Equity Compensation, Vesting, NXST