Exhibit 10.122 EXECUTIVE EMPLOYMENT AGREEMENT THIS EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is made as of January 20, 2006 by and between Matthew E. Devine (“Executive”), and Nexstar Broadcasting, Inc., a Delaware corporation (the “Company”). The Company desires to employ Executive as the Executive Vice President and Chief Financial Officer, and Executive desires to be employed by the Company in such capacity on the terms and conditions set forth in this Agreement. In consideration of the mutual promises set forth herein and the mutual benefits to be derived from this Agreement, the parties hereto, intending to be legally bound, hereby agree as follows: 1. Positions and Duties. Subject to the terms and conditions of this Agreement, during the term of this Agreement (which will commence on or about January 23, 2006), the Company will employ Executive. Effective on and as of January 23, 2006 (the “Effective Date”), Executive will serve as the Executive Vice President and Chief Financial Officer. In such position, Executive will perform such duties of a managerial nature as are assigned to him from time to time by the Company’s chief executive officer (the “CEO”) and/or the Board of Directors (the “Board”) of Nexstar Broadcasting Group, Inc. (“Parent”). Such duties will include, without limitation, responsibilities for all internal and external financial reporting, oversight of internal audit, compliance and controls, human resources and investor relations, and assisting in strategic planning, business development and other projects as assigned by the CEO and the Board. Executive will devote his best efforts to his employment with the Company and will devote substantially all of his business time and attention to the performance of his duties under this Agreement; provided that the foregoing will not preclude Executive from devoting reasonable time to the supervision of his personal investments, civic and charitable affairs, so long as such activities do not materially interfere with the performance of Executive’s duties hereunder. 2. Term of Employment. Except if terminated earlier as provided below, the Company’s employment of Executive under this Agreement will continue until January 22, 2011; provided, however, that the term of employment under this Agreement will be automatically renewed for successive one-year periods unless, at least ninety (90) days prior to the end of the then current term of employment under this Agreement, Executive or the Company gives written notice to the other of the notifying party’s intent not to renew the term of employment under this Agreement as of the end of the then current term. 3. Termination. The Company’s employment of Executive under this Agreement will terminate prior to the end of the term specified in Paragraph 2 only under the following circumstances: (a) Death. Executive’s death, in which case Executive’s employment will terminate on the date of death; (b) Disability. If Executive’s illness, physical or mental disability or other incapacity results in Executive’s inability to perform, with or without reasonable accommodation (as defined under the Americans with Disabilities Act), Executive’s duties under this Agreement for any period of six (6) consecutive months, and within thirty (30) days after written notice of termination is given by the Company to Executive (which may occur before or after the end of such six-month period), Executive does not return to the performance of Executive’s duties hereunder on a full-time basis, then the Company may terminate Executive’s employment hereunder effective on or after the later of (i) the expiration of such six-month period or (ii) the thirty-first (31st) day following the giving by the Company of such written notice of termination; (c) Consolidation, Merger or Comparable Transaction. In the event that the Parent consolidates with or merges with and into any other person, effects a share exchange, enters into a comparable capital transaction or has any or all of its equity securities sold to one or more third parties, in each case such that a person (other than an affiliate of ABRY Partners, LLC (“ABRY”)) becomes the beneficial owner of a majority of the voting power represented by the securities of the
Parent (treating any such person and the affiliates of such person as being one and the same person), or if the Parent sells all or substantially all of its consolidated assets, then Executive’s employment may, by written notice of termination, be terminated by the Company or Executive simultaneously with the consummation of such consolidation, merger, share exchange, asset sale, stock sale or comparable transaction; (d) Termination by the Company for Cause. The Company may terminate Executive’s employment at any time for Cause, such termination to be effective as of the date stated in a written notice of termination delivered by CEO to Executive. Any termination pursuant to this Paragraph 3(d) will not also be deemed to be a termination pursuant to Paragraph 3(e). For the purposes of this Agreement, “Cause” is defined to mean any of the following activities by Executive: (i) the conviction of Executive for a felony or a crime involving moral turpitude or the commission of any act involving dishonesty, disloyalty or fraud with respect to the Company or any of its subsidiaries or affiliates, in each instance which has caused or is reasonably likely to cause material harm to the Company; (ii) substantial repeated failure to perform duties which are reasonably directed by the Board and/or by the CEO and which are consistent with the terms of this Agreemen