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  4. [Form 4] NELNET INC Insider Trading Activity

Nelnet (NYSE: NNI) director receives stock and phantom stock awards

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Van Deun Jona M reported acquisition or exercise transactions in this Form 4 filing.

Nelnet Inc. director Jona M. Van Deun received new equity awards as board compensation. On the transaction date, Van Deun was granted 407 shares of Class A Common Stock at a reference price of $110.76 per share under the issuer's Directors Stock Compensation Plan, bringing direct Class A holdings to 1,111 shares.

Van Deun was also granted 1,219 shares of phantom stock, credited at the same $110.76 reference price, increasing total phantom stock units to 8,398. The phantom stock is granted on a 1-for-1 basis and will be settled in shares of Class A Common Stock after the director's service on the board ends, either in a lump sum or up to five annual installments, as elected.

Positive

  • None.

Negative

  • None.
Insider Van Deun Jona M
Role null
Type Security Shares Price Value
Grant/Award Phantom Stock 1,219 $110.76 $135K
Grant/Award Class A Common Stock 407 $110.76 $45K
Holdings After Transaction: Phantom Stock — 8,398 shares (Direct, null); Class A Common Stock — 1,111 shares (Direct, null)
Footnotes (1)
  1. These shares were granted pursuant to the issuer's Directors Stock Compensation Plan. 1-for-1. The shares of phantom stock were granted pursuant to the issuer's Directors Stock Compensation Plan. They will become payable in shares of Class A Common Stock promptly after the time of termination of the reporting person's service as a member of the issuer's Board of Directors. The shares will be payable in a lump sum promptly after the time of termination of the reporting person's service as a member of the issuer's Board, or in up to five annual installments, commencing promptly after the time of termination of the reporting person's service on the issuer's Board, as elected by the reporting person. Includes 74 share acquired since June 18, 2025 pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan.
Class A shares granted 407 shares Equity award on transaction date
Reference price per share $110.76 per share Used for both stock and phantom stock grants
Class A shares after award 1,111 shares Direct holdings following stock grant
Phantom stock units granted 1,219 units Derivative award linked to Class A Common Stock
Phantom stock units after award 8,398 units Total phantom stock holdings following transaction
Conversion ratio 1-for-1 Each phantom unit payable in one Class A share
Phantom Stock financial
"The shares of phantom stock were granted pursuant to the issuer's Directors Stock Compensation Plan."
A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.
Directors Stock Compensation Plan financial
"These shares were granted pursuant to the issuer's Directors Stock Compensation Plan."
dividend reinvestment feature financial
"Includes 74 share acquired since June 18, 2025 pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan."
phantom stock were granted financial
"The shares of phantom stock were granted pursuant to the issuer's Directors Stock Compensation Plan."
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Van Deun Jona M
(Last)(First)(Middle)
C/O NELNET, INC.
121 SOUTH 13TH STREET, SUITE 100
(Street)
LINCOLN NEBRASKA 68508
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
NELNET INC [ NNI ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/15/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Class A Common Stock06/15/2026A407(1)A$110.761,111D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Phantom Stock(2)06/15/2026A1,219 (3) (3)Class A Common Stock1,219$110.768,398(4)D
Explanation of Responses:
1. These shares were granted pursuant to the issuer's Directors Stock Compensation Plan.
2. 1-for-1.
3. The shares of phantom stock were granted pursuant to the issuer's Directors Stock Compensation Plan. They will become payable in shares of Class A Common Stock promptly after the time of termination of the reporting person's service as a member of the issuer's Board of Directors. The shares will be payable in a lump sum promptly after the time of termination of the reporting person's service as a member of the issuer's Board, or in up to five annual installments, commencing promptly after the time of termination of the reporting person's service on the issuer's Board, as elected by the reporting person.
4. Includes 74 share acquired since June 18, 2025 pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan.
/s/ Nicole M. Stawniak, Attorney-in-Fact for Jona M. Van Deun06/17/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Nelnet (NNI) report for Jona M. Van Deun?

Nelnet reported that director Jona M. Van Deun received 407 shares of Class A Common Stock and 1,219 phantom stock units as equity awards under the Directors Stock Compensation Plan.

How many Nelnet Class A shares does Jona M. Van Deun hold after this Form 4?

After the reported award, Jona M. Van Deun directly holds 1,111 shares of Nelnet Class A Common Stock. This reflects the addition of 407 awarded shares under the Directors Stock Compensation Plan.

What phantom stock award was granted to Nelnet director Jona M. Van Deun?

Jona M. Van Deun was granted 1,219 phantom stock units tied to Nelnet Class A Common Stock, increasing total phantom stock holdings to 8,398 units under the Directors Stock Compensation Plan.

How will Nelnet phantom stock for Jona M. Van Deun be paid out?

The phantom stock granted to Jona M. Van Deun will be paid in Nelnet Class A Common Stock after board service ends, either in a lump sum or up to five annual installments, at the director’s election.

Is the Nelnet Form 4 transaction an open-market purchase or a compensation award?

The Form 4 transactions are compensation awards, not open-market purchases. Both the 407 Class A shares and 1,219 phantom stock units were granted under Nelnet’s Directors Stock Compensation Plan.

What does 1-for-1 mean for Nelnet phantom stock held by Jona M. Van Deun?

The 1-for-1 notation means each phantom stock unit corresponds to one share of Nelnet Class A Common Stock, so 1,219 units represent rights to 1,219 Class A shares upon settlement.