Nelnet director gets 93 shares at $108.37

A Nelnet Inc director received a stock grant under the company’s Directors Stock Compensation Plan, modestly increasing his direct Class A holdings.

Rhea-AI Filing Summary

NELNET INC (NNI) reported that director David S. Graff received a grant of Class A Common Stock. On September 15, 2026, he acquired 93 shares as a grant or award at a reference value of $108.37 per share, bringing his directly held stake to 31,953 shares. The shares were granted under the issuer's Directors Stock Compensation Plan.

Insider Trade Summary

Grant/Award: 93 shares

Grant/Award 1 txn

Insider Graff David S

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock F1	93	$108.37	$10K

Holdings After Transaction: Class A Common Stock — 31,953 shares (Direct)

Footnotes (1)

1. F1. These shares were granted pursuant to the issuer's Directors Stock Compensation Plan.

Key Figures

Shares granted: 93 shares Grant reference price: $108.37 per share Shares held after transaction: 31,953 shares

3 metrics

Shares granted 93 shares Grant of Class A Common Stock to director on September 15, 2026

Grant reference price $108.37 per share Value per share used for the September 15, 2026 stock grant

Shares held after transaction 31,953 shares Director David S. Graff’s direct Class A holdings after the grant

Key Terms

Directors Stock Compensation Plan, Class A Common Stock, Rule 10b5-1

3 terms

Directors Stock Compensation Plan financial

"These shares were granted pursuant to the issuer's Directors Stock Compensation Plan"

Class A Common Stock financial

"security title listed as Class A Common Stock for the reported grant"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

Rule 10b5-1 regulatory

"The filing includes a document-level Rule 10b5-1 checkbox that is not checked"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did NNI disclose for director David S. Graff?

Nelnet Inc disclosed that director David S. Graff received a grant of 93 shares of Class A Common Stock on September 15, 2026 as a compensation-related award under the company’s Directors Stock Compensation Plan.

At what value was the NNI stock grant to David S. Graff recorded?

The 93-share grant of NNI Class A Common Stock to David S. Graff was recorded at $108.37 per share, reflecting the reference price used in the Form 4 for this compensation-related acquisition.

How many NNI shares does David S. Graff hold after this transaction?

Following the September 15, 2026 grant, David S. Graff directly holds 31,953 shares of Nelnet Inc Class A Common Stock, as reported in the Form 4 filing.

Was the NNI stock grant to David S. Graff made under a compensation plan?

Yes. The 93 shares of NNI Class A Common Stock were granted under Nelnet Inc’s Directors Stock Compensation Plan, as stated in the footnote to the reported transaction.

Was the NNI insider transaction reported under a Rule 10b5-1 trading plan?

No. The filing’s Rule 10b5-1 checkbox is not checked, and the footnote only states that the shares were granted under the Directors Stock Compensation Plan, with no reference to a trading plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Available on EDGAR 09/16/2026 - 06:34 PM Accepted by SEC EDGAR 09/16/2026 - 06:33 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED 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^*

Graff David S

(Last) (First) (Middle)

C/O NELNET, INC.

121 SOUTH 13TH ST, 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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/15/2026		A		93(1)	A	$108.37	31,953	D

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares were granted pursuant to the issuer's Directors Stock Compensation Plan.

	/s/ Nicole M. Stawniak, Attorney-in-Fact for David S. Graff	09/16/2026
	** Signature of Reporting Person	Date
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)