| Name | Relationship | Address | Signature | Signature date | CIK |
|---|---|---|---|---|---|
| Butterfield Shelby J | Former 10% Owner | C/O NELNET, INC., 121 SOUTH 13TH STREET, SUITE 100, LINCOLN | /s/ Audra Hoffschneider, Attorney-in-Fact for Shelby J. Butterfield | 27 Aug 2025 | 0001808121 |
| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | NNI | Class B Common Stock | Conversion of derivative security | -41,929 | -19% | 178,953 | 25 Aug 2025 | By Butterfield GST Non-Exempt Marital Trust | F1, F2 | ||
| transaction | NNI | Class A Common Stock | Conversion of derivative security | +41,929 | +8221% | 42,439 | 25 Aug 2025 | By Butterfield GST Non-Exempt Marital Trust | F1, F2 | ||
| transaction | NNI | Class A Common Stock | Sale | $5,000,033 | -41,929 | -99% | $119.25 | 510 | 25 Aug 2025 | By Butterfield GST Non-Exempt Marital Trust | F2, F3, F4 |
| holding | NNI | Class B Common Stock | 210,047 | 25 Aug 2025 | By Butterfield GST Exempt Marital Trust | F5 | |||||
| holding | NNI | Class B Common Stock | 42,879 | 25 Aug 2025 | Direct | ||||||
| holding | NNI | Class B Common Stock | 1,586,691 | 25 Aug 2025 | By corporation | F6 | |||||
| holding | NNI | Class B Common Stock | 70,582 | 25 Aug 2025 | By GRAT | F7 | |||||
| holding | NNI | Class B Common Stock | 93,841 | 25 Aug 2025 | By GRAT | F8 | |||||
| holding | NNI | Class B Common Stock | 100,000 | 25 Aug 2025 | By GRAT | F9 | |||||
| holding | NNI | Class B Common Stock | 61,392 | 25 Aug 2025 | By GRAT | F10 | |||||
| holding | NNI | Class B Common Stock | 75,640 | 25 Aug 2025 | By GRAT | F11 | |||||
| holding | NNI | Class B Common Stock | 82,729 | 25 Aug 2025 | By GRAT | F12 | |||||
| holding | NNI | Class B Common Stock | 61,309 | 25 Aug 2025 | By GRAT | F13 | |||||
| holding | NNI | Class B Common Stock | 70,488 | 25 Aug 2025 | By GRAT | F14 | |||||
| holding | NNI | Class B Common Stock | 5 | 25 Aug 2025 | By the Estate of Stephen F. Butterfield | F15 | |||||
| holding | NNI | Class B Common Stock | 18,394 | 25 Aug 2025 | By trust | F16 | |||||
| holding | NNI | Class B Common Stock | 18,394 | 25 Aug 2025 | By trust | F17 | |||||
| holding | NNI | Class B Common Stock | 136,636 | 25 Aug 2025 | By limited liability company | F18 | |||||
| holding | NNI | Class B Common Stock | 3,685 | 25 Aug 2025 | By trust | F19 | |||||
| holding | NNI | Class B Common Stock | 3,684 | 25 Aug 2025 | By trust | F20 | |||||
| holding | NNI | Class B Common Stock | 100 | 25 Aug 2025 | By the reporting person as UTMA custodian for daughter | ||||||
| holding | NNI | Class B Common Stock | 100 | 25 Aug 2025 | By the reporting person as UTMA custodian for son |
Shelby J. Butterfield is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.
| Id | Content |
|---|---|
| F1 | Shares of the issuer's Class B common stock are convertible at a fixed one-for-one ratio into an equal number of shares of the issuer's Class A common stock at any time at the holder's option. On August 25, 2025, the trust referred to in the footnote (2) below converted shares of Class B common stock into an equal number of shares of Class A common stock. Such conversion of convertible common stock at a fixed ratio was exempt from Section 16(b) under Rule 16a-6(b). |
| F2 | Shares held by the Stephen F. Butterfield GST Non-Exempt Marital Trust (the "Non-Exempt Marital Trust"), an estate planning trust for the family of Stephen F. Butterfield. The reporting person reports beneficial ownership of all the shares held by the Non-Exempt Marital Trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein. |
| F3 | These shares were acquired by the issuer under the issuer's previously announced stock repurchase program in a privately negotiated transaction. |
| F4 | Pursuant to the terms of the privately negotiated issuer repurchase transaction, this price was based on a discount to the closing market price on August 21, 2025. |
| F5 | Shares held by the Stephen F. Butterfield GST Exempt Marital Trust, an estate planning trust for the family of Stephen F. Butterfield. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein. |
| F6 | Shares held by Union Financial Services, Inc. ("UFS"), of which the Butterfield GST Non-Exempt Marital Trust owns 50.0% of the outstanding capital stock and the Executive Chairman of the issuer owns the other 50.0% of the outstanding capital stock. The reporting person reports beneficial ownership of all the shares held by UFS, but disclaims beneficial ownership of the shares held by UFS except to the extent of her pecuniary interest therein. |
| F7 | Shares held by a GRAT established by the reporting person on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein. |
| F8 | Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein. |
| F9 | Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein. |
| F10 | Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein. |
| F11 | Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein. |
| F12 | Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein. |
| F13 | Shares held by a GRAT established by Stephen F. Butterfield on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein. |
| F14 | Shares held by a separate GRAT established by Stephen F. Butterfield on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein. |
| F15 | Shares held by the Estate of Stephen F. Butterfield (the "Butterfield Estate"), for which the reporting person is the personal representative. The reporting person disclaims beneficial ownership of the shares held by the Butterfield Estate, except to the extent of her pecuniary interest therein. |
| F16 | Shares held by a trust for the benefit of the reporting person's daughter. |
| F17 | Shares held by a trust for the benefit of the reporting person's son. |
| F18 | Shares held by a family limited liability company controlled by the reporting person. The reporting person disclaims beneficial ownership of the shares held by the limited liability company, except to the extent of her pecuniary interest therein. |
| F19 | Shares held by a Butterfield CLAT Post-Annuity Trust, of which the daughter of the reporting person is the beneficiary. |
| F20 | Shares held by a separate Butterfield CLAT Post-Annuity Trust, of which the son of the reporting person is the beneficiary. |