Terry J. Heimes - 10 Mar 2026 Form 4 Insider Report for NELNET INC (NNI)

Role
Chief Operating Officer
Signature
/s/ Philip J. Morgan, Attorney-in-Fact for Terry J. Heimes
Issuer symbol
NNI
Transactions as of
10 Mar 2026
Net transactions value
$0
Form type
4
Filing time
12 Mar 2026, 21:58:30 UTC
Previous filing
12 Mar 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
HEIMES TERRY J Chief Operating Officer 121 SOUTH 13TH STREET, SUITE 100, LINCOLN /s/ Philip J. Morgan, Attorney-in-Fact for Terry J. Heimes 12 Mar 2026 0001269804

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction NNI Class A Common Stock Tax liability -791 -4.1% $131.23* 18,387 10 Mar 2026 Direct F1, F2, F3
transaction NNI Class A Common Stock Tax liability -356 -1.9% $131.23* 18,031 10 Mar 2026 Direct F1, F2
transaction NNI Class A Common Stock Tax liability -322 -1.8% $131.23* 17,709 10 Mar 2026 Direct F1, F2
transaction NNI Class A Common Stock Tax liability -135 -0.76% $131.23* 17,574 10 Mar 2026 Direct F1, F2
transaction NNI Class A Common Stock Award +7,527 +43% $0.000000* 25,101 10 Mar 2026 Direct F4
transaction NNI Class A Common Stock Award +6,492 +26% $0.000000* 31,593 10 Mar 2026 Direct F5
transaction NNI Class A Common Stock Tax liability -3,670 -12% $132.87* 27,923 10 Mar 2026 Direct F6, F7
holding NNI Class A Common Stock 139,373 10 Mar 2026 By revocable trust F8
holding NNI Class A Common Stock 5,247 10 Mar 2026 By spouse
holding NNI Class A Common Stock 50,000 10 Mar 2026 By revocable trust F9
holding NNI Class A Common Stock 7,420 10 Mar 2026 By trust F10
holding NNI Class A Common Stock 7,420 10 Mar 2026 By trust F11
holding NNI Class A Common Stock 7,420 10 Mar 2026 By trust F12
holding NNI Class A Common Stock 7,420 10 Mar 2026 By trust F13
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the vesting of a previously reported grant of shares pursuant to Rule 16b-3(d).
F2 Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the market closing price of the shares on March 10, 2026.
F3 The number of shares reflects shares contributed to a revocable trust as discussed in footnote (8) below.
F4 These restricted shares were awarded to the reporting person pursuant to the issuer's Restricted Stock Plan. The shares vest equally over a five-year period, with one-fifth of the amount vesting annually on March 10 of each year.
F5 These shares were issued to the reporting person pursuant to the issuer's Restricted Stock Plan, as the annual personal performance-based incentive bonus compensation for 2025 paid in stock, which the reporting person became entitled to receive on March 10, 2026.
F6 Shares that were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the March 10, 2026 award by the issuer of 6,492 shares of bonus compensation stock.
F7 Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the average market closing price of the shares for February 27, 2026 through March 5, 2026.
F8 Shares held by a revocable trust established by the reporting person, of which trust the reporting person is the sole trustee and sole lifetime beneficiary. On March 31, 2025, the reporting person contributed a total of 2,637 shares to the revocable trust.
F9 Shares held by a revocable trust established by the reporting person's spouse, of which trust the reporting person's spouse is the sole trustee and sole lifetime beneficiary.
F10 Shares held by a trust for the benefit of a son of the reporting person. The reporting person continues to report 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 his pecuniary interest therein.
F11 Shares held by a trust for the benefit of another son of the reporting person. The reporting person continues to report 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 his pecuniary interest therein.
F12 Shares held by a trust for the benefit of another son of the reporting person. The reporting person continues to report 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 his pecuniary interest therein.
F13 Shares held by a trust for the benefit of the daughter of the reporting person. The reporting person continues to report 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 his pecuniary interest therein.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney