Adam K. Peterson - Jun 21, 2022 Form 4 Insider Report for NELNET INC (NNI)

Role
Director, Other*
Signature
/s/ Adam K. Peterson
Stock symbol
NNI
Transactions as of
Jun 21, 2022
Transactions value $
$180,045
Form type
4
Date filed
6/22/2022, 01:41 PM
Previous filing
Jun 21, 2022
Next filing
Jun 27, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction NNI Phantom Stock Award $180K +2.76K +0.15% $65.21 1.9M Jun 21, 2022 Class A Common Stock 2.76K Direct F1, F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 1-for-1.
F2 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 at 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 at 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 at the time of termination of the reporting person's service on the issuer's Board, as elected by the reporting person.
F3 1,900,000 of the reported shares are directly owned by Magnolia Capital Fund, LP, of which The Magnolia Group, LLC ("TMG") is the general partner and investment manager. Adam K. Peterson ("Mr. Peterson") is the managing member of TMG. TMG and Mr. Peterson could both be deemed to share indirect beneficial ownership of 1,900,000 shares of Common Stock of Nelnet Inc held by Magnolia Capital Fund, LP. Mr. Peterson holds directly the 3,119 shares of Phantom Stock for his own account.
F4 Includes a total of 2 shares acquired since June 21, 2022 pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan.

Remarks:

TMG and Mr. Peterson disclaim beneficial ownership except to the extent of their respective pecuniary interests therein of shares except the 3,119 shares Mr. Peterson directly owns, and this report shall not be deemed an admission of beneficial ownership of these securities for Section 16 or for any other purposes.