| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Underlying Class | Amount | Exercise Price | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | NNI | Phantom Stock | Award | $180K | +2.12K | +0.11% | $84.79 | 1.91M | Jun 20, 2023 | Class A Common Stock | 2.12K | Direct | F1, F2, F3, F4 |
| 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 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. |
| 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 5,280 shares of Phantom Stock for his own account. |
| F4 | Includes a total of 10 shares acquired on September 15, 2022, 9 shares acquired on December 15, 2022, 10 shares acquired on March 15, 2023, and 9 shares acquired on June 15, 2023 pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan. |
TMG and Mr. Peterson disclaim beneficial ownership except to the extent of their respective pecuniary interests therein of shares except the 5,280 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.