James P. Abel - Mar 17, 2022 Form 4 Insider Report for NELNET INC (NNI)

Role: Former Director
Signature: /s/ Audra Hoffschneider, Attorney-in-Fact for James P. Abel
Stock symbol: NNI
Transactions as of: Mar 17, 2022
Transactions value $: $0
Form type: 4
Date filed: 3/17/2022, 05:54 PM
Previous filing: Jun 22, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NNI	Class A Common Stock	Options Exercise		+63.8K	+623.97%		74K	Mar 17, 2022	Direct	F1, F2
holding	NNI	Class A Common Stock						500	Mar 17, 2022	By spouse

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	Options Exercise		-63.8K	-100%		0	Mar 17, 2022	Class A Common Stock	63.8K		Direct	F1, F2, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

James P. Abel is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	Settlement at the time of the reporting person's retirement from the issuer's Board of Directors on March 17, 2022 of previously reported grants of shares of phantom stock under Rule 16b-3(d), as well as shares of phantom stock acquired pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan, the terms of which as associated with prior grants of phantom stock were approved in accordance with Rule 16b-3(d).
F2	Each share of phantom stock granted to the reporting person under the issuer's Directors Stock Compensation Plan, or otherwise acquired by the reporting person pursuant to the dividend reinvestment feature of such plan, was the economic equivalent of one share of the issuer's Class A common stock. The reporting person settled all shares of phantom stock into shares of the issuer's Class A common stock on a one-for-one basis at the time of the retirement of the reporting person from the issuer's Board of Directors.
F3	Includes a total of 513 shares of phantom stock acquired since June 22, 2021 pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan.
F4	The shares of phantom stock were granted or otherwise acquired pursuant to the issuer's Directors Stock Compensation Plan and became payable in lump sum 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.