William J. Munn - 10 Mar 2023 Form 4 Insider Report for NELNET INC (NNI)

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NNI	Class A Common Stock	Tax liability	$9,676	-107	-0.62%	$90.43	17,164	10 Mar 2023	Direct	F1, F2, F3
transaction	NNI	Class A Common Stock	Tax liability	$9,766	-108	-0.63%	$90.43	17,056	10 Mar 2023	Direct	F1, F2, F3
transaction	NNI	Class A Common Stock	Tax liability	$12,751	-141	-0.83%	$90.43	16,915	10 Mar 2023	Direct	F1, F2, F3
transaction	NNI	Class A Common Stock	Tax liability	$10,761	-119	-0.7%	$90.43	16,769	10 Mar 2023	Direct	F1, F2, F3
transaction	NNI	Class A Common Stock	Tax liability	$12,931	-143	-0.85%	$90.43	16,653	10 Mar 2023	Direct	F1, F2, F3
transaction	NNI	Class A Common Stock	Award	$0	+2,190	+13%	$0.000000	18,843	10 Mar 2023	Direct	F3, F4
transaction	NNI	Class A Common Stock	Award	$0	+945	+5%	$0.000000	19,788	10 Mar 2023	Direct	F3, F5
transaction	NNI	Class A Common Stock	Tax liability	$25,398	-278	-1.4%	$91.36	19,510	10 Mar 2023	Direct	F3, F6, F7

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

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, 2023.
F3	Includes 500 shares held jointly with spouse.
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 2022 paid in stock, which the reporting person became entitled to receive on March 10, 2023.
F6	These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the March 10, 2023 award by the issuer of 945 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 March 1, 2023 through March 7, 2023.