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[Form 4] Nelnet, Inc. Insider Trading Activity

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

Nelnet, Inc. (NNI) � Form 4 insider transaction filed 06/18/2025

Director David S. Graff reported the acquisition of 1,779 Class A common shares on 06/16/2025 under the company’s Directors Stock Compensation Plan. The transaction is coded “A� (grant/acquisition) and lists a reference price of $95.58 per share. Following the grant, Graff’s direct beneficial ownership increased to 30,325 shares.

This filing signals a small but incremental rise (�6%) in the director’s direct holdings, potentially reflecting continued alignment of board incentives with shareholder interests. No derivative securities were involved, and there is no indication of sales or dispositions.

Nelnet, Inc. (NNI) � Transazione insider Form 4 presentata il 18/06/2025

Il direttore David S. Graff ha comunicato l�acquisto di 1.779 azioni ordinarie di Classe A il 16/06/2025 nell’ambito del Directors Stock Compensation Plan della società. La transazione è classificata come “A� (concessione/acquisizione) e indica un prezzo di riferimento di 95,58 $ per azione. Dopo questa operazione, la proprietà diretta di Graff è salita a 30.325 azioni.

Questa comunicazione evidenzia un aumento contenuto ma significativo (circa il 6%) delle partecipazioni dirette del direttore, riflettendo probabilmente un continuo allineamento degli incentivi del consiglio con gli interessi degli azionisti. Non sono stati coinvolti strumenti derivati e non risultano vendite o cessioni.

Nelnet, Inc. (NNI) � Transacción interna Formulario 4 presentada el 18/06/2025

El director David S. Graff informó la adquisición de 1,779 acciones ordinarias Clase A el 16/06/2025 bajo el Plan de Compensación de Acciones para Directores de la empresa. La transacción está codificada como “A� (concesión/adquisición) y muestra un precio de referencia de $95.58 por acción. Tras esta concesión, la propiedad directa de Graff aumentó a 30,325 acciones.

Este reporte indica un pequeño pero significativo aumento (aproximadamente 6%) en las participaciones directas del director, reflejando posiblemente una continua alineación de los incentivos del consejo con los intereses de los accionistas. No se involucraron valores derivados y no hay indicios de ventas o disposiciones.

Nelnet, Inc. (NNI) � 2025� 6� 18� 제출� Form 4 내부� 거래 신고

이사 David S. Graff가 2025� 6� 16� 회사� 이사 주식 보상 계획� 따라 1,779� 클래� A 보통� 취득� 신고했습니다. 거래� “A�(부�/취득)� 분류되며 주당 $95.58� 기준 가격이 명시되어 있습니다. 이번 부� � Graff� 직접 소유 주식 수는 30,325�� 증가했습니다.

이번 신고� 이사� 직접 보유 주식� � 6% 정도 소폭 증가했음� 나타내며, 이는 이사� 인센티브와 주주 이익 간의 지속적� 정렬� 반영� � 있습니다. 파생 증권은 포함되지 않았으며, 매도� 처분은 없었습니�.

Nelnet, Inc. (NNI) � Déclaration d’initié Formulaire 4 déposée le 18/06/2025

Le directeur David S. Graff a déclaré l�acquisition de 1 779 actions ordinaires de classe A le 16/06/2025 dans le cadre du Directors Stock Compensation Plan de la société. La transaction est codée « A » (attribution/acquisition) et indique un prix de référence de 95,58 $ par action. Suite à cette attribution, la détention directe de Graff est passée à 30 325 actions.

Ce dépôt signale une légère mais notable augmentation (environ 6 %) des participations directes du directeur, reflétant potentiellement un alignement continu des incitations du conseil avec les intérêts des actionnaires. Aucun instrument dérivé n’a été impliqué et aucune vente ou cession n’est signalée.

Nelnet, Inc. (NNI) � Insider-Transaktion Form 4 eingereicht am 18.06.2025

Direktor David S. Graff meldete den Erwerb von 1.779 Class A Stammaktien am 16.06.2025 im Rahmen des Directors Stock Compensation Plan des Unternehmens. Die Transaktion ist mit „A� (Zuteilung/Erwerb) codiert und nennt einen Referenzpreis von 95,58 $ pro Aktie. Nach der Zuteilung erhöhte sich Graffs direkte Beteiligung auf 30.325 Aktien.

Diese Meldung zeigt einen kleinen, aber spürbaren Anstieg (ca. 6 %) der direkten Beteiligungen des Direktors, was auf eine weiterhin enge Ausrichtung der Vorstandsinteressen an den Aktionärsinteressen hindeutet. Es waren keine Derivate beteiligt, und es gibt keine Hinweise auf Verkäufe oder Veräußerungen.

Positive
  • Increased insider ownership: Director David S. Graff’s holdings rose to 30,325 shares, indicating continued alignment with shareholders.
  • No insider selling: The filing shows only an acquisition, which can be viewed as a confidence signal.
Negative
  • None.

Insights

TL;DR: Minor insider grant; positive alignment but immaterial to valuation.

The Form 4 shows a routine equity grant of 1,779 shares to Director David Graff under the board compensation plan. At the reported reference price of $95.58, the grant is worth roughly $170k—immaterial relative to Nelnet’s market capitalization but it does increase insider ownership to 30,325 shares. Insider acquisitions—particularly grants rather than open-market buys—carry limited signaling power, yet they do enhance ownership alignment and are not dilutive in a material sense. The absence of any sales keeps sentiment neutral-to-slightly positive.

TL;DR: Routine director stock award supports long-term incentive structure; low impact.

Nelnet continues to remunerate non-employee directors with equity, reinforcing best-practice governance by tying board compensation to shareholder value. Graff’s 1,779-share award increases his stake by about 6%, modestly strengthening the board’s vested interest. Because the shares were granted—not purchased—the filing does not imply incremental cash commitment, but it does avoid any perception of insider selling. Overall governance impact is constructive yet immaterial to investment thesis.

Nelnet, Inc. (NNI) � Transazione insider Form 4 presentata il 18/06/2025

Il direttore David S. Graff ha comunicato l�acquisto di 1.779 azioni ordinarie di Classe A il 16/06/2025 nell’ambito del Directors Stock Compensation Plan della società. La transazione è classificata come “A� (concessione/acquisizione) e indica un prezzo di riferimento di 95,58 $ per azione. Dopo questa operazione, la proprietà diretta di Graff è salita a 30.325 azioni.

Questa comunicazione evidenzia un aumento contenuto ma significativo (circa il 6%) delle partecipazioni dirette del direttore, riflettendo probabilmente un continuo allineamento degli incentivi del consiglio con gli interessi degli azionisti. Non sono stati coinvolti strumenti derivati e non risultano vendite o cessioni.

Nelnet, Inc. (NNI) � Transacción interna Formulario 4 presentada el 18/06/2025

El director David S. Graff informó la adquisición de 1,779 acciones ordinarias Clase A el 16/06/2025 bajo el Plan de Compensación de Acciones para Directores de la empresa. La transacción está codificada como “A� (concesión/adquisición) y muestra un precio de referencia de $95.58 por acción. Tras esta concesión, la propiedad directa de Graff aumentó a 30,325 acciones.

Este reporte indica un pequeño pero significativo aumento (aproximadamente 6%) en las participaciones directas del director, reflejando posiblemente una continua alineación de los incentivos del consejo con los intereses de los accionistas. No se involucraron valores derivados y no hay indicios de ventas o disposiciones.

Nelnet, Inc. (NNI) � 2025� 6� 18� 제출� Form 4 내부� 거래 신고

이사 David S. Graff가 2025� 6� 16� 회사� 이사 주식 보상 계획� 따라 1,779� 클래� A 보통� 취득� 신고했습니다. 거래� “A�(부�/취득)� 분류되며 주당 $95.58� 기준 가격이 명시되어 있습니다. 이번 부� � Graff� 직접 소유 주식 수는 30,325�� 증가했습니다.

이번 신고� 이사� 직접 보유 주식� � 6% 정도 소폭 증가했음� 나타내며, 이는 이사� 인센티브와 주주 이익 간의 지속적� 정렬� 반영� � 있습니다. 파생 증권은 포함되지 않았으며, 매도� 처분은 없었습니�.

Nelnet, Inc. (NNI) � Déclaration d’initié Formulaire 4 déposée le 18/06/2025

Le directeur David S. Graff a déclaré l�acquisition de 1 779 actions ordinaires de classe A le 16/06/2025 dans le cadre du Directors Stock Compensation Plan de la société. La transaction est codée « A » (attribution/acquisition) et indique un prix de référence de 95,58 $ par action. Suite à cette attribution, la détention directe de Graff est passée à 30 325 actions.

Ce dépôt signale une légère mais notable augmentation (environ 6 %) des participations directes du directeur, reflétant potentiellement un alignement continu des incitations du conseil avec les intérêts des actionnaires. Aucun instrument dérivé n’a été impliqué et aucune vente ou cession n’est signalée.

Nelnet, Inc. (NNI) � Insider-Transaktion Form 4 eingereicht am 18.06.2025

Direktor David S. Graff meldete den Erwerb von 1.779 Class A Stammaktien am 16.06.2025 im Rahmen des Directors Stock Compensation Plan des Unternehmens. Die Transaktion ist mit „A� (Zuteilung/Erwerb) codiert und nennt einen Referenzpreis von 95,58 $ pro Aktie. Nach der Zuteilung erhöhte sich Graffs direkte Beteiligung auf 30.325 Aktien.

Diese Meldung zeigt einen kleinen, aber spürbaren Anstieg (ca. 6 %) der direkten Beteiligungen des Direktors, was auf eine weiterhin enge Ausrichtung der Vorstandsinteressen an den Aktionärsinteressen hindeutet. Es waren keine Derivate beteiligt, und es gibt keine Hinweise auf Verkäufe oder Veräußerungen.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Graff David S

(Last) (First) (Middle)
C/O NELNET, INC.
121 SOUTH 13TH STREET, SUITE 100

(Street)
LINCOLN NE 68508

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
NELNET INC [ NNI ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
06/16/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 06/16/2025 A 1,779(1) A $95.58 30,325 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. These shares were granted pursuant to the issuer's Directors Stock Compensation Plan.
/s/ Audra Hoffschneider, Attorney-in-Fact for David S. Graff 06/18/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Nelnet (NNI) shares did Director David S. Graff acquire?

Graff was granted 1,779 Class A common shares on 06/16/2025.

What is David S. Graff’s total ownership in Nelnet after the transaction?

Following the grant, he directly owns 30,325 shares of NNI.

Was the transaction a purchase or a grant?

It was an equity grant under the company’s Directors Stock Compensation Plan (Transaction Code “A�).

Did the Form 4 report any insider sales of Nelnet stock?

No. The filing lists only an acquisition and shows no dispositions or sales.

What price is associated with the granted shares?

The Form 4 lists a reference price of $95.58 per share for the 1,779 shares.
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