Dunlap Matthew W 4

What Happened

• Matthew W. Dunlap, President, NFS and Director of Nelnet (NNI), was granted 3,764 restricted shares on March 10, 2026 (grant/award, code A). To satisfy tax withholding from the vesting, 97 shares were withheld (reported as dispositions, code F) — 30 shares at $131.23 ($3,937) and 67 shares at $131.23 ($8,792), totaling about $12,729. The grant shows a per-share acquisition value of $0 for the awarded restricted shares.

Key Details

• Transaction date: March 10, 2026; Form 4 filed March 12, 2026 (appears timely).
• Award: 3,764 restricted shares (reported as acquisition, A) with per-share acquisition value $0.
• Tax withholding: 97 shares withheld (reported as dispositions, F) — 30 shares ($3,937) and 67 shares ($8,792); per-share value based on March 10 close.
• Vesting/plan detail: These are restricted shares awarded under the issuer’s Restricted Stock Plan that vest equally over five years (one-fifth vests annually on March 10) (footnote).
• Shares owned after transaction: Not specified in the provided excerpt of the Form 4.
• Filing notes: Footnotes disclose tax-withholding and valuation method, inclusion of 28 shares from dividend reinvestment since Dec 3, 2025, and exclusions for certain estate planning trusts where Dunlap lacks dispositive or voting control.

Context

• This was a restricted stock award that vested (not an open-market sale/purchase). The 97-share disposition reflects shares withheld to cover taxes — a routine administrative step, not a market sale signaling sentiment.
• Restricted shares vesting annually means ongoing, scheduled awards; this filing documents the vesting event and corresponding tax withholding rather than an active trade.