Olinger Emily 4

What Happened
Emily Olinger, Chief People Services Officer of Nelnet, was granted a total of 3,990 shares on March 10, 2026 (2,258 restricted shares and 1,732 shares as her 2025 performance-based bonus). To satisfy tax obligations tied to these issuances/vestings, 670 shares were withheld/disposed: 111 shares and 50 shares at $131.23 each (values reported $14,567 and $6,561) and 509 shares at $132.87 each (value reported $67,631). The reported gross value of the withheld/disposed shares is about $88,759. The awards themselves were reported with $0 purchase price (awarded stock).

Key Details

• Transaction date: March 10, 2026; Form 4 filed March 12, 2026 (timely within the usual two-business-day window).
• Withheld/disposed shares: 111 @ $131.23 ($14,567), 50 @ $131.23 ($6,561), 509 @ $132.87 ($67,631); total ~670 shares, ~$88,759.
• Awards/acquisitions: 2,258 restricted shares and 1,732 bonus shares (total 3,990 shares) reported as grants/awards.
• Shares owned after the transactions: not specified in the filing.
• Notable footnotes: tax withholding by issuer to satisfy tax obligations (F1, F6); per-share values used for withholding based on closing price or an average of recent closes (F2, F7); restricted shares vest one-fifth annually over five years (F4); bonus shares awarded as 2025 performance compensation (F5); additional notes on ESPP/dividend reinvestment activity since Mar 12, 2025 (F3).
• Exhibit: Power of Attorney included (Exhibit 24).

Context
These transactions are primarily award grants and routine tax-withholding actions — the issuer withheld shares to cover the employee's tax liabilities rather than the insider selling shares on the open market. Awarded restricted stock vests over time (one-fifth each year), and the 1,732-share item was an annual performance-based bonus paid in stock. Such withholding transactions are common and do not necessarily signal the insider's view of the company's stock.