Munn William J 4

4 · NELNET INC · Filed Mar 13, 2026

AI-generated summary of this filing

Updated Mar 13, 2026

Nelnet (NNI) GC William J. Munn Receives Stock Award

What Happened

William J. Munn, Secretary and General Counsel of Nelnet (NNI), was awarded a total of 5,608 shares on March 10, 2026 (3,011 restricted shares + 2,597 shares as his 2025 performance-based bonus paid in stock). The awarded shares were recorded at $0.00 per share (grant).
To satisfy tax withholding obligations tied to these awards and a prior vesting, a total of 1,204 shares were withheld/disposed by the issuer: four withholdings of 119, 143, 129 and 50 shares at $131.23 each (total $57,872) and one withholding of 763 shares at $132.87 each (total $101,380). Combined withholding/disposition proceeds equal $159,252.
These were net-share settlements (tax withholding), not open-market sales by the insider.

Key Details

Transaction date: March 10, 2026; Form 4 filed March 13, 2026 (timely).
Awards granted: 3,011 restricted shares (vest equally over five years, one-fifth vesting each March 10) and 2,597 shares as the 2025 annual performance bonus.
Shares withheld for taxes: 119, 143, 129, and 50 shares valued at $131.23/share (market close Mar 10, 2026); 763 shares valued at $132.87/share (average close Feb 27–Mar 5, 2026).
Total awarded: 5,608 shares. Total shares withheld/disposed: 1,204 shares (~$159,252).
Ownership after the transactions was not provided in the filing. Some shares are held in a living trust of which the reporting person and spouse are trustees/beneficiaries (per footnote).
Transaction codes: A = award/acquisition; F = payment of tax liability via share withholding (net settlement).

Context

The key action is receipt of restricted and bonus stock (acquisitions). The disposals listed reflect issuer tax-withholding/net settlement to cover tax obligations arising from those awards or prior vesting—not an active market sale by the insider.
Restricted shares vest over time (the 3,011-share award vests one-fifth annually over five years), while the 2,597-share award was a performance bonus for 2025 paid in stock.

Form 4

Period: 2026-03-10

Secy/Chief Legal Off/Gen Coun

Transactions

Tax Payment
Class A Common Stock
[F1][F2]
2026-03-10$131.23/sh−119$15,616→ 3,401 total
Tax Payment
Class A Common Stock
[F1][F2]
2026-03-10$131.23/sh−143$18,766→ 3,258 total
Tax Payment
Class A Common Stock
[F1][F2]
2026-03-10$131.23/sh−129$16,929→ 3,129 total
Tax Payment
Class A Common Stock
[F1][F2]
2026-03-10$131.23/sh−50$6,561→ 3,079 total
Award
Class A Common Stock
[F3]
2026-03-10+3,011→ 6,090 total
Award
Class A Common Stock
[F4]
2026-03-10+2,597→ 8,687 total
Tax Payment
Class A Common Stock
[F5][F6]
2026-03-10$132.87/sh−763$101,380→ 7,924 total

Holdings

Footnotes (7)

[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, 2026.
[F3]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.
[F4]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 2025 paid in stock, which the reporting person became entitled to receive on March 10, 2026.
[F5]Shares that were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the March 10, 2026 award by the issuer of 2,597 shares of bonus compensation stock.
[F6]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 February 27, 2026 through March 5, 2026.
[F7]Shares held by a living trust of which the reporting person and his spouse are the trustees and beneficiaries.

Signature

/s/ Philip J. Morgan, Attorney-in-Fact for William J. Munn|2026-03-13

2 files