Munn William J 4

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.