Form 4: Nelnet Director Jona M. Van Deun Acquires Shares and Phantom Stock Through Compensation Plan

Nelnet, Inc. Director Jona M. Van Deun has acquired 471 shares of Class A Common Stock and 1,413 units of phantom stock at a price of $95.58 per share/unit, as part of the company's Directors Stock Compensation Plan.

Summary

• Jona M. Van Deun, a Director of Nelnet, Inc. (NNI), acquired 471 shares of Class A Common Stock on June 16, 2025.
• These shares were acquired at a price of $95.58 per share, totaling approximately $45,017.58.
• Following this transaction, Jona M. Van Deun directly beneficially owns 1,104 shares of Class A Common Stock.
• Additionally, the director acquired 1,413 units of phantom stock on June 16, 2025, also at a price of $95.58 per unit.
• Each phantom stock unit is convertible on a 1-for-1 basis into Class A Common Stock.
• The phantom stock will become payable in shares of Class A Common Stock promptly after the termination of the reporting person's service as a member of the issuer's Board of Directors, either in a lump sum or up to five annual installments.
• After this transaction, Jona M. Van Deun directly beneficially owns 7,105 units of phantom stock.
• Both the Class A Common Stock and phantom stock acquisitions were made pursuant to Nelnet's Directors Stock Compensation Plan.
• The reported phantom stock holdings include 58 shares acquired since June 18, 2024, through the dividend reinvestment feature of the Directors Stock Compensation Plan.

Sentiment

Score: 7

Explanation: The document reports a routine compensation grant to a director, which is a positive sign of aligning insider interests with shareholders. It does not contain any negative or unexpected information.

Positives

• The acquisition of shares and phantom stock by a director aligns their interests with those of the shareholders, as their compensation is tied to the company's performance.
• The transaction is part of a structured Directors Stock Compensation Plan, indicating a routine and transparent method of executive remuneration.

Future Outlook

The phantom stock units will become payable in shares of Class A Common Stock promptly after the termination of the reporting person's service as a member of the issuer's Board of Directors, either in a lump sum or up to five annual installments, as elected by the reporting person.

Industry Context

This Form 4 filing represents a routine insider transaction, specifically a compensation grant to a director. Such grants are common practice across industries to incentivize and align the interests of company leadership with long-term shareholder value.

Corporate Governance

Related Party Transactions

• The grant of shares and phantom stock to a director under the Directors Stock Compensation Plan can be considered a related party transaction, as it involves compensation to an insider.

Stakeholder Impact

• Shareholders: The transaction aligns the director's financial interests with those of the shareholders, potentially fostering a greater commitment to long-term company performance.
• Employees: No direct impact on employees is indicated by this filing.

Next Steps

• Phantom stock units will become payable in Class A Common Stock upon termination of the director's service, either in a lump sum or up to five annual installments, based on the director's election.

Key Dates

Keywords

Nelnet, NNI, Form 4, Insider Transaction, Director Compensation, Stock Acquisition, Phantom Stock, Equity Compensation, Corporate Governance