Nelnet (NNI) legal chief reports bona fide gifts of 2,104 shares

Q: How many NELNET INC (NNI) shares does William J. Munn hold after the reported gifts?

After the gifts, William J. Munn directly holds 6,872 shares of NELNET INC Class A Common Stock. A related living trust, for which he and his spouse are trustees and beneficiaries, holds 12,155 shares , reflecting the updated indirect position disclosed.

Q: Were the NELNET INC (NNI) insider transactions open-market sales?

No, the transactions were reported as bona fide gifts with a price of $0.00 per share. This means the shares were transferred without sale proceeds, so they do not represent open-market selling activity or a cash-raising transaction for the executive.

Q: What transaction code was used for the NELNET INC (NNI) insider gifts?

The Form 4 uses transaction code G , which designates a bona fide gift . In this case, it records two non-derivative transfers of NELNET INC Class A Common Stock, each for 1,052 shares , with no price per share and no exercised derivative securities.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

NELNET INC executive William J. Munn, the Secretary, Chief Legal Officer, and General Counsel, reported gifting a total of 2,104 shares of Class A Common Stock on April 15, 2026. One gift of 1,052 shares reduced his direct holdings to 6,872 shares, while another 1,052-share gift involved his indirect holdings.

The indirect transaction relates to a living trust described as having Munn and his spouse as trustees and beneficiaries, which now holds 12,155 shares. Both transactions are reported as bona fide gifts at a price of $0.00 per share, meaning they were not market sales and did not generate cash proceeds.

Insider Trade Summary

2,104 shares gifted

Mixed 2 txns

Insider Munn William J

Role Secy/Chief Legal Off/Gen Coun

Type	Security	Shares	Price	Value
Gift	Class A Common Stock	1,052	$0.00	--
Gift	Class A Common Stock	1,052	$0.00	--

Holdings After Transaction: Class A Common Stock — 6,872 shares (Direct); Class A Common Stock — 12,155 shares (Indirect, By Trust)

Footnotes (1)

Shares gifted to a living trust of which the reporting person and his spouse are the trustees and beneficiaries. Shares held by a living trust of which the reporting person and his spouse are the trustees and beneficiaries.

Key Figures

Total shares gifted: 2,104 shares Direct shares gifted: 1,052 shares Indirect shares gifted: 1,052 shares +3 more

6 metrics

Total shares gifted 2,104 shares Bona fide gifts of Class A Common Stock on April 15, 2026

Direct shares gifted 1,052 shares Gift from direct holdings, Class A Common Stock

Indirect shares gifted 1,052 shares Gift involving indirect holdings by trust

Direct holdings after gifts 6,872 shares Direct Class A Common Stock position following transactions

Trust holdings after gifts 12,155 shares Shares held by living trust after transactions

Gift price per share $0.00 per share Reported for both bona fide gifts

Key Terms

bona fide gift, Class A Common Stock, living trust, indirect ownership

4 terms

bona fide gift financial

"transaction_code_description: Bona fide gift"

Class A Common Stock financial

"security_title: Class A Common Stock"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

living trust financial

"Shares gifted to a living trust of which the reporting person and his spouse are the trustees and beneficiaries."

indirect ownership financial

"direct_or_indirect: I, nature_of_ownership: By Trust"

Form 4 Insider Transactions: What Each Field Means →

04/17/2026 - 04:40 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Munn William J

(Last)

(First)

(Middle)

121 SOUTH 13TH STREET

SUITE 100

(Street)

LINCOLN

NEBRASKA

68508

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NELNET INC [ NNI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Secy/Chief Legal Off/Gen Coun

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	04/15/2026		G		1,052⁽¹⁾	D	$0	6,872	D
Class A Common Stock	04/15/2026		G		1,052⁽¹⁾	A	$0	12,155⁽²⁾	I	By Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Shares gifted to a living trust of which the reporting person and his spouse are the trustees and beneficiaries.

2. Shares held by a living trust of which the reporting person and his spouse are the trustees and beneficiaries.

	/s/ Nicole M. Stawniak, Attorney-in-Fact for William J. Munn	04/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did NELNET INC (NNI) report for William J. Munn?

NELNET INC reported that executive William J. Munn made two bona fide gifts totaling 2,104 shares of Class A Common Stock. These transactions occurred on April 15, 2026 and are classified as non-market, $0.00 per share gifts rather than open-market sales.

How many NELNET INC (NNI) shares does William J. Munn hold after the reported gifts?

After the gifts, William J. Munn directly holds 6,872 shares of NELNET INC Class A Common Stock. A related living trust, for which he and his spouse are trustees and beneficiaries, holds 12,155 shares, reflecting the updated indirect position disclosed.

Were the NELNET INC (NNI) insider transactions open-market sales?

No, the transactions were reported as bona fide gifts with a price of $0.00 per share. This means the shares were transferred without sale proceeds, so they do not represent open-market selling activity or a cash-raising transaction for the executive.

What role does the living trust play in William J. Munn’s NELNET INC (NNI) holdings?

A living trust, where William J. Munn and his spouse are trustees and beneficiaries, holds 12,155 NELNET INC shares after the transactions. Some gifted shares moved into or within this trust structure, which is reported as an indirect ownership position in the Form 4.

What transaction code was used for the NELNET INC (NNI) insider gifts?

The Form 4 uses transaction code G, which designates a bona fide gift. In this case, it records two non-derivative transfers of NELNET INC Class A Common Stock, each for 1,052 shares, with no price per share and no exercised derivative securities.