Wenger DeeAnn 4

What Happened

• DeeAnn Wenger, President of Nelnet Business Services, received two equity awards on March 10, 2026: 3,764 restricted stock shares (vesting schedule) and 2,164 shares as her 2025 performance-based bonus — 5,928 shares in total (awarded at $0 on the Form 4).
• To satisfy tax withholding obligations connected to these awards (and a previously reported grant), the issuer withheld/treated as disposed a total of 1,278 shares. Those withheld shares were reported as dispositions at per-share values of $131.23 (majority of withheld shares) and $132.87 (636 shares), with aggregate proceeds shown of approximately $168,755.
• Net from these transactions, 5,928 awarded minus 1,278 withheld = 4,650 shares remained attributable to Wenger from the awards (based on the reported award and withholding entries).

Key Details

• Transaction date: March 10, 2026; Form 4 filed March 12, 2026 (timely; Form 4 is typically due within two business days).
• Awards (code A): 3,764 restricted shares (vest one-fifth each year over five years) and 2,164 shares (2025 personal performance-based bonus paid in stock).
• Withholding/dispositions (code F): 99, 100, 129, 69, 245 shares reported at $131.23 and 636 shares at $132.87 — total 1,278 shares withheld; total value shown ~$168,755.
• Shares owned after the reported transactions: not provided in the excerpt of the filing.
• Footnotes: withholding was done by the issuer to satisfy tax obligations (not an open-market discretionary sale); one award vests annually over five years; the bonus award vested/was payable on March 10, 2026; differing per-share values reflect issuer-assigned values and an average-price valuation for one withholding tranche.

Context

• These transactions are award-related and tax-withholding related — the “dispositions” reported (code F) represent shares withheld to cover taxes, not a typical executive open-market sale. Tax-withholding is common when restricted stock vests or bonus shares are issued.
• Restricted shares vest over time (here, one-fifth per year), so retained shares are subject to the issuer’s vesting schedule and may not be immediately tradable.
• This filing does not by itself indicate broader insider sentiment (awards are compensation; withheld shares are routine administrative actions).