Tewes Timothy 4

4 · NELNET INC · Filed Mar 12, 2026

AI-generated summary of this filing

Updated Mar 13, 2026

Nelnet (NNI) President Timothy Tewes Receives Awards, Net +10,876 Shares

What Happened

Timothy Tewes, President of Nelnet, received two stock awards on March 10, 2026: 7,527 restricted shares (vesting tranche) and 8,656 shares as his 2025 performance-based bonus (total 16,183 shares at $0.00).
To satisfy tax withholding obligations, Nelnet withheld/disposed a total of 5,307 shares (794, 356, 322, 135 and 3,700 share lots) at per-share values of $131.23 and $132.87, with total value of the withheld shares reported as $702,506. The net increase in shares from these actions is roughly +10,876 shares (16,183 awarded − 5,307 withheld).
These disposals were tax-withholding (code F), not open-market sales.

Key Details

Transaction date: March 10, 2026; Form 4 filed March 12, 2026 (appears timely).
Awards: 7,527 restricted shares (vesting schedule: one-fifth vests annually on March 10) and 8,656 bonus shares (performance-based for 2025).
Withheld/disposed shares: 5,307 total — 4 lots valued at $131.23/share and 1 lot of 3,700 shares at $132.87/share; total value ≈ $702,506.
Net effect: approximately +10,876 shares added to Tewes’s holdings after tax withholding.
Notes: issuer used a net share settlement/tax-withholding arrangement to satisfy tax obligations; per-share values were assigned by the issuer based on market prices (footnotes reference March 10 close and an average for Feb 27–Mar 5).
Shares owned after transaction: not explicitly stated in the reported sections provided; filing notes prior holdings include 1,492 ESPP shares and 98 shares from dividend reinvestment since March 12, 2025.

Context

These transactions reflect stock awards and routine tax-withholding rather than an open-market purchase or sale. Withheld shares were used to cover taxes (a common cashless/net-settlement method) and do not necessarily indicate a change in insider sentiment.

Form 4

Period: 2026-03-10

President

Transactions

Tax Payment
Class A Common Stock
[F1][F2][F3]
2026-03-10$131.23/sh−794$104,197→ 82,378 total
Tax Payment
Class A Common Stock
[F1][F2][F3]
2026-03-10$131.23/sh−356$46,718→ 82,022 total
Tax Payment
Class A Common Stock
[F1][F2][F3]
2026-03-10$131.23/sh−322$42,256→ 81,700 total
Tax Payment
Class A Common Stock
[F1][F2][F3]
2026-03-10$131.23/sh−135$17,716→ 81,565 total
Award
Class A Common Stock
[F4][F3]
2026-03-10+7,527→ 89,092 total
Award
Class A Common Stock
[F5][F3]
2026-03-10+8,656→ 97,748 total
Tax Payment
Class A Common Stock
[F6][F7]
2026-03-10$132.87/sh−3,700$491,619→ 94,048 total

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]Includes (i) 1,492 shares issued pursuant to the issuer's Employee Share Purchase Plan and (ii) 98 shares acquired through a dividend reinvestment program since March 12, 2025.
[F4]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.
[F5]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.
[F6]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 8,656 shares of bonus compensation stock.
[F7]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.

Signature

/s/ Philip J. Morgan, Attorney-in-Fact for Timothy Tewes|2026-03-12

2 files