NELNET (NNI) Director Kimberly Rath Receives Phantom Stock Award

What Happened Kimberly Kay Rath, a director of Nelnet, Inc. (NNI), received a grant of 93 phantom shares under the company's Directors Stock Compensation Plan on 2026-09-15. The grant is recorded at $108.37 per share, for an implied value of approximately $10,078. This was a derivative award (phantom stock), not an immediate issuance of Class A common shares.

Key Details

• Transaction date: 2026-09-15; Filing date: 2026-09-16 (timely).
• Transaction type/code: Award/Grant (A) — 93 phantom shares at $108.37 per share (total ≈ $10,078).
• Shares owned after transaction: Not specified in the filing.
• Footnotes of note:
  • F1: 1-for-1 (phantom shares convert 1-for-1 to Class A common stock when payable).
  • F2: Phantom shares will be payable in Class A common stock promptly after the reporting person's board service ends, either in a lump sum or up to five annual installments as elected.
  • F3: The filing also notes a total of 169 shares were acquired since June 17, 2026 via the plan’s dividend reinvestment feature.
• This is a director compensation grant (not an open-market purchase or sale).

Context Phantom stock awards grant the right to receive actual shares (or their cash/share equivalent) later and do not immediately change share ownership or voting power. Director awards are common as compensation and should be viewed as part of routine pay rather than a direct bullish purchase. Monitor future filings to see when the phantom shares are settled into actual Class A shares.