X0306 4 2022-06-21 0001258602 NELNET INC NNI 0001269806 HENNING THOMAS EDWARD C/O NELNET, INC. 121 SOUTH 13TH STREET, SUITE 100 LINCOLN NE 68508 1 Class A Common Stock 2022-06-21 4 A 0 2953 65.21 A 16152 D Class A Common Stock 3102 I By Spouse Phantom Stock Class A Common Stock 48676 48676 D These shares were granted pursuant to the issuer's Directors Stock Compensation Plan. 1-for-1. The shares of phantom stock were granted pursuant to the issuer's Directors Stock Compensation Plan. They will become payable in shares of Class A Common Stock at the time of termination of the reporting person's service as a member of the issuer's Board of Directors. The shares will be payable in a lump sum at the time of termination of the reporting person's service as a member of the issuer's Board, or in up to five annual installments, commencing at the time of termination of the reporting person's service on the issuer's Board, as elected by the reporting person. Includes a total of 541 shares acquired since June 22, 2021 pursuant to the dividend reinvestment feature of the issuer's Directors Stock Compensation Plan. /s/ Audra Hoffschneider, Attorney-in-Fact for Thomas E. Henning 2022-06-21