<SEC-DOCUMENT>0001437749-21-019712.txt : 20210812
<SEC-HEADER>0001437749-21-019712.hdr.sgml : 20210812
<ACCEPTANCE-DATETIME>20210812162233
ACCESSION NUMBER:		0001437749-21-019712
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210810
FILED AS OF DATE:		20210812
DATE AS OF CHANGE:		20210812

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Butterfield Shelby J
		CENTRAL INDEX KEY:			0001808121

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31924
		FILM NUMBER:		211167896

	MAIL ADDRESS:	
		STREET 1:		121 SOUTH 13TH STREET, SUITE 100
		CITY:			LINCOLN
		STATE:			NE
		ZIP:			68508

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NELNET INC
		CENTRAL INDEX KEY:			0001258602
		STANDARD INDUSTRIAL CLASSIFICATION:	PERSONAL CREDIT INSTITUTIONS [6141]
		IRS NUMBER:				840748903
		STATE OF INCORPORATION:			NE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		121 SOUTH 13TH ST
		STREET 2:		STE 201
		CITY:			LINCOLN
		STATE:			NE
		ZIP:			68508
		BUSINESS PHONE:		402-458-2370

	MAIL ADDRESS:	
		STREET 1:		121 SOUTH 13TH ST
		STREET 2:		STE 201
		CITY:			LINCOLN
		STATE:			NE
		ZIP:			68508
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rdgdoc.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <periodOfReport>2021-08-10</periodOfReport>

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        <issuerName>NELNET INC</issuerName>
        <issuerTradingSymbol>NNI</issuerTradingSymbol>
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            <rptOwnerName>Butterfield Shelby J</rptOwnerName>
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            <rptOwnerStreet1>C/O NELNET, INC.</rptOwnerStreet1>
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            <rptOwnerCity>LINCOLN</rptOwnerCity>
            <rptOwnerState>NE</rptOwnerState>
            <rptOwnerZipCode>68508</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
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                <directOrIndirectOwnership>
                    <value>I</value>
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        <nonDerivativeHolding>
            <securityTitle>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By GRAT</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>83186</value>
                    <footnoteId id="F15"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By GRAT</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>87876</value>
                    <footnoteId id="F16"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By GRAT</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>73502</value>
                    <footnoteId id="F17"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By GRAT</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>86845</value>
                    <footnoteId id="F18"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By GRAT</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>38291</value>
                    <footnoteId id="F19"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By CLAT</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>29967</value>
                    <footnoteId id="F20"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By the Estate of Stephen F. Butterfield</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>18394</value>
                    <footnoteId id="F21"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By trust</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>18394</value>
                    <footnoteId id="F22"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By trust</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Shares of the issuer's Class B common stock are convertible at a fixed one-for-one ratio into an equal number of shares of the issuer's Class A common stock at any time at the holder's option.  On August 10, 2021, the trust referred to in the footnote in column 5 for this line item converted shares of Class B common stock into an equal number of shares of Class A common stock.  Such conversion of convertible common stock at a fixed ratio was exempt from Section 16(b) under Rule 16a-6(b).</footnote>
        <footnote id="F2">Shares held by the Stephen F. Butterfield GST Non-Exempt Marital Trust (the &quot;Butterfield GST Non-Exempt Marital Trust&quot;), an estate planning trust for the family of Stephen F. Butterfield.  The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.</footnote>
        <footnote id="F3">These shares were acquired by the issuer in a privately negotiated transaction under the issuer's stock repurchase program that was separately approved by the issuer's Board of Directors and Nominating and Corporate Governance Committee of the Board of Directors, and separately disclosed by the issuer in a Current Report on Form 8-K filed by the issuer on August 11, 2021.</footnote>
        <footnote id="F4">Pursuant to the terms of the privately negotiated issuer repurchase transaction, this price was based on a discount to the closing market price on August 9, 2021.</footnote>
        <footnote id="F5">Shares held by a trust, of which the daughter of the reporting person is the beneficiary.</footnote>
        <footnote id="F6">Shares held by a trust, of which the son of the reporting person is the beneficiary.</footnote>
        <footnote id="F7">Shares held by a trust for the benefit of the reporting person's daughter established under the restated agreement for the Stephen F. Butterfield Revocable Living Trust, which became irrevocable upon the passing of Mr. Butterfield on April 16, 2018.</footnote>
        <footnote id="F8">Shares held by a trust for the benefit of the reporting person's son established under the restated agreement for the Stephen F. Butterfield Revocable Living Trust, which became irrevocable upon the passing of Mr. Butterfield on April 16, 2018.</footnote>
        <footnote id="F9">Shares held by the Stephen F. Butterfield GST Exempt Marital Trust, an estate planning trust for the family of Stephen F. Butterfield.  The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.</footnote>
        <footnote id="F10">Shares held by Union Financial Services, Inc. (&quot;UFS&quot;), of which the Butterfield GST Non-Exempt Marital Trust owns 50.0% of the outstanding capital stock and the Executive Chairman of the issuer owns the other 50.0% of the outstanding capital stock.  The reporting person reports beneficial ownership of all the shares held by UFS, but disclaims beneficial ownership of the shares held by UFS except to the extent of her pecuniary interest therein.</footnote>
        <footnote id="F11">Shares held by a grantor retained annuity trust (&quot;GRAT&quot;) established by the reporting person on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.</footnote>
        <footnote id="F12">Shares held by a separate GRAT established by the reporting person on December 18, 2015.  The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.</footnote>
        <footnote id="F13">Shares held by a separate GRAT established by the reporting person on December 18, 2015.  The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.</footnote>
        <footnote id="F14">Shares held by a separate GRAT established by the reporting person on December 18, 2015.  The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.</footnote>
        <footnote id="F15">Shares held by a separate GRAT established by the reporting person on December 18, 2015.  The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.</footnote>
        <footnote id="F16">Shares held by a separate GRAT established by the reporting person on December 18, 2015.  The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.</footnote>
        <footnote id="F17">Shares held by a GRAT established by Stephen F. Butterfield on December 18, 2015.  The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.</footnote>
        <footnote id="F18">Shares held by a separate GRAT established by Stephen F. Butterfield on December 18, 2015.  The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.</footnote>
        <footnote id="F19">Shares held by a charitable lead annuity trust (&quot;CLAT&quot;) established by Stephen F. Butterfield, of which CLAT the descendants of the reporting person are included as remainder beneficiaries.  The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.</footnote>
        <footnote id="F20">Shares held by the Estate of Stephen F. Butterfield (the &quot;Butterfield Estate&quot;), for which the reporting person is the personal representative.  The reporting person disclaims beneficial ownership of the shares held by the Butterfield Estate, except to the extend of her pecuniary interest therein.</footnote>
        <footnote id="F21">Shares held by a trust for the benefit of the reporting person's daughter.</footnote>
        <footnote id="F22">Shares held by a trust for the benefit of the reporting person's son.</footnote>
    </footnotes>

    <remarks>One of two Form 4s filed on August 12, 2021 for the reporting of various transactions included in this first Form 4.  The second Form 4 includes additional holdings that could not be included in this first Form 4 due to a limitation on the number of line items that can be included per table in a single Form 4.</remarks>

    <ownerSignature>
        <signatureName>/s/ Kirsten J. Foos, Attorney-in-Fact for Shelby J. Butterfield</signatureName>
        <signatureDate>2021-08-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
