1 unchanged sentence
Stock Repurchases
−Removed: The following table summarizes the repurchases of Class A common stock during the second quarter of 2022 by the Company or any “affiliated purchaser” of the Company, as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934.
+Added: The following table summarizes the repurchases of Class A common stock during the third quarter of 2022 by the Company or any “affiliated purchaser” of the Company, as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934.
Certain share repurchases included in the table below were made pursuant to a trading plan adopted by the Company in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934.
Period Total number of shares purchased (a) Average price paid per share Total number of shares purchased as part of publicly announced plans or programs (b) Maximum number of shares that may yet be purchased under the plans or programs (b)
−Removed: April 1 - April 30, 2022 155,510 $ 84.38 155,510 2,067,349
−Removed: May 1 - May 31, 2022 275,161 82.18 275,161 4,806,205
−Removed: June 1 - June 30, 2022 127,586 80.71 122,368 4,683,837
+Added: July 1 - July 31, 2022 76,211 $ 85.79 76,211 4,607,626
+Added: August 1 - August 31, 2022 23,058 85.74 23,058 4,584,568
+Added: September 1 - September 30, 2022 70,591 81.84 66,632 4,517,936
Total 169,860 $ 84.14 165,901
(a) The total number of shares includes:
−Removed: (i) shares repurchased pursuant to the stock repurchase programs discussed in footnote (b) below;
+Added: (i) shares repurchased pursuant to the stock repurchase program discussed in footnote (b) below;
and (ii) shares owned and tendered by employees to satisfy tax withholding obligations upon the vesting of restricted shares.
−Removed: Shares of Class A common stock tendered by employees to satisfy tax withholding obligations included 5,218 shares in June 2022.
+Added: Shares of Class A common stock tendered by employees to satisfy tax withholding obligations included 3,959 shares in September 2022.
Unless otherwise indicated, shares owned and tendered by employees to satisfy tax withholding obligations were purchased at the closing price of the Company's shares on the date of vesting.
−Removed: (b) On May 8, 2019, the Company announced that its Board of Directors authorized a stock repurchase program to repurchase up to a total of five million shares of the Company's Class A common stock during the three-year period ended May 7, 2022.
−Removed: That program expired on May 7, 2022.
−Removed: On May 9, 2022, the Company announced that its Board of Directors authorized a stock repurchase program to repurchase up to a total of five million shares of the Company's Class A common stock during the three-year period ending May 8, 2025.
−Removed: The five million shares authorized under the new program include the remaining unpurchased shares from the prior program, which the new program replaces.
−Removed: As of June 30, 2022, 4,683,837 shares remained authorized for repurchase under the Company's new program.
+Added: (b) On May 9, 2022, the Company announced that its Board of Directors authorized a stock repurchase program to repurchase up to a total of five million shares of the Company's Class A common stock during the three-year period ending May 8, 2025.
Working capital and dividend restrictions/limitations
3 unchanged sentences
These provisions do not currently materially limit the Company's ability to pay dividends, and, based on the Company's current financial condition and recent results of operations, the Company does not currently anticipate that these provisions will materially limit the future payment of dividends.
−Removed: 3.1 Articles of Amendment to Third Amended and Restated Articles of Incorporation of Nelnet, Inc., filed as Exhibit 3.1 to the registrant's Current Report on Form 8-K filed on May 23, 2022 and incorporated by reference herein.
−Removed: 3.2* Composite Third Amended and Restated Articles of Incorporation of Nelnet, Inc., as amended through August 8, 2022.
−Removed: 10.1*+ Guaranty Supplement to the Third Amended and Restated Guaranty, dated as of July 27, 2022, in favor of U.S.
−Removed: Bank National Association, as Administrative Agent.
31.1* Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Chief Executive Officer Jeffrey R.
11 unchanged sentences
** Furnished herewith
−Removed: + Filed herewith for purposes of providing a complete set of all documents to the Third Amended and Restated Guaranty related to the Third Amended and Restated Credit Agreement, both dated September 22, 2021.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
−Removed: August 8, 2022 By:
+Added: November 7, 2022 By:
/s/ JEFFREY R.
1 unchanged sentence
Principal Executive Officer
−Removed: August 8, 2022 By:
+Added: November 7, 2022 By:
Chief Financial Officer
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.