Nelnet Board Expands to 10 Members with Appointments of Klein and Pallesen

Nelnet, Inc. announced on September 15, 2026, that its Board of Directors has expanded its size from eight to ten members. The expansion was approved by the Board’s Nominating and Corporate Governance Committee and includes the appointment of two new independent directors.

Angela Klein has been appointed as a Class III member of the Board, with a term expiring at the Company’s 2029 annual meeting of shareholders. Ms. Klein brings nearly 25 years of experience in consumer marketing and growth leadership, most recently serving as head of U.S. consumer channels at Apple. Previously, she spent nearly 25 years at Verizon, including roles as chief content officer and senior vice president of growth marketing. Ms. Klein holds marketing and advertising degrees from the University of Nebraska–Lincoln and has been named a David Rockefeller Fellow and a fellow of The Marketing Academy. She will serve on the Nominating and Corporate Governance, People Development and Compensation, and Compliance committees.

Edward Pallesen has been appointed as a Class II member of the Board, with a term expiring at the Company’s 2028 annual meeting of shareholders. Mr. Pallesen brings over 25 years of experience in financial services and infrastructure investing. He currently serves as managing director and global head of infrastructure at H.I.G. Capital and previously worked at Goldman Sachs Group, Inc. Mr. Pallesen holds an undergraduate degree from Harvard College, an M.Phil. and D.Phil. from Oxford University, and a law degree from Harvard Law School. He will serve on the Nominating and Corporate Governance and Risk and Finance committees.

The Board has affirmed that both Ms. Klein and Mr. Pallesen are independent directors under the corporate governance listing standards of the New York Stock Exchange. In connection with their appointments, the Company will grant shares of Class A common stock pursuant to the Directors Stock Compensation Plan to cover the pro rata retainer fees of approximately $141,000 for Ms. Klein and $133,000 for Mr. Pallesen from their appointment date until the Company’s 2027 annual meeting of shareholders.