SECOND AMENDED EXECUTIVE OFFICERS BONUS PLAN
(Effective April 1, 2009)
1. PURPOSE. Nelnet, Inc. has established this Nelnet, Inc. Executive Officers Bonus Plan in order to provide the
Company’s Chief Executive Officer with an opportunity to earn annual bonus compensation based upon the
Company’s consolidated net income before taxes, as an incentive and reward for his leadership, ability and
2. DEFINITIONS. For purposes of the Plan, the following terms shall be defined as set forth below:
a. “Award” means the amount of bonus compensation to which an Eligible Employee is entitled for each Plan Year
in accordance with sections 4 and 5 of the Plan.
b. “Base Net Income” means the Company’s annual base net income for the Plan Year as calculated and reported
in the Company’s earnings releases and filings.
c. “Base Net Income Per Share” means Base Net Income divided by weighted average basic number of common
shares outstanding as of the end of the Plan Year.
d. “Board” means the Board of Directors of the Company.
e. “Code” means the Internal Revenue Code of 1986, as amended, including applicable regulations thereunder.
f. “Committee” means the Compensation Committee of the Board.
g. “Company” means Nelnet, Inc., a Nebraska corporation, or any successor corporation.
h. “Eligible Employee” means the Chief Executive Officer of the Company.
i. “Plan” means the Nelnet, Inc. Executive Officers Bonus Plan, as amended from time to time.
j. “Plan Year” means a calendar year or such other period established by the Committee.
k. “Investment Grade Credit Rating” means a credit rating by Standard & Poor’s of “BBB” or higher, and
Moody’s Investor Services of “Baa3” or higher.
3. ADMINISTRATION. The Plan shall be administered by the Committee. The Committee shall have the
authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall
deem advisable and to interpret the terms and provisions of