Document:

Filed by Bowne Pure Compliance

Exhibit 10.2

NON-COMPETITION AGREEMENT

This Non-Competition Agreement (the “Agreement”) is entered into as of this 10th day of June,
2005, between FACTS Management Co., a Nebraska corporation (the “Corporation”) and Timothy A. Tewes
(“Employee”).

WITNESSETH:

WHEREAS, Employee is employed by the Corporation and has and will continue to gain extensive
and valuable information, experience and knowledge in connection with the Corporation’s business
and will continue to have extensive contacts with customers and clients of the Corporation in the
development of goodwill, which would make it possible for the Employee to divert such goodwill for
his own account and he could attract new customers based upon his experience, knowledge and
reputation gained in the Corporation’s business and in the industry in which the Corporation
operates; and

WHEREAS, pursuant to that certain Stock Purchase Agreement dated as of May 31, 2005 (the
“Stock Purchase Agreement”) among Nelnet, Inc., Employee and others, as of June 10, 2005, Nelnet,
Inc. will be purchasing from the Employee (and other shareholders) certain shares of the issued and
outstanding capital stock of the Corporation so that Nelnet, Inc. will be the owner of 80% of all
of the issued and outstanding common stock of the Corporation; and

WHEREAS, as a condition of and as an inducement to Nelnet, Inc. becoming owner of the stock of
the Corporation being sold by Employee, Employee (as one of the shareholders of the Corporation)
has agreed to enter into this Agreement; and

WHEREAS, in consideration of entering into the Stock Purchase Agreement, payment by Nelnet,
Inc. in the amount set forth in Schedule 2.1.1 of the Stock Purchase Agreement, as well as the
Employee’s continued employment with the Corporation, the parties have agreed to enter into this
Agreement.

NOW, THEREFORE, in consideration of the foregoing preambles, and as an inducement for Nelnet,
Inc. to enter into the Stock Purchase Agreement, for payment by Nelnet, Inc. of the amount set
forth in Schedule 2.1.1 of the Stock Purchase Agreement, and for the Corporation to continue the
employment of the Employee, the parties agree as follows:

1. Confidential Trade Secrets. Employee understands and agrees that all pricing
information, sales materials, customer lists, software programs, customer agreements, marketing
plans, methods of operation of the Corporation’s business, and all other materials and information
furnished to or made available to Employee or to which Employee has access, specifically including
the names of all persons (hereinafter referred to as customers) who have purchased or are
purchasing services or goods from the Corporation, and the information relating to the contracts or
transactions with such customers are confidential trade secrets of the Employer. Employee shall
not, during or after the term of this Agreement, disclose or use any such information in any manner
or for any reason or purpose whatsoever, other than for the purpose of promoting the Corporation’s
business.

 

 

2. Non-Compete During Employment. During the term of this Agreement, Employee agrees
not to engage, either directly or indirectly, in owning, managing, operating, advising,
controlling, being employed by, or participating in any manner in the ownership,
management-partnership, joint venture or the like which in any way sells or markets, either
directly or indirectly, or intends to sell or market K through 12, college or university tuition
billing services or other merchandise or services sold or offered for sale by the Corporation or
its affiliates, without the express written consent and permission of the Corporation.

3. Non-Compete
Upon Termination of Employment. For a period of two (2) years from the
date of the cancellation or termination of Employee’s employment with the Corporation (for any
reason and by either party), Employee shall not directly or indirectly solicit or sell to any
person with whom Employee had personal contact while selling or attempting to sell, servicing or
promoting K through 12, college or university tuition billing services or other merchandise or
services on behalf of the Corporation without the express written consent and permission of the
Corporation; provided, however, that nothing herein shall be construed to prevent Executive from
providing consulting services or conducting seminars for schools or dioceses relating to school
operations, marketing, business and financial matters for such institutions, so long as such
activities do not directly or indirectly compete with products or services offered by the
Corporation.

4. Remedies. The parties understand and agree that a breach hereof will cause
irreparable injury to the Corporation, that monetary damage would not provide an adequate remedy
for such breach, and therefore, the Corporation may elect to have this Agreement specifically
enforced by any court having equity jurisdiction. In the event Employee fails to observe the
requirements of this Agreement, the Corporation shall be entitled to enforce such provisions
through any remedies provided by law, including but not limited to injunctive relief and, in
addition, the Corporation may, in its sole discretion, retain as liquidated damages any salaries,
bonuses or other compensation then due and owing, or which may become due and owing in the future,
by the Corporation to the Employee, and pursue such other remedies for relief which may be
available pursuant to law or this Agreement.

5. Governing Law. This Agreement shall be governed by, construed and enforced in
accordance with the laws of the State of Nebraska.

6. Severability. Should any provision of this Agreement be held unenforceable or
invalid under the laws of the State of Nebraska, the parties agree that such provision shall be
deemed modified for purposes of performance.

 

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7. Assignment. This Agreement and the rights and obligations of the parties hereto are
personal in nature and may not be assigned or delegated by either party without the prior written
consent of the other party.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.

	 	 	 	 	 
	 	FACTS MANAGEMENT COMPANY, 

INC., a Nebraska corporation

 	 
	 	By:  	/s/ David J. Byrnes
 	 
	 	Title:      President 	 

	 	 	 	 	 
	 	/s/ Timothy A. Tewes
 	 
	 	Timothy A. Tewes, Employee 	 

 

3Filed by Bowne Pure Compliance

Exhibit 10.3

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”) is effective this 22nd
day of November, 2006, between FACTS Management Co., a Nebraska corporation (“Employer”), and
Timothy A. Tewes (“Employee”).

WHEREAS, the parties have entered into that certain Employment Agreement dated as of June 10, 2005
(the “Agreement”) pursuant to which Employer employed Employee under the terms set forth therein.

WHEREAS, the parties now wish to amend the Agreement as set forth in this Amendment.

NOW THEREFORE, in consideration of the premises and the mutual covenants contained herein, the
parties agree as follows:

	 	1.	 	Definitions. Capitalized
terms used herein shall have the meanings ascribed to them in the Agreement unless otherwise indicated in this Amendment.

	 
	 
	 	2.	 	Amendment. The parties agree
that Section 4.c. of the Agreement, titled “Discretionary Bonus” shall be deleted in its entirety and replaced with the
following:

	 
	 
	 	 	 	“c. Discretionary Bonus. In addition to (and separate from) Base Salary,
Employee may receive an annual incentive payment in an amount determined
pursuant to the Employer’s performance-based incentive program, payable in
November of each year. The amount of the incentive payment is based on
achievement of financial goals and objectives, as determined and approved by the
Chief Executive Officer of Employer.”

	 
	 	3.	 	Ratification. The Agreement, as amended by this Amendment is hereby ratified
by the parties.

In Witness Whereof, the parties have executed this First Amendment to Employment
Agreement the day and year first above written.

	 	 	 	 	 	 	 
	FACTS Management Co.

	 	 	 	Employee:	 	 
	 
	 	 	 	 	 	 
	/s/ David J. Byrnes
 

David J. Byrnes, CEO

	 	 
	 	/s/ Timothy A. Tewes
 

Timothy A. TewesFiled by Bowne Pure Compliance

Exhibit 10.4

December 13, 2007

David Bottegal

15815 Laughlin Lane

Silver Spring, MD 20906

Dear David:

This letter will confirm our discussion and mutual agreement regarding your separation from
employment at Nelnet as of December 31, 2007 (the
“Termination Date”). As we have discussed, the
terms of your separation are as follows, and any prior agreements or arrangements related to your
employment are void:

	1.	 	Compensation and Benefits. You will receive the following compensation and benefits,
which exceed amounts Nelnet would otherwise be required to pay you under our normal policies
and procedures or any other law, rule or agreement:

	 	a.	 	In lieu of notice, any monies you may be entitled to, and in consideration of the
terms of this Agreement, including the agreement not to compete with Nelnet, the amount
of three hundred thousand dollars ($300,000), less applicable taxes and other
deductions, so long as you satisfy the terms of section three (3) of this letter,
regarding your agreement not to compete with Nelnet. The foregoing amount will be paid,
less taxes and deductions, in the following manner: (i) $11,538.46 per pay period for
five (5) pay periods, pursuant to Nelnet’s standard pay cycle, during the period
beginning January 1, 2008 and ending on March 7, 2008, with the final such payment on
March 7, 2008; and (ii) a lump sum payment in the amount of $242,307.70 to be paid on
March 7, 2008. The foregoing amounts include all unused and accrued Earned Time Off
(ETO).

	 
	 	b.	 	Your 2007 annual incentive of one hundred thousand dollars ($100,000.00) less
applicable taxes and deductions, to be paid in approximately March 2008 concurrent with
the Nelnet Performance Based Incentive Payments for all associates.

	 
	 	c.	 	Your participation in Nelnet’s benefits, including life insurance, disability
insurance and ETO will cease in accordance with plan provisions, but you will have
access to COBRA benefits as required by law. Four monthly payments of COBRA premiums
totaling $121.32 for those portions of Nelnet’s benefit plans in which you participate
will be paid on the payroll following December 31, 2007. Your participation in the
Nelnet 401(k) plan and the Employee Stock Purchase Plan will cease on or before the
Termination Date.

	 
	 	d.	 	You may keep your laptop computer, following Nelnet’s Corporate Technology team’s
removal of all Nelnet-owned programs and applications.

	 
	 	e.	 	You will receive reimbursement for business expenses incurred on behalf of Nelnet
through December 7, 2007, upon submission of the same and subject to Nelnet’s standard
policies for payment of such expenses.

	 
	 	f.	 	You may continue to participate in Nelnet’s matching gift program until December
31, 2008, such that Nelnet will match your qualifying personal contributions to eligible
organizations as defined in the matching gift program.

 

 

 

	2.	 	Waiver of Claims. In consideration of the amounts to be paid to you, you waive and
release Nelnet, Inc. and its employees, agents, officers, directors, and shareholders,
partners and affiliated companies; of and from any claims, demands, actions, charges, and
causes of action, known and unknown, of any kind whatsoever, including, but not limited to,
all matters relating to or arising out of your employment with and separation from Nelnet and
your compensation. This applies to claims under Title VII of the Civil Rights Act of 1964, as
amended; the Employee Retirement Income Security Act of 1974, as amended; the Rehabilitation
Act of 1973, as amended; the Age Discrimination in Employment Act of 1967, as amended; Section
1981 of the Civil Rights Act of 1866; Executive Orders 11246 and 11478; the National Labor
Relations Act, as amended; the Fair Labor Standards Act of 1938, as amended; the Family and
Medical Leave Act of 1993; the Equal Pay Act of 1963, as amended, the Older Workers Benefit
Protection Act; the Americans with Disabilities Act; the Civil Rights Act of 1991; and any
other law or ordinance, or any other basis of action, up to and including the effective date
of this agreement. You further waive any rights and release Nelnet from any obligation to pay
for any leave benefits of any kind upon ending of employment, whether accrued or not,
including ETO. You are not waiving rights or claims that may arise after this agreement is
executed.

	3.	 	Agreement Not to Compete. In consideration of the amounts paid and to be paid under
this Agreement, and to protect Nelnet’s trade secrets and other intellectual property, you
specifically agree to the terms of this section. For purposes of this Agreement, the
“Business” shall be defined as Nelnet’s participation in the Federal Family Education Loan
Program, consisting of the marketing, generation, financing, origination, servicing, purchase
or sale of student loans. Your employment in the investment banking field would not be a
violation of this Agreement.

	 	a.	 	Until the earlier of (i) the date, if any, upon which Nelnet and all of its
affiliate or subsidiary companies cease to participate in the Business, or any component
thereof; or (ii) one (1) year (from January 1, 2008 – December 31, 2008) following the
Termination Date (either, the “Noncompete Period”) you agree not to engage in any way in
any business which is directly or indirectly competitive with the Business or the
applicable component thereof, including but not limited to:

	 	1.	 	selling products and/or services which are substantially similar to Nelnet’s;

	 
	 	2.	 	soliciting business for competitive products or services to any person or entity
with whom you had contact while employed by Nelnet; or,

	 
	 	3.	 	owning, controlling or working as an employee or consultant for any business
engaged in any activity which is directly or indirectly competitive with the
Business.

	 	 	 	For clarity, if Nelnet and its affiliate or subsidiary companies cease to participate in a
component of the Business, for example, marketing of student loans, you would not be in
violation of this provision if you subsequently engaged in that component of the business.

	 
	 	b.	 	If you fail, in any manner, to comply with this agreement Nelnet may seek any
relief permitted by law, including but not limited to injunctive relief and such other
remedies for relief which may be available pursuant to Law or this Agreement; and you
agree that Nelnet shall have no obligation to make any further payments under this
Agreement and that you shall return immediately upon demand payments that you have
received under this Agreement.

	 
	 	c.	 	You also agree that during the Noncompete Period you will not:

	 	1.	 	cause or attempt to cause the termination of any employee, agent or contractor of
Nelnet;

	 
	 	2.	 	interfere, or attempt to interfere with the relationship between Nelnet and any
employee, agent or contractor; or

	 
	 	3.	 	hire or attempt to hire any employee, agent, or contractor of Nelnet.

	 	d.	 	You agree the restrictions contained in this section are reasonable and necessary
for the protection of Nelnet’s business.

 

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	4.	 	Other.

	 	a.	 	Confidentiality and Trade Secrets. This letter is confidential and may not be
disclosed to any other person except as required by law or to your accountants or
attorneys for legitimate purposes. You possess many trade secrets of Nelnet, such as
customer lists, marketing strategies and financial information, all of which you must
keep confidential at all times unless disclosure is authorized in writing by Nelnet.

	 
	 	b.	 	Employment Inquiries. In keeping with our standard policies, Nelnet will use its
best efforts to answer external employment-related inquiries by indicating only the
position(s) held by you, your dates of employment, your responsibilities, and a
confirmation of your last salary. Please direct all such inquiries to Nelnet’s People
Services department.

	 
	 	c.	 	REVIEW AND REVOCATION PERIODS. YOU HAVE TWENTY ONE (21) DAYS TO REVIEW
AND CONSIDER THIS AGREEMENT BEFORE SIGNING IT. YOU ARE ADVISED TO CONSULT WITH AN
ATTORNEY BEFORE SIGNING THIS AGREEMENT. ALSO, YOU MAY REVOKE THIS AGREEMENT WITHIN
SEVEN (7) DAYS OF SIGNING IT, BY DELIVERING A WRITTEN NOTICE OF REVOCATION TO EVAN ROTH
AT 3015 S. PARKER RD. SUITE 400, AURORA, CO 80014. THE AGREEMENT WILL NOT BECOME
EFFECTIVE OR ENFORCEABLE AND THE PAYMENTS AND BENEFITS WILL NOT BE MADE OR BECOME
EFFECTIVE UNTIL THE END OF THIS REVOCATION PERIOD. IF YOU REVOKE THIS AGREEMENT, IT
WILL NOT BE EFFECTIVE OR ENFORCED, AND YOU WILL NOT RECEIVE ANY PAYMENTS HEREUNDER.

	 
	 	d.	 	This agreement shall be interpreted, construed and enforced in accordance with
the laws of the State of Nebraska.

Please return all company property to Russ Fitzhugh in Nelnet Corporate Technology, at 3015 S.
Parker Road, Suite 400, Aurora, CO 80014, including but not limited to your Blackberry and/or cell
phone, all files and customer information and any other company property in your possession. Thank
you for your service to Nelnet David. We wish you all the best in the future. Please sign below
to acknowledge your agreement to the terms of this letter.

Sincerely,

	 	 	 
	/s/ Mike Dunlap
 

Mike Dunlap,

	 	 
	Chief Executive Officer
	 	 
	Nelnet, Inc.
	 	 

I have read and understand the terms of my mutual separation agreement from Nelnet as described
above. I am entering into this agreement voluntarily and have had an opportunity to consult with
an attorney before signing this agreement.

David Bottegal

	 	 	 	 	 
	/s/ David Bottegal	 	 
	Date:	December 13, 2007

 

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