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Untitled Document

Exhibit 10.79 

SUMMARY OF
NON-EMPLOYEE DIRECTOR COMPENSATION FOR 2006

     The
following sets forth a summary of the  compensation arrangements for the non-employee
members of  the Board of Directors (the “Non-Employee Directors”) of  Nelnet,
Inc. (the “Company”) for 2006. 

     Non-Employee
Directors receive an annual retainer  of $50,000.  The Company also pays an additional
annual  retainer of $10,000 to those Non-Employee Directors who  serve on each of the
Audit Committee, the Compensation  Committee, the Nominating and Corporate Governance
Committee, or the Executive Committee of the Board of  Directors, as applicable, and an
additional annual retainer  of $10,000 to the Non-Employee Director who serves as the
Chair of the Audit Committee.  Non-Employee Directors also  earn a fee of $1,000 for each
Board meeting attended and  $1,000 for each committee meeting attended. 

     Prior
to the Company’s December 2003 initial public  offering of its Class A common stock,
the Board of Directors  adopted, and the shareholders approved, a Directors Stock
Compensation Plan, which is a compensation plan for  Non-Employee Directors pursuant to
which Non-Employee  Directors can elect to receive their annual retainer fees in  the
form of cash or shares of the Company’s Class A common  stock.  A copy of the plan
document has been filed as an  exhibit to Company filings with the Securities and
Exchange  Commission.  Up to 100,000 shares may be issued under the  plan, subject to
antidilution adjustments in the event of  certain changes in the Company’s capital
structure.  If a  Non-Employee Director elects to receive Class A common  stock, the
number of shares of Class A common stock that  will be awarded will be equal to the
amount of the annual  retainer fee otherwise payable in cash divided by 85% of the  fair
market value of a share of Class A common stock on the  date the fee is payable.
Non-Employee Directors who choose  to receive Class A common stock may also elect to
defer  receipt of the Class A common stock until termination of  their service on the
Board of Directors.  Any dividends paid  in respect of deferred shares during the
deferral period  will also be deferred in the form of additional shares and  paid out at
termination from the Board of Directors. 

     This
plan may be amended or terminated by the Board  of Directors at any time, but no
amendment or termination  will adversely affect a Non-Employee Director’s rights
with  respect to previously deferred shares without the consent of  the Non-Employee
Director.Untitled Document

NELNET, INC.

DIRECTORS STOCK COMPENSATION PLAN  
(as amended through November 15, 2005) 

1.  PURPOSES. 

     The
purposes of this  Nelnet,  Inc.  Directors  Stock  Compensation  Plan are to  advance
the  interests  of Nelnet,  Inc.  and its  shareholders  by  providing a means to
attract,  retain  and  motivate  members  of the Board of  Directors  of  Nelnet,  Inc.
upon whose judgment,  initiative and efforts the  continued success,  growth and
development of Nelnet,  Inc. is  dependent. 

2.  DEFINITIONS. 

     For
purposes  of  the  Plan,  the  following  terms  shall  be  defined  as set  forth below: 

		(a) 	 	 "Board"
means the Board of Directors of the Company. 

		(b) 	 	 "Code"
means the Internal  Revenue Code of 1986,  as  amended  from time to time.  References
to any  provision  of the Code shall be  deemed to include successor  provisions  thereto
and regulations thereunder. 

		(c) 	 	 "Company"
means  Nelnet,  Inc.,  a  corporation  organized  under  the  laws  of  Nebraska,  or
any  successor  corporation. 

		(d) 	 	 "Director"
means a non-employee member of the Board. 

		(e) 	 	 "Fair
Market  Value"  means,  with respect to Shares  on any day, the following: 

		 	(i)
      	 If
the Shares are at the time  listed or  admitted to  trading  on any  stock  exchange,
then  the  Fair  Market  Value  shall  be  the  closing  selling  price  per  share  of
Shares  on  the  day  preceding  the  date in  question  on the  stock  exchange  which
is the  primary  market for  the  Shares,  as  such  price  is  officially  quoted  on
such  exchange.  If  there  is  no  reported  sale of  Shares on such  exchange  on such
date,  then the  Fair  Market  Value  shall be the  closing  selling  price  on  the
exchange  on the  last  preceding  date  for  which  such  quotation  exists; and

		 	(ii)	 If
the  Shares  are  not  at  the  time  listed  or  admitted  to  trading  on  any  stock
exchange  but are  traded  in  the  over-the-counter  market,  the Fair  Market  Value
shall  be  the  closing  selling  price  per  share of  Shares  on  the day

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	 	preceding
the  date  in  question,  as  such  price  is  reported  by  the  National  Association
of  Securities  Dealers  through  the  NASDAQ  National  Market  System  or any
successor  system.  If  there is  no  reported  closing  selling  price for  Shares on
such  date,  then the closing  selling  price  on the last  preceding  date for  which
such  quotation  exists  shall be  determinative  of Fair  Market Value.
 

		(f) 	 	 "Participant"
means a  Director  who has  elected to  receive  Shares  or  defer  compensation under
the Plan. 

		(g) 	 	 "Plan"
means  this  Nelnet,  Inc.  Directors  Stock  Compensation  Plan,  as  amended  from time
to time. 

		(h) 	 	 "Plan
Year" means the calendar year. 

		(i) 	 	 "Shares"
means Class A Common Stock,  $.01 par value  per share, of the Company. 

3.
ADMINISTRATION. 

     The
Plan shall be administered  by the Board.  Subject  to the express  provisions  of the
Plan,  the Board shall have  full and  exclusive  authority to interpret  the Plan, to
make  all  determinations  with respect to the Plan,  to  prescribe,  amend  and  rescind
rules  and  regulations  relating  to the  Plan,  and to  make  all  other
determinations  necessary  or  advisable  in the  implementation  and  administration  of
the  Plan.  The  Board's  interpretation  and  construction  of the  Plan shall be
conclusive and binding on all persons. 

4. SHARES
SUBJECT TO THE PLAN. 

		(a) 	 	 Subject
to  adjustment  as provided in Section  6(g),  the total  number of  Shares  reserved
for  issuance under the Plan shall be100,000. 

		(b) 	 	 Any
Shares  issued  hereunder  may consist,  in whole  or in part,  of  authorized  and
unissued  Shares  or  treasury  Shares,  including  Shares  acquired  by purchase in the
open  market or in private transactions. 

5. SHARE
ELECTION. 

		(a) 	 	Each
Director  may make an  election  in writing  on or prior  to each  December  31 to
receive  the  Director's  annual  retainer fees payable  in the  following  Plan  Year
in the  form of  Shares  instead of cash.  Unless the  Director  makes  a  deferral
election  pursuant  to  Section 6 below,  any Shares  elected shall be  payable  at the
time  cash  retainer  fees are  otherwise  payable.  The  number  of  Shares  distributed
shall 

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	 	be
equal  to  the  amount  of  the  annual  retainer  fee  otherwise  payable  on  such
payment  date  divided by 85% the Fair  Market  Value  of  a  Share  on  such  payment
date.  Notwithstanding  the  foregoing,  a  Director  who  is  first  elected  or
appointed  to the  Board  may  make  an  election  under  this  Section  5  within
thirty  (30)  days of such  election  or  appointment  to  the  Board  in  respect  of
annual  retainer  fees  payable  after the date of the  election.  Any election  made
under  this  Section  5 shall  remain in  effect  unless  and  until a new  election  is
made in  accordance  with  the  provisions  of  this Plan.
 

		(b) 	 	 Notwithstanding
any  provision  of  this  Plan  to  the  contrary,  no  elections  will  be  available
to  any  Director  under  Sections  5(a)  or6  with  respect  to  the  Director's  annual
retainer  fee  payable  for  calendar  year 2004.  The annual  retainer  fee for each
Director  for  calendar  year  2004  shall  be  paid  as  soon as  practicable  following
the  consummation  of the Company's  initial public  offering  and  registration  of  the
Shares  issuable  hereunder,  and such annual retainer  fee shall be paid in the form of
Shares,  the  number  of  which  shall  be  determined  by  dividing  the  amount of the
annual  retainer  fee by 85% of the  price  paid  per  Share  by  the  initial
purchasers  in  the  Company's  initial public offering. 

6. DEFERRAL
ELECTION. 

		(a) 	 	 A
Director  who  has  elected  to  receive  Shares  pursuant  to  Section  5  above  may
make  an  irrevocable  election  on  or  before  the  December  31  immediately
preceding  the  beginning  of a Plan Year of the  Company,  by  written  notice  to  the
Company,  to  defer  delivery  of  all or a  designated  percentage  of  the  Shares
otherwise  payable  as his or  her  annual  retainer  for  service  as  a  Director  for
the Plan  Year.  Notwithstanding  the  foregoing,  a  Director  who  is  first  elected
or  appointed  to the  Board may make  an  election  under this  Section  6(a) within
thirty  (30)  days  of  such  election  or  appointment  to  the  Board  in  respect  of
annual  retainer  fees payable  after the date  of the election. 

		(b) 	 	 Deferrals
of Shares  hereunder  shall be  reaffirmed  by  each  director  on  an  annual  basis
and  shall  continue  until the  Director  notifies  the  Company  in  writing,  on or
prior to the  December  31  immediately  preceding  the  commencement  of any  Plan
Year,  which he or  she  wishes  to  change  his or  her  election  hereunder. 

		(c) 	 	 All
shares  which  a  Director  elects  to  defer  pursuant  to this  Section 6 shall be
credited  in the  form of share  units to a  bookkeeping  account  maintained  by  the
Company  in  the  name of the  Director.  Each such  unit  shall  represent  the right to
receive  one Share at  the time  determined  pursuant to the terms of  the Plan. 

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		(d) 	 	 As
of each date on which a cash  dividend  is paid on  Shares,  there shall be  credited to
each  account  that number of units determined by: 

		 	(i)	 multiplying
the  amount of such  dividend  per Share  by  the  number  of  units  in  such  account;
and

		 	(ii)
      	 dividing
the total so  determined  by the Fair Market  Value of a Share on the  date of  payment
of  such  cash  dividend.  The  additions  to  a  Director's  account  pursuant to this
Section  6(d)  shall  continue  until  the  Director's  account is fully paid.

		(e) 	 	 The
account of a Director  shall be  distributed  (in  the form of one Share  for each  Share
unit)  either  (x) in a lump sum at the time of  termination  of the  Director's  service
on the Board or (y) in up to five  annual  installments  commencing  at  the  time  of
termination of the  director's  service on the Board,  as  elected  by  the  Director.
Each  Director's  distribution  election must be made in writing within  the later of (A)
60 days after the Effective  Date of  this  Plan,  or  (B)  thirty  (30)  days  after
the  Director  first becomes  eligible to  participate  in  the Plan;  provided,
however,  that a  Director  may  make a new distribution  election with respect to the
entire portion of his or her account  subject to this  Section  6(e) so long  as  such
election  is made at  least  one  year  in  advance  of  the  Director's  termination  of
service  on the Board  and  provided  further,  that  following  such  new  election,  no
distribution  may  occur  hereunder  until  the fifth  anniversary  following  the date
such  payment  would  otherwise  have been made.  In the case of an account  distributed
in  installments,  the  amount of Shares  distributed  in each  installment  shall  be
equal to  the number of Share units in the  Director's  account  subject to such
installment  distribution at the time  of  the  distribution  divided  by  the  number
of  installments remaining to be paid. 

		(f) 	 	 The
right of a Director  to amounts  described  under  this Section 6 shall not be subject to
assignment  or  other  disposition by him or her other than by will or  the laws of
descent  and  distribution.  In the event  that,  notwithstanding  this  provision,  a
Director  makes  a  prohibited  disposition,  the  Company  may  disregard  the  same
and  discharge  its  obligation  hereunder  by making  payment or delivery as though no
such disposition had been made. 

		(g) 	 	 Adjustments.
In  the  event  that  any  dividend  in  Shares,  recapitalization,  Share  split,
reverse  split,  reorganization,  merger,  consolidation,  spin-off,  combination,
repurchase,  or  Share  exchange,  or other such  change,  affects the Shares  such that
they are  increased or decreased or changed  into or exchanged  for a different  number
or kind of  Shares,  other  securities  of  the  Company  or  of  another corporation or
other  consideration,  then in  order to maintain the  proportionate  interest of the
Directors  and preserve  the value of the  Directors'  Share  units,  (i)  there  shall
automatically  be  substituted  for  each  Share  unit  a  new  unit  representing  the
number  and kind of  Shares,  other  securities  or other  consideration  into  which
each  outstanding  Share  shall  be  changed,  and (ii) the  number  and kind of  shares
available  for  issuance  under the Plan shall be  equitably  adjusted in order  to  take
into  account  such  transaction  or  other  change.  The  substituted  units  shall be
subject to  the same terms and  conditions as the original  Share  units. 

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7. GENERAL
PROVISIONS. 

		(a) 	 	 Compliance
with Legal and Trading  Requirements.  The  Plan  shall  be  subject  to  all  applicable
laws,  rules and regulations,  including,  but  not limited  to, U.S.  federal and state
laws,  rules and  regulations,  and to such approvals  by any  regulatory or
governmental  agency as  may  be  required.  The  Company,  in  its  discretion,  may
postpone  the  issuance  or  delivery  of  Shares  under  the  Plan  until  completion
of such stock  exchange  or market  system  listing  or  registration  or  qualification
of  such  Shares  or  other  required  action  under  any U.S.  federal  or  state law,
rule or  regulation or under laws,  rules or  regulations  of other  jurisdictions  as
the Company may consider  appropriate,  and  may  require  any  Participant  to  make
such  representations  and furnish such  information  as it may consider  appropriate  in
connection  with the  issuance  or  delivery  of Shares in  compliance  with  applicable
laws,  rules and  regulations.  No  provisions of the Plan shall  be  interpreted  or
construed to obligate the  Company  to  register  any  Shares  under U.S.  federal  or
state  law or  under  the laws of  other jurisdictions. 

		(b) 	 	 No
Right to Continued  Service.  Neither the Plan nor  any  action  taken  thereunder  shall
be  construed  as giving  any  Director  the right  to be  retained  in the service of
the Company  or  any  of its  subsidiaries  or  affiliates,  nor  shall  it  interfere
in any way with the  right  of  the  Company  or  any  of  its  subsidiaries  or
affiliates  to terminate any  Director's service at any time. 

		(c) 	 	 Taxes.
The Company is  authorized  to withhold  from  any  Shares  delivered  under  this  Plan
any  amounts of  withholding  and other  taxes due  in  connection  therewith,  and to
take  such  other  action  as  the  Company  may  deem  advisable  to  enable  the
Company  and  a  Participant  to satisfy  obligations  for the  payment  of any
withholding  taxes and other  tax  obligations  relating  thereto.  This  authority
shall  include  authority  to  withhold  or  receive  Shares  or  other  property  and
to  make  cash  payments  in  respect  thereof  in  satisfaction  of  a  Participant's
tax obligations. 

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		(d) 	 	 Amendment.
The  Board  may  amend,  alter,  suspend,  discontinue,  or  terminate  the  Plan
without  the  consent  of  shareholders  of  the  Company  or  Participants,  except
that  any  such  amendment,  alteration,  suspension,  discontinuation,  or  termination
shall be subject to the  approval of the  Company's  shareholders if such shareholder
approval  is required by any U.S.  federal law or regulation or  the  rules  of  any
stock  exchange  or  automated  quotation  system  on which  the  Shares  may then be
listed or quoted;  provided,  however,  that, without  the  consent  of  an  affected
Participant,  no  amendment,  alteration,  suspension,  discontinuation  or  termination
of the Plan may impair the rights or,  in any other manner,  adversely  affect the rights
of  such Participant under any award theretofore  granted  to him or her or compensation
previously deferred by  him or her hereunder. 

		(e) 	 	 Unfunded
Status  of  Awards.  The  Plan is  intended  to  constitute  an  "unfunded"
plan  for  incentive  and  deferred  compensation.  With  respect to any  payments  not
yet made to a  Participant  pursuant  to a deferral  election,  nothing  contained  in
the Plan  shall  give  any such  Participant  any rights that are greater than  those of
a general  unsecured  creditor of the Company;  provided,  however,  that the Company may
authorize the  creation of trusts or make other  arrangements  to meet  the  Company's
obligations  under the Plan to  deliver  cash,  Shares,  or  other  property  pursuant
to  any  award,  which  trusts  or other  arrangements  shall be  consistent  with  the
"unfunded"  status  of the  Plan  unless  the  Company  otherwise  determines
with  the  consent of each affected Participant. 

		(f) 	 	 Nonexclusivity
of the Plan.  Neither  the  adoption  of  the  Plan  by the  Board  nor  its  submission
to the  shareholders  of the  Company  for  approval  shall be  construed  as creating
any  limitations  on the power  of  the  Board  to  adopt  such  other  compensation
arrangements  as  it  may  deem  desirable,  and  such  arrangements  may be either
applicable  generally  or  only in specific cases. 

		(g) 	 	No
Fractional  Shares.  No  fractional  Shares shall  be issued or delivered  pursuant to
the Plan.  The  number of Shares to be issued or  delivered  shall  be rounded to the
nearest  whole Share in lieu of  such fractional Shares. 

		(h) 	 	 Governing
Law. The  validity,  construction,  and effect  of the Plan  shall be  determined  in
accordance  with  the  laws of the  State  of New  York,  without  giving  effect to
principles of conflict of laws thereof. 

		(i) 	 	 Effective
Date;  Plan  Termination.  The  Plan  as  amended and  restated  shall  become  effective
as  of October 21, 2003 (the  "Effective  Date").  The  Plan shall terminate as
to future awards, at 

6 

	 	such
time as no Shares  remain  available  for issuance  pursuant  to Section 4, and the
Company has no further  obligations with respect to any  compensation  deferred  under
the Plan.
 

		(j) 	 	 Titles
and  Headings.  The titles and headings of the  Sections  in  the  Plan  are  for
convenience  of  reference  only.  In the event of any  conflict,  the  text  of  the
Plan,  rather  than  such  titles  or  headings, shall control.

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