[Form 4] NICOLET BANKSHARES INC Insider Trading Activity

Nicolet Bankshares (NIC) director Robert B. Atwell reported acquiring 15.593 shares of common stock on 10/21/2025 through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his third-quarter 2025 board fees.

Rhea-AI Filing Summary

Nicolet Bankshares (NIC) director Robert B. Atwell reported acquiring 15.593 shares of common stock on 10/21/2025 through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his third-quarter 2025 board fees.

The filing lists a price of $129.4 per share for this acquisition. Following the transaction, Atwell beneficially owned 537.886 shares indirectly in the plan and 34,220 shares directly. His indirect holdings include 1.25 fractional shares received via dividend reinvestment tied to a cash dividend paid on September 15, 2025.

Insider Trade Summary

Grant/Award: 15.593 shares

Grant/Award 2 txns

Insider ATWELL ROBERT BRUCE

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	15.593	$129.40	$2K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 537.886 shares (Indirect, by Nicolet National Bank Deferred Compensation Plan For Non-employee Directors); Common Stock — 34,220 shares (Direct)

Footnotes (2)

1. F1. Mr. Atwell acquired 15.593 shares in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his third quarter 2025 earned board fees.
2. F2. Includes 1.25 fractional shares received as dividend reinvestment in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors from Nicolet Bankshares, Inc. paid cash dividend on September 15, 2025.

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Accepted by SEC EDGAR 11/03/2025 - 04:59 PM EST Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ATWELL ROBERT BRUCE

(Last) (First) (Middle)

C/O NICOLET NATIONAL BANK

111 NORTH WASHINGTON STREET

(Street)

GREEN BAY WI 54301

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NICOLET BANKSHARES INC [ NIC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/21/2025		A		15.593(1)	A	$129.4	537.886(2)	I	by Nicolet National Bank Deferred Compensation Plan For Non-employee Directors
Common Stock								34,220	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Mr. Atwell acquired 15.593 shares in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his third quarter 2025 earned board fees.

2. Includes 1.25 fractional shares received as dividend reinvestment in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors from Nicolet Bankshares, Inc. paid cash dividend on September 15, 2025.

	/s/ H. Phillip Moore, Jr., as attorney-in-fact for Robert B. Atwell	11/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.