Nicolet Bankshares (NIC) director exercises 15,000 options, sells shares

Rhea-AI Filing Summary

Nicolet Bankshares director Robert Bruce Atwell reported several equity transactions in the company’s stock. He exercised 15,000 stock options, converting them into 15,000 shares of common stock at $48.85 per share. A portion of the resulting shares, 8,604 shares, was disposed of to cover tax obligations at a weighted average price of $155.17, and 6,396 shares were sold in open-market transactions at a weighted average price of $155.47, with individual sales occurring between $154.898 and $155.824. After these transactions, he held 34,054 shares of common stock directly and 554.562 shares indirectly through the Nicolet National Bank Deferred Compensation Plan for non‑employee directors.

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

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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)
02/18/2026

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	02/18/2026		M		15,000	A	$48.85	49,054	D
Common Stock	02/18/2026		F		8,604	D	$155.17	40,450	D
Common Stock	02/18/2026		S		6,396	D	$155.47(1)	34,054	D
Common Stock								554.562	I	by Nicolet National Bank Deferred Compensation Plan For Non-employee Directors

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
Stock Option (Right to Buy)	$48.85	02/18/2026		M			15,000	(2)	05/16/2027	Common Stock	15,000	$0	0	D

Explanation of Responses:

1. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $154.898 to $155.824, inclusive. Mr. Atwell undertakes to provide to Nicolet Bankshares, Inc., any security holder of Nicolet Bankshares, Inc., or the staff of the Securities and Exchange Commission upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (1) to this Form 4.

2. The nonqualified options fully vested as of May 16, 2022, and have been fully exercised as of the date of this report.

	/s/ H. Phillip Moore, Jr., as attorney-in-fact for Robert B. Atwell	02/20/2026
	** 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).
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Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transactions did NIC director Robert Bruce Atwell report?

Robert Bruce Atwell reported exercising 15,000 stock options into common shares, disposing of 8,604 shares to cover taxes, and selling 6,396 shares in open-market trades, all on the same date, while retaining a direct and indirect ownership stake in Nicolet Bankshares.

How many Nicolet Bankshares (NIC) shares did the director sell in the market?

The director sold 6,396 shares of Nicolet Bankshares common stock in open-market transactions at a weighted average price of $155.47, with individual trades executed between $154.898 and $155.824, according to the reported Form 4 insider transaction details.

How were taxes handled on the Nicolet Bankshares (NIC) option exercise?

To satisfy tax obligations from the option exercise, 8,604 Nicolet Bankshares common shares were delivered at a weighted average price of $155.17. This was reported under transaction code F, which reflects payment of the exercise price or tax liability by delivering securities.

What is Robert Bruce Atwell’s Nicolet Bankshares (NIC) share ownership after the transactions?

Following the reported transactions, Robert Bruce Atwell directly owned 34,054 shares of Nicolet Bankshares common stock and indirectly held 554.562 shares through the Nicolet National Bank Deferred Compensation Plan for non‑employee directors, as disclosed in the Form 4 filing data.

What happened to the stock options held by the Nicolet Bankshares (NIC) director?

The 15,000 nonqualified stock options fully vested by May 16, 2022 and were fully exercised on the transaction date. After exercise, no options remained outstanding for this grant, and the economic exposure shifted from options to common stock positions.

At what price were Nicolet Bankshares (NIC) options exercised by the director?

The 15,000 stock options were exercised into Nicolet Bankshares common stock at an exercise price of $48.85 per share. This converted the derivative position into a direct common stock holding before subsequent tax-related dispositions and open-market sales occurred.