NIC director adds shares via deferred board fees

Nicolet Bankshares director Robert Bruce Atwell reported a routine change in his holdings of the company’s common stock.

Rhea-AI Filing Summary

Nicolet Bankshares director Robert Bruce Atwell reported a routine change in his holdings of the company’s common stock. On January 20, 2026, 15.367 shares were credited to his account in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors at a reference price of $131.43 per share. The footnotes explain that these shares reflect Mr. Atwell’s decision to defer his fourth-quarter 2025 board fees into company stock, and that his indirect plan holdings also include 1.309 shares from dividend reinvestment on a cash dividend paid December 15, 2025. After this transaction, he held 554.562 shares indirectly through the deferred compensation plan and 34,054 shares directly. This filing documents compensation-related share accruals rather than an open-market trade.

Insider Trade Summary

Grant/Award: 15.367 shares

Grant/Award 2 txns

Insider ATWELL ROBERT BRUCE

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	15.367	$131.43	$2K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 554.562 shares (Indirect, by Nicolet National Bank Deferred Compensation Plan For Non-employee Directors); Common Stock — 34,054 shares (Direct)

Footnotes (2)

1. F1. Mr. Atwell acquired 15.367 shares in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his fourth quarter 2025 earned board fees.
2. F2. Includes 1.309 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 December 15, 2025.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider activity did NIC director Robert Bruce Atwell report on this Form 4?

Mr. Atwell reported that on January 20, 2026, 15.367 shares of Nicolet Bankshares common stock were credited to his account in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors as a result of deferring his fourth quarter 2025 board fees.

Was the NIC Form 4 transaction an open-market purchase or sale?

The reported activity reflects deferred compensation, not an open-market trade. Mr. Atwell acquired 15.367 shares in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his fourth quarter 2025 earned board fees.

How many NIC shares does Robert Bruce Atwell own after the reported transaction?

Following the reported activity, Mr. Atwell beneficially owned 554.562 shares indirectly through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors and 34,054 shares directly of Nicolet Bankshares common stock.

What price per share is associated with the deferred compensation shares in the NIC Form 4?

The 15.367 common shares credited to Mr. Atwell on January 20, 2026 in the deferred compensation plan were reported at a reference price of $131.43 per share.

What does the dividend reinvestment footnote in the NIC Form 4 mean?

One footnote states that Mr. Atwell’s indirect plan holdings include 1.309 shares received through dividend reinvestment in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors, tied to a cash dividend paid by Nicolet Bankshares, Inc. on December 15, 2025.

Is Robert Bruce Atwell a 10% owner of Nicolet Bankshares (NIC)?

In this filing, Mr. Atwell is identified as a director of Nicolet Bankshares, Inc., and the box for 10% Owner is not checked, indicating he is not reported as a 10% owner on this Form 4.

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Accepted by SEC EDGAR 01/21/2026 - 04:44 PM 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)
01/20/2026

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	01/20/2026		A		15.367(1)	A	$131.43	554.562(2)	I	by Nicolet National Bank Deferred Compensation Plan For Non-employee Directors
Common Stock								34,054	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 15.367 shares in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his fourth quarter 2025 earned board fees.

2. Includes 1.309 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 December 15, 2025.

	/s/ H. Phillip Moore, Jr., as attorney-in-fact for Robert B. Atwell	01/21/2026
	** 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).
** 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.
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