NIC Form 4: Michael Daniels Receives 30,000 Restricted Shares at $137.68
Rhea-AI Filing Summary
Nicolet Bankshares insider filing: Michael E. Daniels, Chairman, President & CEO, was awarded 30,000 restricted shares on 09/08/2025 at a reported price of $137.68 per share. The restricted shares were approved by the board as part of an employment extension to continue his leadership through year-end 2030 and will cliff vest after five years of continued service on December 31, 2030. Following the award and other reported holdings, Mr. Daniels is shown as beneficially owning 111,525 shares directly, plus 6,252 shares indirectly through a 401(k) plan and 9,803 shares indirectly through his spouse. The report notes an additional 71 Employee Stock Purchase Plan shares since his prior Form 4, bringing his ESPP total to 1,016 shares. The Form 4 was signed and submitted on 09/09/2025.
Positive
- Board-approved retention award: 30,000 restricted shares granted to CEO as part of employment extension through 2030.
- Clear vesting schedule: Restricted shares will cliff vest on December 31, 2030, providing explicit time-based retention terms.
- Transparent holdings disclosure: Filing reports direct ownership of 111,525 shares and specific indirect holdings via 401(k) and spouse.
- ESPP participation disclosed: Notes an additional 71 ESPP shares since prior filing and ESPP total of 1,016 shares.
Negative
- None.
Insights
TL;DR: Board-approved restricted stock aligns CEO retention through 2030 with cliff vesting, clarifying long-term incentive structure.
The award of 30,000 restricted shares tied to an employment extension through year-end 2030 signals a board decision to retain the CEO for a multi-year horizon. Cliff vesting on December 31, 2030 creates a single long-term service-based milestone rather than staggered vesting, which may concentrate retention risk but clearly links equity realization to continued tenure. The filing discloses direct and indirect holdings and incremental ESPP participation, improving transparency around insider ownership.
TL;DR: A single grant of 30,000 restricted shares at $137.68 provides long-term incentive tied to five-year service requirement.
The compensation action is a time-based equity award rather than performance-based pay, which emphasizes retention over explicit performance linkage. Cliff vesting after five years concentrates incentive alignment on long-term continuity; investors should note that the filing only documents the award and vesting schedule without detailing any performance conditions or potential forfeiture provisions. The disclosure also reports incremental ESPP activity and aggregated beneficial ownership figures.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Common Stock | 30,000 | $137.68 | $4.13M |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Per the terms of Mr. Daniels employment extension to continue his leadership through year end 2030, Nicolet Bankshares, Inc. Board of Directors approved an award of 30,000 restricted shares to Mr. Daniels dated September 8, 2025. The 30,000 restricted shares will cliff vest upon five years of continued service through December 31, 2030. Includes an additional 71 shares acquired under the Employee Stock Purchase Plan since Mr. Daniels last Form 4 filing dated November 21, 2024. Mr. Daniels owns a total of 1,016 shares in the Employee Stock Purchase Plan as of the date of this report.
