Board member defers fees into Nicolet (NIC) stock plan

Rhea-AI Filing Summary

Nicolet Bankshares director Marcia M. Anderson reported a small increase in her equity holdings through the company’s director compensation programs. On January 20, 2026, she acquired 7.684 shares of common stock indirectly in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring a portion of her fourth quarter 2025 board fees. This amount includes a 0.983 fractional share received via dividend reinvestment from a cash dividend paid on December 15, 2025.

Following this transaction, she beneficially owns 412.488 shares indirectly through the deferred compensation plan and 2,576 shares directly of Nicolet Bankshares common stock. The filing reflects routine director compensation and investment activity rather than an open-market purchase or sale.

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^*

Anderson Marcia M

(Last) (First) (Middle)

C/O NICOLET NATIONAL BANK

111 N. 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		7.684(1)	A	$131.43	412.488(2)	I	by Nicolet National Bank Deferred Compensation Plan For Non-employee Directors
Common Stock								2,576	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. Ms. Anderson acquired 7.684 shares in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring a portion of her fourth quarter 2025 earned board fees.

2. Includes 0.983 fractional share 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 Marcia M. Anderson	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.
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.

FAQ

What did Nicolet Bankshares (NIC) director Marcia Anderson report on this Form 4?

Director Marcia M. Anderson reported acquiring 7.684 shares of Nicolet Bankshares common stock through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors as part of her board fee deferral for the fourth quarter of 2025.

How many Nicolet Bankshares (NIC) shares did Marcia Anderson acquire and at what value?

On January 20, 2026, she acquired 7.684 common shares indirectly at a reported value of $131.43 per share within the deferred compensation plan.

What portion of Marcia Anderson’s new shares came from dividend reinvestment at Nicolet Bankshares (NIC)?

The filing notes that her total indirect holdings include a 0.983 fractional share received as dividend reinvestment in the deferred compensation plan from a cash dividend paid on December 15, 2025.

How many Nicolet Bankshares (NIC) shares does Marcia Anderson own after this transaction?

After the reported activity, she beneficially owns 412.488 shares indirectly through the deferred compensation plan and 2,576 shares directly of Nicolet Bankshares common stock.

Is Marcia Anderson’s Form 4 transaction a direct market trade in Nicolet Bankshares (NIC) stock?

No. The reported acquisition reflects deferred board fees and dividend reinvestment in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors, rather than a direct open-market purchase or sale.

What is Marcia Anderson’s role at Nicolet Bankshares (NIC)?

She is identified in the filing as a director of Nicolet Bankshares Inc. and is not listed as a 10% owner or officer.