Nicolet Bankshares (NIC) director trades stock and exercises 10,000 options

Rhea-AI Filing Summary

Nicolet Bankshares director Robert Bruce Atwell reported several transactions in company stock on March 5, 2026. He exercised 10,000 stock options, acquiring 10,000 shares of common stock at $56.43 per share through a derivative exercise.

To cover the exercise price or tax obligations, 6,669 shares of common stock were disposed of at $151.93 per share in a tax-withholding transaction. He also completed open-market sales of 2,815 shares at $150.52, 400 shares at $151.34, and 116 shares at $152.05, with some sales executed at weighted average prices across stated ranges.

Following these transactions, Atwell directly owns 34,054 shares of common stock and holds 57,500 nonqualified stock options that are currently exercisable. He also has indirect ownership of 554.562 shares 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)
03/05/2026

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	03/05/2026		M		10,000	A	$56.43	44,054	D
Common Stock	03/05/2026		F		6,669	D	$151.93	37,385	D
Common Stock	03/05/2026		S		2,815	D	$150.52(1)	34,570	D
Common Stock	03/05/2026		S		400	D	$151.34(2)	34,170	D
Common Stock	03/05/2026		S		116	D	$152.05	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)	$56.43	03/05/2026		M			10,000	(3)	11/01/2027	Common Stock	10,000	$0	57,500	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 $149.795 to $150.920, 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 at each separate price within the range set forth in footnote (1) to this Form 4.

2. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $150.960 to $151.790, 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 (2) to this Form 4.

3. The nonqualified options vested in five annual installments of 13,500 shares on November 1 of each year, beginning on November 1, 2018, and fully vested on November 1, 2022. The nonqualified options are currently exercisable as to 57,500.

	/s/ H. Phillip Moore, Jr., as attorney-in-fact for Robert B. Atwell	03/09/2026
	** 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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FAQ

What did Nicolet Bankshares (NIC) director Robert Bruce Atwell do in this Form 4?

Robert Bruce Atwell exercised 10,000 stock options and acquired 10,000 Nicolet Bankshares shares, then disposed of shares for tax withholding and completed several open-market sales, updating his direct and indirect ownership balances in the company’s common stock.

How many Nicolet Bankshares shares did Atwell sell on March 5, 2026?

Atwell sold 2,815 shares at $150.52, 400 shares at $151.34, and 116 shares at $152.05. Some sales were reported as weighted-average prices across detailed price ranges disclosed in the footnotes of the Form 4 filing.

How many Nicolet Bankshares shares did Atwell acquire through option exercise?

Atwell exercised stock options covering 10,000 shares of Nicolet Bankshares common stock at $56.43 per share. These options were part of a nonqualified grant that vested annually and were fully exercisable before this reported derivative exercise transaction.

What is Robert Bruce Atwell’s Nicolet Bankshares ownership after these transactions?

After the reported transactions, Atwell directly owns 34,054 shares of Nicolet Bankshares common stock and holds 57,500 currently exercisable nonqualified stock options, plus indirect beneficial ownership of 554.562 shares through the Nicolet National Bank Deferred Compensation Plan for non-employee directors.

What does the tax-withholding transaction in Atwell’s Form 4 represent?

The Form 4 shows a tax-withholding disposition of 6,669 Nicolet Bankshares shares at $151.93 per share. This reflects payment of the option exercise price or related tax liability by delivering shares, rather than an open-market sale initiated for investment purposes.

How were the sale prices in Atwell’s Nicolet Bankshares trades determined?

The filing states that reported sale prices are weighted averages. Shares were sold in multiple trades within price ranges such as $149.795–$150.920 and $150.960–$151.790, with full per-trade details available from Atwell upon request, as noted in the footnotes.