Nicolet Bankshares EVP nets $346k, keeps majority of shares

Rhea-AI Filing Summary

Form 4 filing for Nicolet Bankshares (NIC) shows EVP & Secretary Eric J. Witczak executed and partially liquidated an option grant on 18 Jul 2025.

• Option exercise: 5,000 common shares acquired at an exercise price of $70.50 via a non-qualified stock option issued 18 Nov 2019 (fully vested 18 Nov 2024).
• Open-market sale: The same 5,000 shares were sold the same day at a weighted-average $139.77 (range $139.50-$140.04), creating an approximate gross spread of $69.27 per share, or ≈$346k.
• Post-transaction holdings: 28,901 shares held directly, 6,783 shares held indirectly via 401(k), plus 1,042 ESPP shares referenced in Footnote 2. Remaining option balance: 20,000 shares fully exercisable.
• Reporting status: Single filer; continues as officer (EVP & Secretary).

No earnings data or new corporate events are disclosed; the filing strictly addresses the insider’s equity transaction.

Positive

• Officer retains 28,901 shares post-sale, suggesting continued equity alignment with shareholders.
• 20,000 fully vested options remain, providing ongoing incentive for performance.

Negative

• 5,000-share sale at $139.77 may be construed by some investors as short-term profit taking.
• Insider monetised ≈$346k, reducing direct ownership by 14% from 33,901 to 28,901 shares.

Insights

Financial Analyst

TL;DR: Officer cashes out 5k shares but maintains sizable stake; transaction appears routine.

The exercise-and-sell pattern converts option value into cash while leaving Mr. Witczak with almost 29k direct shares and 20k options outstanding. The simultaneous sale neutralises dilution and signals liquidity management rather than a directional view on NIC. Share retention plus continued option inventory indicates ongoing alignment. Impact on float is immaterial (<0.2% of shares outstanding). Overall, the filing is neutral for valuation but gives visibility into insider liquidity behaviour.

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
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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).

1. Name and Address of Reporting Person^*

Witczak Eric James

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Secretary

3. Date of Earliest Transaction (Month/Day/Year)
07/18/2025

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	07/18/2025		M		5,000	A	$70.5	33,901	D
Common Stock	07/18/2025		S		5,000	D	$139.77(1)	28,901(2)	D
Common Stock								6,783	I	By 401(k) Plan

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)	$70.5	07/18/2025		M			5,000	(3)	11/18/2029	Common Stock	5,000	$0	20,000	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 $139.50 to $140.04, inclusive. Mr. Witczak 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. Includes 71 additional shares acquired under the Employee Stock Purchase Plan since Mr. Witczak's last Form 4 filing on November 21, 2024. Mr. Witczak owns a total of 1,042 shares in the Employee Stock Purchase Plan as of the date of this report.

3. The nonqualified stock option fully vested as of November 18, 2024, and is currently exercisable as to all remaining 20,000 shares.

	/s/ H. Phillip Moore, Jr., as attorney-in-fact for Eric J. Witczak	07/22/2025
	** 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

How many Nicolet Bankshares (NIC) shares did Eric J. Witczak sell on 18 Jul 2025?

5,000 common shares at a weighted-average price of $139.77.

What was the exercise price of the options exercised by Eric J. Witczak?

The non-qualified stock options were exercised at $70.50 per share.

How many NIC shares does the executive own after the transaction?

Direct ownership stands at 28,901 shares; indirect holdings include 6,783 401(k) shares and 1,042 ESPP shares.

Does the Form 4 indicate any change in Eric J. Witczak’s role at Nicolet Bankshares?

No. He remains EVP & Secretary of the company.

Are the remaining stock options fully vested?

Yes. 20,000 options have been fully exercisable since 18 Nov 2024.