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
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.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option (Right to Buy) | 5,000 | $0.00 | -- |
| Exercise | Common Stock | 5,000 | $70.50 | $353K |
| Sale | Common Stock | 5,000 | $139.77 | $699K |
| holding | Common Stock | -- | -- | -- |
Footnotes (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. 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. The nonqualified stock option fully vested as of November 18, 2024, and is currently exercisable as to all remaining 20,000 shares.
