Director in Nicolet (NIC) gains stock through deferred board fees

Rhea-AI Filing Summary

Nicolet Bankshares director Robert Bruce Atwell reported routine equity compensation activity. He acquired 12.712 shares of common stock in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his first quarter 2026 earned board fees at a reference price of $158.42 per share. Following this acquisition, the plan account held 568.446 shares. Separately, Atwell directly held 34,054 common shares. The filing notes that the plan holdings include 1.172 shares received through dividend reinvestment from a cash dividend paid on March 16, 2026.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider ATWELL ROBERT BRUCE

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	12.712	$158.42	$2K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 568.446 shares (Indirect, by Nicolet National Bank Deferred Compensation Plan For Non-employee Directors); Common Stock — 34,054 shares (Direct, null)

Footnotes (1)

1. Mr. Atwell acquired 12.712 shares in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his first quarter 2026 earned board fees. Includes 1.172 shares received as dividend reinvestment in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors from Nicolet Bankshares, Inc. paid cash dividend on March 16, 2026.

Key Figures

Deferred fee share acquisition: 12.712 shares Reference price per share: $158.42/share Indirect holdings after transaction: 568.446 shares +2 more

5 metrics

Deferred fee share acquisition 12.712 shares Credited to deferred compensation plan for Q1 2026 board fees

Reference price per share $158.42/share Price used for 12.712-share deferred fee credit

Indirect holdings after transaction 568.446 shares Deferred Compensation Plan for Non-employee Directors

Direct holdings after transaction 34,054 shares Common stock held directly by Robert Bruce Atwell

Dividend reinvestment shares 1.172 shares Reinvestment of March 16, 2026 cash dividend in the plan

Key Terms

Deferred Compensation Plan, dividend reinvestment, Non-employee Directors, grant, award, or other acquisition

4 terms

Deferred Compensation Plan financial

"acquired 12.712 shares in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors"

A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.

dividend reinvestment financial

"Includes 1.172 shares received as dividend reinvestment in the Nicolet National Bank Deferred Compensation Plan"

Dividend reinvestment is when the money earned from a company's profit sharing, called dividends, is automatically used to buy more shares of that company instead of being received as cash. This process helps investors grow their holdings over time without extra effort, much like using earned interest to buy more of a savings account. It encourages long-term investment growth by continuously increasing the amount of shares owned.

Non-employee Directors financial

"Nicolet National Bank Deferred Compensation Plan For Non-employee Directors by deferring his first quarter 2026 earned board fees"

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Form 4 Insider Transactions: What Each Field Means →

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^*

ATWELL ROBERT BRUCE

(Last) (First) (Middle)

C/O NICOLET NATIONAL BANK

111 NORTH WASHINGTON STREET

(Street)

GREEN BAY WISCONSIN 54301

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/14/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	04/14/2026		A		12.712(1)	A	$158.42	568.446(2)	I	by Nicolet National Bank Deferred Compensation Plan For Non-employee Directors
Common Stock								34,054	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. Mr. Atwell acquired 12.712 shares in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his first quarter 2026 earned board fees.

2. Includes 1.172 shares received as dividend reinvestment in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors from Nicolet Bankshares, Inc. paid cash dividend on March 16, 2026.

	/s/ H. Phillip Moore, Jr., as attorney-in-fact for Robert B. Atwell	04/22/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did NIC director Robert Bruce Atwell report?

Robert Bruce Atwell reported acquiring 12.712 shares of Nicolet Bankshares common stock. The shares were credited to a deferred compensation plan for non-employee directors in exchange for deferring his first quarter 2026 board fees, reflecting routine equity-based director compensation.

How did Robert Bruce Atwell obtain additional NIC shares in this Form 4?

Atwell obtained additional shares by deferring his first quarter 2026 earned board fees into Nicolet’s deferred compensation plan. This deferral resulted in 12.712 common shares being credited to his plan account at a reference price of $158.42 per share, rather than taking cash.

What are Robert Bruce Atwell’s direct and indirect NIC share holdings after the transaction?

After the reported transactions, Atwell directly held 34,054 Nicolet Bankshares common shares. Indirectly, through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors, his account held 568.446 shares, combining prior balances, the new 12.712-share deferral, and dividend reinvestment.

How were dividends handled in the NIC deferred compensation plan for Atwell?

The plan reinvested dividends into additional shares. Atwell’s deferred compensation plan holdings include 1.172 shares received via dividend reinvestment, representing Nicolet Bankshares’ cash dividend paid on March 16, 2026, rather than being taken as a separate cash payout.

Does this NIC Form 4 show an open-market stock purchase or sale by Atwell?

The Form 4 does not show an open-market purchase or sale. Instead, it reports an award-type acquisition of 12.712 shares through fee deferral into a deferred compensation plan, plus updated holdings, indicating compensation-related activity rather than discretionary market trading.