[Form 4] NICOLET BANKSHARES INC Insider Trading Activity

Smith Oliver Pierce reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Smith Oliver Pierce reported acquisition or exercise transactions in this Form 4 filing.

Nicolet Bankshares director Oliver Pierce Smith reported updated holdings. As of May 19, 2026, he received a Board annual retainer paid as a restricted stock award of 429 common shares with immediate full vesting at $139.63 per share. Following this grant, he directly holds 446,116 common shares. He also indirectly holds 1,788.812 shares through the Nicolet National Bank Deferred Compensation Plan for non-employee directors, which includes 17.237 shares from quarterly dividends credited since his prior Form 4.

Insider Trade Summary

Grant/Award: 429 shares

Grant/Award 2 txns

Insider Smith Oliver Pierce

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	429	$139.63	$60K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 446,116 shares (Direct); Common Stock — 1,788.812 shares (Indirect, By Nicolet National Bank Deferred Compensation Plan For Non-employee Directors)

Footnotes (2)

1. F1. The Company paid Mr. Smith the Board annual retainer, granted as a restricted stock award with an immediate full vest of 429 shares, as of May 19, 2026.
2. F2. Includes 17.237 of Nicolet Bankshares, Inc. quarterly dividends received in the Nicolet National Bank Deferred Compensation Plan For Non-employee Directors since Mr. Smith's last Form 4 filing on May 22, 2025.

Key Figures

Restricted stock award: 429 shares Grant price per share: $139.63 per share Direct holdings after grant: 446,116 shares +3 more

6 metrics

Restricted stock award 429 shares Board annual retainer granted as of May 19, 2026

Grant price per share $139.63 per share Value of restricted stock award on May 19, 2026

Direct holdings after grant 446,116 shares Common stock directly owned following the award

Indirect plan holdings 1,788.812 shares Held via Nicolet National Bank Deferred Compensation Plan

Dividends added to plan 17.237 shares Quarterly dividends credited since last Form 4 on May 22, 2025

Transaction code A Grant, award, or other acquisition of 429 shares

Key Terms

restricted stock award, Board annual retainer, Deferred Compensation Plan For Non-employee Directors, quarterly dividends

4 terms

restricted stock award financial

"granted as a restricted stock award with an immediate full vest of 429 shares"

A restricted stock award is company shares given to an employee or executive that cannot be sold or fully owned until certain conditions—like staying with the company for a set time or hitting performance targets—are met. Think of it as a gift that only becomes yours after you fulfill specific obligations; for investors, these awards matter because they can increase the total shares outstanding when they vest, reveal how management is being paid and motivated, and create potential selling pressure when restrictions lift.

Board annual retainer financial

"The Company paid Mr. Smith the Board annual retainer, granted as a restricted stock award"

Deferred Compensation Plan For Non-employee Directors financial

"Nicolet National Bank Deferred Compensation Plan For Non-employee Directors"

quarterly dividends financial

"Includes 17.237 of Nicolet Bankshares, Inc. quarterly dividends received in the Nicolet National Bank Deferred Compensation Plan"

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Accepted by SEC EDGAR 05/21/2026 - 01:57 PM EDT Learn about SEC filing dates

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^*

Smith Oliver Pierce

(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)
05/19/2026

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	05/19/2026		A		429(1)	A	$139.63	446,116	D
Common Stock								1,788.812(2)	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

Explanation of Responses:

1. The Company paid Mr. Smith the Board annual retainer, granted as a restricted stock award with an immediate full vest of 429 shares, as of May 19, 2026.

2. Includes 17.237 of Nicolet Bankshares, Inc. quarterly dividends received in the Nicolet National Bank Deferred Compensation Plan For Non-employee Directors since Mr. Smith's last Form 4 filing on May 22, 2025.

	/s/ H. Phillip Moore, Jr., as attorney-in-fact for Oliver Pierce Smith	05/21/2026
	** 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.
* Form 4: SEC 1474 (03-26)