Nicolet director logs small deferred stock awards

Nicolet Bankshares director Andrew F. Hetzel Jr. reported routine equity compensation activity involving company common stock.

Rhea-AI Filing Summary

Nicolet Bankshares director Andrew F. Hetzel Jr. reported routine equity compensation activity involving company common stock. On 10/21/2025, 7.797 shares were credited at a price of $129.4 to the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors, bringing his indirect plan balance to 1,958.096 shares. On 01/20/2026, a further 7.684 shares were credited at $131.43, increasing the indirect plan balance to 1,970.549 shares. Footnotes state these amounts reflect deferral of third and fourth quarter 2025 board fees and include small dividend reinvestments. Separately, he also reports a direct holding of 8,622 common shares.

Insider Trade Summary

Grant/Award: 15.481 shares

Grant/Award 3 txns

Insider HETZEL ANDREW F JR

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	7.684	$131.43	$1K
Grant/Award	Common Stock	7.797	$129.40	$1K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 1,970.549 shares (Indirect, By Nicolet National Bank Deferred Compensation Plan For Non-employee Directors); Common Stock — 8,622 shares (Direct)

Footnotes (4)

1. F1. Mr. Hetzel acquired 7.797 shares in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his third quarter 2025 earned board fees.
2. F2. Includes 4.668 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 September 15, 2025.
3. F3. Mr. Hetzel acquired 7.684 shares in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his fourth quarter 2025 earned board fees.
4. F4. Includes 4.769 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 December 15, 2025.

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Accepted by SEC EDGAR 01/23/2026 - 03:27 PM EST 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^*

HETZEL ANDREW F JR

(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)
10/21/2025

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	10/21/2025		A		7.797(1)	A	$129.4	1,958.096(2)	I	By Nicolet National Bank Deferred Compensation Plan For Non-employee Directors
Common Stock	01/20/2026		A		7.684(3)	A	$131.43	1,970.549(4)	I	By Nicolet National Bank Deferred Compensation Plan For Non-employee Directors
Common Stock								8,622	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. Hetzel acquired 7.797 shares in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his third quarter 2025 earned board fees.

2. Includes 4.668 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 September 15, 2025.

3. Mr. Hetzel acquired 7.684 shares in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his fourth quarter 2025 earned board fees.

4. Includes 4.769 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 December 15, 2025.

	/s/ H. Phillip Moore, Jr., as attorney-in-fact for Andrew F. Hetzel Jr	01/23/2026
	** 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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