Nicolet Bankshares (NIC) director boosts holdings through deferred fees

Rhea-AI Filing Summary

Nicolet Bankshares Inc. director Dustin James McClone reported a routine change in his holdings of the company’s common stock. On January 20, 2026, he acquired 15.367 shares at $131.43 per share through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his fourth quarter 2025 board fees. A footnote also explains that his indirect holdings in this plan include 4.487 shares received through dividend reinvestment from a cash dividend paid on December 15, 2025. Following the reported transaction, he beneficially owned 1,862.299 shares indirectly through the deferred compensation plan and 4,820 shares directly of Nicolet Bankshares common stock.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider McClone Dustin James

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	15.367	$131.43	$2K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 1,862.299 shares (Indirect, By Nicolet National Bank Deferred Compensation Plan for Non-employee Directors); Common Stock — 4,820 shares (Direct)

Footnotes (1)

1. Mr. McClone acquired 15.367 shares in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his fourth quarter 2025 earned board fees. Includes 4.487 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.

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^*

McClone Dustin 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
01/20/2026

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	01/20/2026		A		15.367(1)	A	$131.43	1,862.299(2)	I	By Nicolet National Bank Deferred Compensation Plan for Non-employee Directors
Common Stock								4,820	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. McClone acquired 15.367 shares in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his fourth quarter 2025 earned board fees.

2. Includes 4.487 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 Dustin J. McClone	01/21/2026
	** 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.

FAQ

What insider transaction did Nicolet Bankshares Inc (NIC) report?

Nicolet Bankshares Inc reported that director Dustin James McClone acquired 15.367 shares of common stock on January 20, 2026 through a deferred compensation plan for non-employee directors.

How did Dustin James McClone acquire additional Nicolet Bankshares (NIC) shares?

Footnotes state that Mr. McClone acquired 15.367 shares in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors by deferring his fourth quarter 2025 earned board fees.

What role does the deferred compensation plan play in the NIC Form 4 filing?

The filing shows that the new shares were held indirectly "By Nicolet National Bank Deferred Compensation Plan for Non-employee Directors," indicating the acquisition occurred within that plan rather than as a direct brokerage purchase.

Did dividend reinvestment affect Dustin McClone’s Nicolet Bankshares holdings?

Yes. A footnote explains that his indirect holdings include 4.487 shares received via dividend reinvestment in the deferred compensation plan from a cash dividend paid on December 15, 2025.

How many Nicolet Bankshares (NIC) shares does Dustin McClone own after the reported transaction?

After the transaction, Mr. McClone beneficially owned 1,862.299 shares indirectly through the deferred compensation plan and 4,820 shares directly of Nicolet Bankshares common stock.

Is the reported NIC insider transaction direct or indirect ownership?

The 15.367-share acquisition is reported as indirect (I) ownership, with the nature of ownership listed as "By Nicolet National Bank Deferred Compensation Plan for Non-employee Directors."