[Form 4] NICOLET BANKSHARES INC Insider Trading Activity

Rhea-AI Filing Summary

Nicolet Bankshares Inc. (NIC) Chairman, President & CEO and Director Michael E. Daniels reported a Form 4 insider transaction. On 11/19/2025, 753 shares of common stock were disposed of at $120.04 per share under transaction code "F", meaning the shares were withheld to cover taxes on vested restricted stock. After this transaction, he beneficially owns 110,795 shares directly, plus 6,252 shares through a 401(k) plan and 9,803 shares through his spouse. The footnotes state this also reflects 23 additional shares acquired through the Employee Stock Purchase Plan, bringing his holdings in that plan to 1,039 shares as of this report.

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

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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^*

DANIELS MICHAEL E

(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
X	Officer (give title below)		Other (specify below)
	Chairman, President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
11/19/2025

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	11/19/2025		F		753(1)	D	$120.04	110,795(2)	D
Common Stock								6,252	I	By 401(k) Plan
Common Stock								9,803	I	By Spouse

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. Shares withheld to satisfy tax obligation of vested restricted stock.

2. Includes an additional 23 shares acquired under the Employee Stock Purchase Plan since Mr. Daniels last Form 4 filing dated September 9, 2025. Mr. Daniels owns a total of 1,039 shares in the Employee Stock Purchase Plan as of the date of this report.

	/s/ H. Phillip Moore, Jr., as attorney-in-fact for Michael E. Daniels	11/20/2025
	** 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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FAQ

What insider transaction did Nicolet Bankshares (NIC) report in this Form 4?

The Form 4 reports that Michael E. Daniels had 753 shares of Nicolet Bankshares common stock disposed of on 11/19/2025 under code "F", which indicates shares were withheld to satisfy tax obligations on vested restricted stock.

At what price were the Nicolet Bankshares (NIC) shares withheld for taxes?

The 753 shares withheld for taxes related to vested restricted stock were priced at $120.04 per share.

How many Nicolet Bankshares (NIC) shares does Michael E. Daniels own after this transaction?

After the reported transaction, Michael E. Daniels beneficially owns 110,795 shares directly, 6,252 shares through a 401(k) plan, and 9,803 shares through his spouse.

What does transaction code "F" mean in this Nicolet Bankshares (NIC) Form 4?

Transaction code "F" indicates that shares were disposed of by being withheld by the issuer to cover the reporting person’s tax obligations in connection with the vesting of restricted stock.

How many Nicolet Bankshares (NIC) shares does Michael E. Daniels hold in the Employee Stock Purchase Plan?

The footnotes state that, including an additional 23 shares recently acquired, Michael E. Daniels owns a total of 1,039 Nicolet Bankshares shares in the Employee Stock Purchase Plan as of the date of this report.

What is Michael E. Daniels’ role at Nicolet Bankshares (NIC)?

Michael E. Daniels is reported as a Director and an Officer, serving as Chairman, President & CEO of Nicolet Bankshares Inc.