NIC insider Michael Daniels updates holdings after 185-share tax trade

Rhea-AI Filing Summary

Nicolet Bankshares Inc. (NIC) reported an insider transaction by Chairman, President & CEO and director Michael E. Daniels. On 11/20/2025, Daniels surrendered 185 shares of common stock (transaction code F) to cover taxes on vested restricted stock.

After this transaction, Daniels beneficially owns 110,610 common shares directly, plus 6,252 shares through a 401(k) plan and 9,803 shares held by his spouse. An explanation note states he also owns 1,039 shares in the Employee Stock Purchase Plan as of the report date.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider DANIELS MICHAEL E

Role Chairman, President & CEO

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock	185	$120.20	$22K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 110,610 shares (Direct); Common Stock — 6,252 shares (Indirect, By 401(k) Plan)

Footnotes (1)

1. Shares withheld to satisfy tax obligation of vested restricted stock. Includes shares acquired under the Employee Stock Purchase Plan. Mr. Daniels has not acquired additional shares under the Employee Stock Purchase Plan since his last Form 4 filing on November 20, 2025. Mr. Daniels owns a total of 1,039 shares in the Employee Stock Purchase Plan as of the date of this report.

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^*

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)
11/20/2025

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	11/20/2025		F		185(1)	D	$120.2	110,610(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 shares acquired under the Employee Stock Purchase Plan. Mr. Daniels has not acquired additional shares under the Employee Stock Purchase Plan since his last Form 4 filing on November 20, 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	11/24/2025
	** 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.
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 does the Nicolet Bankshares (NIC) Form 4 filed by Michael E. Daniels report?

The Form 4 reports that Michael E. Daniels, Chairman, President & CEO and director of Nicolet Bankshares Inc. (NIC), surrendered 185 shares of common stock on 11/20/2025 under transaction code F to satisfy tax obligations on vested restricted stock.

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

Following the transaction, Michael E. Daniels beneficially owns 110,610 common shares directly, 6,252 shares through a 401(k) plan, and 9,803 shares indirectly through his spouse, plus 1,039 shares in the Employee Stock Purchase Plan as of the report date.

What is the nature of the 185-share transaction in the Nicolet Bankshares (NIC) Form 4?

The 185 shares reported with transaction code F were withheld to satisfy tax obligations related to vested restricted stock, according to the explanation of responses.

Does the Nicolet Bankshares (NIC) Form 4 show any derivative securities for Michael E. Daniels?

The Form 4 includes a table for derivative securities, but no derivative securities entries are listed for Michael E. Daniels in the provided content.

How are indirect holdings by Michael E. Daniels in Nicolet Bankshares (NIC) reported?

Indirect holdings are reported as 6,252 shares held by a 401(k) plan and 9,803 shares held by his spouse, in addition to his directly owned 110,610 shares of common stock.

What additional information is disclosed about Michael E. Daniels’ Employee Stock Purchase Plan shares in NIC?

The explanation notes that Daniels has not acquired additional shares under the Employee Stock Purchase Plan since his last filing on November 20, 2025 and that he owns 1,039 shares in the plan as of the date of this report.