Nicolet Bankshares (NIC) director exercises 10,000 options, sells 3,309 shares

Rhea-AI Filing Summary

Nicolet Bankshares director Robert Bruce Atwell reported a series of transactions in company stock. He exercised options to acquire 10,000 shares of Common Stock at an exercise price of $56.43 per share, converting a Stock Option (Right to Buy) into actual shares.

To cover obligations related to the exercise, 6,691 shares were disposed of as a tax-withholding transaction at a reported weighted-average price of about $150.28 per share. He also executed open-market sales totaling 3,309 shares of Common Stock at prices ranging from roughly $149.49 to $150.265 per share, as detailed in the filing.

Following these transactions, Atwell directly holds 34,054 shares of Common Stock. He also has an additional 554.562 shares held indirectly through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors. A separate option line shows 47,500 Stock Options outstanding after the exercise.

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

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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^*

ATWELL ROBERT BRUCE

(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)
03/12/2026

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	03/12/2026		M		10,000	A	$56.43	44,054	D
Common Stock	03/12/2026		F		6,691	D	$150.28	37,363	D
Common Stock	03/12/2026		S		1,885	D	$149.49(1)	35,478	D
Common Stock	03/12/2026		S		1,324	D	$150.26	34,154	D
Common Stock	03/12/2026		S		100	D	$150.265	34,054	D
Common Stock								554.562	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
Stock Option (Right to Buy)	$56.43	03/12/2026		M			10,000	(2)	11/01/2027	Common Stock	10,000	$0	47,500	D

Explanation of Responses:

1. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $149.13 to $149.96, inclusive. Mr. Atwell undertakes to provide to Nicolet Bankshares, Inc., any security holder of Nicolet Bankshares, Inc., or the staff of the Securities and Exchange Commission upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (1) to this Form 4.

2. The nonqualified options vested in five annual installments of 13,500 shares on November 1 of each year, beginning on November 1, 2018, and fully vested on November 1, 2022. The nonqualified options are currently exercisable as to 47,500.

	/s/ H. Phillip Moore, Jr., as attorney-in-fact for Robert B. Atwell	03/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions did NIC director Robert Bruce Atwell report?

Robert Bruce Atwell exercised options for 10,000 Nicolet Bankshares shares at $56.43, then had 6,691 shares withheld for taxes and sold 3,309 shares in open-market trades around $149.49–$150.265 per share, according to the Form 4.

How many Nicolet Bankshares (NIC) shares does Robert Atwell hold after the Form 4?

After the reported transactions, Robert Atwell directly holds 34,054 Nicolet Bankshares Common Stock shares and indirectly holds 554.562 shares through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors, based on the position totals in the Form 4.

What option exercise did Robert Atwell report for Nicolet Bankshares (NIC)?

Atwell exercised a Stock Option (Right to Buy) covering 10,000 Nicolet Bankshares shares at an exercise price of $56.43 per share. The option was nonqualified and, after this transaction, 47,500 Stock Options remain outstanding in the reported option position.

How many Nicolet Bankshares (NIC) shares did Robert Atwell sell in the open market?

The Form 4 shows Atwell sold 3,309 Nicolet Bankshares Common Stock shares in open-market transactions. Reported prices ranged from about $149.49 to $150.265 per share, with one line using a weighted-average price and a disclosed intraday price range.

Was any part of Robert Atwell’s Nicolet Bankshares transaction for tax withholding?

Yes. The Form 4 lists a tax-withholding disposition of 6,691 Nicolet Bankshares shares under code F. These shares were delivered to satisfy exercise price or tax liability, at a reported price of $150.28 per share, rather than sold in a standard market trade.