[Form 4] NICOLET BANKSHARES INC Insider Trading Activity

Rhea-AI Filing Summary

Nicolet Bankshares Inc. (NIC) disclosed insider activity by its CFO, H. Phillip Moore Jr., in a Form 4 filing. On 11/18/2025, 25 shares of common stock were purchased at $120.35 through his spouse's IRA, which is reported as indirect ownership. On 11/19/2025, 231 shares were withheld to cover taxes on vested restricted stock at a price of $120.04, reducing his directly held shares to 32,716. The filing notes he holds 439 shares in the Employee Stock Purchase Plan as of the report date and has not acquired additional plan shares since his prior filing on October 31, 2025.

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
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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^*

MOORE HUBERT PHILLIP 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
11/18/2025

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	11/18/2025		P		25	A	$120.35	400	I	By Spouse's IRA
Common Stock	11/19/2025		F		231(1)	D	$120.04	32,716(2)	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. Shares withheld to satisfy tax obligation of vested restricted stock.

2. Includes shares acquired under the Employee Stock Purchase Plan. I have not acquired additional shares under the Employee Stock Purchase Plan since my last filing on October 31, 2025. I own a total of 439 shares in the Employee Stock Purchase Plan as of the date of this report.

	/s/ H. Phillip Moore, Jr.	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.
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 transactions did Nicolet Bankshares (NIC) report for the CFO?

The CFO, H. Phillip Moore Jr., reported buying 25 shares of Nicolet Bankshares common stock at $120.35 through his spouse's IRA and the withholding of 231 shares at $120.04 to satisfy tax obligations on vested restricted stock.

How many Nicolet Bankshares (NIC) shares does the CFO own after these transactions?

After the reported transactions, the CFO beneficially owns 32,716 shares of Nicolet Bankshares common stock directly, plus indirect holdings including shares in his spouse's IRA and 439 shares in the Employee Stock Purchase Plan as of the report date.

What was the purpose of the 231 Nicolet Bankshares shares disposed of by the CFO?

The 231 shares of Nicolet Bankshares common stock were withheld to satisfy the tax obligation arising from vested restricted stock, as explained in the filing.

Did the Nicolet Bankshares CFO acquire shares under the Employee Stock Purchase Plan in this period?

No. The filing states the CFO has not acquired additional shares under the Employee Stock Purchase Plan since his prior filing on October 31, 2025, and that he owns 439 plan shares as of the report date.

Are any of the Nicolet Bankshares (NIC) shares reported held indirectly by the CFO?

Yes. The filing reports 25 shares of Nicolet Bankshares common stock purchased on 11/18/2025 as indirectly owned through the CFO's spouse's IRA.

What is the CFO's role and relationship to Nicolet Bankshares (NIC)?

The reporting person, H. Phillip Moore Jr., is an officer of Nicolet Bankshares Inc., serving as CFO, as indicated in the Form 4.