Nicolet Bankshares Form 4: Witczak exercises options and offsets with sales
Rhea-AI Filing Summary
Eric J. Witczak, EVP & Secretary of Nicolet Bankshares, Inc. (NIC), reported multiple equity transactions on 08/26/2025. He exercised or acquired 5,000 shares via a stock option at an exercise price of $70.50 and concurrently disposed of 5,000 common shares in two sales: 3,436 shares at $136.535 and 1,564 shares at a weighted average of $136.7. After these transactions he directly beneficially owned 28,901 shares and indirectly owned 6,783 shares through a 401(k) plan. He also holds 1,042 shares in the Employee Stock Purchase Plan and 15,000 exercisable stock option shares remaining.
Positive
- Transparency: Detailed footnotes disclose weighted average sale prices and ESPP holdings, aiding investor understanding.
- Equity alignment: Witczak retains significant holdings including 28,901 direct shares, 6,783 indirect 401(k) shares, 1,042 ESPP shares, and 15,000 exercisable options.
Negative
- Insider sales totaling 5,000 shares: Dispositions at approximately $136.54–$137.25 reduced direct holdings, representing liquidity taken by the insider.
Insights
TL;DR: Routine insider exercise and offsetting sales; no clear change to control, mostly liquidity realization.
The filing shows an option exercise/acquisition of 5,000 shares at $70.50 paired with sales of an equal 5,000 shares at approximately $136.54–$137.25, which is a common pattern for insiders who exercise options and sell shares to cover tax/expense obligations. Net direct ownership remains substantial at 28,901 shares with additional indirect holdings of 6,783 shares. The presence of 1,042 ESPP shares and 15,000 exercisable options indicates continued equity alignment. This appears procedural and not a material change to ownership or control.
TL;DR: Disclosure is complete and conforms to Section 16 reporting; transactions are routine insider liquidity events.
The Form 4 lists standard codes and includes an explicit footnote explaining weighted average sale prices and ESPP holdings, which supports transparency. The attorney-in-fact signature is provided and the option status (fully vested and exercisable) is clearly stated. From a governance perspective, these disclosures meet reporting obligations and do not signal governance or compliance concerns.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option (Right to Buy) | 5,000 | $0.00 | $0.00 |
| Exercise | Common Stock | 5,000 | $70.50 | $353K |
| Exercise Price or Tax Liability | Common Stock | 3,436 | $136.535 | $469K |
| Sale | Common Stock | 1,564 | $136.70 | $214K |
| holding | Common Stock | -- | -- | -- |
Footnotes (3)
- F1. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $136.540 to $137.250, inclusive. Mr. Witczak 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.
- F2. Includes shares acquired under the Employee Stock Purchase Plan. Mr. Witczak has not acquired additional shares under the Employee Stock Purchase Plan since his last Form 4 filing on July 22, 2025. Mr. Witczak owns a total of 1,042 shares in the Employee Stock Purchase Plan as of the date of this report.
- F3. The nonqualified stock option fully vested as of November 18, 2024, and is currently exercisable as to all remaining 15,000 shares.
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