Form 4: Director Acquires NIC Shares via Deferred Compensation

Brenda L. Johnson, a Director at Nicolet Bankshares Inc., acquired additional common stock through her deferred compensation plan.

Summary

• Brenda L. Johnson, a Director of Nicolet Bankshares Inc. (NIC), acquired 7.684 shares of common stock.
• The acquisition occurred on January 20, 2026, at a price of $131.43 per share.
• These shares were acquired by deferring her fourth quarter 2025 earned board fees.
• Her total indirect beneficial ownership in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors now stands at 897.386 shares.
• This total includes 2.162 shares received from dividend reinvestment on December 15, 2025.

Sentiment

Score: 7

Explanation: The acquisition of shares by a director, especially through deferred compensation, generally indicates confidence in the company's future prospects and aligns director interests with shareholders. This is a positive signal, though a routine one for insider filings.

Positives

• A director increased their stake in the company, indicating confidence in future performance.
• The acquisition was made through a deferred compensation plan, aligning director interests with long-term shareholder value.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance, as it is a report of an insider transaction.

Industry Context

This transaction reflects a routine insider acquisition within the banking sector, where directors often receive compensation in the form of company stock or defer fees into stock plans, aligning their interests with the company's performance.

Comparison to Industry Standards

• Insider stock acquisitions through deferred compensation plans are a common practice across the financial services industry, including regional banks like Nicolet Bankshares.
• This aligns with corporate governance best practices that encourage management and directors to hold equity in the companies they oversee, similar to practices at peers such as Old National Bancorp (ONB) or Wintrust Financial Corporation (WTFC).

Related Party Transactions

• Brenda L. Johnson, a Director, acquired shares through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors, which is a related party transaction as it involves compensation from the issuer's subsidiary.

Stakeholder Impact

• Shareholders: The transaction signals director confidence, potentially positively influencing investor sentiment.

Next Steps

• The filing does not specify any future actions or milestones beyond the reported transaction.

Key Dates

Recommendation

This Form 4 filing reports a routine insider acquisition by a director through a deferred compensation plan. While it signals confidence from management, it is a small, non-open-market transaction and does not provide new fundamental information to warrant a change in investment recommendation. Investors should continue to hold based on broader company fundamentals and market conditions.

Keywords

Nicolet Bankshares, NIC, Form 4, Insider Trading, Director Stock Acquisition, Deferred Compensation, Financial Services, Banking