Form 4: Nicolet Bankshares CEO Awarded Restricted Stock

Nicolet Bankshares Inc. Chairman, President & CEO Michael E. Daniels received an award of 12,125 restricted common shares valued at $131.43 per share.

Summary

• Michael E. Daniels, Chairman, President & CEO of Nicolet Bankshares Inc., was awarded 12,125 restricted shares of common stock on January 20, 2026.
• The shares were awarded at a price of $131.43 per share.
• These restricted shares will vest in five equal annual installments, starting January 20, 2027, and fully vesting on January 20, 2031.
• Mr. Daniels also acquired an additional 22 shares through the Employee Stock Purchase Plan (ESPP) since his last Form 4 filing on November 24, 2025, bringing his total ESPP holdings to 1,061 shares.
• Following these transactions, Mr. Daniels directly beneficially owns 122,757 shares of common stock.
• Indirect beneficial ownership includes 6,252 shares via a 401(k) Plan and 9,803 shares by his spouse.

Sentiment

Score: 7

Explanation: The filing indicates a positive alignment of executive incentives with long-term company performance through a restricted stock award and continued participation in the ESPP, reflecting management's commitment.

Positives

• The award of restricted shares aligns management's interests with long-term shareholder value through a multi-year vesting schedule.
• Continued participation in the Employee Stock Purchase Plan demonstrates ongoing commitment to the company.

Future Outlook

The restricted shares awarded to Michael E. Daniels are subject to a five-year vesting schedule, with annual installments beginning January 20, 2027, and full vesting by January 20, 2031, indicating a long-term incentive structure.

Industry Context

This routine insider transaction reflects a common practice in the banking and financial services industry where executive compensation packages include equity awards to incentivize long-term performance and align management interests with shareholders.

Comparison to Industry Standards

• The use of restricted stock awards with multi-year vesting schedules is a standard practice for executive compensation in the financial sector, similar to programs at regional banks like Associated Banc-Corp (ASB) or Old National Bancorp (ONB), aiming to retain key talent and promote sustained growth.
• The Employee Stock Purchase Plan (ESPP) participation is also a common benefit, encouraging broad employee ownership, comparable to programs offered by many publicly traded companies across various industries.

Related Party Transactions

• The restricted stock award to Michael E. Daniels, a Director and CEO, constitutes a related party transaction as part of his executive compensation.

Stakeholder Impact

• Shareholders: The restricted stock award aligns the CEO's long-term interests with shareholder value creation, potentially fostering sustained performance.
• Employees: Continued participation in the ESPP by the CEO reinforces the value of employee stock ownership programs.

Next Steps

• Annual vesting of the 12,125 restricted shares will occur on January 20th of each year, starting January 20, 2027, until full vesting on January 20, 2031.

Key Dates

Recommendation

This Form 4 filing details a routine executive compensation event (restricted stock award and ESPP acquisition) and does not present new information that would fundamentally alter the investment thesis for Nicolet Bankshares Inc. It primarily confirms management's long-term alignment with the company's performance, which is generally a positive but not a catalyst for a change in recommendation.

Keywords

Nicolet Bankshares, NIC, Michael E. Daniels, Restricted Stock Award, Insider Ownership, Executive Compensation, Employee Stock Purchase Plan, Form 4, Banking, Financial Services