Form 4: Nicolet Bankshares CEO Discloses Stock Transaction

Nicolet Bankshares Inc. Chairman, President & CEO Michael E. Daniels reported the disposition of 753 common shares to cover tax obligations related to vested restricted stock.

Summary

• Michael E. Daniels, Chairman, President & CEO of Nicolet Bankshares Inc. (NIC), reported a transaction involving the company's common stock.
• On November 19, 2025, 753 shares of common stock were disposed of at a price of $120.04 per share.
• This disposition was to satisfy tax obligations related to vested restricted stock.
• Following this transaction, Mr. Daniels directly owns 110,795 shares of common stock.
• Additionally, Mr. Daniels indirectly owns 6,252 shares through a 401(k) Plan and 9,803 shares through his spouse.
• The report also notes an acquisition of 23 shares under the Employee Stock Purchase Plan since the previous filing on September 9, 2025, bringing his total in the plan to 1,039 shares.

Sentiment

Score: 5

Explanation: The transaction is a routine, non-discretionary event for tax purposes related to vested restricted stock, which is neutral in sentiment. The acquisition of additional shares through an employee plan adds a slight positive nuance, but the overall impact is neutral.

Positives

• The transaction is a routine event related to vested restricted stock, indicating that previously granted equity compensation has matured.
• Mr. Daniels acquired an additional 23 shares through the Employee Stock Purchase Plan, demonstrating continued participation and investment in the company.

Negatives

• The disposition of 753 shares, while for tax purposes, represents a reduction in direct beneficial ownership.

Industry Context

This is a routine insider transaction for a financial institution's executive, common when restricted stock vests and shares are withheld to cover tax liabilities. It does not indicate a change in the company's operational or strategic direction.

Stakeholder Impact

• Minimal direct impact on shareholders as this is a routine tax-related transaction for an executive's vested equity.
• Indicates the executive's continued participation in the Employee Stock Purchase Plan, which can be viewed positively by employees.

Key Dates

Recommendation

This Form 4 filing details a routine, non-discretionary transaction by a key executive to cover tax obligations on vested restricted stock. Such transactions are common and generally do not signal a change in the company's fundamental outlook or the executive's confidence. The slight increase in shares through the Employee Stock Purchase Plan is a minor positive. Therefore, based solely on this filing, there is no new information to warrant a change from a 'hold' position.

Keywords

Nicolet Bankshares, NIC, Michael E. Daniels, Form 4, Insider Transaction, Common Stock, Tax Withholding, Restricted Stock, Employee Stock Purchase Plan, CEO