Form 4: Nicolet Bankshares CFO Awarded Restricted Stock

Nicolet Bankshares' CFO, Hubert Phillip Moore Jr., was awarded 4,065 restricted shares of common stock, vesting over five years.

Summary

• Hubert Phillip Moore Jr., CFO of Nicolet Bankshares Inc. (NIC), was awarded 4,065 restricted shares of common stock.
• The award date for these restricted shares was January 20, 2026, with a deemed acquisition price of $131.43 per share.
• These shares will vest annually in five equal installments, starting January 20, 2027, and fully vesting by January 20, 2031.
• Following this transaction, Mr. Moore directly beneficially owns 36,804 shares.
• An additional 23 shares were acquired under the Employee Stock Purchase Plan (ESPP) since the last Form 4 filing on November 20, 2025, bringing his total ESPP holdings to 462 shares.
• Mr. Moore also indirectly owns 400 shares through his spouse's IRA.

Sentiment

Score: 7

Explanation: The filing indicates a positive alignment of executive interests with long-term shareholder value through equity awards, which is generally viewed favorably. It's a routine compensation event, not a major strategic announcement, hence a moderate-to-positive score.

Positives

• Increased insider ownership by a key executive (CFO) through a restricted stock award.
• The restricted stock award aligns management's long-term interests with shareholder value through a multi-year vesting schedule.
• Acquisition of additional shares through the Employee Stock Purchase Plan demonstrates continued commitment and belief in the company's stock.

Negatives

• The awarded shares are restricted and do not provide immediate liquidity to the CFO until they vest.
• The vesting schedule extends over five years, meaning the full benefit of the award is deferred.

Future Outlook

The restricted shares will vest annually in five equal installments, beginning January 20, 2027, and fully vesting on January 20, 2031, indicating a long-term incentive structure for the CFO.

Industry Context

This transaction reflects a common practice in the banking and financial services industry where executive compensation packages include equity awards, such as restricted stock, to align management incentives with long-term shareholder value creation and retention. It signals confidence from the executive in the company's future performance.

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 compensation structures seen at regional banks like Associated Banc-Corp (ASB) or Old National Bancorp (ONB).
• The acquisition of shares through an Employee Stock Purchase Plan is also a common benefit offered by publicly traded companies, encouraging broad employee ownership and aligning interests.

Stakeholder Impact

• Shareholders: The increase in insider ownership and the long-term vesting schedule for the CFO's restricted stock award can be seen as a positive signal, aligning management's interests with shareholder value creation over time.
• Employees: The mention of the Employee Stock Purchase Plan (ESPP) highlights an ongoing benefit for employees, encouraging broader ownership.

Next Steps

• The restricted shares will vest in five equal annual installments, with the first installment on January 20, 2027.
• The final vesting of the restricted shares will occur on January 20, 2031.

Key Dates

Recommendation

This Form 4 filing details a routine executive compensation event involving restricted stock awards and ESPP acquisitions. While it signals continued insider confidence and aligns management's long-term interests with shareholders, it does not present new information that would fundamentally alter the company's valuation or immediate outlook. Therefore, a 'hold' recommendation is appropriate, as the filing reinforces existing investment theses without providing a catalyst for a significant re-evaluation.

Keywords

Nicolet Bankshares, NIC, Form 4, Insider Trading, Restricted Stock, CFO, Executive Compensation, Stock Award, Employee Stock Purchase Plan, Share Ownership