Form 4: Nicolet Bankshares CFO Reports Routine Stock Transaction for Tax Obligations and ESPP Acquisition

Nicolet Bankshares Inc.'s CFO, Hubert Phillip Moore Jr., disclosed a transaction involving the disposition of shares for tax withholding and the acquisition of additional shares through the Employee Stock Purchase Plan.

Summary

• Hubert Phillip Moore Jr., the Chief Financial Officer and a Director of Nicolet Bankshares Inc. (NIC), reported a transaction on June 9, 2025.
• The transaction involved the disposition of 640 shares of Common Stock at a price of $118.05 per share.
• This disposition was specifically for shares withheld by the company to satisfy tax obligations arising from the vesting of restricted stock.
• Following this reported transaction, Mr. Moore directly beneficially owns 32,663 shares of Nicolet Bankshares Common Stock.
• Additionally, he indirectly owns 375 shares of Common Stock through his spouse's IRA.
• The filing also noted that Mr. Moore acquired 50 shares under the Employee Stock Purchase Plan (ESPP) since his previous Form 4 filing on November 21, 2024, bringing his total ESPP holdings to 395 shares as of the report date.

Sentiment

Score: 7

Explanation: The transaction primarily involves a routine tax withholding, which is neutral. However, the continued acquisition of shares through the ESPP by the CFO indicates a positive long-term commitment to the company, slightly elevating the sentiment.

Positives

• The CFO's acquisition of 50 shares through the Employee Stock Purchase Plan demonstrates continued personal investment in the company's equity.
• Despite the disposition for tax purposes, the CFO maintains a substantial direct beneficial ownership of 32,663 shares, indicating significant alignment with shareholder interests.

Negatives

• A disposition of 640 shares occurred, though it was for the non-discretionary purpose of satisfying tax obligations on vested restricted stock, rather than a voluntary sale.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future outlook or financial performance.

Management Comments

• The filing explicitly states that 640 shares were 'withheld to satisfy tax obligation of vested restricted stock.'
• It also notes that the reporting person 'acquired 50 shares under the Employee Stock Purchase Plan, since my previous Form 4 filing dated November 21, 2024.'

Industry Context

This Form 4 filing is a standard regulatory disclosure for insider stock transactions. It reflects an individual executive's equity compensation activity, specifically the tax implications of vested restricted stock and participation in an employee stock purchase plan. Such transactions are common across the financial services industry for executives receiving equity-based compensation and do not typically indicate broader industry trends or competitive shifts.

Comparison to Industry Standards

• Not applicable. This Form 4 details a routine insider transaction (tax withholding and ESPP acquisition) and does not provide company-wide financial or operational results that can be directly compared to industry benchmarks or specific competitors.

Related Party Transactions

• The transaction involves an insider (CFO) and the company, which is a related party transaction by definition. However, it represents a standard compensation-related event (vesting and tax withholding of restricted stock) and participation in an Employee Stock Purchase Plan, which are routine disclosures for publicly traded companies.

Stakeholder Impact

• Shareholders: Provides transparency into insider stock ownership and transactions, which can influence investor confidence. The CFO's continued ESPP participation might be viewed positively as a sign of management's belief in the company.
• Employees: The mention of the Employee Stock Purchase Plan highlights an existing benefit for employees, encouraging broader employee ownership.

Next Steps

• The document does not specify any future actions, events, or milestones for the company or the reporting person beyond the reported transaction.

Key Dates

Recommendation

Keywords

Nicolet Bankshares, NIC, Form 4, Insider Transaction, CFO, Hubert Phillip Moore Jr., Restricted Stock, Tax Withholding, Employee Stock Purchase Plan, ESPP, Beneficial Ownership