Form 4: Nicolet Bankshares Director Acquires Shares via Deferred Plan

Nicolet Bankshares Director John Nicholas Dykema acquired 15.367 shares of common stock through a deferred compensation plan.

Summary

• John Nicholas Dykema, a Director of Nicolet Bankshares Inc. (NIC), acquired 15.367 shares of common stock on January 20, 2026.
• The shares were acquired at a price of $131.43 per share.
• This acquisition was made indirectly through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors.
• The acquisition resulted from deferring Mr. Dykema's fourth quarter 2025 earned board fees.
• Following this transaction, Mr. Dykema's indirect beneficial ownership in the deferred compensation plan totals 9,644.497 shares.
• This total includes 23.395 shares received as dividend reinvestment from a cash dividend paid on December 15, 2025, by Nicolet Bankshares, Inc.

Sentiment

Score: 6

Explanation: The sentiment is mildly positive as a director acquiring shares, even through a deferred compensation plan, generally signals confidence in the company. However, it's a routine transaction and not indicative of extraordinary news.

Positives

• The acquisition of shares by a director through a deferred compensation plan demonstrates continued alignment of management interests with shareholder interests.
• The director's decision to defer board fees into company stock indicates confidence in the company's future performance.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding the company's future performance or strategic direction, beyond the implicit confidence shown by the director's stock acquisition.

Industry Context

This routine insider transaction reflects a common practice in the banking and financial services industry where non-employee directors often elect to receive compensation in the form of company stock or defer cash compensation into stock-based plans, aligning their financial interests with the long-term performance of the institution.

Comparison to Industry Standards

• The use of deferred compensation plans for non-employee directors, allowing for stock acquisition through fee deferral and dividend reinvestment, is a standard corporate governance practice across publicly traded companies, including those in the financial sector like Nicolet Bankshares. This aligns with best practices for director compensation, promoting long-term commitment and shareholder value alignment.

Related Party Transactions

• The acquisition of shares by Director John Nicholas Dykema through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors can be considered a related party transaction, as it involves a director and a company-sponsored plan.

Stakeholder Impact

• Shareholders: The transaction indicates continued alignment of a director's interests with shareholders, potentially reinforcing confidence in governance.
• Employees: No direct impact mentioned.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Creditors: No direct impact mentioned.

Key Dates

Recommendation

This Form 4 filing reports a routine insider transaction where a director acquired shares through a deferred compensation plan. While it signals confidence, it does not present new fundamental information that would warrant a change in investment recommendation. It's a standard part of director compensation and not a discretionary open-market purchase that might suggest a strong buy signal. Therefore, a 'hold' recommendation is appropriate, maintaining existing positions based on broader company fundamentals rather than this specific filing.

Keywords

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