Form 4: Nicolet Bankshares Director Boosts Indirect Stake

Nicolet Bankshares Director Andrew F. Hetzel Jr. increased his indirect beneficial ownership through deferred compensation and dividend reinvestment.

Summary

• Andrew F. Hetzel Jr., a Director of Nicolet Bankshares Inc. (NIC), acquired additional shares of common stock through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors.
• On October 21, 2025, Mr. Hetzel acquired 7.797 shares by deferring his third-quarter 2025 earned board fees, at an implied price of $129.4 per share.
• Following this transaction, his indirect beneficial ownership in the plan totaled 1,958.096 shares, which included 4.668 shares received as dividend reinvestment from a cash dividend paid on September 15, 2025.
• On January 20, 2026, Mr. Hetzel acquired an additional 7.684 shares by deferring his fourth-quarter 2025 earned board fees, at an implied price of $131.43 per share.
• After the January 20, 2026 transaction, his indirect beneficial ownership in the plan increased to 1,970.549 shares, which included 4.769 shares received as dividend reinvestment from a cash dividend paid on December 15, 2025.

Sentiment

Score: 7

Explanation: The director's continued acquisition of shares through deferred compensation and dividend reinvestment indicates ongoing confidence in the company's long-term prospects, albeit through routine, non-open market transactions.

Positives

• A director increasing their stake, even through a deferred compensation plan, can signal confidence in the company's future performance.
• The consistent reinvestment of dividends indicates a long-term commitment to the company's equity.

Future Outlook

This Form 4 filing does not contain explicit forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

Insider transactions, such as those reported in a Form 4, are routine disclosures for publicly traded companies. While these specific transactions are small in scale, they reflect a director's ongoing participation in the company's equity through a standard compensation mechanism within the banking sector.

Corporate Governance

Related Party Transactions

• The acquisition of shares by Andrew F. Hetzel Jr., a director, through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors constitutes a transaction with a related party, as it involves a compensation arrangement between the company and its director.

Stakeholder Impact

• Shareholders may view the director's increased beneficial ownership as a positive signal of insider confidence in the company's future.

Key Dates

Recommendation

The director's incremental increase in beneficial ownership through a deferred compensation plan and dividend reinvestment is a positive signal of insider confidence. However, these are routine, pre-scheduled transactions rather than discretionary open market purchases, and thus typically do not warrant a change in investment recommendation unless part of a larger pattern or significant open market activity.

Keywords

Nicolet Bankshares, NIC, Form 4, Insider Transaction, Director Stock Acquisition, Deferred Compensation, Dividend Reinvestment, Bankshares