Form 4: Nicolet Bankshares Director Exercises Options and Sells Shares

Nicolet Bankshares Inc. Director Robert Bruce Atwell exercised 10,000 stock options and subsequently sold a portion of the acquired shares and other shares, adjusting his direct beneficial ownership.

Summary

• Robert Bruce Atwell, a Director of Nicolet Bankshares Inc. (NIC), exercised 10,000 nonqualified stock options on June 9, 2025, at an exercise price of $48.85 per share.
• Following the option exercise, Mr. Atwell disposed of 6,874 shares at $119.1 per share to cover the exercise price or tax liability.
• Additionally, he sold 3,126 shares in the open market at a weighted average price of $118.3 per share, with prices ranging from $118.00 to $118.91.
• After these transactions, Mr. Atwell directly owns 34,220 shares of Common Stock and indirectly owns 339.868 shares through the Nicolet National Bank Deferred Compensation Plan.
• He also holds 35,000 unexercised nonqualified stock options, which fully vested on May 16, 2022, and expire on May 16, 2027.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive. While there's a sale of shares, it's primarily driven by an option exercise and tax/cost coverage, indicating the director is realizing gains from a profitable investment. The director also retains a significant stake, which is a positive signal of continued alignment.

Positives

• The exercise of stock options at $48.85 and subsequent sale of shares at prices around $118-$119 indicates a significant unrealized gain for the director, reflecting positively on the company's stock performance since the options were granted.
• The director retains a substantial direct ownership of 34,220 shares and indirect ownership, demonstrating continued alignment with shareholder interests.

Negatives

• The sale of 3,126 shares in the open market by a director, even if a small portion of total holdings, could be perceived as a slight negative signal, although it's common for directors to sell shares to cover taxes or diversify.

Future Outlook

NA

Industry Context

This Form 4 filing reflects a routine insider transaction for a director at a regional bank, Nicolet Bankshares Inc. (NIC). Such transactions are common for executives and directors managing their equity compensation and personal portfolios. The significant difference between the option exercise price and the sale price highlights the appreciation of NIC's stock, which is generally positive for the banking sector, indicating healthy market conditions or strong company performance.

Related Party Transactions

• Indirect beneficial ownership of 339.868 shares through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors, which is a standard compensation arrangement.

Stakeholder Impact

• Shareholders: The transaction indicates a director realizing value from their equity, which can be seen as a positive sign of the company's stock performance. The retained ownership suggests continued alignment.

Key Dates

Recommendation

Keywords

Nicolet Bankshares, NIC, Form 4, Insider Trading, Stock Options, Director Transactions, Share Sale, Equity Ownership, Financial Services, Banking