Form 4: Nicolet Bankshares Director Hetzel Jr. Acquires Shares as Part of Board Retainer

Director Andrew F. Hetzel Jr. acquired 404 shares of Nicolet Bankshares stock as part of his annual board retainer.

Summary

• On May 20, 2025, Andrew F. Hetzel Jr., a director of Nicolet Bankshares Inc., acquired 404 shares of common stock.
• The acquisition was part of the annual board retainer, granted as a restricted stock award with immediate full vesting.
• The price per share was $123.48.
• Following the transaction, Hetzel directly owns 8,622 shares and indirectly owns 1,748.83 shares through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects a standard compensation practice and alignment of director interests with shareholders.

Positives

• The acquisition of shares by a director demonstrates confidence in the company.

Industry Context

Director share acquisitions are common in the banking industry as part of compensation packages and to align director interests with shareholder value.

Comparison to Industry Standards

• Director compensation packages vary across the banking industry, but equity-based compensation is a common practice.
• Comparing the size of this stock award to those of directors at similar-sized regional banks (e.g., Associated Banc-Corp, Green Bay, WI) would provide context on whether this is a typical arrangement.

Stakeholder Impact

• The acquisition of shares by a director can positively influence shareholder sentiment.

Key Dates

Keywords

Nicolet Bankshares, Director, Share Acquisition, Form 4, Board Retainer, Stock Award, Hetzel