Form 4: Nicolet Bankshares EVP Acquires 4,065 Restricted Shares

Nicolet Bankshares' EVP & Secretary, Eric Witczak, was awarded 4,065 restricted common shares valued at $131.43 per share, vesting over five years.

Summary

• Eric Witczak, EVP & Secretary of Nicolet Bankshares Inc. (NIC), was awarded 4,065 restricted shares of common stock on January 20, 2026.
• The shares were valued at $131.43 per share at the time of the award.
• These restricted shares will vest annually in five equal installments, starting January 20, 2027, and fully vesting by January 20, 2031.
• Following this transaction, Mr. Witczak directly beneficially owns 32,561 shares.
• An additional 22 shares were acquired under the Employee Stock Purchase Plan since the last Form 4 filing on November 24, 2025, bringing his total ESPP holdings to 1,087 shares.
• Mr. Witczak also indirectly owns 6,783 shares through a 401(k) Plan.

Sentiment

Score: 8

Explanation: The significant restricted stock award to a key executive, coupled with ongoing share accumulation through an employee plan, indicates strong insider confidence and a commitment to long-term value creation, which is generally positive for investors.

Positives

• Significant award of 4,065 restricted shares to a key executive, indicating management's continued alignment with shareholder interests.
• The acquisition of additional 22 shares through the Employee Stock Purchase Plan demonstrates ongoing commitment and belief in the company's value.
• The vesting schedule over five years encourages long-term retention and performance from the EVP & Secretary.

Future Outlook

The vesting schedule for the restricted shares indicates a long-term incentive structure for the EVP & Secretary, aligning his future financial interests with the company's performance through January 2031.

Industry Context

This executive compensation structure, involving restricted stock awards with multi-year vesting, is a common practice in the banking and financial services industry to retain key talent, align management incentives with long-term shareholder value, and comply with corporate governance best practices.

Comparison to Industry Standards

• The award of restricted stock to a senior executive like an EVP and Secretary is a standard compensation practice in the financial sector, comparable to similar incentive programs at regional banks such as Associated Banc-Corp (ASB) or Old National Bancorp (ONB), which often use equity awards to incentivize long-term performance and retention.
• The five-year vesting schedule is typical for executive equity awards, promoting sustained commitment and performance, aligning with industry benchmarks for executive retention strategies.

Stakeholder Impact

• Shareholders: Positive impact due to increased alignment of executive interests with long-term shareholder value.
• Employees: The existence of an Employee Stock Purchase Plan (ESPP) suggests broader employee participation in company ownership, which can boost morale and alignment.
• Management: The restricted stock award serves as a significant long-term incentive and retention tool for the EVP & Secretary.

Next Steps

• Annual vesting of 813 shares (4065/5) on January 20th of each year, beginning January 20, 2027.
• Full vesting of the restricted shares on January 20, 2031.

Key Dates

Recommendation

The substantial restricted stock award to a key executive, coupled with continued participation in the Employee Stock Purchase Plan, signals strong insider confidence in Nicolet Bankshares' future prospects. This insider buying, particularly with a long vesting schedule, suggests management believes the stock has significant upside potential over the long term, making it an attractive 'buy' signal for investors.

Keywords

Nicolet Bankshares, NIC, Eric Witczak, Form 4, Insider Trading, Restricted Stock Award, Executive Compensation, Stock Ownership, Employee Stock Purchase Plan, Banking, Financial Services