Form 4: Nicolet Bankshares EVP Exercises Options, Sells Shares

Nicolet Bankshares' EVP & Secretary, Eric Witczak, exercised stock options and subsequently sold a portion of the acquired shares.

Summary

• Eric Witczak, Executive Vice President and Secretary of Nicolet Bankshares Inc., exercised 5,000 stock options at a price of $70.50 per share on August 26, 2025.
• Following the option exercise, 3,436 shares of common stock were disposed of at $136.535 per share to cover tax liabilities.
• An additional 1,564 shares were sold in the open market at a weighted average price of $136.70 per share, with individual transaction prices ranging from $136.540 to $137.250.
• After these transactions, Mr. Witczak directly holds 28,901 shares of Nicolet Bankshares common stock.
• Mr. Witczak also indirectly holds 6,783 shares through a 401(k) Plan.
• He retains 15,000 unexercised nonqualified stock options, which fully vested on November 18, 2024.
• Mr. Witczak holds 1,042 shares in the Employee Stock Purchase Plan and has not acquired additional shares through this plan since July 22, 2025.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive. While there's a sale of shares, it's primarily driven by the exercise of options at a significantly lower price, indicating a profitable transaction for the executive. The remaining unexercised options and continued indirect holdings suggest ongoing alignment with the company's performance.

Positives

• The exercise of 5,000 stock options at $70.50 per share indicates a profitable transaction for the executive, as the subsequent sale prices were significantly higher.
• A substantial number of stock options (15,000 shares) remain exercisable, indicating potential future value for the executive.
• The transactions were made pursuant to a Rule 10b5-1(c) plan, suggesting a pre-planned and orderly execution of equity compensation.

Negatives

• The sale of 1,564 shares in the open market reduces Mr. Witczak's direct beneficial ownership of common stock.

Future Outlook

NA

Industry Context

This filing details an insider transaction, which is specific to the individual executive and the company's equity compensation structure, rather than broader industry trends. It reflects an executive's decision to monetize vested options through a pre-planned trading arrangement.

Stakeholder Impact

• Shareholders may view the executive's exercise of options and subsequent sale as a normal part of executive compensation, potentially signaling the executive's belief in the stock's value at the exercise price. The sale of shares could be interpreted as profit-taking, but the remaining options and indirect holdings indicate continued alignment with shareholder interests.

Key Dates

Recommendation

The filing details a routine insider transaction involving the exercise of stock options and a partial sale of shares, likely for tax purposes and profit realization, executed under a Rule 10b5-1 plan. This type of transaction does not typically indicate a significant change in the company's fundamentals or future prospects that would warrant a 'buy' or 'sell' recommendation based solely on this filing. The executive retains substantial direct and indirect ownership, along with significant unexercised options, suggesting continued alignment with the company's performance.

Keywords

Nicolet Bankshares, NIC, Eric Witczak, Insider Trading, Form 4, Stock Options, Share Sale, Executive Compensation, Beneficial Ownership, Rule 10b5-1