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 James Witczak, Executive Vice President & Secretary of Nicolet Bankshares Inc. (NIC), reported transactions on August 27, 2025.
• Mr. Witczak acquired 5,000 shares of Common Stock by exercising stock options at a price of $70.5 per share.
• Following the option exercise, Mr. Witczak disposed of 3,412 shares of Common Stock at $139.655 per share, likely to cover tax obligations.
• Additionally, 1,588 shares of Common Stock were sold in the open market at a weighted average price of $139.42 per share, with individual sales ranging from $139.30 to $139.64.
• After these transactions, Mr. Witczak directly owns 28,901 shares of Common Stock and indirectly owns 6,783 shares through a 401(k) Plan.
• The nonqualified stock option for 10,000 shares fully vested on November 18, 2024, and 5,000 of these options were exercised, leaving 10,000 options still exercisable.
• Mr. Witczak holds 1,042 shares in the Employee Stock Purchase Plan, with no additional acquisitions since his last Form 4 filing on August 27, 2025.

Sentiment

Score: 6

Explanation: The executive exercised stock options, indicating a realization of value, but also sold a portion of shares, which is a neutral event for the company's outlook. This is a routine insider transaction.

Positives

• The executive exercised stock options at $70.5 per share and sold shares at significantly higher prices (average of $139.42 and $139.655), indicating a realization of substantial value from his compensation.
• The stock options were fully vested as of November 18, 2024, demonstrating the maturity of the executive's long-term incentive plan.

Negatives

• The executive's direct beneficial ownership of common stock decreased by 1,588 shares due to an open market sale, reducing his direct stake in the company.

Future Outlook

N/A

Industry Context

N/A

Stakeholder Impact

• Shareholders may view the executive's option exercise as a positive sign of value realization, while the subsequent sale of shares for tax purposes and liquidity is a common practice and generally not indicative of a change in company fundamentals.
• The transactions reflect standard executive compensation practices and the executive's management of their equity holdings.

Key Dates

Recommendation

The Form 4 details routine insider transactions involving stock option exercise and subsequent share sales for tax purposes and personal liquidity. While the executive reduced direct ownership, the transactions do not indicate a significant change in the company's fundamental outlook or warrant a strong directional recommendation based solely on this filing.

Keywords

Nicolet Bankshares, NIC, Insider Trading, Form 4, Stock Option Exercise, Share Sale, Executive Compensation, Eric Witczak, Beneficial Ownership