Form 4: Nicolet Bankshares EVP Sells Shares for Tax Obligation

Nicolet Bankshares EVP Brad Hutjens disposed of 205 common shares to cover tax obligations, while also increasing his holdings in the Employee Stock Purchase Plan.

Summary

• Brad Vincent Hutjens, EVP CCO of Nicolet National Bank, reported a transaction on November 19, 2025.
• 205 shares of Nicolet Bankshares Inc. Common Stock were disposed of at a price of $120.04 per share.
• This disposition was due to shares being withheld to satisfy tax obligations related to vested restricted stock.
• Following the transaction, Mr. Hutjens directly beneficially owns 29,482 shares and indirectly owns 1,818 shares through a 401(k) Plan.
• An additional 94 shares were acquired under the Employee Stock Purchase Plan since the last Form 4 filing on November 27, 2024.
• Mr. Hutjens now owns a total of 826 shares in the Employee Stock Purchase Plan as of the report date.

Sentiment

Score: 6

Explanation: The transaction is primarily a tax-related disposition, which is a routine event. The increase in Employee Stock Purchase Plan holdings indicates continued confidence, balancing the minor reduction in direct ownership.

Positives

• Acquisition of 94 additional shares under the Employee Stock Purchase Plan, indicating continued investment in the company by an executive.
• The transaction is a tax-related disposition, not a discretionary sale, which is a common and generally neutral event for vested restricted stock.

Negatives

• A disposition of 205 shares, even if for tax purposes, reduces the direct beneficial ownership of the executive.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: Minor reduction in direct insider ownership due to tax-related sale, but overall insider ownership remains substantial. The increase in Employee Stock Purchase Plan holdings suggests continued insider investment.
• Employees: The existence of an Employee Stock Purchase Plan (ESPP) is generally positive for employee alignment with company performance.

Key Dates

Recommendation

This Form 4 filing details a routine tax-related disposition of shares by an executive, which is a common occurrence and not indicative of a change in fundamental outlook. The executive also increased holdings through the Employee Stock Purchase Plan, suggesting continued confidence. As such, this filing alone does not warrant a change in investment recommendation.

Keywords

Nicolet Bankshares, NIC, Form 4, Insider Transaction, Stock Sale, Tax Obligation, Restricted Stock, Employee Stock Purchase Plan, Brad Hutjens, EVP, CCO