Form 4: Nicolet Bankshares EVP Sells Shares for Tax Obligation
Insider Transaction Report
Nicolet Bankshares' EVP & Secretary, Eric James Witczak, disposed of 111 shares of common stock to cover tax obligations related to vested restricted stock.
Summary
- Eric James Witczak, Executive Vice President and Secretary of Nicolet Bankshares Inc. (NIC), reported a transaction on November 20, 2025.
- The transaction involved the disposition of 111 shares of Nicolet Bankshares common stock at a price of $120.2 per share.
- These shares were withheld to satisfy tax obligations arising from vested restricted stock, indicated by transaction code 'F'.
- Following this transaction, Mr. Witczak directly beneficially owns 28,474 shares.
- He also indirectly owns 6,783 shares through a 401(k) Plan.
- Mr. Witczak holds 1,065 shares in the Employee Stock Purchase Plan and has not acquired additional shares under this plan since his last Form 4 filing on November 20, 2025.
Sentiment
Score: 5
Explanation: The transaction is a routine tax-related disposition of shares following the vesting of restricted stock, which is a common occurrence for executives receiving equity compensation. It does not indicate a change in the company's fundamental outlook or the executive's confidence.
Positives
- The transaction is a routine tax withholding event related to vested restricted stock, indicating prior equity compensation grants to the executive.
Negatives
- A total of 111 shares of common stock were disposed of, resulting in a minor reduction in the executive's direct beneficial ownership.
Future Outlook
NA
Industry Context
This is an executive insider transaction, which is a routine event in the financial services industry for executives receiving equity compensation. It does not provide specific insights into broader industry trends or competitive landscape.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Trading Plan Disclosure | The transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities of the issuer, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). | 11/20/2025 | Indicates a pre-planned, automated transaction designed to avoid accusations of insider trading, reflecting good corporate governance practices regarding executive stock sales. |
Stakeholder Impact
- Shareholders: A minor reduction in direct executive share ownership due to tax withholding, which is a routine event and not indicative of a lack of confidence in the company's future.
Key Dates
| Date | Description |
|---|---|
| 11/20/2025 | Date of earliest transaction (shares withheld for tax obligation) |
| 11/24/2025 | Date of Form 4 filing |
Recommendation
holdThis Form 4 reports a routine tax-related disposition of shares by an executive following the vesting of restricted stock. Such transactions are common and typically do not reflect a change in the company's operational performance or future prospects. Therefore, it provides no new information to alter an existing investment thesis, warranting a 'hold' recommendation.
Keywords
Nicolet Bankshares, NIC, Form 4, Insider Trading, Executive Compensation, Stock Sale, Tax Withholding, Eric James Witczak, Restricted Stock
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