Form 4: Nicolet Bankshares EVP Witczak Reports Stock Transaction

Nicolet Bankshares EVP & Secretary Eric Witczak reported a disposition of 339 common shares to cover tax obligations, while also increasing his holdings in the Employee Stock Purchase Plan.

Summary

• Eric Witczak, EVP & Secretary of Nicolet Bankshares Inc. (NIC), reported a transaction on November 19, 2025.
• 339 shares of Common Stock were disposed of at a price of $120.04 per share.
• This disposition was explicitly stated as shares withheld to satisfy tax obligations of vested restricted stock.
• Following this transaction, Mr. Witczak directly beneficially owns 28,585 shares of Common Stock.
• He also indirectly beneficially owns 6,783 shares through a 401(k) Plan.
• Mr. Witczak acquired an additional 23 shares under the Employee Stock Purchase Plan since his last Form 4 filing on August 28, 2025.
• His total holdings in the Employee Stock Purchase Plan amount to 1,065 shares as of the report date.

Sentiment

Score: 5

Explanation: The filing reports a routine insider transaction where shares were disposed of to cover tax obligations on vested restricted stock, which is a common and often pre-planned event. Simultaneously, the executive increased holdings in the Employee Stock Purchase Plan, indicating continued investment. This balances the routine disposition, resulting in a neutral sentiment.

Positives

• Acquired 23 additional shares under the Employee Stock Purchase Plan, demonstrating continued investment and increasing total ESPP holdings to 1,065 shares.

Negatives

• Disposed of 339 common shares to satisfy tax obligations, resulting in a reduction of direct beneficial ownership.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: The disposition of 339 shares for tax purposes represents a minor, routine event that does not significantly impact the overall share structure or executive alignment. The continued participation in the Employee Stock Purchase Plan demonstrates ongoing management investment in the company.

Key Dates

Recommendation

This Form 4 details a routine transaction where an executive disposed of shares to cover tax obligations on vested restricted stock, a common and often pre-scheduled event. Concurrently, the executive increased holdings through an Employee Stock Purchase Plan. Such a filing does not typically indicate a material change in the company's fundamentals or the executive's long-term outlook, thus a 'hold' recommendation is appropriate as it provides no new information to alter an existing investment thesis.

Keywords

Nicolet Bankshares, NIC, Form 4, Insider Transaction, Stock Disposition, Tax Obligation, Employee Stock Purchase Plan, Executive Compensation