Form 4: Nicolet Bankshares Executive Exercises Options and Sells Shares

Nicolet Bankshares EVP & Secretary Eric Witczak exercised stock options and subsequently sold an equal number of common shares for a significant profit.

Summary

• Eric James Witczak, Executive Vice President and Secretary of Nicolet Bankshares Inc. (NIC), engaged in a series of transactions on July 18, 2025.
• Mr. Witczak acquired 5,000 shares of common stock by exercising stock options at a price of $70.50 per share.
• Concurrently, he disposed of 5,000 shares of common stock through sales at a weighted average price of $139.77 per share, with individual sales ranging from $139.50 to $140.04.
• Following these transactions, Mr. Witczak directly beneficially owns 28,901 shares of common stock.
• He also indirectly owns 6,783 shares through a 401(k) Plan.
• An additional 71 shares were acquired under the Employee Stock Purchase Plan since his last Form 4 filing on November 21, 2024, bringing his total ESPP holdings to 1,042 shares.
• The nonqualified stock option exercised was part of a larger grant, with 20,000 shares remaining exercisable, having fully vested on November 18, 2024.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive as the executive profited significantly from the option exercise and sale, which is a normal part of executive compensation. The transaction itself is routine and does not indicate negative company performance.

Positives

• The executive realized a substantial profit by selling shares at a weighted average price of $139.77 after exercising options at $70.50, indicating a successful personal investment strategy.
• The exercise of options and subsequent sale is a common and often pre-planned activity for executives, demonstrating the value of their compensation packages.

Negatives

• The transaction resulted in a decrease in the executive's direct beneficial ownership of common stock by 5,000 shares, which could be perceived as a slight reduction in insider alignment, though offset by the option exercise.

Future Outlook

This Form 4 filing primarily reports past insider transactions and does not contain forward-looking statements or guidance regarding the company's future performance or strategic outlook.

Management Comments

• Mr. Witczak undertakes to provide full information regarding the number of shares sold at each separate price within the reported ranges upon request to Nicolet Bankshares, Inc., any security holder, or the SEC staff.

Industry Context

This filing details a routine insider transaction (exercise of stock options and subsequent sale of shares) by an executive of a financial institution. Such transactions are common across all industries and typically reflect personal financial planning rather than specific industry trends or company-specific news.

Stakeholder Impact

• Shareholders: The transaction represents a routine insider sale following an option exercise. While it slightly reduces the executive's direct ownership, it is a common practice and does not necessarily signal a lack of confidence in the company. The sale of 5,000 shares is a small fraction of the company's total outstanding shares, so the direct impact on share price is likely minimal.

Key Dates

Keywords

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