Form 4: Nicolet Bankshares Executive Sells Shares for Tax

Nicolet Bankshares EVP-CCO Brad Hutjens disposed of 67 shares of common stock on November 20, 2025, to cover tax obligations related to vested restricted stock.

Summary

• Brad Vincent Hutjens, Executive Vice President and Chief Compliance Officer of Nicolet National Bank, a subsidiary of Nicolet Bankshares Inc. (NIC), reported a transaction.
• On November 20, 2025, Mr. Hutjens disposed of 67 shares of Nicolet Bankshares Common Stock at a price of $120.2 per share.
• This disposition was a 'F' transaction code, indicating shares were withheld to satisfy tax obligations arising from vested restricted stock.
• Following this transaction, Mr. Hutjens directly beneficially owns 29,415 shares of Common Stock.
• Additionally, Mr. Hutjens indirectly beneficially owns 1,818 shares through a 401(k) Plan.
• Mr. Hutjens holds a total of 826 shares in the Employee Stock Purchase Plan as of the report date, with no additional shares acquired under this plan since his last Form 4 filing on November 20, 2025.

Sentiment

Score: 5

Explanation: The filing reports a routine insider transaction involving the disposition of shares to cover tax obligations on vested restricted stock, which is a neutral event and does not indicate a change in company fundamentals.

Positives

• The transaction stems from the vesting of restricted stock, which implies continued employment and meeting performance criteria, reflecting positively on executive retention and past performance.

Negatives

• The disposition of shares, even for tax purposes, results in a slight reduction of the executive's direct equity ownership in the company.

Future Outlook

NA

Industry Context

This Form 4 filing is a standard disclosure for insider transactions within the banking sector, reflecting a common practice for executives to cover tax liabilities upon the vesting of restricted stock awards. Such routine transactions are typical across publicly traded companies.

Comparison to Industry Standards

• The disposition of shares to cover tax obligations on vested restricted stock is a common and standard practice for executives across all industries, including financial services. It does not indicate any unusual activity compared to peers or global benchmarks.

Stakeholder Impact

• Minimal impact on shareholders as it's a routine tax-related transaction by an executive.
• No direct impact on employees, customers, suppliers, or creditors is indicated by this filing.

Key Dates

Recommendation

This Form 4 filing details a routine insider transaction where an executive disposed of shares to cover tax obligations on vested restricted stock. Such transactions are common and do not typically indicate a change in the company's fundamental performance or outlook, thus a 'hold' recommendation is appropriate based solely on this filing.

Keywords

Nicolet Bankshares, NIC, Form 4, Insider Transaction, Stock Sale, Tax Obligation, Restricted Stock, Executive Compensation, Banking