ROBERT BRUCE ATWELL - 21 Jul 2025 Form 4 Insider Report for NICOLET BANKSHARES INC (NIC)

Role: Director
Signature: /s/ H. Phillip Moore, Jr., as attorney-in-fact for Robert B. Atwell
Issuer symbol: NIC
Transactions as of: 21 Jul 2025
Net transactions value: -$1,820,755
Form type: 4
Filing time: 22 Jul 2025, 14:43:09 UTC
Previous filing: 17 Jul 2025
Next filing: 03 Nov 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
ATWELL ROBERT BRUCE	Director	C/O NICOLET NATIONAL BANK, 111 NORTH WASHINGTON STREET, GREEN BAY	/s/ H. Phillip Moore, Jr., as attorney-in-fact for Robert B. Atwell	22 Jul 2025	0001253903

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NIC	Common Stock	Options Exercise	$977,000	+20,000	+58%	$48.85	54,220	21 Jul 2025	Direct
transaction	NIC	Common Stock	Tax liability	$1,834,881	-13,096	-24%	$140.11	41,124	21 Jul 2025	Direct
transaction	NIC	Common Stock	Sale	$462,859	-3,334	-8.1%	$138.83	37,790	21 Jul 2025	Direct	F1
transaction	NIC	Common Stock	Sale	$351,826	-2,517	-6.7%	$139.78	35,273	21 Jul 2025	Direct	F2
transaction	NIC	Common Stock	Sale	$148,189	-1,053	-3%	$140.73	34,220	21 Jul 2025	Direct	F3
holding	NIC	Common Stock						521	21 Jul 2025	by Nicolet National Bank Deferred Compensation Plan For Non-employee Directors

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NIC	Stock Option (Right to Buy)	Options Exercise	$0	-20,000	-57%	$0.000000	15,000	21 Jul 2025	Common Stock	20,000	$48.85	Direct	F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $138.240 to $139.217, inclusive. Mr. Atwell undertakes to provide to Nicolet Bankshares, Inc., any security holder of Nicolet Bankshares, Inc., or the staff of the Securities and Exchange Commission upon request, full information regarding the number of shares at each separate price within the range set forth in footnote (1) to this Form 4.
F2	The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $139.277 to $140.260, inclusive. Mr. Atwell undertakes to provide to Nicolet Bankshares, Inc., any security holder of Nicolet Bankshares, Inc., or the staff of the Securities and Exchange Commission upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (2) to this Form 4.
F3	The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $140.309 to $141.249, inclusive. Mr. Atwell undertakes to provide to Nicolet Bankshares, Inc., any security holder of Nicolet Bankshares, Inc., or the staff of the Securities and Exchange Commission upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (3) to this Form 4.
F4	The nonqualified options fully vested as of May 16, 2022. The non-qualified options are exercisable as to 15,000 shares as of the date of this report.