ATWELL ROBERT BRUCE 4

What Happened
Robert B. Atwell, a director of Nicolet Bankshares, acquired 15.367 shares on 2026-01-20 through an award/acquisition (reported as code A) in the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors. The shares were recorded at $131.43 each for an aggregate value of approximately $2,020. The award resulted from deferring his Q4 2025 board fees into the deferred compensation plan (see footnote F1) and includes 1.309 shares from dividend reinvestment related to the Dec 15, 2025 cash dividend (footnote F2).

Key Details

• Transaction date: 2026-01-20; Form 4 filed 2026-01-21 (appears timely).
• Transaction type: Award/Acquisition (deferred compensation plan).
• Shares acquired: 15.367 at $131.43 per share; aggregate value ~$2,020.
• Shares owned after transaction: Not specified in this filing.
• Footnotes: F1 — acquisition via deferral of Q4 2025 board fees into the director deferred-comp plan; F2 — includes 1.309 shares from dividend reinvestment of the Dec 15, 2025 cash dividend.
• No 10b5‑1 plan, option exercise, or tax‑withholding indicated.

Context
This was a routine compensation deferral into a non-employee director deferred-compensation plan, not an open-market buy or sale. Such filings typically reflect director pay elections and dividend reinvestment rather than a discretionary market trade and are less indicative of a change in insider sentiment.