HETZEL ANDREW F JR 4

What Happened
Andrew F. Hetzel, a director of Nicolet Bankshares, acquired shares in the company's non‑employee director deferred compensation plan via two deferred-fee awards. On 2025-10-21 he received 7.797 shares at $129.40 (reported value $1,009) and on 2026-01-20 he received 7.684 shares at $131.43 (reported value $1,010), for a combined 15.481 shares valued at about $2,019. Both transactions are coded "A" (award/grant/other acquisition).

Key Details

• Transaction dates and prices:
  • 2025-10-21: 7.797 shares @ $129.40 — $1,009 (acquired via deferral of Q3 2025 board fees). (F1)
  • 2026-01-20: 7.684 shares @ $131.43 — $1,010 (acquired via deferral of Q4 2025 board fees). (F3)
• Dividend reinvestment noted in the filing:
  • Includes 4.668 shares from dividend reinvestment (cash dividend paid 2025-09-15). (F2)
  • Includes 4.769 shares from dividend reinvestment (cash dividend paid 2025-12-15). (F4)
• Shares owned after transaction: Not disclosed in this Form 4 filing.
• Filing timeliness: Report was filed on 2026-01-23 and appears late relative to the transaction dates (disclosure delay noted).

Context
These acquisitions were the result of deferring board fees into Nicolet’s Deferred Compensation Plan for Non‑employee Directors and include dividend reinvestments — routine compensation plan activity rather than open‑market purchases or option exercises. "A" transactions indicate awards/other acquisitions; they reflect compensation and plan mechanics rather than an immediate market sentiment signal.