ATWELL ROBERT BRUCE 4

What Happened Robert Bruce Atwell, a director of Nicolet Bankshares (NIC), exercised options on March 12, 2026 and immediately disposed of the resulting shares. He exercised 10,000 shares by paying $56.43 per share (cost $564,300). To cover tax and related obligations, 6,691 shares were surrendered/withheld (valued at a weighted avg $150.28, $1,005,523). An additional 3,309 shares were sold in the open market in three transactions (1,885 @ $149.49 for $281,789; 1,324 @ $150.26 for $198,944; 100 @ $150.26 for $15,026). Total proceeds from the sales/withholding were about $1,501,282.

Key Details

• Transaction date: March 12, 2026; Form 4 filed March 16, 2026 (filed 4 days after trades; Form 4s are normally due within 2 business days).
• Exercise: 10,000 shares exercised at $56.43/share (total cash paid $564,300).
• Dispositions: 6,691 shares withheld/used for tax/exercise obligations (weighted avg $150.28); 3,309 shares sold in open market across three trades (prices $149.13–$149.96 and $150.26 as noted).
• Sales proceeds (reported): $1,005,523 (withheld) + $281,789 + $198,944 + $15,026 = ~$1,501,282.
• Shares owned after transaction: not disclosed in the provided filing.
• Footnotes: (1) The weighted-average sale price covers multiple trades at $149.13–$149.96—breakdown available on request. (2) The options exercised are nonqualified options that vested over 2018–2022 and are currently exercisable as to 47,500 shares.

Context This appears to be a routine option exercise with a cashless-like result: options were exercised and the resulting shares were used to satisfy tax withholding and sold in the open market. Such transactions are commonly used to cover exercise costs/taxes and do not necessarily signal a change in insider sentiment.