COLON HECTOR 4

What Happened
Hector Colon, a director of Nicolet Bankshares, acquired 15.367 shares (transaction code A) on 2026-01-20 at an implied value of $131.43 per share, totaling $2,020. This was not an open-market purchase but an award/acquisition via the bank's deferred compensation plan for non-employee directors.

Key Details

• Transaction date and price: 2026-01-20 at $131.43 per share; total value $2,020.
• Transaction type: A (grant/award/other acquisition) through Nicolet National Bank Deferred Compensation Plan for Non-employee Directors.
• Source of shares: 15.367 shares were acquired by deferring Q4 2025 board fees (Footnote F1).
• Dividend reinvestment: 2.537 of those shares came from dividend reinvestment from the Dec 15, 2025 cash dividend (Footnote F2).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Filing date: Report filed 2026-01-21 (covering transaction dated 2026-01-20); no indication in the excerpt that this filing was late.

Context
This is a compensation deferral into a director deferred-compensation plan and not an open-market buy. Such transactions are routine for directors who elect to receive fees as company stock and do not necessarily signal the director is buying additional shares on the market. The dividend-reinvestment portion reflects automatic plan mechanics rather than a separate purchase.