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Nicolet Bankshares Executive Compensation (FY25)

NIC · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Michael Daniels
Latest say-on-pay support
=
May 18, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 21, 2026Latest filing (8-K): May 18, 2026
12 filings cited on this page
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210 figures on this page: 202 cited to the filing that reported them, 8 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Michael Daniels: $3,208,486 → $14,944,068
Say-on-pay support: 89.0% → 67.1% (21.9 points lower)
CEO pay ratio: 57:1 → 267:1

Frequently asked questions

Answers drawn from the data on this page.
Who is Nicolet Bankshares' chief executive and what were they paid?
Michael Daniels, Chairman, President, and Chief Executive Officer, received $14,944,068 in total compensation for fiscal 2025. Daniels' total was up from the $3,208,486 reported for fiscal 2024.
What was Nicolet Bankshares' say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 67.1% of votes cast for or against in favor at the meeting held May 18, 2026.
Which companies are in Nicolet Bankshares' peer group?
The disclosed peer group names 1st Source Corporation, BancFirst Corporation, Byline Bancorp, Inc., City Holding Company and CrossFirst Bankshares, Inc., among others.
What is Nicolet Bankshares' chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 267:1, against median employee compensation of $56,042.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Daniels
President and Chief Executive Officer of Nicolet Bankshares, Inc. and Nicolet National Bank (4)
◇◇◇———◇◇
Robert Atwell
Executive Chairman of Nicolet Bankshares, Inc. and Nicolet National Bank (4)
◇◇◇———◇◇
H. Phillip Moore Jr.
Chief Financial Officer, Nicolet Bankshares, Inc. and Nicolet National Bank (4)
◇◇◇———◇◇
Eric Witczak
Executive Vice President and Secretary of Nicolet Bankshares, Inc.
◇◇◇———◇◇
Brad Hutjens
Executive Vice President, Chief Credit Officer, and Chief Compliance & Risk Manager, Nicolet National Bank
◇◇◇———◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Daniels
Chairman, President, and Chief Executive Officer
◇◇◇———◇◇
Robert Atwell
Former Chairman of the Board and Director
Departed during or after this year
◇◇◇———◇◇
H. Phillip Moore, Jr.
Chief Financial Officer
◇◇◇———◇◇
Eric Witczak
Executive Vice President and Secretary
◇◇◇———◇◇
Brad Hutjens
Executive Vice President, Chief Credit Officer, and Chief Compliance & Risk Manager
◇◇◇———◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William Bohn
Executive Vice President, Wealth Management, Private Client and Trust Services
◇◇◇◇——◇◇
Michael Daniels
Chairman, President, and Chief Executive Officer
◇◇◇———◇◇
H. Phillip Moore, Jr.
Chief Financial Officer
◇◇◇———◇◇
Eric Witczak
Executive Vice President and Secretary
◇◇◇———◇◇
Brad Hutjens
Executive Vice President, Chief Credit Officer, and Chief Compliance & Risk Manager
◇◇◇———◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Daniels
Chairman, President, and Chief Executive Officer
◇—◇—◇—◇◇
H. Phillip Moore, Jr.
Chief Financial Officer
◇◇————◇◇
Eric Witczak
Executive Vice President, Retail and Ag Banking
◇◇————◇◇
Brad Hutjens
Executive Vice President, Chief Credit Officer
◇◇————◇◇
William Bohn
Executive Vice President, Wealth Management, Private Client and Trust Services
◇◇————◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Michael E. DanielsRSU◇——◇——◇
Michael E. DanielsPSU◇—◇—◇—◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
H. MooreRSU◇◇——
RSU◇◇——
Option◇—◇—
Michael DanielsRSU◇◇——
RSU◇◇——
RSU◇◇——
Brad HutjensOption◇—◇—
RSU◇◇——
William BohnOption◇—◇—
RSU◇◇——
RSU◇◇——
Eric WitczakOption◇—◇—
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Brad Hutjens
Executive Vice President, Chief Credit Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Eric Witczak
Executive Vice President, Retail and Ag Banking · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Michael Daniels
Chairman, President, and Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Equity acceleration on change in control◇
William Bohn
Executive Vice President, Wealth Management, Private Client and Trust Services · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Equity acceleration on change in control◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Susan L. Merkatoris
◇◇————◇
John N. Dykema
◇◇————◇
Glen E. Tellock
◇◇————◇
Donald J. Long, Jr
◇◇————◇
Robert J. Weyers
◇◇————◇
Robert B. Atwell
◇◇————◇
Oliver Pierce Smith
◇◇————◇
Tracy S. McCormick, Carl J. Chaney, Janet E. Godwin, Matthew J. Hayek and Michael E. Daniels served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Board meeting fee◇
Committee meeting fee◇
Equity is delivered as Restricted Stock.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • 1st Source Corporation SRCE
  • BancFirst Corporation BANF
  • Byline Bancorp, Inc. BY
  • City Holding Company CHCO
  • CrossFirst Bankshares, Inc. CFB
  • Enterprise Financial Services Corp. EFSC
  • FB Financial Corporation FBK
  • First Busey Corporation BUSE
  • First Commonwealth Financial Corporation FCF
  • First Mid Bancshares, Inc. FMBH
  • German American Bancorp, Inc. GABC
  • Horizon Bancorp, Inc. HBNC
  • Lakeland Financial Corporation LKFN
  • Midland States Bancorp, Inc. MSBI
  • MidWestOne Financial Group, Inc. MOFG
  • Northwest Bancshares, Inc. NWBI
  • Park National Corporation PRK
  • Peoples Bancorp, Inc. PEBO
  • Premier Financial Corp. PFC
  • QCR Holdings, Inc. QCRH
  • Republic Bancorp, Inc. RBCAA
  • S&T Bancorp, Inc. STBA
  • Stock Yards Bancorp, Inc. SYBT

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 18, 2026=◇◇◇
2024May 19, 2025=◇◇◇
2023May 20, 2024=◇◇◇
2022May 15, 2023=◇◇◇
2021May 9, 2022=◇◇◇
2020May 10, 2021=◇◇◇
2019May 11, 2020=◇◇◇
2018May 13, 2019=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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- Michael Daniels (Chairman, President, and Chief Executive Officer), FY2025 total compensation $14,944,068 (base salary $850,000) [exec_comp, SEC accession 0001174850-26-000086, filed 2026-03-24]

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What this page does not include

Everything above is a fact Nicolet Bankshares disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Nicolet Bankshares sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Say-on-pay responsiveness
Nicolet Bankshares recorded a low support level. The responsiveness analysis covers what the company said it would do, what it did, and how that compares with the companies that recovered their vote.
Responsiveness analysis
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
210 figures on this page: 202 cited to the filing that reported them, 8 calculated from figures it prints.
202 cited to the filing
8 calculated from the filing

Documents cited

  1. 0001174850-26-000118
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001174850-26-000086
    CEO Pay Ratio · Compensation Discussion and Analysis · Director Compensation for 2025 · EXECUTIVE COMPENSATION - COMPENSATION DISCUSSION AND ANALYSIS · and 2 more sections
  3. 0001174850-25-000027
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001174850-25-000016
    Summary Compensation Table
  5. 0001174850-24-000028
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001174850-24-000016
    Summary Compensation Table
  7. 0001174850-23-000022
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001174850-23-000013
  9. 0001174850-22-000023
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001174850-21-000035
    Proposal 3: Advisory approval of Nicolet’s named executive officer compensation.
  11. 0001174850-20-000034
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001174850-19-000029
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Nicolet Bankshares executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/NIC (accessed 2026).
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12 filings cited on this page
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers Nicolet Bankshares discloses

The companies named in NIC's own disclosed peer group.

1st Source CorporationBancFirst CorporationByline Bancorp, Inc.City Holding CompanyCrossFirst Bankshares, Inc.Enterprise Financial Services Corp.FB Financial CorporationFirst Busey CorporationFirst Commonwealth Financial CorporationFirst Mid Bancshares, Inc.German American Bancorp, Inc.Horizon Bancorp, Inc.Lakeland Financial CorporationMidland States Bancorp, Inc.MidWestOne Financial Group, Inc.Northwest Bancshares, Inc.Park National CorporationPeoples Bancorp, Inc.Premier Financial Corp.QCR Holdings, Inc.Republic Bancorp, Inc.S&T Bancorp, Inc.Stock Yards Bancorp, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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