Were the NCMI share sales by the CFO discretionary or tax-related?

The filing states the sales were tax-related. Footnotes explain the 32,350 National CineMedia shares sold in open-market transactions were used to satisfy tax obligations triggered by the vesting of the CFO’s restricted stock unit award.

CFO sells 32,350 National CineMedia (NCMI) shares for RSU tax obligation

Filing Impact

(Neutral)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

National CineMedia, Inc. Chief Financial Officer Ronnie Y. Ng had restricted stock units vest and then sold shares to cover related taxes. On March 31, 2026, he exercised 51,666 restricted stock units, receiving the same number of common shares at a $0.00 exercise price.

On April 1, 2026, he sold 32,350 common shares at $3.04 per share in open-market transactions to satisfy the tax obligation arising from this vesting, as stated in the footnotes. After these transactions, he directly owned 197,033 common shares of National CineMedia.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 3 txns

Insider Ng Ronnie Y.

Role Chief Financial Officer

Sold 32,350 shs ($98K)

Approx. gross sale proceeds $98K

Approx. exercise cost $0.00

Type	Security	Shares	Price	Value
Sale	Common Stock	32,350	$3.04	$98K
Exercise	Restricted Stock Units	51,666	$0.00	$0.00
Exercise	Common Stock	51,666	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 0 shares (Direct); Common Stock — 197,033 shares (Direct)

Footnotes (3)

F1. Represents acquisition of common stock upon vesting of restricted stock units.
F2. Represents the sale of securities on the open market to satisfy the tax obligation upon the vesting of restricted stock units pursuant to the terms of the award agreement.
F3. Each restricted stock unit represents the right to receive one share of the Issuer's common stock.

Key Figures

Shares sold: 32,350 shares Sale price: $3.04 per share RSU shares vested: 51,666 shares +2 more

5 metrics

Shares sold 32,350 shares Common stock sold at $3.04 on April 1, 2026

Sale price $3.04 per share Open-market sale of 32,350 common shares

RSU shares vested 51,666 shares Common stock received from restricted stock unit vesting on March 31, 2026

RSU exercise price $0.00 per share Conversion of restricted stock units into common stock

Shares owned after 197,033 shares Direct common stock ownership after reported transactions

Key Terms

Restricted Stock Units, Exercise or conversion of derivative security, open-market sale, vesting

4 terms

Restricted Stock Units financial

"Represents acquisition of common stock upon vesting of restricted stock units."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

vesting financial

"upon the vesting of restricted stock units pursuant to the terms of the award agreement."

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 04/02/2026 - 04:47 PM

FAQ

What insider transactions did NCMI CFO Ronnie Ng report on this Form 4?

Ronnie Ng reported RSU vesting and related share sales. He acquired 51,666 National CineMedia common shares from restricted stock units, then sold 32,350 shares to cover tax obligations tied to that vesting, leaving him with 197,033 directly owned shares.

How many National CineMedia (NCMI) shares did the CFO sell and at what price?

The CFO sold 32,350 National CineMedia common shares at $3.04 per share. According to the filing’s footnotes, these open-market sales were made specifically to satisfy tax obligations from the vesting of restricted stock units.

How many NCMI shares did the CFO acquire through restricted stock units?

The CFO acquired 51,666 National CineMedia common shares upon the vesting of restricted stock units. Each restricted stock unit converted into one share of common stock at a $0.00 exercise price, reflecting equity compensation rather than a market purchase.

What are the CFO’s National CineMedia holdings after these Form 4 transactions?

Following the reported transactions, the CFO directly owns 197,033 National CineMedia common shares. This figure reflects the newly vested 51,666 shares from restricted stock units, net of the 32,350 shares sold to cover the associated tax obligation.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ng Ronnie Y.

(Last)

(First)

(Middle)

C/O NATIONAL CINEMEDIA, INC.

6300 S. SYRACUSE WAY

(Street)

CENTENNIAL

COLORADO

80111

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
National CineMedia, Inc. [ NCMI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Financial Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/31/2026		M		51,666⁽¹⁾	A	$0	229,383	D
Common Stock	04/01/2026		S		32,350⁽²⁾	D	$3.04	197,033	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽³⁾	03/31/2026		M			51,666	03/31/2026	03/31/2026	Common Stock	51,666	$0	0	D

Explanation of Responses:

1. Represents acquisition of common stock upon vesting of restricted stock units.

2. Represents the sale of securities on the open market to satisfy the tax obligation upon the vesting of restricted stock units pursuant to the terms of the award agreement.

3. Each restricted stock unit represents the right to receive one share of the Issuer's common stock.

	/s/ Laura Anne Kenwick, as attorney-in-fact	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR