NCSM CFO Form 4: 1,877 units vested; 458 shares at $36.70

NCS Multistage Holdings (NCSM) reported insider activity by its CFO & Treasurer on November 1, 2025.

Rhea-AI Filing Summary

NCS Multistage Holdings (NCSM) reported insider activity by its CFO & Treasurer on November 1, 2025. The filing shows the vesting of 1,877 equivalent stock units that were settled for cash, paired with an option exercise (code M) delivering 1,877 common shares at $0. To cover taxes, 1,877 shares were disposed at $36.70 (code F), alongside an additional disposition of 458 shares at $36.70 (code D). After these transactions, the officer held 7,479 common shares directly and 11,015 equivalent stock units as derivatives.

Insider Trade Summary

1,877 shares exercised/converted

Exercise 4 txns

Insider MORRISON MICHAEL L

Role CFO & Treasurer

Type	Security	Shares	Price	Value
Exercise	Equivalent Stock Units	1,877	$0.00	$0.00
Exercise	Common Stock	1,877	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	1,877	$36.70	$69K
Disposition	Common Stock	458	$36.70	$17K

Holdings After Transaction: Equivalent Stock Units — 11,015 contracts (Direct); Common Stock — 7,479 shares (Direct)

Footnotes (5)

1. F1. Equivalent stock units vested on November 1, 2025 and settled for cash.
2. F2. These shares were surrendered to satisfy the tax obligations related to the vesting of restricted stock units.
3. F3. Includes 3,218 restricted stock units which vest in three equal annual installments beginning on February 28, 2026.
4. F4. These equivalent stock units settle in cash and represent the economic equivalent of one share of common stock, provided that the amount of cash settled for any equivalent stock unit will not exceed the maximum payout established by the Compensation, Nominating and Governance Committee.
5. F5. Includes 7,797 equivalent stock units which vest in two equal annual installments beginning on February 28, 2026 and 3,218 equivalent stock units which vest in three equal annual installments beginning on February 28, 2026.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider activity did NCSM report on this Form 4?

The CFO & Treasurer reported transactions on November 1, 2025, including vesting and related share dispositions.

How many units vested and how were they settled?

1,877 equivalent stock units vested and were settled for cash.

What share transactions occurred and at what prices?

An exercise delivered 1,877 shares at $0; 1,877 shares were disposed at $36.70 for taxes, plus 458 shares at $36.70.

How many NCSM shares does the officer own after these transactions?

The officer directly owns 7,479 common shares after the reported transactions.

What derivative holdings remain after the transactions?

The officer holds 11,015 equivalent stock units following the reported activity.

What does code F indicate in this context?

Code F indicates shares were disposed to satisfy tax obligations related to vesting.

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

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Accepted by SEC EDGAR 11/03/2025 - 05:27 PM Learn about SEC filing dates

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^*

MORRISON MICHAEL L

(Last) (First) (Middle)

C/O NCS MULTISTAGE HOLDINGS, INC.

19350 STATE HIGHWAY 249, SUITE 600

(Street)

HOUSTON TX 77070

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NCS Multistage Holdings, Inc. [ NCSM ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO & Treasurer

3. Date of Earliest Transaction (Month/Day/Year)
11/01/2025

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/01/2025		M(1)		1,877	A	$0	9,814	D
Common Stock	11/01/2025		F(1)		1,877	D	$36.7	7,937	D
Common Stock	11/01/2025		D		458(2)	D	$36.7	7,479(3)	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Equivalent Stock Units	(4)	11/01/2025		M(1)			1,877	(5)	(5)	Common Stock	1,877	$0	11,015	D

Explanation of Responses:

1. Equivalent stock units vested on November 1, 2025 and settled for cash.

2. These shares were surrendered to satisfy the tax obligations related to the vesting of restricted stock units.

3. Includes 3,218 restricted stock units which vest in three equal annual installments beginning on February 28, 2026.

4. These equivalent stock units settle in cash and represent the economic equivalent of one share of common stock, provided that the amount of cash settled for any equivalent stock unit will not exceed the maximum payout established by the Compensation, Nominating and Governance Committee.

5. Includes 7,797 equivalent stock units which vest in two equal annual installments beginning on February 28, 2026 and 3,218 equivalent stock units which vest in three equal annual installments beginning on February 28, 2026.

	/s/ Ori Lev, attorney-in-fact	11/03/2025
	** Signature of Reporting Person	Date
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