Zhang Leila 4

What Happened

• Zhang Leila, Chief Technology Officer of Yum China (YUMC), exercised/converted a total of 3,139 derivative awards into common shares on 2026-02-10. The exercise/conversion had an exercise price of $0.00 (conversion on a one-for-one basis). To satisfy tax withholding, 1,413 of the shares were withheld at a per-share value of $57.12, totaling $80,711. After withholding, Zhang received a net 1,726 shares.

Key Details

• Transaction date: 2026-02-10 (Form 4 filed 2026-02-12; timely filing)
• Derivative activity: 686 shares and 2,453 shares converted (codes M = exercise/conversion)
• Tax withholding: 1,413 shares withheld at $57.12 per share (code F), total $80,711
• Exercise price: $0.00 (conversion one-for-one per footnote F1)
• Shares owned after transaction: Not specified in the filing
• Notable footnotes:
  • F1: Conversion occurs on a one-for-one basis.
  • F2/F4: Vesting schedules noted (25% per year from 2/10/2022; 1/3 per year from 2/10/2025).
  • F3: This grant does not have an expiration date.

Context

• This appears to be a stock-settlement/conversion of awards (zero exercise price and immediate withholding for taxes), not an open-market purchase or sale of additional shares for cash. Withholding to cover tax liability is common and does not necessarily indicate a directional view on the stock. The filing was made within normal Form 4 timing (reported two days after the transactions).