Amado Rafael 4

What Happened

• Rafael Amado, President and Head of Global Oncology R&D at Zai Lab (ZLAB), received equity awards and had small disposal activity in early March 2026. On 2026-03-04 he was granted a total of 137,733 ADS-based awards (103,950 ADSs and 33,783 ADSs) as derivative awards/RSUs. On 2026-03-12 he exercised/converted 5,323 derivative shares (a portion of awards/options) and related shares were treated for tax/withholding purposes. On 2026-03-13 he sold 2,957 ADSs in the open market at $18.63 per ADS, netting $55,083. The sale was reported on a Form 4 filed 2026-03-16.

Key Details

• Transaction dates and prices:
  • 2026-03-04: Grants — 103,950 ADSs and 33,783 ADSs (awards/RSUs), $0 per share (derivative awards).
  • 2026-03-12: Exercise/Conversion — 5,323 ADSs (derivative); exercise/conversion reported (disposition of 5,323 ADSs for tax/withholding purposes, $0 reported).
  • 2026-03-13: Open-market sale — 2,957 ADSs at $18.63 each, proceeds $55,083.
• Shares owned after the transactions: not specified in the filing.
• Notable footnotes:
  • F1: Each ADS represents 10 ordinary shares; filing reports in ADSs.
  • F2–F4, F6–F7: Awards are RSUs (each RSU = right to one ADS); some vested ADSs were sold automatically to cover taxes. Vesting schedules vary (some awards vest annually over four years beginning 03/04/2027, others beginning 03/12/2026).
  • F4 specifically states ADSs were sold automatically to cover taxes upon vesting.
• Filing timeliness: Form 4 filed 2026-03-16 for transactions through 2026-03-13; filing does not indicate a late report.

Context

• These filings show grant of long-term compensation (RSUs/derivatives) and routine tax-related disposals rather than a discretionary "sell for profit" trade. The automatic sale(s) and the reported $0 disposals reflect tax withholding/cashless treatment common when RSUs vest or options are exercised. Grants vest over multiple years per the footnotes, so most awarded shares are subject to future vesting and continued service.