Amado Rafael 4
4 · Zai Lab Ltd · Filed Apr 3, 2026
Research Summary
AI-generated summary of this filing
Zai Lab (ZLAB) President Rafael Amado Sells 9,910 ADSs
What Happened
Rafael Amado, President and Head of Global Oncology R&D at Zai Lab (ZLAB), had derivative awards convert/vest into American Depositary Shares (ADSs) in early April and sold 9,910 ADSs in an open-market transaction on April 2, 2026 for $20.39 each, totaling $202,065. In connection with vesting/conversion events around April 1–2, 2026, Amado had conversions/exercises of 19,523 ADSs (4/1) and 5,391 ADSs (4/2); some vested ADSs were sold or withheld to cover taxes. The filing also reports the confirmation on March 4, 2026 of 14,905 performance-based share units (PSUs) that remain subject to future vesting (see footnote).
Key Details
- Primary open-market sale: 9,910 ADSs on 2026-04-02 at $20.39 each, proceeds $202,065.
- Derivative conversions/exercises: 19,523 ADSs (2026-04-01) and 5,391 ADSs (2026-04-02) reported as exercised/converted.
- Award reported: 14,905 PSUs confirmed 2026-03-04 (PSUs vest in full on 2028-03-12, subject to continued service; these are contingent/derivative awards).
- Tax withholding/automatic sale: some ADSs were sold automatically to cover taxes upon RSU vesting (footnote F4).
- ADS note: each ADS represents ten ordinary shares (footnote F1); filing reports ADSs.
- Filing date: 2026-04-03. Transactions occurred 2026-04-01 to 04-02 — filing appears timely (within the typical Form 4 reporting window).
Context
- These transactions reflect award vesting/conversion and routine tax-withholding and an open-market sale; the convertible/derivative entries represent RSU/PSU conversions rather than a separate cash purchase.
- The PSUs confirmed on March 4, 2026 (14,905 ADSs) do not vest until March 12, 2028 (subject to service), so that grant is a future contingent award, not immediate share delivery.
- Sales to cover taxes and occasional open-market disposals are common and do not necessarily indicate an executive’s view on company prospects.
Insider Transaction Report
- Exercise/Conversion
American Depositary Shares
[F1][F2][F3]2026-04-01+19,523→ 64,280 total - Exercise/Conversion
American Depositary Shares
[F1][F2][F3]2026-04-02+5,391→ 69,671 total - Sale
American Depositary Shares
[F1][F4]2026-04-02$20.39/sh−9,910$202,065→ 59,761 total - Award
Performance-Based Share Units
[F5][F6][F1]2026-03-04+14,905→ 14,905 total→ American Depositary Shares (14,905 underlying) - Exercise/Conversion
Restricted Share Units
[F3][F7][F1]2026-04-01−19,523→ 39,046 total→ American Depositary Shares (19,523 underlying) - Exercise/Conversion
Restricted Share Units
[F3][F8][F1]2026-04-02−5,391→ 5,391 total→ American Depositary Shares (5,391 underlying)
Footnotes (8)
- [F1]Each American Depositary Share ("ADS") represents ten Ordinary Shares of the issuer. Our ADSs and Ordinary Shares are fully fungible. For purposes of this Form 4, we are reporting this in terms of ADSs.
- [F2]ADSs acquired upon vesting of Restricted Share Units ("RSUs").
- [F3]Each RSU represents a contingent right to receive one ADS.
- [F4]These ADSs were sold automatically to cover taxes upon vesting of RSUs.
- [F5]Each performance-based share unit ("PSU") represents a contingent right to receive one ADS.
- [F6]The reporting person was granted PSUs on March 12, 2025 based on the satisfaction of specified performance criteria between January 1, 2025 through December 31, 2025. On March 4, 2026, the performance-based vesting conditions were confirmed for PSUs representing 14,905 ADSs. The PSUs vest in full on March 12, 2028, the third anniversary of the date of grant, subject to continuous service.
- [F7]The RSUs vest in equal annual installments over four years beginning on 04/01/2025, the first anniversary of the date of grant, subject to continuous service. Vested shares will be delivered in the form of ADSs to the reporting person following vesting.
- [F8]The RSUs vest in equal annual installments over four years beginning on 04/03/2024, the first anniversary of the date of grant, subject to continuous service. Vested shares will be delivered in the form of ADSs to the reporting person following vesting.