Yuanbao (YB) CEO Fang Rui Receives Awards and Exercises Options

What Happened
Fang Rui, Chief Executive Officer of Yuanbao Inc. (YB), received derivative awards and executed related conversions on September 16, 2026. The filing reports two awards: 480,000 derivative units (options per footnote) and 600,000 restricted share units (RSUs). On the same date Fang also recorded exercise/conversion activity (180,000 derivative shares disposed and 30,000 derivative shares acquired). To satisfy tax withholding obligations, 14,850 ADSs were withheld (disposed) at an estimated price of $12.44 per ADS, totaling about $184,734.

Key Details

• Transaction date: September 16, 2026; Form 4 filed September 18, 2026 (timely filing).
• Reported transactions and codes:
  • A (Award/Grant): 480,000 options granted @ $0.00 (derivative). (Footnote F1)
  • A (Award/Grant): 600,000 RSUs granted @ $0.00 (derivative). (Footnote F2)
  • M (Exercise/Conversion): 180,000 derivative shares disposed @ $0.00.
  • M (Exercise/Conversion): 30,000 derivative shares acquired @ $0.00.
  • F (Tax withholding/payment): 14,850 ADSs withheld/ disposed @ $12.44 = $184,734 (estimated). (Footnote F4)
• Vesting and instrument notes:
  • Options (F1) vest 25% annually on Sep 16, 2027–2030; each option = 1 Class A ordinary share on exercise.
  • RSUs (F2) vest in eight installments (30%, 15%, 15%, 10%, 10%, 10%, 5%, 5%) beginning Sep 16, 2026; each RSU = 1 Class A ordinary share on vesting; RSUs have no expiration.
  • ADSs (F3) were acquired upon vesting; 1 ADS = 6 Class A ordinary shares.
  • Withheld ADSs (F4) were estimated based on closing ADS price $12.44 and will be adjusted if needed.
• Shares owned after the transactions: not specified in the provided filing summary.

Context

• This filing is primarily about awards vesting/grants and related derivative activity rather than an open-market purchase or voluntary sale. The tax-related disposition (14,850 ADSs) reflects shares withheld to satisfy withholding obligations (a routine administrative step), not a traditional cash sale.
• For options/RSUs: vesting schedules and withholding are typical; conversions/withholdings here are consistent with net settlement practices rather than an independent market sale.