Zhang Leila 4

What Happened
Leila Zhang, Chief Technology Officer of Yum China, exercised 10,000 options on Feb 5, 2026 by paying $26.56 per share (cost $265,600) and sold a total of 10,000 shares the same day for $55.25 each (proceeds $552,500). The sales were split between an open-market sale of 5,193 shares ($286,913) and a disposition to the issuer of 4,807 shares ($265,587). The filing also shows a separate derivative conversion/disposition line for 10,000 shares reported at $0 (technical reporting entry). Footnote: the options had "vested in full."

Key Details

• Transaction date: 2026-02-05 (filed 2026-02-06 — timely)
• Option exercise: 10,000 shares at $26.56; total exercise cost $265,600
• Sales: 5,193 shares sold open market at $55.25 ( $286,913 ); 4,807 shares disposed to issuer at $55.25 ( $265,587 )
• Total shares sold: 10,000; total proceeds: $552,500
• Net cash flow from these transactions (proceeds minus exercise cost): ≈ $286,900
• Footnote F1: "Vested in full"
• Shares owned after the transaction: not stated in the provided filing excerpt

Context
This is an exercise of options followed by immediate sales — a common pattern known as a cashless exercise (exercise plus sale to cover cost/taxes). A "disposition to the issuer" typically indicates shares surrendered to the company, often to cover exercise costs or tax withholding; the filing does not state the insider’s motive. No indication in the filing that this was a late report.