Ding Adrian 4

What Happened

• Adrian Ding, Chief Financial Officer of Yum China (YUMC), converted 3,023 derivative units into shares and was granted 18,982 derivative shares. The conversion/exercise had no cash exercise price ($0). To cover tax withholding related to the conversion, 1,361 shares were surrendered at $57.95/share, totaling $78,870.
• The 18,982-share award was granted on 2026-02-06 and is reported as a derivative award (no cash paid). The conversion of 3,023 units was reported on 2026-02-08.

Key Details

• Transaction dates: Grant on 2026-02-06; conversion/exercise and tax withholding on 2026-02-08; filing date 2026-02-10 (appears timely).
• Prices/values: Exercise/conversion price $0; tax withholding 1,361 shares at $57.95 = $78,870.
• Shares owned after transaction: Not specified in the filing.
• Footnotes: Conversion is one-for-one (F1). The 18,982-share award vests 1/3 per year beginning one year from 2/6/2026 (F2). The grant has no expiration date (F3). Another vesting schedule referenced vests 1/3 per year beginning one year from 2/8/2024 (F4).
• Filing timeliness: Form 4 filed 2026-02-10 for transactions on 2/6 and 2/8; this appears to meet the usual two-business-day reporting requirement.

Context

• This appears to be a routine conversion/vest event plus a new award grant rather than an open-market buy or sell meant to signal sentiment. The conversion had no cash exercise price and included share withholding to satisfy tax obligations (a common, administrative step often described as a cashless/withholding arrangement).