HUANG Duoduo (Howard) 4

What Happened

• Howard (Duoduo) Huang, Chief Supply Chain Officer of Yum China, exercised/converted 3,023 derivative awards on Feb 8, 2026 and had 1,361 shares withheld to satisfy tax withholding (disposition) valued at $57.95/share (≈ $78,870). The exercise/conversion generated net retained shares of roughly 1,662 (3,023 acquired less 1,361 withheld).
• Separately, on Feb 6, 2026 Huang was granted a derivative award of 10,786 shares (no immediate cash value reported). The grant is subject to vesting.

Key Details

• Transaction dates: Grant on 2026-02-06; exercise/conversion and tax withholding on 2026-02-08; Form 4 filed 2026-02-10.
• Prices/values: Tax withholding used 1,361 shares at $57.95 per share = $78,870. Exercise/conversion price reported as $0.00 in the filing (derivative conversion).
• Net effect: About 1,662 shares added to his holdings after withholding (3,023 acquired − 1,361 withheld). The filing does not state Huang’s total shares owned after these transactions.
• Footnotes of note:
  • F1: Conversion occurs on a one-for-one basis.
  • F2: The 10,786-share grant vests 1/3 per year beginning one year from 2/6/2026 (i.e., likely 2/6/2027).
  • F3: This grant does not have an expiration date.
  • F4: Another vesting schedule referenced vests 1/3 per year beginning one year from 2/8/2024 (i.e., 2/8/2025).
• Filing timeliness: Form 4 was filed on 2026-02-10 reporting transactions from Feb 6 and Feb 8, 2026; the filing itself does not indicate a late-report flag.

Context

• This appears to be a routine option/derivative conversion with tax withholding rather than an open-market sale; the 1,361-share disposition is a tax-withholding action (code F), not a market sale (code S).
• The new 10,786-share award is time-vested (1/3 per year) and therefore subject to future vesting dates rather than immediate marketable shares.