Kuai Jeff 4

What Happened
Jeff Kuai, General Manager, Pizza Hut (Yum China), exercised/converted derivative awards on 2026-02-09 that resulted in the acquisition of 3,712 shares (2,868 + 844). To cover tax obligations, 1,671 of those shares were withheld/disposed at $57.50 per share, a withholding value of $96,083. Net of the withholding, Kuai received 2,041 additional shares. This was an exercise/conversion and a withholding-for-taxes event (routine compensation liquidity), not an open-market purchase.

Key Details

• Transaction date: February 9, 2026; Form filed February 11, 2026 (timely).
• Items exercised/converted (code M): 2,868 shares and 844 shares acquired at $0.00 (conversion/exercise); corresponding derivative positions were recorded as disposed.
• Tax withholding (code F): 1,671 shares disposed at $57.50 = $96,083 to satisfy tax liability.
• Net change: +2,041 shares (3,712 acquired − 1,671 withheld).
• Shares owned after transaction: not provided in the supplied excerpt.
• Footnotes: conversion is one-for-one (F1); vesting schedules noted (F2, F4) — some grants vest 1/3 per year beginning 2/9/2023 or 50% on the 2nd anniversary and 50% on the 3rd; one grant reported has no expiration (F3).

Context
This was an exercise/conversion of derivative awards with shares withheld to cover taxes (a common cashless/withholding method). Such transactions typically reflect compensation vesting or option/RSU conversion and are routine; they do not, by themselves, signal an open-market purchase or a discretionary sale.