Wat Joey 4

What Happened

• Joey Wat, Chief Executive Officer of Yum China (YUMC), converted 28,678 derivative awards into common shares on 2026-02-09. The reported exercise/conversion price was $0.00. To satisfy tax withholding, 2,727 shares were surrendered/disposed at $57.50 each for a total withholding of $156,803. Net shares retained from the conversion: 25,951.
• This transaction represents a conversion/vesting event (not an open-market purchase or voluntary sale, aside from the shares withheld for taxes).

Key Details

• Transaction date: 2026-02-09; Filing date: 2026-02-11 (appears timely).
• Exercise/conversion: 28,678 shares reported as acquired at $0.00 (transaction code M).
• Tax withholding: 2,727 shares disposed at $57.50 each = $156,803 (transaction code F).
• Net shares retained after withholding (based on reported lines): 25,951 (28,678 − 2,727).
• Shares owned after the transaction: not disclosed in the provided excerpt.
• Footnotes: F1 — conversion is one-for-one; F2 — vesting occurs 1/3 per year beginning 2/9/2023; F3 — this grant has no expiration date.

Context

• This was an award conversion/vesting event with a share-withhold to cover taxes (a common administrative step), not an open-market sale or purchase signaling a trade decision. The exercise/conversion at $0.00 suggests these were vested awards converting to common shares rather than a cash exercise of options.