LIU Pingping 4

What Happened

• Liu Pingping, Chief Legal Officer of Yum China (YUMC), exercised/converted 267 derivative awards into 267 common shares on Feb 9, 2026. To satisfy tax withholding, 81 of those shares were withheld at $57.50 per share for a withholding amount of $4,658. Net shares received by the insider = 267 − 81 = 186 shares. This was an exercise/conversion of awards rather than an open-market sale.

Key Details

• Transaction date: 2026-02-09; Form 4 filed 2026-02-11 (timely filing).
• Exercise/conversion reported as code M: 267 shares acquired at $0.00 (conversion on a 1-for-1 basis per footnote).
• Tax/payment withholding reported as code F: 81 shares withheld at $57.50/share totaling $4,658.
• A separate M line reports the derivative conversion/disposition of 267 awards (reflecting the exercise/conversion event).
• Shares owned after the transaction: not specified in the filing.
• Footnotes: F1 conversion is one-for-one; F2 vesting = 25% per year beginning 2/9/2023; F3 grant has no expiration date.

Context

• This was a routine exercise/conversion of compensation awards with shares withheld to cover tax obligations (common cashless/net settlement practice), not an open-market sale. Such withholding reduces the net new shares received but does not necessarily indicate a change in the insider’s market view.