Ding Adrian 4

What Happened
Adrian Ding, Chief Financial Officer of Yum China (YUMC), exercised/converted a total of 5,382 derivative awards (2,009 + 3,373) on 2026-02-09 at an exercise/conversion price of $0.00. To cover tax obligations, 2,423 of the resulting shares were withheld/disposed at $57.50 per share, totaling approximately $139,323. The filing shows the derivative instruments were cancelled/converted upon exercise.

Key Details

• Transaction date: 2026-02-09 (reported in Form 4 filed 2026-02-11). No late filing indicated in the filing data provided.
• Converted/exercised: 5,382 derivative units (2,009 and 3,373) at $0.00 each (one-for-one conversion per footnote F1).
• Shares withheld for tax: 2,423 shares at $57.50/share → ~$139,323 (transaction code F = tax withholding).
• Other disposals: The conversion shows the derivative items were marked disposed ($0) as they were converted into common shares (transaction code M).
• Footnotes of note: F2/F4 describe vesting schedules (pro rata vesting starting 1 year after 2/9/2023 and staged vesting at 2nd/3rd anniversaries); F3 notes the grant has no expiration date.
• Shares owned after transaction: not specified in the provided filing details.

Context
This appears to be a routine exercise/conversion and tax-withholding event tied to previously granted equity awards, not an open-market sale. Withholding shares to cover taxes is common and does not necessarily indicate a bullish or bearish signal by the insider.