DING Jerry 4

What Happened

• Jerry Ding, Chief People Officer of Yum China (YUMC), exercised/converted 401 derivative awards into common shares on February 9, 2026. The exercise/conversion had an effective price of $0.00 per share. To satisfy tax withholding, 135 of those shares were surrendered at $57.50 per share, totaling $7,762.50, leaving a net of 266 shares retained by Ding.
• This was not an open-market purchase or sale by intent; it was an exercise/conversion of awarded/derivative securities with shares withheld for taxes (a routine administrative disposition).

Key Details

• Transaction date: 2026-02-09; Exercise/conversion price: $0.00 for 401 shares (code M).
• Tax withholding: 135 shares withheld/disposed at $57.50 each for $7,762.50 (code F).
• Net shares retained after withholding: 266 (401 exercised − 135 withheld).
• Footnotes: F1 — conversion is one-for-one; F2 — vesting 25% per year beginning 2/9/2023; F3 — this grant has no expiration date.
• Filing: Report filed 2026-02-11 for transactions on 2026-02-09 (filed within the typical two-business-day Form 4 window).

Context

• This was effectively a conversion/exercise (likely RSU/award conversion or similar) rather than an open-market buy or sale. The sale of 135 shares was solely to cover tax obligations (a “sell-to-cover”/withholding), which is a routine administrative step and does not by itself signal insider sentiment.
• For investors, outright purchases are generally more informative as bullish signals; exercises with tax withholding are common and often reflect routine compensation mechanics rather than trading intent.