HUANG Duoduo (Howard) 4

What Happened

• Howard (Duoduo) Huang, Chief Supply Chain Officer of Yum China (YUMC), exercised/converted a total of 3,294 derivative shares on 2026-02-10 (317 + 2,977) on a one-for-one basis. The exercised shares show $0 exercise price per the filing. To cover tax/exercise liabilities, 1,483 shares were surrendered/withheld at $57.12 per share, generating $84,709. The withholding is recorded as a disposition (code F) rather than an open-market sale.

Key Details

• Transaction date(s): February 10, 2026.
• Exercise/conversion: 317 shares and 2,977 shares converted/exercised (code M) at $0.00 reported exercise price (conversion is one-for-one per footnote F1).
• Tax withholding/disposition: 1,483 shares withheld/used to satisfy tax liability at $57.12 each for $84,709 (code F).
• Additional derivative disposals: the filing also records the exercised derivatives as disposed (code M) at $0 — reflecting the conversion/settlement mechanics.
• Shares owned after transaction: not stated in the filing.
• Footnotes of note:
  • F1: Conversion is one-for-one.
  • F2: Some grant(s) vest 25% per year starting 2/10/2022.
  • F3: A grant reported has no expiration date.
  • F4: Some grant(s) vest 1/3 per year starting 2/10/2025.
• Filing timeliness: Report filed 2026-02-12 for transactions on 2026-02-10 — appears timely (within the required reporting window).

Context

• This was an exercise/conversion of derivative awards with a tax-withholding disposition, not an open-market sale; withholding to cover taxes is routine and does not necessarily indicate a change in insider sentiment. After withholding, the net number of shares retained by the insider is not specified in the filing.