Wang Warton 4

What Happened
Wang Warton, General Manager of KFC at Yum China (YUMC), exercised/converted equity awards into 6,606 common shares (475 + 6,131) at a $0 exercise price on Feb 10, 2026. To satisfy tax withholding, 2,974 of those shares were surrendered/withheld at an indicated value of $57.12 per share, totaling $169,875. Net new shares retained by Wang from this transaction = 3,632 shares.

Key Details

• Transaction date: 2026-02-10; filing date: 2026-02-12 (timely filing).
• Exercise/Conversion: 475 and 6,131 derivative units converted one-for-one into common shares at $0 (codes M).
• Tax withholding/payment: 2,974 shares surrendered at $57.12 (code F) = $169,875.
• Net shares added: 6,606 acquired − 2,974 withheld = 3,632 shares retained.
• Footnotes: F1 = one-for-one conversion; F2 = vesting 25%/yr beginning 2/10/2022; F3 = no expiration date; F4 = vesting 1/3/yr beginning 2/10/2025.
• Shares owned after the transaction: not specified in the provided excerpt.

Context

• The M-code entries are conversions/exercises of derivative awards (likely stock units or options converted to common shares). The F-code reflects shares surrendered/withheld to cover tax liabilities (a common "net settlement" method), not an open-market sale for investment purposes.
• These types of filings are routine for vested awards; the tax-withholding does not necessarily indicate a change in insider sentiment about the company.