DING Jerry 4

What Happened
Jerry Ding, Chief People Officer of Yum China (YUMC), exercised/converted a total of 2,110 derivative awards into common stock on 2026-02-10 (1,751 + 359 shares). Of those, 903 shares were surrendered/withheld to cover tax liabilities at an effective value of $57.12 per share, totaling $51,579. The exercises were reported at $0.00 per share (conversion basis), leaving a net ~1,207 shares issued to Ding from this transaction.

Key Details

• Transaction date: 2026-02-10
• Exercises/conversions (code M): 1,751 shares and 359 shares acquired (total 2,110) reported at $0.00 (conversion basis)
• Tax withholding/payment (code F): 903 shares disposed at $57.12/share for $51,579 (used to satisfy tax liability; may be share surrender rather than open-market sale)
• Reported derivative disposals: matching 1,751 and 359-share derivative lines (reflecting conversion/settlement)
• Footnotes: F1 = one-for-one conversion; F2 = vesting 1/3 per year from 2/10/2025; F3 = grant has no expiration date; F4 = vesting 25% per year from 2/10/2022
• Shares owned after transaction: not stated in the provided filing excerpt
• Filing timeliness: no late filing indicated in the provided data

Context
This was an exercise/conversion of derivative awards (reported with code M). The withholding of 903 shares to cover taxes (code F) is a common administrative step and does not necessarily reflect a market sale for investment purposes. Net of the withholding, Ding received about 1,207 shares from the conversion. For retail investors, exercises followed by withholding are routine and do not by themselves indicate a bullish or bearish view by the insider.