Lu Xueling 4

What Happened
Lu Xueling, Controller and Principal Accounting Officer of Yum China Holdings, received three derivative awards on 2026-03-25: 8, 14 and 21 Restricted Stock Unit (RSU) dividend-equivalent units (total 43 units). Each award was granted at $0.00 (derivative award), converting on a one-for-one basis to company shares upon vesting. This is an award/grant transaction (code A), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-03-25; Form 4 filed 2026-03-27 (timely filing).
• Grants: 8 RSU units, 14 RSU units, and 21 RSU units; grant price reported $0.00; total = 43 RSU dividend-equivalent units.
• Conversion: F1 — units convert one-for-one to common shares upon vesting.
• Vesting terms: F2 — these are dividend-equivalency RSUs tied to previously issued RSUs; they vest on the same dates and under the same terms as the underlying RSUs (1/3 per year beginning one year from the original grant date).
• Expiration: F3 — these units do not have an expiration date.
• Shares owned after transaction: not specified in the provided filing.

Context
These are derivative RSU awards (dividend-equivalent units) that will convert to shares only as they vest; they do not represent an immediate cash purchase or sale. Such grants are typically part of executive compensation and do not on their own signal insider buying or selling intent.