Yum China (YUMC) KFC GM exercises RSUs and withholds shares for taxes

Rhea-AI Filing Summary

Yum China Holdings executive Wang Warton, General Manager of KFC, reported equity award activity involving company stock. On February 10, 2026, he exercised restricted stock units that convert to common stock on a one-for-one basis, receiving 6,606 shares of common stock at an exercise price of $0 per share.

To cover tax obligations related to this vesting, 2,974 common shares were disposed of at $57.12 per share under a tax-withholding transaction coded “F,” rather than an open-market trade. After these transactions, he directly owned 54,523 shares of Yum China common stock and 12,450 restricted stock units remained outstanding.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Wang Warton

(Last) (First) (Middle)

YUM CHINA BUILDING

20 TIAN YAO QIAO ROAD

(Street)

SHANGHAI F4 200030

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Yum China Holdings, Inc. [ YUMC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Manager, KFC

3. Date of Earliest Transaction (Month/Day/Year)
02/10/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/10/2026		M		475	A	$0(1)	51,366	D
Common Stock	02/10/2026		M		6,131	A	$0(1)	57,497	D
Common Stock	02/10/2026		F		2,974	D	$57.12	54,523	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(1)	02/10/2026		M			475	(2)	(3)	Common Stock	475	$0	0	D
Restricted Stock Unit	(1)	02/10/2026		M			6,131	(4)	(3)	Common Stock	6,131	$0	12,450	D

Explanation of Responses:

1. Conversion occurs on a one-for-one basis.

2. Vesting occurs 25% per year beginning one year from 2/10/2022.

3. This grant does not have an expiration date.

4. Vesting occurs 1/3 per year beginning one year from 2/10/2025.

	/s/ Pingping Liu, Power of Attorney	02/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider activity did Yum China (YUMC) report for Wang Warton?

Yum China reported that executive Wang Warton exercised restricted stock units into 6,606 common shares and had 2,974 shares withheld to satisfy taxes. Following these equity award transactions, he directly held 54,523 common shares plus 12,450 remaining restricted stock units.

Did Wang Warton buy or sell Yum China (YUMC) shares on the open market?

The filing does not show open-market buying or selling. Shares were acquired through restricted stock unit conversion and some were disposed of in a tax-withholding transaction, coded “F,” to cover tax liabilities tied to the equity vesting event.

How many Yum China (YUMC) shares does Wang Warton own after this Form 4?

After the reported transactions, Wang Warton directly owns 54,523 Yum China common shares. He also holds 12,450 restricted stock units, which represent additional potential common shares subject to vesting schedules and continue his equity-based alignment with company performance.

What restricted stock units vested for Wang Warton at Yum China (YUMC)?

Two restricted stock unit grants vested or were exercised, delivering 475 and 6,131 common shares on February 10, 2026. These RSUs convert to common stock on a one-for-one basis, with vesting occurring in annual installments based on earlier grant dates.

Why were some Yum China (YUMC) shares disposed of in Wang Warton’s Form 4?

The 2,974 shares coded “F” were disposed of to pay tax liabilities due on the vesting of restricted stock units. This is a common tax-withholding mechanism where shares are surrendered rather than sold in the open market to cover required taxes.

What are the vesting terms of Wang Warton’s Yum China (YUMC) RSUs?

One grant vests 25% per year beginning one year from February 10, 2022, with no expiration date. Another grant vests one-third per year beginning one year from February 10, 2025, providing a staggered, multi-year equity incentive structure for the executive.