Yum China KFC chief gets 44, 88 and 147 RSUs

YUMC’s KFC General Manager received small RSU dividend-equivalent awards tied to existing grants that vest on the same schedule and have no expiration date.

Rhea-AI Filing Summary

Yum China Holdings, Inc. (YUMC) reported that Warton Wang, General Manager of KFC, received three awards of Restricted Stock Units on September 17, 2026, covering 44, 88, and 147 underlying shares of common stock. The RSUs are issued as dividend equivalency payments on previously granted RSUs, convert on a one-for-one basis into common stock, vest on the same schedule as the related underlying RSUs, and have no expiration date. No Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Grant/Award: 279 shares

Grant/Award 3 txns

Insider Wang Warton

Role General Manager, KFC

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit F1, F2, F3	44	$0.00	$0.00
Grant/Award	Restricted Stock Unit F1, F2, F3	88	$0.00	$0.00
Grant/Award	Restricted Stock Unit F1, F2, F3	147	$0.00	$0.00

Holdings After Transaction: Restricted Stock Unit — 40,150 contracts (Direct)

Footnotes (3)

1. F1. Conversion occurs on a one-for-one basis.
2. F2. These units represent Restricted Stock Units issuable to the Reporting Person as a dividend equivalency payment with respect to Restricted Stock Units previously issued to the Reporting Person which vest 1/3 per year beginning one year from the grant date. The Restricted Stock Units reported herein shall vest on the same date and under the same terms as the underlying Restricted Stock Units with respect of which these dividend equivalency units vest.
3. F3. This grant does not have an expiration date.

Key Figures

RSUs awarded: 44 units RSUs awarded: 88 units RSUs awarded: 147 units +3 more

6 metrics

RSUs awarded 44 units Restricted Stock Unit award on September 17, 2026 as dividend equivalency payment

RSUs awarded 88 units Second Restricted Stock Unit award on September 17, 2026 as dividend equivalency payment

RSUs awarded 147 units Third Restricted Stock Unit award on September 17, 2026 as dividend equivalency payment

Conversion ratio 1 RSU : 1 common share Footnote states conversion occurs on a one-for-one basis

Vesting pattern of underlying RSUs 1/3 per year Underlying RSUs vest one-third per year beginning one year from their grant date

Expiration date None Footnote states this grant does not have an expiration date

Key Terms

Restricted Stock Unit, dividend equivalency payment, vest, expiration date

4 terms

Restricted Stock Unit financial

"These units represent Restricted Stock Units issuable to the Reporting Person"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

dividend equivalency payment financial

"represent Restricted Stock Units issuable ... as a dividend equivalency payment"

vest financial

"which vest 1/3 per year beginning one year from the grant date"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

expiration date financial

"This grant does not have an expiration date"

The expiration date is the deadline after which a financial contract, such as an option or a futures agreement, is no longer valid or can be exercised. It matters to investors because it determines the timeframe during which they can take action or benefit from the contract, similar to how a coupon or a food item has a limited period of usefulness. Once the expiration date passes, the contract loses its value or ability to be used.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider equity awards did YUMC’s Warton Wang receive on September 17, 2026?

On September 17, 2026, Warton Wang received three Restricted Stock Unit awards covering 44, 88, and 147 underlying shares of Yum China common stock as dividend equivalency payments on existing RSUs.

How do the new RSUs for YUMC’s Warton Wang convert into common stock?

The filing states that conversion of these RSUs occurs on a one-for-one basis, meaning each vested Restricted Stock Unit will convert into one share of Yum China common stock.

Why did YUMC grant these additional RSUs to Warton Wang?

The units represent dividend equivalency payments on Restricted Stock Units previously issued to Warton Wang, aligning additional RSUs with dividends that would have been paid on the underlying shares.

When do the new YUMC RSUs for Warton Wang vest?

The new RSUs vest on the same date and under the same terms as the underlying Restricted Stock Units on which the dividend equivalency units are based, which vest one-third per year beginning one year from the original grant date.

Do the newly granted YUMC RSUs for Warton Wang have an expiration date?

No. A footnote specifies that this grant does not have an expiration date, so the RSUs remain outstanding until they vest or are otherwise settled according to their terms.

Were Warton Wang’s YUMC RSU awards made under a Rule 10b5-1 plan?

No. The Form 4 indicates no Rule 10b5-1 trading plan is reported for these RSU awards to Warton Wang.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/21/2026 - 06:18 AM Accepted by SEC EDGAR 09/21/2026 - 06:18 AM Learn about SEC filing dates

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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)

CHINA

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/17/2026

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

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

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

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

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)	09/17/2026		A		44		(2)	(3)	Common Stock	44	$0	6,348	D
Restricted Stock Unit	(1)	09/17/2026		A		88		(2)	(3)	Common Stock	88	$0	12,691	D
Restricted Stock Unit	(1)	09/17/2026		A		147		(2)	(3)	Common Stock	147	$0	21,111	D

Explanation of Responses:

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

2. These units represent Restricted Stock Units issuable to the Reporting Person as a dividend equivalency payment with respect to Restricted Stock Units previously issued to the Reporting Person which vest 1/3 per year beginning one year from the grant date. The Restricted Stock Units reported herein shall vest on the same date and under the same terms as the underlying Restricted Stock Units with respect of which these dividend equivalency units vest.

3. This grant does not have an expiration date.

	/s/ Pingping Liu, Power of Attorney	09/21/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)