What does each Zai Lab (ZLAB) American Depositary Share represent?

Each American Depositary Share represents ten ordinary shares of Zai Lab. The ADSs and ordinary shares are described as fully fungible, and the Form 4 reports all amounts using ADS units for consistency.

Zai Lab (ZLAB) director receives 22,371 ADS restricted stock grant vesting 2027

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Morrison Scott W reported acquisition or exercise transactions in this Form 4 filing.

Zai Lab Ltd director Morrison Scott W received a grant of 22,371 American Depositary Shares as equity compensation. The award was made at a price of $0.00 per ADS and consists of restricted shares that vest in full on June 17, 2027, contingent on his continued board service. Following this grant, he directly holds a total of 56,904 ADS. Each ADS represents ten ordinary shares of Zai Lab, and the filing reports all amounts in ADS terms.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Morrison Scott W

Role null

Type	Security	Shares	Price	Value
Grant/Award	American Depositary Shares	22,371	$0.00	--

Holdings After Transaction: American Depositary Shares — 56,904 shares (Direct, null)

Footnotes (1)

Each American Depositary Share ("ADS") represents ten Ordinary Shares of the issuer. Our ADSs and Ordinary Shares are fully fungible. For purposes of this Form 4, we are reporting this in terms of ADSs. Represents restricted shares that vest in full on June 17, 2027, subject to the Reporting Person's continued service as a member of the issuer's board of directors through such vesting date.

Key Figures

ADS granted: 22,371 ADS Price per ADS: $0.00 per ADS Holdings after transaction: 56,904 ADS +2 more

5 metrics

ADS granted 22,371 ADS Restricted stock grant on June 17, 2026

Price per ADS $0.00 per ADS Grant, award, or other acquisition

Holdings after transaction 56,904 ADS Direct holdings following the award

ADS to ordinary share ratio 1 ADS = 10 ordinary shares Representation of each Zai Lab ADS

Vesting date June 17, 2027 Restricted shares vesting condition

Key Terms

American Depositary Shares, restricted shares, vest in full, board of directors

4 terms

American Depositary Shares financial

"Each American Depositary Share ("ADS") represents ten Ordinary Shares of the issuer."

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

restricted shares financial

"Represents restricted shares that vest in full on June 17, 2027, subject to the Reporting Person's continued service."

Restricted shares are company stock that cannot be sold or transferred immediately because they are subject to legal or contractual limits, such as a required holding period or performance conditions. They matter to investors because these locked-up shares can affect a company’s available stock for trading, future dilution, and insider incentives—imagine a gift that can’t be cashed until certain conditions are met, which changes when and how much supply can suddenly enter the market.

vest in full financial

"Represents restricted shares that vest in full on June 17, 2027, subject to the Reporting Person's continued service."

board of directors financial

"subject to the Reporting Person's continued service as a member of the issuer's board of directors through such vesting date."

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

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Form 4 Insider Transactions: What Each Field Means →

06/22/2026 - 04:08 PM

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^*

Morrison Scott W

(Last)

(First)

(Middle)

C/O ZAI LAB LIMITED

314 MAIN STREET, 4TH FLOOR, SUITE 100

(Street)

CAMBRIDGE

MASSACHUSETTS

02142

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Zai Lab Ltd [ ZLAB ]

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

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
American Depositary Shares⁽¹⁾	06/17/2026		A		22,371⁽²⁾	A	$0	56,904	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Each American Depositary Share ("ADS") represents ten Ordinary Shares of the issuer. Our ADSs and Ordinary Shares are fully fungible. For purposes of this Form 4, we are reporting this in terms of ADSs.

2. Represents restricted shares that vest in full on June 17, 2027, subject to the Reporting Person's continued service as a member of the issuer's board of directors through such vesting date.

	/s/ Bruce Blefeld, Attorney-in-Fact	06/22/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Zai Lab (ZLAB) director Morrison Scott W receive in this Form 4?

He received a grant of 22,371 American Depositary Shares as restricted stock. The award was issued at $0.00 per ADS as part of his director compensation and is reported entirely in ADS terms.

When do the new restricted shares for Zai Lab (ZLAB) director vest?

The restricted shares vest in full on June 17, 2027. Vesting is conditioned on Morrison Scott W continuing to serve on Zai Lab’s board of directors through that vesting date, according to the filing footnote.

How many Zai Lab (ZLAB) ADS does Morrison Scott W hold after this transaction?

After the grant, he directly holds 56,904 American Depositary Shares. This total includes the 22,371 newly granted restricted ADS, which will vest in 2027 subject to continued board service requirements.

Was there a purchase price paid for the Zai Lab (ZLAB) ADS grant?

The grant was recorded at a transaction price of $0.00 per ADS. This indicates it was an equity compensation award to a director rather than an open-market purchase or sale of Zai Lab shares.

Is this Zai Lab (ZLAB) Form 4 transaction a buy or a grant?

The transaction is categorized as a grant or award acquisition, not an open-market buy. The Form 4 uses transaction code “A” and describes it as a grant, award, or other acquisition of restricted ADS.