Joey Wat, Chief Executive Officer and Director of Yum China Holdings, Inc., filed a Form 4 on September 21, 2026, disclosing three acquisitions of Restricted Stock Units on September 17, 2026, representing dividend equivalency payments on previously granted RSUs.

Key Highlights

  • Reporting person: Joey Wat, CEO and Director of Yum China Holdings, Inc. (NYSE:YUMC)
  • Transaction date: All three RSU acquisitions occurred on September 17, 2026
  • Units acquired: 316, 505, and 612 Restricted Stock Units, each at a price of $0
  • Post-transaction holdings: Following each acquisition, Wat held 45,371, 72,530, and 87,963 derivative securities, respectively, all held directly
  • Nature of grant: Units represent dividend equivalency payments on previously issued RSUs, vesting 1/3 per year beginning one year from the original grant date
  • Conversion: Each RSU converts to one share of Common Stock on a one-for-one basis with no expiration date

Yum China CEO RSU Dividend Equivalency Awards: Transaction Details

According to the filing, Joey Wat, serving as both Chief Executive Officer and Director of Yum China Holdings, Inc., acquired three separate tranches of Restricted Stock Units on September 17, 2026. Each tranche was recorded under transaction code "A" (acquired) in Table II of the Form 4, covering derivative securities. The units were acquired at a price of $0, consistent with their nature as dividend equivalency payments rather than open-market purchases.

The filing explains that 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 newly reported RSUs are stated to "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." The filing further notes that the grants do not carry an expiration date, and conversion occurs on a one-for-one basis into Common Stock.

Yum China Holdings operates a portfolio of restaurant brands in China, and its equity compensation structure, as reflected in this filing, includes performance-linked RSU grants to senior executives. Following the three reported transactions, Wat's directly held derivative security positions stood at 45,371, 72,530, and 87,963 units, respectively, as reported in column 9 of Table II. The form was signed by Pingping Liu under a Power of Attorney on September 21, 2026.

What Was Disclosed

The filing disclosed three acquisitions of Restricted Stock Units by Yum China's CEO on September 17, 2026, each representing a dividend equivalency payment on pre-existing RSU grants, with vesting tied to the same schedule as the underlying awards.