Yum China Holdings, Inc. (NYSE:YUMC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 18, 2017, the Board of Directors (the “Board”) of Yum China Holdings, Inc. (the “Company”) expanded its size from ten directors to 12 directors and appointed (i) William Wang, a partner of Primavera Capital Group, as a Class II director, to serve for a term expiring at the 2018 annual meeting of stockholders of the Company or until his earlier death, resignation or removal and (ii) Joey Wat, President and Chief Operating Officer of the Company, as a Class I director, to serve for a term expiring at the 2019 annual meeting of stockholders of the Company or until her earlier death, resignation or removal. At the time of his appointment, Mr. Wang was also appointed to the Compensation Committee of the Board.
Mr. Wang constitutes an “Investor Designee” under that certain Shareholders Agreement, dated as of November 1, 2016, by and among the Company, Pollos Investment L.P. and API (Hong Kong) Investment Limited.As a non-employee director of the Company, Mr. Wang will be compensated in accordance with the director compensation policy previously approved by the Board.Accordingly, Mr. Wang will be entitled to an annual retainer equal to $225,000, pro-rated from the date of his appointment, payable in Company common stock or, if requested by him, up to one-half in cash.Ms. Wat will not be entitled to any additional compensation for her service as a director of the Company.
The Company plans to enter into its standard director indemnification agreement with Mr. Wang and Ms. Wat, the form of which was filed with the Securities and Exchange Commission on November 1, 2016 as an exhibit to the Company’s Current Report on Form 8-K.
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Item 7.01 |
Regulation FD Disclosure. |
A copy of the press release announcing the appointments described in Item 5.02 is attached as Exhibit 99.1 to this Current Report on Form 8-K.
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Item 9.01 |
Financial Statements and Exhibits. |
The following exhibits are furnished with this report:
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Exhibit No. |
Exhibit Description |
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99.1 |
Press Release of Yum China Holdings, Inc. issued on July 18, 2017. |
Yum China Holdings, Inc. ExhibitEX-99 2 yumc-ex991_15.htm EX-99.1 yumc-ex991_15.htm Exhibit 99.1 Yum China Board Expands with More China Market and Operation Insights Shanghai,…To view the full exhibit click here
About Yum China Holdings, Inc. (NYSE:YUMC)
Yum China Holdings, Inc. is a restaurant company with approximately 7,200 restaurants. The Company’s restaurant base consists of restaurant brands, including KFC, Pizza Hut Casual Dining, Pizza Hut Home Service, East Dawning and Little Sheep. The Company’s segments are KFC, Pizza Hut Casual Dining and All Other Segments, which include Pizza Hut Home Service, East Dawning and Little Sheep. KFC is the Quick-Service Restaurant (QSR) brand in China. In addition to original recipe chicken, KFC in China has a menu featuring pork, beef, seafood, rice dishes, fresh vegetables, soups, breakfast, desserts, and many other products, including coffee. Pizza Hut Casual Dining is the Casual Dining Restaurant (CDR) brand. Little Sheep is a casual-dining brand. Little Sheep specializes in Hot Pot cooking. East Dawning is a Chinese food quick-service restaurant brand, primarily located in coastal cities. As of December 31, 2015, KFC operates over 5,000 restaurants in over 1,100 cities across China.
