YUM insider sells 263 shares after SAR exercise at $49.66

Rhea-AI Filing Summary

Yum! Brands (YUM) – Form 4 insider activity for 08/06/2025. KFC Division CEO Scott Mezvinsky exercised 409 Stock-Appreciation Rights (SARs) at $49.66, converting them to common shares. To cover taxes and take cash, he disposed of 146 shares at $139.50 (code D) and sold 263 shares on the open market at $139.92 (code S). Post-transactions he now owns 1,755 shares directly and 1,487 shares through the 401(k) plan, plus 1,636 unexercised SARs. The filing was executed under a pre-established Rule 10b5-1 trading plan, limiting any valuation inference. Overall share reduction is modest relative to his remaining equity and does not signal material corporate development.

Positive

• None.

Negative

• Executive trimmed direct holdings by 409 shares net, though scale is de minimis against company float.

Insights

Securities Analyst

TL;DR: Routine 10b5-1 exercise/sale; minimal impact.

The activity converts expiring SARs, standard for executives approaching expiration (02/05/2026). Net sale of 409-146-263 = 0 shares added; direct stake falls by 409→1,755, still meaningful. Transaction volume is immaterial versus YUM’s ~285 m shares outstanding. Conducted under 10b5-1, reducing information-content risk. I view the filing as neutral for valuation and sentiment.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 5 txns

Insider Mezvinsky Scott

Role KFC Division CEO

Sold 263 shs ($37K)

Approx. gross sale proceeds $37K

Approx. exercise cost $20K

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Right	409	$0.00	$0.00
Exercise	Common Stock	409	$49.66	$20K
Disposition	Common Stock	146	$139.50	$20K
Sale	Common Stock	263	$139.92	$37K
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Appreciation Right — 1,636 contracts (Direct); Common Stock — 1,755 shares (Direct); Common Stock — 1,487 shares (Indirect, Held in 401(k) plan)

Footnotes (1)

1. F1. Pursuant to 10b5-1 Plan

FAQ

How many Yum! Brands shares did Scott Mezvinsky sell?

He sold 263 shares in an open-market sale at $139.92 and disposed of 146 shares for tax purposes.

What was the exercise price of the SARs converted?

The Stock-Appreciation Rights were exercised at $49.66 per share.

How many Yum! Brands shares does Mezvinsky now own?

After the transactions he owns 1,755 direct shares and 1,487 shares in a 401(k), totaling 3,242.

Was the transaction pre-planned under Rule 10b5-1?

Yes. The filing notes execution pursuant to a Rule 10b5-1 trading plan.

Does this filing signal any change in Yum! Brands’ outlook?

No. The modest, pre-planned sale is routine insider activity and not linked to operating performance.

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

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Accepted by SEC EDGAR 08/07/2025 - 01:22 PM 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^*

Mezvinsky Scott

(Last) (First) (Middle)

7100 CORPORATE DRIVE

(Street)

PLANO TX 45024

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
YUM BRANDS INC [ YUM ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/06/2025

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	08/06/2025		M		409(1)	A	$49.66	2,164	D
Common Stock	08/06/2025		D		146(1)	D	$139.5	2,018	D
Common Stock	08/06/2025		S		263(1)	D	$139.92	1,755	D
Common Stock								1,487	I	Held in 401(k) plan

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
Stock Appreciation Right	$49.66	08/06/2025		M			409(1)	02/05/2020	02/05/2026	Common Stock	409	$0	1,636	D

Explanation of Responses:

1. Pursuant to 10b5-1 Plan

	/s/ M. Gayle Hobson, POA	08/07/2025
	** 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.