[Form 4] Yum! Brands, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider transactions by Mirian M. Graddick Weir, a director of Yum! Brands (YUM): the Form 4 reports multiple transactions on 08/14/2025. She acquired 3,096 common shares (reported as M code) at $49.66 and increased her beneficial holdings to 4,329 shares. On the same date she disposed of 1,058 shares at $145.39 and sold 2,038 shares at $145.30, leaving 1,233 shares reported as directly owned. A Stock Appreciation Right tied to 3,096 shares (exercise price $49.66) is listed with expiration 02/05/2026.

Positive

• Acquisition of 3,096 shares via SAR settlement, which increased reported beneficial ownership to 4,329 shares
• Conversion/exercise price disclosed for the Stock Appreciation Right ($49.66) and expiration date (02/05/2026) provide clear compensation detail

Negative

• Disposals totaling 3,096 shares (1,058 at $145.39 and 2,038 at $145.30) reduced direct holdings to 1,233 shares
• Net effect is a reduction in directly held shares, which may lower the director's immediate equity stake

Insights

Corporate Governance Expert

TL;DR: Director executed mixed transactions: a SAR-related acquisition plus sizeable disposals, resulting in a net decrease in direct shares.

The filing shows coordinated activity on 08/14/2025 that includes conversion/settlement of a Stock Appreciation Right for 3,096 shares and contemporaneous market disposals totaling 3,096 shares (1,058 and 2,038). Beneficial ownership totals moved to 4,329 after the acquisition and to 1,233 direct shares after the disposals, indicating internal plan-related exercise combined with secondary-market sales. The signature was provided by a power of attorney on 08/15/2025.

Securities/Compensation Analyst

TL;DR: Transactions reflect exercise/settlement of equity compensation and immediate monetization through sales.

The table lists a Stock Appreciation Right with a $49.66 conversion/exercise price exercisable from 02/05/2016 and expiring 02/05/2026, with 3,096 underlying shares. The Form 4 records an acquisition of 3,096 shares (code M) at $49.66, consistent with SAR settlement, and two disposals on the same date at ~$145.39 and ~$145.30 per share for 1,058 and 2,038 shares respectively. Net direct holdings after these events are reported as 1,233 shares. Impact is routine for compensation realization; materiality is limited to insider ownership change disclosure.

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^*

GRADDICK WEIR MIRIAN M

(Last) (First) (Middle)

MERCK & CO., INC.

1 MERCK DRIVE WS 3A-10

(Street)

WHITEHOUSE STATION NJ 08889

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
11/24/2021

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	08/14/2025		M		3,096	A	$49.66	4,329	D
Common Stock	08/14/2025		D		1,058	D	$145.39	3,271	D
Common Stock	08/14/2025		S		2,038	D	$145.3	1,233	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Appreciation Right	$49.66	08/14/2025		M			3,096	02/05/2016	02/05/2026	Common Stock	3,096	$0	0	D

Explanation of Responses:

	/s/ M. Gayle Hobson, POA	08/15/2025
	** 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.

FAQ

What transactions did Yum! Brands director Mirian M. Graddick Weir report on Form 4?

The Form 4 reports on 08/14/2025 an acquisition of 3,096 common shares (code M) at $49.66, disposals of 1,058 shares at $145.39 and 2,038 shares at $145.30.

How many shares does the reporting person beneficially own after the reported transactions?

Following the transactions the filing reports 4,329 shares after the acquisition and 1,233 direct shares after the reported disposals; total reported beneficial ownership shown is 4,329 in one line and 1,233 in another depending on transaction context.

Was a derivative or equity award involved in these transactions for YUM?

Yes. A Stock Appreciation Right with conversion/exercise price $49.66 related to 3,096 underlying shares is disclosed; it is exercisable from 02/05/2016 and expires 02/05/2026.

Who signed the Form 4 and when was it filed?

The Form 4 is signed by /s/ M. Gayle Hobson, POA with the signature date 08/15/2025.

What is the reporting person’s relationship to Yum! Brands?

The filing indicates the reporting person is a Director of Yum! Brands (YUM).