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

Rhea-AI Filing Summary

Yum! Brands CEO and director David W. Gibbs reported multiple transactions in YUM common stock on 08/15/2025 executed pursuant to a 10b5-1 plan. The filing shows exercises/settlements of Stock Appreciation Rights (SARs) at exercise prices of $49.66 (7,788 SARs) and $56.67 (3,184 SARs). Proceeds-funded or plan-driven acquisitions are marked Code M, and several disposals/sales occurred the same day at prices around $146.77–$146.84 (aggregate reported sales: 7,106 shares). Following the reported transactions the filing lists 102,893.15 shares beneficially owned directly. The report discloses two trusts (DWG and SJG) holding 72,499 and 48,394 shares indirectly and notes SAR vesting of 25% per year from grant.

Positive

• Transactions executed pursuant to a 10b5-1 plan, indicating pre-arranged trading instructions
• Clear disclosure of SAR exercise prices and quantities ($49.66 for 7,788 SARs; $56.67 for 3,184 SARs)
• Vesting schedule disclosed (25% per year beginning one year from grant)

Negative

• Insider sales totaling 7,106 shares were executed the same day as exercises, reducing direct holdings
• Beneficial ownership reporting shows multiple indirect trust holdings which complicate a simple direct-holdings view

Insights

Financial Analyst

TL;DR: CEO exercised SARs under a 10b5-1 plan and sold a portion of shares at roughly $146.8, updating beneficial ownership.

The filing documents standard executive compensatory activity: exercises of Stock Appreciation Rights at $49.66 and $56.67 converting into common shares (7,788 and 3,184 respectively) and contemporaneous disposals totaling 7,106 shares sold near $146.8. Transactions are reported as executed pursuant to a 10b5-1 plan, which indicates pre-arranged trading instructions. The report itemizes direct and indirect ownership post-transactions and discloses trust holdings. For modeling, these moves slightly increase free float from exercised SARs while partial sales convert equity comp into liquidity; the filing does not present company financials or give forward guidance.

Corporate Governance Expert

TL;DR: Trades follow a documented 10b5-1 plan and include disclosed vesting terms; governance disclosure appears compliant.

The report clearly marks the 10b5-1 plan box and provides an explanation that SAR vesting occurs 25% annually beginning one year from grant, satisfying standard disclosure expectations. Multiple transaction codes (M, D, S) are used appropriately and a power of attorney signature is included. Indirect ownership via named trusts is disclosed. The filing contains the necessary elements for Section 16 transparency; it does not indicate any atypical insider trading patterns within the document itself.

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).

X

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^*

Gibbs David W

(Last) (First) (Middle)

7100 CORPORATE DRIVE

(Street)

PLANO TX 75024

(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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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	08/15/2025		M		7,788(1)	A	$49.66	110,681.15	D
Common Stock	08/15/2025		D		2,636(1)	D	$146.77	108,045.15	D
Common Stock	08/15/2025		S		5,152(1)	D	$146.84	102,893.15	D
Common Stock	08/15/2025		M		3,184(1)	A	$56.67	106,077.15	D
Common Stock	08/15/2025		D		1,230(1)	D	$146.77	104,847.15	D
Common Stock	08/15/2025		S		1,954(1)	D	$146.84	102,893.15	D
Common Stock								0	I	By Spouse
Common Stock								72,499	I	Trust - DWG
Common Stock								48,394	I	Trust SJG

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	08/15/2025		M			7,788(1)	(2)	02/05/2026	Common Stock	7,788	$0	31,150	D
Stock Appreciation Right	$56.67(2)	08/15/2025		M			3,184(1)	05/20/2017	05/20/2026	Common Stock	3,184	$0	19,102	D

Explanation of Responses:

1. Pursuant to 10b5-1 Plan

2. Vesting occurs 25% per year beginning one year from grant date.

	/s/ Brittany Bodkin, POA	08/18/2025
	** 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 (YUM) CEO David W. Gibbs report on 08/15/2025?

He reported exercises of SARs (7,788 at $49.66 and 3,184 at $56.67) and sales/disposals totaling 7,106 shares on 08/15/2025.

Were the trades by David W. Gibbs executed under a trading plan?

Yes. The filing is checked to indicate the transactions were made pursuant to a 10b5-1 plan.

What were the reported prices for the sales and exercises?

Reported exercise prices were $49.66 and $56.67; reported sale prices were about $146.77–$146.84.

How many Yum! Brands shares does the filing show beneficially owned after the transactions?

The filing lists 102,893.15 shares beneficially owned following the reported transactions (directly reported).

Does the filing disclose indirect holdings for David W. Gibbs?

Yes. It discloses indirect holdings of 72,499 shares in Trust - DWG and 48,394 shares in Trust SJG.