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

Rhea-AI Filing Summary

Scott Mezvinsky, identified as KFC Division CEO of Yum! Brands (YUM), reported multiple transactions dated 09/02/2025. The filing shows a non-derivative acquisition of 409 shares (reported code M) at $49.66 and two dispositions: 139 shares disposed at $146.26 and 270 shares sold at $145.27. After these transactions the reporting person’s direct beneficial ownership is reported as 2,164 shares, with 1,487 held indirectly in a 401(k) plan. The filing also reports a stock appreciation right (SAR) series with exercise price $49.66 covering 409 underlying shares, exercisable from 02/05/2020 and expiring 02/05/2026, leaving 1,227 SARs held directly. The report notes the transactions were made pursuant to a 10b5-1 plan and is signed by a power of attorney.

Positive

• Transactions executed under a 10b5-1 plan, providing procedural transparency and affirmative-defense context
• Detailed post-transaction holdings disclosed for both direct and indirect ownership and for SARs
• SARs exercisable since 02/05/2020 and expiring 02/05/2026, clarifying derivative timelines

Negative

• Insider sold 270 shares and disposed of 139 shares on 09/02/2025, reducing direct common stock holdings
• Filing shows active sales on same date as acquisitions, which may warrant investor attention to timing

Insights

Financial Analyst

TL;DR Insider executed a 10b5-1 plan: modest purchases via SARs and contemporaneous sales, resulting in modest net share changes.

The filing documents routine insider activity under a pre-established 10b5-1 plan on 09/02/2025. The acquisition of 409 SARs at a $49.66 exercise/strike context and concurrent sales of 409 total shares (139 disposed plus 270 sold) suggests planned rebalancing rather than a single opportunistic trade. Total reported direct common stock ownership after the trades is 2,164 shares, with an additional 1,487 shares indirectly held in a 401(k) plan. The SARs expire 02/05/2026, indicating remaining short-term exercisable derivative exposure.

Corporate Governance Expert

TL;DR Disclosure aligns with standard Section 16 reporting and includes 10b5-1 plan reference and POA signature.

The form is complete in disclosing both non-derivative and derivative positions, codes, prices, and post-transaction holdings. Notably, the filer cites a 10b5-1 plan which provides affirmative defense to insider trading claims when plan conditions are met. The signature by a power of attorney is properly indicated. No material omissions of the reported classes or dates are evident from the filing content provided.

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^*

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)
09/02/2025

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	09/02/2025		M		409(1)	A	$49.66	2,164	D
Common Stock	09/02/2025		D		139(1)	D	$146.26	2,025	D
Common Stock	09/02/2025		S		270(1)	D	$145.27	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	09/02/2025		M			409(1)	02/05/2020	02/05/2026	Common Stock	409	$0	1,227	D

Explanation of Responses:

1. Pursuant to 10b5-1 Plan

	/s/ Brittany Bodkin, POA	09/02/2025
	** 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 Scott Mezvinsky report for YUM on 09/02/2025?

He reported an acquisition of 409 shares/SARs at $49.66, a disposition of 139 shares at $146.26, and a sale of 270 shares at $145.27.

Were the trades executed under a trading plan for YUM insider Scott Mezvinsky?

Yes. The filing explicitly states the transactions were made pursuant to a 10b5-1 plan.

How many YUM shares does Mezvinsky beneficially own after the reported transactions?

The filing reports 2,164 shares beneficially owned directly and 1,487 indirectly (held in a 401(k) plan).

What derivative holdings were disclosed by the reporting person?

A stock appreciation right with exercise price $49.66 covering 409 underlying shares, exercisable 02/05/2020 and expiring 02/05/2026, with 1,227 SARs held directly following the transactions.

Who signed the Form 4 filing for Scott Mezvinsky?

The form was signed by Brittany Bodkin, as power of attorney, dated 09/02/2025.