Yum! Brands director exits position following SAR exercise

Rhea-AI Filing Summary

Form 4 filing for Yum! Brands (YUM) dated 08/06/2025 shows Director Brian C. Cornell fully exercising two stock-appreciation-right (SAR) awards and immediately disposing of the resulting shares.

• Exercises: 3,096 shares at an exercise price of $49.66 and 148 shares at $57.06 (Code M).
• Tax-withheld dispositions: 1,103 and 61 shares at $139.50 (Code D).
• Open-market sales: 1,993 and 87 shares at $139.92 (Code S).

After the sequence of transactions, Cornell’s direct ownership fell to 0 shares; no derivative securities remain outstanding. The filing indicates a complete exit from direct equity exposure following the option exercises.

Positive

• None.

Negative

• Director Brian C. Cornell sold 100 % of exercised shares, reducing direct ownership to zero, which can be interpreted as a lack of ongoing insider confidence.

Insights

Securities Analyst

TL;DR: Director exercised options then sold all resulting shares, reducing ownership to zero—generally a mildly negative signal.

The simultaneous option exercise and full liquidation at ~$140 suggests the director chose to monetize gains rather than retain exposure, despite a low option strike (<$58). While insider sales can be driven by diversification or tax, the total exit removes alignment between this director and shareholders. Trade size (≈$430k gross sale proceeds) is modest relative to YUM’s market cap, so market impact should be limited.

Insider Trade Summary

Net Seller: 2,080 shares ($291,034)

Net Sell 10 txns

Insider Cornell Brian C

Role Director

Sold 2,080 shs ($291K)

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Right	3,096	$0.00	--
Exercise	Stock Appreciation Right	148	$0.00	--
Exercise	Common Stock	3,096	$49.66	$154K
Disposition	Common Stock	1,103	$139.50	$154K
Sale	Common Stock	1,993	$139.92	$279K
Exercise	Common Stock	148	$57.06	$8K
Disposition	Common Stock	61	$139.50	$9K
Sale	Common Stock	87	$139.92	$12K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Appreciation Right — 0 shares (Direct); Common Stock — 3,096 shares (Direct)

Footnotes (1)

Form 4 Insider Transactions: What Each Field Means →

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^*

Cornell Brian C

(Last) (First) (Middle)

1000 NICOLLET MALL

(Street)

MINNEAPOLIS MN 55403

(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)
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		3,096	A	$49.66	3,096	D
Common Stock	08/06/2025		D		1,103	D	$139.5	1,993	D
Common Stock	08/06/2025		S		1,993	D	$139.92	0	D
Common Stock	08/06/2025		M		148	A	$57.06	148	D
Common Stock	08/06/2025		D		61	D	$139.5	87	D
Common Stock	08/06/2025		S		87	D	$139.92	0	D
Common Stock								196	D
Common Stock								256	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	08/06/2025		M			3,096	02/05/2016	02/05/2026	Common Stock	3,096	$0	0	D
Stock Appreciation Right	$57.06	08/06/2025		M			148	09/18/2015	09/18/2025	Common Stock	148	$0	0	D

Explanation of Responses:

	/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.

FAQ

What insider activity was reported for YUM on 08/06/2025?

Director Brian C. Cornell exercised 3,244 SARs and sold all resulting shares the same day.

How many YUM shares did the director sell?

He disposed of 3,244 shares in total—1,164 via non-open-market disposition and 2,080 in open-market sales.

What were the exercise prices of the stock appreciation rights?

$49.66 for 3,096 shares and $57.06 for 148 shares.

At what prices were the YUM shares sold?

Shares were disposed at $139.50 and sold on the open market at $139.92.

Does the director retain any YUM shares after the transaction?

No. The filing shows 0 shares owned directly or through derivatives after the reported transactions.