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

Rhea-AI Filing Summary

Tracy L. Skeans, COO and CPO of Yum! Brands (YUM), reported multiple transactions dated 08/15/2025. The filing shows an award of 22,552 stock appreciation rights (SARs) with a $68 exercise/conversion price, of which 16,181 SARs are reported as beneficially owned following the transaction. On the same date the form records non-derivative activity: a grant or acquisition labeled 22,552 shares at $68, a disposition of 10,332 shares at $148.43 leaving 12,220 shares, and a sale of 12,220 shares at $148.24 reducing direct common stock holdings to 0. The report also lists indirect holdings of 2,103 shares through a 401(k) plan and 2,970 shares in the Skeans Trust. The form includes an explanation that vesting occurs 25% per year beginning one year from grant.

Insights

Corporate Governance Expert

TL;DR: Insider received SAR award and executed share disposals on the same date, altering direct ownership while retaining indirect holdings.

The filing documents a compensation-related grant of 22,552 stock appreciation rights to an executive officer, with standard time-based vesting (25% per year). Concurrently reported disposals and a sale resulting in 0 direct common shares indicate the officer reduced direct equity exposure while maintaining indirect holdings via a 401(k) and trust. This pattern is consistent with routine executive compensation and personal liquidity actions rather than governance conflicts, but investors should note the change in direct holdings and the remaining 16,181 SARs that may convert to shares over time.

Securities Analyst

TL;DR: Material numeric changes: 22,552 SARs granted; 22,552 shares acquired on record and 22,552 shares sold in two transactions leaving indirect holdings only.

The report is transaction-heavy but does not disclose proceeds beyond per-share prices: disposals at $148.43 and $148.24 on 08/15/2025. The SARs carry a $68 conversion price and show 16,181 underlying shares remaining as beneficially owned post-transaction. For valuation impact, the SAR strike well below reported sale prices suggests upside potential if the stock remains above $68 at exercise, but the filing itself is a factual record of insider compensation and liquidity moves rather than corporate-operational news.

Insider Trade Summary

Net Seller: 12,220 shares ($1,811,493)

Net Sell 6 txns

Insider Skeans Tracy L

Role COO and CPO

Sold 12,220 shs ($1.81M)

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Right	22,552	$0.00	--
Exercise	Common Stock	22,552	$68.00	$1.53M
Disposition	Common Stock	10,332	$148.43	$1.53M
Sale	Common Stock	12,220	$148.24	$1.81M
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Appreciation Right — 16,181 shares (Direct); Common Stock — 22,552 shares (Direct); Common Stock — 2,103 shares (Indirect, 401(k) Plan)

Footnotes (1)

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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^*

Skeans Tracy L

(Last) (First) (Middle)

1441 GARDINER LANE

(Street)

LOUISVILLE KY 40213

(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)
	COO and CPO

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		22,552	A	$68	22,552	D
Common Stock	08/15/2025		D		10,332	D	$148.43	12,220	D
Common Stock	08/15/2025		S		12,220	D	$148.24	0	D
Common Stock								2,103	I	401(k) Plan
Common Stock								2,970	I	Skeans Trust

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	$68	08/15/2025		M			22,552	(1)	02/10/2027	Common Stock	22,552	$0	16,181	D

Explanation of Responses:

1. 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).
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