YUM (YUM) director Brian C. Cornell receives new phantom stock units

Rhea-AI Filing Summary

YUM! Brands director Brian C. Cornell reported receiving phantom stock awards. On February 6, 2026, he acquired 1,718.5294 phantom stock units and a separate grant of 1,043.3929 units at a price of $0 per unit.

The phantom stock converts into YUM! Brands common stock on a one-for-one basis, with payments made according to elections on file under the company’s Director Deferred Compensation Plan. These phantom units do not have expiration dates and are held as direct derivative holdings.

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)
02/06/2026

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

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
Phantom Stock	(1)	02/06/2026		A		1,718.5294		(2)	(3)	Common Stock	1,718.5294	$0	1,718.5294	D
Phantom Stock	(1)	02/06/2026		A		1,043.3929		(2)	(3)	Common Stock	1,043.3929	$0	1,043.3929	D

Explanation of Responses:

1. Conversion occurs on a one-for-one basis.

2. Payments are made in accordance with elections on file.

3. Phantom units accrued under the YUM! Brands, Inc. Director Deferred Compensation Plan do not have expiration dates.

	/s/ Brittany Bodkin, POA	02/09/2026
	** 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 did YUM (YUM) director Brian C. Cornell report in this Form 4?

Brian C. Cornell reported receiving phantom stock awards tied to YUM! Brands common stock. He acquired two blocks of phantom units on February 6, 2026, which are part of the company’s Director Deferred Compensation Plan and are reported as direct derivative holdings.

How many phantom stock units did Brian C. Cornell receive from YUM (YUM)?

Brian C. Cornell received 1,718.5294 phantom stock units and 1,043.3929 phantom stock units. Both grants occurred on February 6, 2026, at a price of $0 per unit, reflecting compensation rather than an open-market purchase of YUM! Brands common shares.

What is phantom stock in the context of YUM (YUM) director compensation?

Phantom stock is a deferred compensation instrument that tracks YUM! Brands common stock. For Brian C. Cornell, each phantom unit converts on a one-for-one basis into common stock, with payments made according to his elections under the Director Deferred Compensation Plan.

Do the YUM (YUM) phantom stock units reported by Brian C. Cornell have an expiration date?

The phantom stock units reported by Brian C. Cornell do not have expiration dates. They accrue under the YUM! Brands Director Deferred Compensation Plan, where units remain outstanding until paid out according to the participant’s previously filed deferral and payment elections.

At what price were Brian C. Cornell’s YUM (YUM) phantom stock units acquired?

Both phantom stock grants to Brian C. Cornell were acquired at a price of $0 per unit. This indicates the awards represent non-cash director compensation, not open-market purchases, as part of YUM! Brands’ Director Deferred Compensation Plan tied to common stock value.

How do Brian C. Cornell’s YUM (YUM) phantom stock units convert into common stock?

Brian C. Cornell’s phantom stock units convert into YUM! Brands common stock on a one-for-one basis. Payment timing follows elections on file under the Director Deferred Compensation Plan, allowing future settlement in alignment with the company’s deferred compensation arrangements.