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YUM insider trades: Mezvinsky exercises SARs and sells shares under 10b5-1 plan

Filing Impact
(Neutral)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

YUM Brands insider trades by KFC Division CEO Scott Mezvinsky show a mix of option exercise, plan-based purchases, and open-market sales on 10/01/2025. The reporting shows acquisition of 409 shares via a Stock Appreciation Right exercise at an effective price of $49.66 under a 10b5-1 plan, a separate purchase of 409 shares at $49.66, and two sales dispositions: 134 shares and 275 shares sold at $152 and $152.59 respectively. After these transactions the report lists 2,164 shares directly owned and 1,487 shares indirectly held in a 401(k). The derivative table indicates 409 underlying shares from an SAR exercisable through 02/05/2026. The filing notes the trades were made pursuant to a 10b5-1 trading plan.

Positive

  • Trades executed under a 10b5-1 plan, which reduces concerns about opportunistic insider timing
  • Exercise and sale prices disclosed, showing transparency (SAR/exercise at $49.66; sales at $152 and $152.59)
  • Complete reporting of direct and indirect holdings, including 401(k) holdings of 1,487 shares

Negative

  • Insider sold shares the same day as acquisitions, which may prompt investor questions despite 10b5-1 protection
  • No explanation beyond 10b5-1 reference for the rationale or whether sales covered tax obligations

Insights

TL;DR: Insider executed option/SAR-related acquisition and partial sales on the same day, yielding modest net change in direct holdings.

The activity shows simultaneous exercise/acquisition and sales which often reflect routine tax/liquidity management rather than a directional bet on the company. The exercised SAR and acquisition at $49.66 contrast with sales at roughly $152, implying the officer realized significant spread on disposals funded or enabled by the lower-cost award. The total direct holdings after transactions are modest relative to institutional stakes, suggesting limited market-impact materiality.

TL;DR: Transactions conducted under a 10b5-1 plan indicate pre-arranged trades reducing regulatory risk but still require clear disclosure.

The disclosure that trades were pursuant to a 10b5-1 plan reduces concerns about selective trading on undisclosed information. The mix of derivative exercise and open-market sales is typical for executives managing compensation and tax obligations. Indirect holdings in a 401(k) are properly reported, and the Form 4 appears to include necessary schedule details.

Insider Mezvinsky Scott
Role KFC Division CEO
Sold 275 shs ($42K)
Type Security Shares Price Value
Exercise Stock Appreciation Right 409 $0.00 --
Exercise Common Stock 409 $49.66 $20K
Disposition Common Stock 134 $152.00 $20K
Sale Common Stock 275 $152.59 $42K
holding Common Stock -- -- --
Holdings After Transaction: Stock Appreciation Right — 818 shares (Direct); Common Stock — 2,164 shares (Direct); Common Stock — 1,487 shares (Indirect, Held in 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).
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)
10/01/2025
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 10/01/2025 M 409(1) A $49.66 2,164 D
Common Stock 10/01/2025 D 134(1) D $152 2,030 D
Common Stock 10/01/2025 S 275(1) D $152.59 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 10/01/2025 M 409(1) 02/05/2020 02/05/2026 Common Stock 409 $0 818 D
Explanation of Responses:
1. Pursuant to 10b5-1 Plan
/s/ Brittany Bodkin, POA 10/01/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What transactions did Scott Mezvinsky report for YUM on 10/01/2025?

He reported an acquisition of 409 shares via SAR exercise and another 409-share acquisition at $49.66, plus sales of 134 shares at $152 and 275 shares at $152.59.

Were these trades part of a pre-arranged plan?

Yes. The Form 4 states the transactions were made pursuant to a 10b5-1 trading plan.

How many YUM shares does Mezvinsky beneficially own after these transactions?

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

What derivative holdings were reported?

A Stock Appreciation Right underlying 409 shares is listed, exercisable with an expiration date of 02/05/2026 and associated with a $49.66 price.

Do the reported prices suggest profit-taking?

The SAR/exercise/acquisition price of $49.66 versus sale prices around $152 indicates a substantial spread, consistent with realizing gains, though no explicit reason is provided.