[Form 4] YUM BRANDS INC Insider Trading Activity

Rhea-AI Filing Summary

YUM Brands (YUM) Insider Report: This Form 4 shows David W. Gibbs, CEO and Director, made multiple transactions on 09/15/2025 under a Rule 10b5-1 plan. He acquired 7,788 stock appreciation rights (SARs) with a grant price of $49.66 and 3,184 SARs at $56.67. Several common-stock transactions occurred the same day: acquisitions and dispositions that net to 102,893.15 shares beneficially owned after the transactions. Some shares are held indirectly: 72,499 by spouse and 48,394 in a Trust (SJG). The SARs vest 25% per year beginning one year from grant and have various exercisability and expiration dates, with underlying common stock amounts disclosed.

Positive

• Transactions executed under a Rule 10b5-1 plan, which provides an affirmative defense against insider trading claims
• Clear disclosure of indirect holdings (72,499 by spouse; 48,394 in Trust SJG), improving transparency
• SARs include a defined vesting schedule (25% per year), aligning long-term incentives

Negative

• Insider sold shares on the same day as grants, which could raise short-term attention despite being under a 10b5-1 plan
• Filing does not state aggregate dollar values of sales/purchases, limiting assessment of magnitude

Insights

Corporate Governance Expert

TL;DR: CEO executed mixed option grants and stock trades under a 10b5-1 plan; transactions appear procedural, not an extraordinary event.

The filing documents a combination of stock appreciation right grants and contemporaneous open-market activity executed pursuant to a 10b5-1 plan. The SAR grants have explicit exercise/expiration timing and a standard vesting schedule (25% per year). Indirect holdings via spouse and trust are disclosed, increasing transparency about total beneficial ownership. From a governance standpoint, the use of a documented trading plan reduces insider-trading risk and signals pre-arranged execution rather than opportunistic timing.

Securities Analyst

TL;DR: Transactions include grant of SARs and stock trades; material impact on supply or valuation is not evident from this single filing.

The report lists SAR grants (7,788 and 3,184 SARs) and several purchases/sales of common stock at reported prices between $49.66 and $149.80. The filing does not present proceeds, total dollar value aggregated, or company-level metrics, so market impact cannot be measured here. Reported indirect holdings (spouse and trust) should be combined with direct holdings when assessing total insider ownership.

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^*

Gibbs David W

(Last) (First) (Middle)

7100 CORPORATE DRIVE

(Street)

PLANO TX 75024

(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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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	09/15/2025		M		7,788(1)	A	$49.66	110,681.15	D
Common Stock	09/15/2025		D		2,588(1)	D	$149.49	108,093.15	D
Common Stock	09/15/2025		S		5,200(1)	D	$149.8	102,893.15	D
Common Stock	09/15/2025		M		3,184(1)	A	$56.67	106,077.15	D
Common Stock	09/15/2025		D		1,208(1)	D	$149.49	104,869.15	D
Common Stock	09/15/2025		S		1,976(1)	D	$149.8	102,893.15	D
Common Stock								0	I	By Spouse
Common Stock								72,499	I	Trust - DWG
Common Stock								48,394	I	Trust SJG

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	09/15/2025		M			7,788(1)	(2)	02/05/2026	Common Stock	7,788	$0	23,362	D
Stock Appreciation Right	$56.67(2)	09/15/2025		M			3,184(1)	05/20/2017	05/20/2026	Common Stock	3,184	$0	15,918	D

Explanation of Responses:

1. Pursuant to 10b5-1 Plan

2. Vesting occurs 25% per year beginning one year from grant date.

	/s/ Brittany Bodkin, POA	09/15/2025
	** 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 David W. Gibbs report on the YUM Form 4 (09/15/2025)?

He reported grants of 7,788 SARs at $49.66 and 3,184 SARs at $56.67, plus multiple common stock buys and sells on 09/15/2025.

Were the insider trades executed under a 10b5-1 plan?

Yes. The form is marked to indicate the transactions were made pursuant to a 10b5-1 plan.

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

The report shows 102,893.15 shares beneficially owned following the transactions.

What indirect holdings does the Form 4 disclose for Gibbs?

The filing discloses 72,499 shares held by spouse and 48,394 shares held in Trust - DWG/Trust SJG (as reported).

What is the vesting schedule for the SARs reported?

Vesting occurs 25% per year beginning one year from the grant date.