YUM director exercises 3,096 SARs; sells 1,036 shares at $148.41

YUM Brands (YUM) reported insider activity on a Form 4.

Rhea-AI Filing Summary

YUM Brands (YUM) reported insider activity on a Form 4. A director exercised 3,096 stock appreciation rights at $49.66 per share on 11/07/2025, acquiring common stock. On the same date, the insider disposed of 1,036 common shares at $148.41. Following these transactions, the insider directly holds 23,291 YUM shares. The exercised derivative was a stock appreciation right originally exercisable on 02/05/2016 and expiring on 02/05/2026, with 0 remaining after the transaction.

Insider Trade Summary

3,096 shares exercised/converted

Exercise 3 txns

Insider Nelson Thomas

Role Director

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Right	3,096	$0.00	$0.00
Exercise	Common Stock	3,096	$49.66	$154K
Disposition	Common Stock	1,036	$148.41	$154K

Holdings After Transaction: Stock Appreciation Right — 0 contracts (Direct); Common Stock — 23,291 shares (Direct)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did YUM (YUM) disclose?

A director exercised 3,096 stock appreciation rights at $49.66 and sold 1,036 shares at $148.41 on 11/07/2025.

How many YUM shares does the insider hold after the transactions?

The insider directly holds 23,291 shares after the reported transactions.

What type of derivative was exercised in the YUM filing?

A stock appreciation right with an exercise price of $49.66 covering 3,096 shares.

When did the exercised YUM stock appreciation right become exercisable and when does it expire?

It became exercisable on 02/05/2016 and expires on 02/05/2026.

What were the sale details disclosed in the YUM Form 4?

Disposition of 1,036 common shares at a price of $148.41 on 11/07/2025.

Did any derivative securities remain after the YUM transactions?

No. The number of the reported stock appreciation rights remaining was 0 after the exercise.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/07/2025 - 12:17 PM EST Learn about SEC filing dates

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^*

Nelson Thomas

(Last) (First) (Middle)

NATIONAL GYPSUM COMPANY

2001 REXDALE ROAD

(Street)

CHARLOTTE NC 28211

(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)
11/07/2025

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	11/07/2025		M		3,096	A	$49.66	24,327	D
Common Stock	11/07/2025		D		1,036	D	$148.41	23,291	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	11/07/2025		M			3,096	02/05/2016	02/05/2026	Common Stock	3,096	$0	0	D

Explanation of Responses:

	/s/ Brittany Bodkin, POA	11/07/2025
	** 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.