YUM Brands (YUM) KFC division CEO exercises stock rights and sells common shares under 10b5-1 plan

Rhea-AI Filing Summary

YUM Brands KFC Division CEO Scott Mezvinsky reported multiple equity transactions involving company common stock and stock appreciation rights. He exercised stock appreciation rights covering 483 shares of common stock at $68.00 per share and then disposed of the resulting shares through an open-market sale and a separate disposition to the issuer.

He sold 277 shares of common stock at an average price of $160.48 per share in an open-market sale and disposed of 206 shares to the issuer at $159.65 per share. Following these transactions, he reported no directly held common shares but continued to hold 3,859 stock appreciation rights. A footnote indicates the transactions were effected pursuant to a Rule 10b5-1 trading plan, suggesting they were pre-arranged rather than opportunistic.

Insights

Equity compensation and insider-trading analyst

Routine option exercise and planned sale under a 10b5-1 plan.

Scott Mezvinsky, KFC Division CEO at YUM Brands, exercised stock appreciation rights to acquire 483 common shares at $68.00 per share, then disposed of those shares via an issuer transaction and an open-market sale.

The filing shows an open-market sale of 277 shares at $160.48 and a 206‑share disposition to the issuer at $159.65. After these trades he reports no directly held common stock but retains 3,859 stock appreciation rights, so his equity exposure continues through derivatives.

A footnote notes the transactions were pursuant to a Rule 10b5-1 trading plan, indicating they were pre-scheduled rather than timed discretionarily. Given the small share counts relative to a large public company and the compensation-related nature, this appears as routine portfolio and award management rather than a thesis-changing signal.

Insider Trade Summary 10b5-1

Net Seller: 277 shares ($44,453)

Net Sell 4 txns

Insider Mezvinsky Scott

Role KFC Division CEO

Sold 277 shs ($44K)

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Right	483	$0.00	--
Exercise	Common Stock	483	$68.00	$33K
Disposition	Common Stock	206	$159.65	$33K
Sale	Common Stock	277	$160.48	$44K

Holdings After Transaction: Stock Appreciation Right — 3,859 shares (Direct, null); Common Stock — 483 shares (Direct, null)

Footnotes (1)

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Key Figures

Open-market sale: 277 shares at $160.48 Disposition to issuer: 206 shares at $159.65 SAR exercise size: 483 shares at $68.00 +3 more

6 metrics

Open-market sale 277 shares at $160.48 Common stock sold in open market on 2026-05-01

Disposition to issuer 206 shares at $159.65 Common stock returned to issuer on 2026-05-01

SAR exercise size 483 shares at $68.00 Stock appreciation rights exercised into common stock

Remaining stock appreciation rights 3,859 SARs Stock appreciation rights outstanding after exercise

Net buy/sell shares -277 shares Net share disposition across buy/sell activity

Transaction date 2026-05-01 Date of all reported transactions

Key Terms

Stock Appreciation Right, Rule 10b5-1, open-market sale, Disposition to issuer, +1 more

5 terms

Stock Appreciation Right financial

"security_title": "Stock Appreciation Right""

A stock appreciation right (SAR) is a form of employee pay that gives the holder the right to receive the increase in a company's share price over a set reference price, paid in cash or shares, without having to buy stock first. It matters to investors because SARs can create future cash outflows or dilute existing shareholders if settled in stock, and they align employee incentives with share-price performance like a bonus tied to a home's price rise.

Rule 10b5-1 financial

"Pursuant to 10b5-1 Plan"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Disposition to issuer financial

"transaction_action": "issuer disposition""

Exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

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).

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^*

Mezvinsky Scott

(Last) (First) (Middle)

7100 CORPORATE DRIVE

(Street)

PLANO TEXAS 45024

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	05/01/2026		M		483(1)	A	$68(1)	483	D
Common Stock	05/01/2026		D		206(1)	D	$159.65(1)	277	D
Common Stock	05/01/2026		S		277(1)	D	$160.48(1)	0	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	$68	05/01/2026		M			483(1)	02/17/2021	02/10/2027	Common Stock	483	(1)	3,859	D

Explanation of Responses:

1. Pursuant to 10b5-1 Plan

	/s/ Brittany Bodkin, POA	05/01/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did YUM (YUM) executive Scott Mezvinsky do in this Form 4 filing?

Scott Mezvinsky exercised stock appreciation rights for 483 YUM common shares, then disposed of all resulting shares through a 206-share disposition to the issuer and a 277-share open-market sale, leaving him with no directly held common stock but ongoing derivative-based exposure.

How many YUM (YUM) shares did Scott Mezvinsky sell and at what prices?

He sold 277 YUM common shares in an open-market transaction at an average price of $160.48 per share and disposed of 206 shares to the issuer at $159.65 per share, following the exercise of stock appreciation rights covering 483 underlying shares.

Did Scott Mezvinsky retain any YUM common stock after these Form 4 transactions?

According to the Form 4 data, Mezvinsky reported zero directly held YUM common shares after the transactions. However, he continued to hold 3,859 stock appreciation rights, which provide derivative-based exposure tied to YUM’s common stock performance rather than direct share ownership.

What stock options or stock appreciation rights does Scott Mezvinsky still hold at YUM (YUM)?

After exercising 483 stock appreciation rights with a $68.00 exercise price, Mezvinsky reported 3,859 remaining stock appreciation rights outstanding. These rights relate to YUM common stock and reflect a continuing equity-linked position, separate from directly held shares disclosed in the same Form 4 filing.

Were Scott Mezvinsky’s YUM share sales under a Rule 10b5-1 trading plan?

A footnote in the Form 4 states the transactions were pursuant to a Rule 10b5-1 plan. Such plans are pre-arranged trading programs that schedule transactions in advance, which generally indicates the timing was not based on short-term market developments or undisclosed company information.

What is the exercise price of Scott Mezvinsky’s YUM stock appreciation rights?

The stock appreciation rights exercised in this filing had a conversion or exercise price of $68.00 per share. On the transaction date, the resulting common shares were disposed of through both an issuer disposition and an open-market sale at prices around $160 per share, realizing the appreciation.