Yum Brands KFC CEO exercises rights, sells shares

Yum Brands KFC Division CEO Scott Mezvinsky exercised stock appreciation rights covering 483 shares of common stock at an exercise price of $68.00 per share.

Rhea-AI Filing Summary

Yum Brands KFC Division CEO Scott Mezvinsky exercised stock appreciation rights covering 483 shares of common stock at an exercise price of $68.00 per share. He then returned 212 shares to the issuer at $155.48 and sold 271 shares in open-market transactions at $154.18 per share.

These transactions were effected pursuant to a Rule 10b5-1 trading plan. Following the reported sale, his direct common stock holdings shown in this filing were 0 shares, while 4,342 stock appreciation rights were reported as outstanding after the derivative exercise.

Insider Trade Summary 10b5-1

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider Mezvinsky Scott

Role KFC Division CEO

Sold 271 shs ($42K)

Approx. gross sale proceeds $42K

Approx. exercise cost $33K

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Right	483	$0.00	$0.00
Exercise	Common Stock	483	$68.00	$33K
Disposition	Common Stock	212	$155.48	$33K
Sale	Common Stock	271	$154.18	$42K

Holdings After Transaction: Stock Appreciation Right — 4,342 contracts (Direct); Common Stock — 0 shares (Direct)

Footnotes (1)

1. F1. Pursuant to 10b5-1 Plan

Key Figures

Shares exercised: 483 shares Exercise price: $68.00 per share Issuer disposition: 212 shares at $155.48 +4 more

7 metrics

Shares exercised 483 shares Stock appreciation rights converted to common stock

Exercise price $68.00 per share Stock appreciation right exercise price

Issuer disposition 212 shares at $155.48 Shares returned to issuer

Open-market sale 271 shares at $154.18 Common stock sale following exercise

Common shares after transaction 0 shares Direct common stock holdings post-transaction

SARs outstanding 4,342 units Stock appreciation rights after reported exercise

Transaction date April 1, 2026 All transactions occurred on this date

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" tied to 483 underlying shares"

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 regulatory

"footnote stating "Pursuant to 10b5-1 Plan" for the transactions"

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" for 271 common shares"

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_code_description: "Disposition to issuer" for 212 shares"

derivative exercise/conversion financial

"transaction_action: "derivative exercise/conversion" for SARs and common stock"

FAQ

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

What insider transaction did Yum Brands (YUM) report for Scott Mezvinsky?

Yum Brands reported that KFC Division CEO Scott Mezvinsky exercised stock appreciation rights for 483 common shares at $68.00 and subsequently disposed of all 483 shares through a combination of issuer disposition and open-market sale on the same date.

How many Yum Brands (YUM) shares did the KFC Division CEO sell?

Scott Mezvinsky sold 271 Yum Brands common shares in open-market transactions at $154.18 per share. In addition, 212 shares were returned to the issuer at $155.48 per share, so all 483 shares acquired from the derivative exercise were disposed of.

At what price were Scott Mezvinsky’s Yum Brands (YUM) stock appreciation rights exercised?

The stock appreciation rights were exercised at an exercise price of $68.00 per underlying share of Yum Brands common stock. The rights, granted earlier, converted into 483 common shares before the subsequent disposition and open-market sale transactions reported.

Were Scott Mezvinsky’s Yum Brands (YUM) share sales pre-planned?

Yes. The filing notes that the transactions were completed pursuant to a Rule 10b5-1 trading plan. Such plans are pre-arranged instructions that allow insiders to systematically sell shares over time, reducing the significance of short-term market timing.

What were Scott Mezvinsky’s reported Yum Brands (YUM) holdings after these transactions?

After the reported transactions, Scott Mezvinsky’s direct common stock holdings shown in the filing were 0 shares. The filing also shows 4,342 stock appreciation rights outstanding following the derivative exercise, representing remaining derivative-based exposure.

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

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Accepted by SEC EDGAR 04/01/2026 - 02:31 PM EDT 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).

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)
04/01/2026

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	04/01/2026		M		483(1)	A	$68	483	D
Common Stock	04/01/2026		D		212(1)	D	$155.48	271	D
Common Stock	04/01/2026		S		271(1)	D	$154.18	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	04/01/2026		M			483(1)	02/17/2021	02/10/2027	Common Stock	483	$0	4,342	D

Explanation of Responses:

1. Pursuant to 10b5-1 Plan

	/s/ Brittany Bodkin, POA	04/01/2026
	** 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)