Yum Brands SEC Filings

YUM Brands disclosed material financing documents tied to its Taco Bell funding vehicle. The filing shows a Second Amended and Restated Base Indenture and a Series 2025-1 Supplement dated September 24, 2025, plus a Second Amended and Restated Management Agreement among Taco Bell Funding, LLC and related Taco Bell entities with Citibank, N.A. as trustee. The filing lists Item 2.03, indicating the creation of a direct financial obligation or off-balance sheet obligation, though no principal amount or terms are stated in the text provided. Exhibits numbered 10.1–10.3 correspond to the indenture, supplement, and management agreement and appear intended to govern the Series 2025-1 securities and manager responsibilities.

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.

Form 144 notice for YUM Brands, Inc. An insider proposes to sell 7,176 shares of common stock through Merrill Lynch on the NYSE, with an aggregate market value of $1,074,965 and an approximate sale date of 09/15/2025. The securities were acquired in two SAR exercise-and-sale transactions on 02/05/2016 (5,200 shares) and 05/20/2016 (1,976 shares). The filer also disclosed two prior sales within the past three months: 7,106 shares on 08/15/2025 and 7,117 shares on 07/15/2025, each generating gross proceeds of about $1.04M. The form includes the required representation that the seller is not aware of undisclosed material adverse information.

Scott Mezvinsky, identified as KFC Division CEO of Yum! Brands (YUM), reported multiple transactions dated 09/02/2025. The filing shows a non-derivative acquisition of 409 shares (reported code M) at $49.66 and two dispositions: 139 shares disposed at $146.26 and 270 shares sold at $145.27. After these transactions the reporting person’s direct beneficial ownership is reported as 2,164 shares, with 1,487 held indirectly in a 401(k) plan. The filing also reports a stock appreciation right (SAR) series with exercise price $49.66 covering 409 underlying shares, exercisable from 02/05/2020 and expiring 02/05/2026, leaving 1,227 SARs held directly. The report notes the transactions were made pursuant to a 10b5-1 plan and is signed by a power of attorney.

Insider sale notice: A Form 144 was filed reporting a proposed sale of 270 shares of Yum! Brands, Inc. common stock through Merrill Lynch (Columbus, OH) with an aggregate market value of $39,222, and an approximate sale date of 09/02/2025. The shares were acquired on 02/05/2016 via a SAR exercise and sale from Yum! Brands Inc., and payment type is listed as Stock. The filing also lists prior sales by Scott Mezvinsky of 268, 272, and 263 shares on 06/04/2025, 07/01/2025, and 08/06/2025 respectively, with gross proceeds shown for each transaction.

Yum! Brands announced that its Board appointed Christopher Turner as a director. The Board made the appointment on August 22, 2025 with an effective date of October 1, 2025. The filing states there is no arrangement or understanding between Mr. Turner and any other person regarding his selection as a director. A press release announcing the appointment is attached as Exhibit 99.1.

Tracy L. Skeans, COO and CPO of Yum! Brands (YUM), reported multiple transactions dated 08/15/2025. The filing shows an award of 22,552 stock appreciation rights (SARs) with a $68 exercise/conversion price, of which 16,181 SARs are reported as beneficially owned following the transaction. On the same date the form records non-derivative activity: a grant or acquisition labeled 22,552 shares at $68, a disposition of 10,332 shares at $148.43 leaving 12,220 shares, and a sale of 12,220 shares at $148.24 reducing direct common stock holdings to 0. The report also lists indirect holdings of 2,103 shares through a 401(k) plan and 2,970 shares in the Skeans Trust. The form includes an explanation that vesting occurs 25% per year beginning one year from grant.