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[Form 4] Yum! Brands, Inc. Insider Trading Activity

Filing Impact
(Neutral)
Filing Sentiment
(Negative)
Form Type
4
Rhea-AI Filing Summary

Form 4 filing for Yum! Brands (YUM) dated 08/06/2025 shows Director Brian C. Cornell fully exercising two stock-appreciation-right (SAR) awards and immediately disposing of the resulting shares.

  • Exercises: 3,096 shares at an exercise price of $49.66 and 148 shares at $57.06 (Code M).
  • Tax-withheld dispositions: 1,103 and 61 shares at $139.50 (Code D).
  • Open-market sales: 1,993 and 87 shares at $139.92 (Code S).

After the sequence of transactions, Cornell鈥檚 direct ownership fell to 0 shares; no derivative securities remain outstanding. The filing indicates a complete exit from direct equity exposure following the option exercises.

Il modulo 4 presentato da Yum! Brands (YUM) in data 08/06/2025 mostra che il Direttore Brian C. Cornell ha esercitato completamente due premi di diritti di apprezzamento azionario (SAR) e ha immediatamente venduto le azioni ottenute.

  • Esercizi: 3.096 azioni al prezzo di esercizio di 49,66$ e 148 azioni a 57,06$ (Codice M).
  • Disposizioni con ritenuta fiscale: 1.103 e 61 azioni a 139,50$ (Codice D).
  • Vendite sul mercato aperto: 1.993 e 87 azioni a 139,92$ (Codice S).

Dopo questa serie di operazioni, la propriet脿 diretta di Cornell 猫 scesa a 0 azioni; non risultano titoli derivati in essere. Il modulo indica una completa uscita dall'esposizione diretta al capitale dopo l'esercizio delle opzioni.

El formulario 4 presentado por Yum! Brands (YUM) con fecha 08/06/2025 muestra que el Director Brian C. Cornell ejerci贸 completamente dos premios de derechos de apreciaci贸n de acciones (SAR) y dispuso inmediatamente de las acciones resultantes.

  • Ejercicios: 3.096 acciones a un precio de ejercicio de 49,66$ y 148 acciones a 57,06$ (C贸digo M).
  • Disposiciones con retenci贸n fiscal: 1.103 y 61 acciones a 139,50$ (C贸digo D).
  • Ventas en mercado abierto: 1.993 y 87 acciones a 139,92$ (C贸digo S).

Tras esta secuencia de transacciones, la propiedad directa de Cornell se redujo a 0 acciones; no quedan valores derivados pendientes. El formulario indica una salida completa de la exposici贸n directa a acciones tras el ejercicio de las opciones.

2025雲� 8鞗� 6鞚检瀽 Yum! Brands (YUM)鞚� Form 4 鞝滌稖靹滊鞐� 霐半ゴ氅� 鞚挫偓 Brian C. Cornell鞚� 霊� 臧滌潣 欤检嫕 臧�旃� 靸侅姽 甓岆Μ(SAR)毳� 鞝勲秬 頄夓偓頃橁碃 歃夓嫓 頃措嫻 欤检嫕鞚� 觳橂秳頄堨姷雼堧嫟.

  • 頄夓偓 雮挫棴: 頄夓偓臧� 49.66雼煬鞚� 3,096欤检檧 57.06雼煬鞚� 148欤� (旖旊摐 M).
  • 靹戈笀 鞗愳矞歆曥垬 觳橂秳: 139.50雼煬鞐� 1,103欤检檧 61欤� (旖旊摐 D).
  • 鞁滌灔 雮� 毵る弰: 139.92雼煬鞐� 1,993欤检檧 87欤� (旖旊摐 S).

鞚� 瓯半灅霌� 鞚错泟 Cornell鞚� 歆侅爲 氤挫湢 欤检嫕鞚� 0欤�搿� 臧愳唽頄堨溂氅�, 韺岇儩 歃濌秾霃� 雮晞鞛堨 鞎婌姷雼堧嫟. 鞝滌稖靹滊電� 鞓奠厴 頄夓偓 頉� 歆侅爲 欤检嫕 氤挫湢毳� 鞕勳爠頌� 膦呺頄堨潓鞚� 雮橅儉雰呺媹雼�.

Le formulaire 4 d茅pos茅 par Yum! Brands (YUM) en date du 06/08/2025 indique que le directeur Brian C. Cornell a exerc茅 int茅gralement deux attributions de droits d鈥檃ppr茅ciation d鈥檃ctions (SAR) et a imm茅diatement c茅d茅 les actions obtenues.

  • Exercices : 3 096 actions au prix d鈥檈xercice de 49,66$ et 148 actions 脿 57,06$ (Code M).
  • Dispositions avec retenue fiscale : 1 103 et 61 actions 脿 139,50$ (Code D).
  • Ventes sur le march茅 libre : 1 993 et 87 actions 脿 139,92$ (Code S).

Apr猫s cette s茅rie de transactions, la d茅tention directe de Cornell est tomb茅e 脿 0 action ; aucun titre d茅riv茅 n鈥檈st en circulation. Le d茅p么t indique une sortie compl猫te de l鈥檈xposition directe au capital apr猫s l鈥檈xercice des options.

Das am 06.08.2025 eingereichte Formular 4 von Yum! Brands (YUM) zeigt, dass Direktor Brian C. Cornell zwei Stock-Appreciation-Right (SAR)-Zuteilungen vollst盲ndig ausge眉bt und die daraus resultierenden Aktien sofort ver盲u脽ert hat.

  • 础耻蝉眉产耻苍驳别苍: 3.096 Aktien zu einem Aus眉bungspreis von 49,66$ und 148 Aktien zu 57,06$ (Code M).
  • 厂迟别耻别谤补产锄耻驳蝉惫别谤盲耻脽别谤耻苍驳别苍: 1.103 und 61 Aktien zu 139,50$ (Code D).
  • Verk盲ufe am offenen Markt: 1.993 und 87 Aktien zu 139,92$ (Code S).

Nach dieser Transaktionsfolge sank Cornells Direktbesitz auf 0 Aktien; es sind keine derivativen Wertpapiere mehr ausstehend. Die Einreichung zeigt einen vollst盲ndigen Ausstieg aus der direkten Aktienexponierung nach Aus眉bung der Optionen an.

Positive
  • None.
Negative
  • Director Brian C. Cornell sold 100 % of exercised shares, reducing direct ownership to zero, which can be interpreted as a lack of ongoing insider confidence.

Insights

TL;DR: Director exercised options then sold all resulting shares, reducing ownership to zero鈥攇enerally a mildly negative signal.

The simultaneous option exercise and full liquidation at ~$140 suggests the director chose to monetize gains rather than retain exposure, despite a low option strike (<$58). While insider sales can be driven by diversification or tax, the total exit removes alignment between this director and shareholders. Trade size (鈮�$430k gross sale proceeds) is modest relative to YUM鈥檚 market cap, so market impact should be limited.

Il modulo 4 presentato da Yum! Brands (YUM) in data 08/06/2025 mostra che il Direttore Brian C. Cornell ha esercitato completamente due premi di diritti di apprezzamento azionario (SAR) e ha immediatamente venduto le azioni ottenute.

  • Esercizi: 3.096 azioni al prezzo di esercizio di 49,66$ e 148 azioni a 57,06$ (Codice M).
  • Disposizioni con ritenuta fiscale: 1.103 e 61 azioni a 139,50$ (Codice D).
  • Vendite sul mercato aperto: 1.993 e 87 azioni a 139,92$ (Codice S).

Dopo questa serie di operazioni, la propriet脿 diretta di Cornell 猫 scesa a 0 azioni; non risultano titoli derivati in essere. Il modulo indica una completa uscita dall'esposizione diretta al capitale dopo l'esercizio delle opzioni.

El formulario 4 presentado por Yum! Brands (YUM) con fecha 08/06/2025 muestra que el Director Brian C. Cornell ejerci贸 completamente dos premios de derechos de apreciaci贸n de acciones (SAR) y dispuso inmediatamente de las acciones resultantes.

  • Ejercicios: 3.096 acciones a un precio de ejercicio de 49,66$ y 148 acciones a 57,06$ (C贸digo M).
  • Disposiciones con retenci贸n fiscal: 1.103 y 61 acciones a 139,50$ (C贸digo D).
  • Ventas en mercado abierto: 1.993 y 87 acciones a 139,92$ (C贸digo S).

Tras esta secuencia de transacciones, la propiedad directa de Cornell se redujo a 0 acciones; no quedan valores derivados pendientes. El formulario indica una salida completa de la exposici贸n directa a acciones tras el ejercicio de las opciones.

2025雲� 8鞗� 6鞚检瀽 Yum! Brands (YUM)鞚� Form 4 鞝滌稖靹滊鞐� 霐半ゴ氅� 鞚挫偓 Brian C. Cornell鞚� 霊� 臧滌潣 欤检嫕 臧�旃� 靸侅姽 甓岆Μ(SAR)毳� 鞝勲秬 頄夓偓頃橁碃 歃夓嫓 頃措嫻 欤检嫕鞚� 觳橂秳頄堨姷雼堧嫟.

  • 頄夓偓 雮挫棴: 頄夓偓臧� 49.66雼煬鞚� 3,096欤检檧 57.06雼煬鞚� 148欤� (旖旊摐 M).
  • 靹戈笀 鞗愳矞歆曥垬 觳橂秳: 139.50雼煬鞐� 1,103欤检檧 61欤� (旖旊摐 D).
  • 鞁滌灔 雮� 毵る弰: 139.92雼煬鞐� 1,993欤检檧 87欤� (旖旊摐 S).

鞚� 瓯半灅霌� 鞚错泟 Cornell鞚� 歆侅爲 氤挫湢 欤检嫕鞚� 0欤�搿� 臧愳唽頄堨溂氅�, 韺岇儩 歃濌秾霃� 雮晞鞛堨 鞎婌姷雼堧嫟. 鞝滌稖靹滊電� 鞓奠厴 頄夓偓 頉� 歆侅爲 欤检嫕 氤挫湢毳� 鞕勳爠頌� 膦呺頄堨潓鞚� 雮橅儉雰呺媹雼�.

Le formulaire 4 d茅pos茅 par Yum! Brands (YUM) en date du 06/08/2025 indique que le directeur Brian C. Cornell a exerc茅 int茅gralement deux attributions de droits d鈥檃ppr茅ciation d鈥檃ctions (SAR) et a imm茅diatement c茅d茅 les actions obtenues.

  • Exercices : 3 096 actions au prix d鈥檈xercice de 49,66$ et 148 actions 脿 57,06$ (Code M).
  • Dispositions avec retenue fiscale : 1 103 et 61 actions 脿 139,50$ (Code D).
  • Ventes sur le march茅 libre : 1 993 et 87 actions 脿 139,92$ (Code S).

Apr猫s cette s茅rie de transactions, la d茅tention directe de Cornell est tomb茅e 脿 0 action ; aucun titre d茅riv茅 n鈥檈st en circulation. Le d茅p么t indique une sortie compl猫te de l鈥檈xposition directe au capital apr猫s l鈥檈xercice des options.

Das am 06.08.2025 eingereichte Formular 4 von Yum! Brands (YUM) zeigt, dass Direktor Brian C. Cornell zwei Stock-Appreciation-Right (SAR)-Zuteilungen vollst盲ndig ausge眉bt und die daraus resultierenden Aktien sofort ver盲u脽ert hat.

  • 础耻蝉眉产耻苍驳别苍: 3.096 Aktien zu einem Aus眉bungspreis von 49,66$ und 148 Aktien zu 57,06$ (Code M).
  • 厂迟别耻别谤补产锄耻驳蝉惫别谤盲耻脽别谤耻苍驳别苍: 1.103 und 61 Aktien zu 139,50$ (Code D).
  • Verk盲ufe am offenen Markt: 1.993 und 87 Aktien zu 139,92$ (Code S).

Nach dieser Transaktionsfolge sank Cornells Direktbesitz auf 0 Aktien; es sind keine derivativen Wertpapiere mehr ausstehend. Die Einreichung zeigt einen vollst盲ndigen Ausstieg aus der direkten Aktienexponierung nach Aus眉bung der Optionen an.

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*
Cornell Brian C
(Last) (First) (Middle)
1000 NICOLLET MALL
(Street)
MINNEAPOLIS MN 55403
(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)
08/06/2025
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 08/06/2025 M 3,096 A $49.66 3,096 D
Common Stock 08/06/2025 D 1,103 D $139.5 1,993 D
Common Stock 08/06/2025 S 1,993 D $139.92 0 D
Common Stock 08/06/2025 M 148 A $57.06 148 D
Common Stock 08/06/2025 D 61 D $139.5 87 D
Common Stock 08/06/2025 S 87 D $139.92 0 D
Common Stock 196 D
Common Stock 256 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 08/06/2025 M 3,096 02/05/2016 02/05/2026 Common Stock 3,096 $0 0 D
Stock Appreciation Right $57.06 08/06/2025 M 148 09/18/2015 09/18/2025 Common Stock 148 $0 0 D
Explanation of Responses:
/s/ M. Gayle Hobson, POA 08/07/2025
** 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.

Source:

FAQ

What insider activity was reported for YUM on 08/06/2025?

Director Brian C. Cornell exercised 3,244 SARs and sold all resulting shares the same day.

How many YUM shares did the director sell?

He disposed of 3,244 shares in total鈥�1,164 via non-open-market disposition and 2,080 in open-market sales.

What were the exercise prices of the stock appreciation rights?

$49.66 for 3,096 shares and $57.06 for 148 shares.

At what prices were the YUM shares sold?

Shares were disposed at $139.50 and sold on the open market at $139.92.

Does the director retain any YUM shares after the transaction?

No. The filing shows 0 shares owned directly or through derivatives after the reported transactions.
Stock YUM logo
Yum Brands

NYSE:YUM

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#1426 Ranked by Dividends

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YUM Stock Data

39.29B
277.53M
0.15%
85.94%
1.78%
Restaurants
Retail-eating Places
United States
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