YUM BRANDS INC — Director's Dealing 2010

Jul 23, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2010-07-21

Reporting Person: NOVAK DAVID C (Director, Chair CEO and Pres)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-07-21	Common Stock	M	339996	$12.2038	Acquired	539726.08	Direct
2010-07-21	Common Stock	S	339996	$40.6104	Disposed	199730.08	Direct
2010-07-22	Common Stock	M	425600	$12.2038	Acquired	625330.08	Direct
2010-07-22	Common Stock	S	425600	$40.4583	Disposed	199730.08	Direct
2010-07-22	Common Stock	M	37100	$12.2038	Acquired	236830.08	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-07-21	Employee Stock Option (Right to Buy)	$12.2038	M	339996	Disposed	2011-12-31	Common Stock (339996)	Direct
2010-07-22	Employee Stock Option (Right to Buy)	$12.2038	M	425600	Disposed	2011-12-31	Common Stock (425600)	Direct
2010-07-22	Employee Stock Option (Right to Buy)	$12.2038	M	37100	Disposed	2011-12-31	Common Stock (37100)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	30548	Indirect
Common Stock	0	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $40.40 to $41.19. The price reported above reflects the average price. The reporting person hereby undertakes to provide upon request, to the SEC staff, the Issuer or a security holder of the Issuer, full information regardding the number of shares and prices at which the transaction was effected.

F2: This transaction was executed in multiple trades at prices ranging from $40.12 to $40.74. The price reported above reflects the average price. The reporting person hereby undertakes to provide upon request, to the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.