YUM BRANDS INC — Director's Dealing 2012

Dec 12, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2012-12-10

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-10	Common Stock	M	585934	$17.23	Acquired	822764.08	Direct
2012-12-10	Common Stock	S	540600	$66.20	Disposed	282164.08	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-03	Restricted Stock Units	$0	J	893.55	Acquired		Common Stock (893.55)	Direct
2012-05-04	Restricted Stock Units	$0	J	805.33	Acquired		Common Stock (805.33)	Direct
2012-08-03	Restricted Stock Units	$0	J	851.89	Acquired		Common Stock (851.89)	Direct
2012-11-02	Restricted Stock Units	$0	J	941.58	Acquired		Common Stock (941.58)	Direct
2012-12-10	Employee Stock Option (Right to Buy)	$17.23	M	585934	Disposed	2014-01-27	Common Stock (585934)	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 $65.76 to $66.82. 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.

F2: Units acquired pursuant Rule 16a-11 exemption. The reported holdings include units acquired in unreported dividend reinvestments.

F3: The restricted stock units vest four years from grant date. Vested shares will be delivered to the reporting person six months from his retirement from YUM! Brands, Inc.

F4: Units acquired pursuant to Rule 16a-11 exemption. The reported holdings include units acquired in unreported dividend reinvestment transactions.