YUM BRANDS INC — Director's Dealing 2016

Oct 14, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2016-10-13

Reporting Person: Gibbs David W (President, CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-10-13	Common Stock	M	21600	$29.61	Acquired	48261	Direct
2016-10-13	Common Stock	D	7113	$89.92	Disposed	41148	Direct
2016-10-13	Common Stock	S	14487	$89.92	Disposed	26661	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-10-13	Stock Appreciation Right	$29.61	M	21600	Disposed	2017-01-19	Common Stock (21600)	Direct

Footnotes

F1: This transaction was executed in multiple prices ranging from $89.88 to $89.97. The price reported above reflects the average price at which the transaction was effected.

F2: Vesting occurs on a quarterly basis beginning one year from grant date.