YUM BRANDS INC - Director's Dealing 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2016-02-05

Reporting Person: Skeans Tracy L (Chief People Officer)

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-02-05	Stock Appreciation Right	$69.76	A	39439	Acquired	2026-02-05	Common Stock (39439)	Direct
2016-02-05	Stock Appreciation Right	$69.76	A	17544	Acquired	2026-02-05	Common Stock (17544)	Direct
2016-02-05	Phantom Stock	$	A	3120.4702	Acquired		Common Stock (3120.4702)	Direct
2016-02-05	Phantom Stock	$	A	1040.1567	Acquired		Common Stock (1040.1567)	Direct
2016-02-05	Phantom Stock	$	D	100.3688	Disposed		Common Stock (100.3688)	Direct

F1: Vesting occurs 25% per year beginning one year from grant date.

F2: Conversion occurs on a one-for-one basis.

F3: Payments are made in accordance with elections on file.

F4: The Program does not have specified expiration dates.

F5: The YUM! Brands, Inc. Executive Income Deferral Program does not have specified expiration dates.