YUM BRANDS INC — Director's Dealing 2016

Feb 8, 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: Kesselman Marc L. (Chief Legal Officer and GC)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-02-05	Stock Appreciation Right	$69.76	A	63158	Acquired	2026-02-05	Common Stock (63158)	Direct
2016-02-05	Stock Appreciation Right	$69.76	A	35088	Acquired	2026-02-05	Common Stock (35088)	Direct
2016-02-05	Restricted Stock Units	$	A	14335	Acquired		Common Stock (14335)	Direct

Footnotes

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

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

F3: Vesting occurs 33% per year beginning one year from grant date.

F4: This grant does not have an expiration date.