YUM BRANDS INC — Director's Dealing 2017

Dec 4, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2017-12-01

Reporting Person: Niccol Brian R (CEO, Taco Bell)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-12-01	Common Stock	M	3349	$35.10	Acquired	5028	Direct
2017-12-01	Common Stock	D	2422	$83.47	Disposed	2606	Direct
2017-12-01	Common Stock	S	927	$83.46	Disposed	1679	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-12-01	Stock Appreciation Right	$35.10	M	3349	Disposed	2021-02-04	Common Stock (3349)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4969.49	Indirect

Footnotes

F1: Pursuant to 10b5-1 Plan

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