YUM BRANDS INC — Director's Dealing 2017

Feb 16, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2017-02-15

Reporting Person: Gibbs David W (President, CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-02-15	Common Stock	M	6127	$24.32	Acquired	39098	Direct
2017-02-15	Common Stock	D	2179	$68.39	Disposed	36919	Direct
2017-02-15	Common Stock	S	3948	$68.3056	Disposed	32971	Direct
2017-02-15	Common Stock	M	6603	$26.56	Acquired	39574	Direct
2017-02-15	Common Stock	D	2565	$68.39	Disposed	37009	Direct
2017-02-15	Common Stock	S	4038	$68.3593	Disposed	32971	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-02-15	Stock Appreciation Right	$24.32	M	6127	Disposed	2017-09-20	Common Stock (6127)	Direct
2017-02-15	Stock Appreciation Right	$26.56	M	6603	Disposed	2018-01-24	Common Stock (6603)	Direct

Footnotes

F1: Pursuant to 10b5-1 Plan

F2: This transaction was executed in multiple trades at prices ranging from $68.30 to $68.36. 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.

F3: This transaction was executed in multiple trades at prices ranging from $68.30 to $68.36. 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.

F4: Vesting occurs on a quarterly basis beginning one year from grant date.