YUM BRANDS INC — Director's Dealing 2017

Feb 13, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: YUM BRANDS INC (YUM)
CIK: 0001041061
Period of Report: 2017-02-10

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-02-10	Common Stock	M	35231	$28.22	Acquired	36910	Direct
2017-02-10	Common Stock	D	23293	$68.1757	Disposed	13617	Direct
2017-02-10	Common Stock	S	11938	$68.1734	Disposed	1679	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-02-10	Stock Appreciation Right	$68.00	A	70423	Acquired	2027-02-10	Common Stock (70423)	Direct
2017-02-10	Stock Appreciation Right	$28.22	M	35231	Disposed	2020-02-05	Common Stock (35231)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4969.49	Indirect

Footnotes

F1: Pursuant to 10b5-1 Plan

F2: This transaction was executed in multiple trades at prices ranging from $68.12 to $68.25. 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 $68.11 to $68.24. 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 25% per year beginning one year from grant date.