YUM BRANDS INC — Proxy Solicitation & Information Statement 2023

Apr 7, 2023

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934 (Amendment No.)

Filed by the Registrant Filed by a Party other than the Registrant

Check the appropriate box:
●	Preliminary Proxy Statement
●	CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e)(2))
●	Definitive Proxy Statement
●	Definitive Additional Materials
●	Soliciting Material under §240.14a-12

YUM! BRANDS, INC.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

| Payment of Filing Fee (Check all boxes that

apply):
●	No fee required.
●	Fee paid previously with preliminary materials.
●	Fee computed on table in exhibit required by Item 25(b)
per Exchange Act Rules 14a-6(i)(1) and 0-11.

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	Your Vote Counts!
YUM!
BRANDS, INC. 1441 GARDINER LANE LOUISVILLE, KY 40213	YUM!
BRANDS, INC. 2023
Annual Meeting Vote by May 17, 2023 11:59 PM ET
	●
V09892-P87247

You invested in YUM! BRANDS, INC. and it’s time to vote!

You have the right to vote on proposals being presented at the Annual Meeting. This is an important notice regarding the availability of proxy material for the shareholder meeting to be held on May 18, 2023.

Get informed before you vote

View the Notice, Proxy Statement and Annual Report online OR you can receive a free paper or email copy of the material(s) by requesting prior to May 4, 2023. If you would like to request a copy of the material(s) for this and/or future shareholder meetings, you may (1) visit www.ProxyVote.com, (2) call 1-800-579-1639 or (3) send an email to sendmaterial@proxyvote.com. If sending an email, please include your control number (indicated below) in the subject line. Unless requested, you will not otherwise receive a paper or email copy.

• Please check the meeting materials for any special requirements for meeting attendance. If you are attending the meeting in person, you will need to request a ballot to vote these shares.

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Vote at www.ProxyVote.com

THIS IS NOT A VOTABLE BALLOT

This is an overview of the proposals being presented at the upcoming shareholder meeting. Please follow the instructions on the reverse side to vote these important matters.

Voting Items — 1.	Election of Directors.	Board Recommends
	Nominees:
1a.	Paget L. Alves	●	For
1b.	Keith Barr	●	For
1c.	Christopher M. Connor	●	For
1d.	Brian C. Cornell	●	For
1e.	Tanya L. Domier	●	For
1f.	David W. Gibbs	●	For
1g.	Mirian M. Graddick-Weir	●	For
1h.	Thomas C. Nelson	●	For
1i.	P. Justin Skala	●	For
1j.	Annie Young-Scrivner	●	For
2.	Ratification of Independent Auditors.	●	For
3.	Advisory Vote on Executive Compensation.	●	For
4.	Advisory Vote on the Frequency of Votes on Executive Compensation.	●	One Year
5.	Shareholder Proposal Regarding Issuance of a Report on Efforts to Reduce Plastics Use.	●	Against
6.	Shareholder Proposal Regarding Issuance of Annual Report on Lobbying.	●	Against
7.	Shareholder Proposal Regarding Issuance of Civil Rights and Nondiscrimination Audit Report.	●	Against
8.	Shareholder
Proposal Regarding Disclosure of Share Retention Policies for Named Executive Officers Through Normal Retirement Age.	●	Against
9.	Shareholder Proposal Regarding Issuance of Report on Paid Sick Leave.	●	Against

Prefer to receive an email instead? While voting on www.ProxyVote.com, be sure to click “Delivery Settings”.

V09893-P87247