Tracy L. Skeans, COO and CPO of Yum Brands Inc., filed a Form 4 on November 4, 2026, disclosing the exercise of stock appreciation rights and the subsequent sale of common stock under a 10b5-1 plan.

Key Highlights

  • SAR exercise: Skeans exercised 26,660 stock appreciation rights on November 4, 2026, with an exercise price of $78.07 per share.
  • Shares acquired: The exercise resulted in 26,660 shares of common stock acquired at $78.07, bringing direct holdings to 26,663 shares.
  • Tax withholding disposal: 12,848 shares were disposed of at $162 per share, reducing direct holdings to 13,815 shares.
  • Open-market sale: An additional 13,812 shares were sold at $162 per share, leaving a remaining direct holding of 3 shares.
  • Remaining derivative securities: Following the transactions, Skeans beneficially owns 11,450 stock appreciation rights directly.
  • 10b5-1 plan: All transactions were made pursuant to a Rule 10b5-1 plan, according to the filing.

Skeans' SAR Exercise and Share Disposition at Yum Brands

According to the Form 4 filed with the SEC, Tracy L. Skeans, serving as COO and CPO of Yum Brands Inc. (NYSE:YUM), executed a series of transactions on November 4, 2026, all pursuant to a contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The filing was signed by Brittany Bodkin as power of attorney on the same date.

The filing discloses that Skeans exercised 26,660 stock appreciation rights (SARs) with a conversion price of $78.07 per share. The underlying SARs had an expiration date of February 12, 2028, and the filing notes that vesting occurs at 25% per year beginning one year from the grant date. Following the exercise, Skeans' direct common stock holdings stood at 26,663 shares. Subsequently, 12,848 shares were disposed of at $162 per share, identified in the filing with transaction code "D," reducing direct holdings to 13,815 shares. A further 13,812 shares were sold at $162 per share under transaction code "S," leaving a direct holding of 3 shares of common stock.

After all reported transactions, Skeans directly holds 11,450 stock appreciation rights, according to Table II of the filing. All transactions are listed as direct ownership. The filing was made by one reporting person, with Skeans' address listed as 1441 Gardiner Lane, Louisville, Kentucky 40213.

What Was Disclosed

The filing reports Tracy L. Skeans' exercise of 26,660 SARs and the subsequent disposal and sale of common stock totaling 26,660 shares at $162 per share on November 4, 2026, all conducted under a 10b5-1 plan.