Director Stephen B. Bratspies filed a Form 4 with the SEC on August 28, 2026, disclosing two acquisitions of phantom stock units in Yum Brands Inc. on August 27, 2026, under the company's Director Deferred Compensation Plan.

Key Highlights

  • First transaction: Bratspies acquired 309.5633 phantom stock units on August 27, 2026, at a price of $0.
  • Second transaction: Bratspies acquired an additional 165.8375 phantom stock units on August 27, 2026, at a price of $0.
  • Resulting ownership: Each transaction line shows a corresponding beneficial ownership of 309.5633 and 165.8375 phantom stock units, respectively, held directly.
  • Underlying security: Each phantom stock unit converts to one share of Yum Brands common stock on a one-for-one basis, according to the filing.
  • Plan terms: The phantom units accrue under the Yum! Brands, Inc. Director Deferred Compensation Plan and carry no expiration date.
  • Filing basis: The form was filed by one reporting person and signed by M. Gayle Hobson as power of attorney on August 28, 2026.

Phantom Stock Accruals Under Yum Brands Director Compensation Plan

According to the filing, Stephen B. Bratspies, identified as a director of Yum Brands Inc. (NYSE:YUM), acquired two separate lots of phantom stock units on August 27, 2026. The first lot consisted of 309.5633 units and the second of 165.8375 units, both recorded as acquisitions under transaction code "A" with a derivative security price of $0. Both positions are reported as directly owned.

The filing explains that the phantom stock units accrue under the Yum! Brands, Inc. Director Deferred Compensation Plan. Payments from the plan are made in accordance with elections on file, and the units carry no expiration date. Yum Brands is the parent company of global quick-service restaurant chains, and its director compensation structure includes this deferred plan as a mechanism through which board members may receive equity-linked compensation. The one-for-one conversion feature means each phantom unit corresponds to one share of Yum Brands common stock upon conversion.

The filing was submitted on August 28, 2026, with the earliest transaction date noted as August 27, 2026. No non-derivative securities transactions were reported in Table I of the form. The form was signed by M. Gayle Hobson acting under a power of attorney on behalf of Bratspies.

What Was Disclosed

The filing discloses two acquisitions of phantom stock units by Yum Brands director Stephen B. Bratspies on August 27, 2026, totaling 309.5633 and 165.8375 units respectively, both accrued under the Yum! Brands, Inc. Director Deferred Compensation Plan with no expiration dates.