Alves Paget Leonard 4

What Happened
Alves Paget Leonard, a director of Yum! Brands, Inc. (YUM), received an award of 1,902.658 phantom units (derivative shares) on February 6, 2026. The units were granted at $0.00 (reported value $0) under the YUM! Brands, Inc. Director Deferred Compensation Plan. This is an award (A) — not a purchase or sale — and represents deferred compensation rather than an immediate equity purchase.

Key Details

• Transaction date: 2026-02-06 (reported on Form 4 filed 2026-02-09). Filing appears timely.
• Transaction type/code: Award/Grant (A) of derivative securities (phantom units).
• Quantity and price: 1,902.658 units at $0.00 (acquired). Reported dollar value: $0.
• Shares owned after transaction: Not specified in the Form 4 provided.
• Relevant footnotes from the filing:
  • F1: Conversion occurs on a one-for-one basis (units convert 1:1 to common shares).
  • F2: Payments are made according to elections on file (may be cash or shares per the director’s elections).
  • F3: Phantom units under the Director Deferred Compensation Plan do not have expiration dates.

Context
Phantom units are a form of deferred compensation for non-employee directors; they are derivative rights that typically convert to stock (or cash) later per the director’s payout elections. Because this was an award and not an open-market purchase or sale, it is routine compensation and should not be read as an explicit buy or sell signal.