Nelson Thomas 4

What Happened
Nelson Thomas, a director of YUM Brands, received a grant of 1,718.529 phantom units under the YUM! Brands, Inc. Director Deferred Compensation Plan on February 6, 2026. The Form 4 reports the award as 1,718.529 units at $0.00 (a derivative award), meaning no cash purchase was made at grant time.

Key Details

• Transaction date: 2026-02-06; Form 4 filed: 2026-02-09 (appears timely).
• Transaction type/code: Award (A) — derivative phantom units.
• Quantity and reported price: 1,718.529 units @ $0.00.
• Shares owned after transaction: not disclosed in the provided filing.
• Footnotes: F1 — conversion occurs on a one‑for‑one basis; F2 — payments made per elections on file; F3 — phantom units under the Director Deferred Compensation Plan do not expire.
• No sale or cash purchase occurred—this is a compensation grant, not an open‑market trade.

Context
Phantom units are a form of deferred compensation that typically convert to shares (or cash equivalent) in the future per the recipient’s deferral elections; they are not immediate market purchases and do not necessarily signal insider buying or selling intent. Grants to directors are common as part of long‑term compensation and, per the filing footnotes, these units convert one‑for‑one into YUM common shares and have no expiration.