Burkhardt Erika 4

What Happened

• Erika Burkhardt, Chief Legal Officer & Corporate Secretary of YUM Brands (YUM), exercised/converted derivatives on 2026-02-09. She acquired 199 shares via exercise at $158.90 per share (total cash paid $31,621). On the same date 61 shares were surrendered/withheld to cover taxes/exercise obligations (value $9,693). The filing also reports a conversion/disposition of 199 derivative units at $0.00 (see footnotes).

Key Details

• Transaction date: 2026-02-09; filing date: 2026-02-10 (timely).
• Exercise price: $158.90; 199 shares acquired = $31,621; 61 shares withheld for taxes = $9,693.
• Net shares received after withholding (based on entries): 199 acquired − 61 withheld = 138 shares retained.
• Shares owned after the transaction: not specified in this filing.
• Codes: M = exercise/conversion of derivative; F = payment of exercise price/tax withholding.
• Footnotes: F1 — conversion occurs on a one-for-one basis; F2 — vesting occurs 25% per year beginning one year from grant date.
• No open-market sale reported in this filing; withholding of shares for taxes is a routine part of option exercises.

Context

• This was an exercise/conversion of company awards, not an open-market buy or sale. The withholding of shares to satisfy tax/exercise obligations is a common, routine cashless method rather than a market sale. The footnotes indicate a one-for-one conversion and a multi-year vesting schedule for the underlying award.