Powell Aaron 4

What Happened
Aaron Powell, CEO of Pizza Hut (a Yum Brands business), exercised 1,246 derivative/options shares on 2026-02-09 by paying an exercise price of $158.90 per share (total cost $197,989). To cover tax withholding, 492 of the newly issued shares were surrendered/withheld (value shown at $158.90 each, $78,179). Net shares retained from the exercise: 754.

Key Details

• Transaction date: 2026-02-09; filing date: 2026-02-10 (timely).
• Exercise: 1,246 shares acquired at $158.90 each (total $197,989) — transaction code M.
• Tax withholding: 492 shares disposed/withheld at $158.90 each (total ~$78,179) — transaction code F.
• A related derivative entry shows conversion/disposition of 1,246 derivative units at $0 reflecting the option-to-share conversion.
• Shares owned after the transaction: not specified in the filing.
• Relevant footnotes: F1—conversion is one-for-one; F2/F3—award vests 25% per year with final distribution at year four and no specified expiration date.

Context
This was an option exercise (insider acquired shares by exercising a derivative) with a routine net-share tax withholding to cover taxes rather than a market sale. Such tax withholding is common and should not be construed as a directional buy/sell signal by itself.