Skeans Tracy L 4

What Happened Tracy L. Skeans, COO and CPO of Yum Brands (YUM), exercised 1,421 stock options on 2026-02-09, with an exercise price of $158.90 per share for a total exercise cost of $225,797. To satisfy tax withholding/exercise-related obligations, 561 of the newly issued shares were withheld (disposed) at the same per-share value (561 × $158.90 = $89,143), leaving Skeans with a net 860 shares from this exercise. The underlying derivative (options) was converted on a one-for-one basis.

Key Details

• Transaction date: 2026-02-09; Form 4 filed 2026-02-10 (appears timely).
• Exercise: 1,421 shares at $158.90/share = $225,797 (code M).
• Tax withholding/payment: 561 shares withheld at $158.90/share = $89,143 (code F).
• Net shares received: 860 shares (1,421 issued minus 561 withheld).
• Footnotes: F1—one-for-one conversion; F2—vesting 25% per year beginning one year from grant; F3—final distribution occurs four years from grant date; no specified expiration date for the grant.
• Shares owned after transaction: not specified in the provided filing excerpt.

Context This was an options exercise (not an open-market buy or sale) with a portion of the issued shares withheld to cover taxes—a common “sell-to-cover” or withholding settlement rather than an immediate market sale. Such exercises indicate the executive converted previously granted derivatives into stock, but do not by themselves reveal a bullish or bearish view (they reflect compensation vesting and routine tax settlement).