Turner Christopher Lee 4

What Happened

• Christopher Lee Turner, CEO, Chairman and a director of Yum Brands (YUM), exercised stock-based derivatives on Feb 9, 2026. He exercised options that resulted in the acquisition of 1,495 shares at an exercise price of $158.90 per share (total exercise cost/value reported as $237,556).
• To satisfy tax withholding obligations, 590 of the shares were surrendered/withheld at the same per-share value ($158.90) for an indicated tax withholding value of $93,751. The filing also shows the derivative converted on a one-for-one basis as part of the exercise.

Key Details

• Transaction date: 2026-02-09; Form 4 filed 2026-02-10 (timely filing).
• Exercise: 1,495 shares @ $158.90 = $237,556 (code M — option exercise/conversion).
• Tax withholding: 590 shares @ $158.90 = $93,751 (code F — payment of exercise price or tax liability).
• Conversion note: the derivative converted on a one-for-one basis (footnote F1).
• Vesting/distribution notes: vesting 25% per year beginning one year from grant; final distribution occurs four years from grant date; no specified expiration date for this grant (footnotes F2–F3).
• Shares owned after the transaction are not specified in the provided data.

Context

• This was an option exercise (insider acquired shares via conversion of derivatives). A portion of the resulting shares was withheld to cover taxes rather than sold in the open market — a common administrative step and not necessarily a market-view signal.
• No 10% owner designation or 10b5-1 plan was indicated in the provided details.