Burkhardt Erika 4

What Happened

• Erika Burkhardt, Chief Legal Officer & Corporate Secretary of YUM Brands (YUM), exercised stock options on February 10, 2026. She acquired 627 shares by exercising options at $158.85 per share for a total cost of $99,599.
• To cover tax obligations, 177 shares were withheld (surrendered) at the same per‑share price, representing value of $28,117. The filing also shows conversion/disposition entries at $0 which, per the footnote, reflect a one‑for‑one conversion of derivative awards.

Key Details

• Transaction date: 2026-02-10. Exercise price / reported price: $158.85 per share.
• Shares acquired by exercise: 627 (91 + 536) for $99,599 total. Shares withheld for tax/payment: 177 (28 + 149) valued at $28,117.
• Additional entries at $0 reflect a one-for-one conversion of derivative awards (Footnote F1). Vesting terms noted: 25% per year starting one year from grant (Footnote F2).
• Filing date / Form 4 accession: filed 2026-02-12; this appears to be a timely Form 4 covering the Feb 10 transaction.
• Transaction codes: M = exercise/conversion of derivative; F = payment of exercise price or tax liability (share withholding).

Context

• This was an option exercise with shares withheld to satisfy tax liabilities (a common, non‑market sale settlement method), not an open‑market sale or purchase. Such exercises are typically part of compensation and do not necessarily signal a personal bullish or bearish trade.