Turner Christopher Lee 4

What Happened
Christopher Turner, CEO and Chairman of YUM Brands (YUM), exercised stock options on 2026-02-10 to acquire a total of 3,146 shares (1,385 + 1,761) at an exercise price of $158.85 per share, for a total cash outlay of $499,742. To cover tax withholding, 1,241 shares (547 + 694) were surrendered at $158.85, valued at $197,133. The filings also show corresponding derivative conversion entries (1-for-1 conversion of the options into common shares).

Key Details

• Transaction date: 2026-02-10; Form 4 filed 2026-02-12 (appears timely).
• Exercise price: $158.85 per share. Total exercise cost: $499,742.
• Shares acquired by exercise: 3,146. Shares withheld for taxes: 1,241 (value $197,133). Net shares retained after withholding: 1,905.
• Filing codes: M = option exercise/conversion; F = payment of exercise price or tax liability (shares withheld).
• Footnotes: F1 — vesting occurs 25% per year beginning one year from grant; F2 — final distribution occurs four years from grant date and no specified expiration; F3 — conversion is one-for-one.
• Shares owned after the transaction: Not provided in the filing.

Context
This was primarily an option exercise (not an open-market purchase or a voluntary sale). The surrender of 1,241 shares to satisfy tax withholding is a routine, non-market disposition commonly seen with exercises (a cashless-like result for taxes). The derivative entries at $0 reflect the conversion/cancellation of the options on a one-for-one basis per the filing footnote.