Skeans Tracy L 4

What Happened
Tracy L. Skeans, Yum Brands' COO and Chief People Officer, exercised stock-based derivatives on Feb 10, 2026. She exercised options converting a total of 3,146 shares at an exercise price of $158.85 per share (gross value ≈ $499,742). To cover taxes/withholding related to the transaction, 1,241 shares were surrendered/withheld at the same price (value ≈ $197,133). The filing also shows derivative conversions of 1,385 and 1,761 shares reported at $0, reflecting conversion mechanics rather than a cash sale.

Key Details

• Transaction date: February 10, 2026 (Form 4 filed Feb 12, 2026). No indication this filing was late.
• Exercise details: 1,385 shares @ $158.85 = $220,007 and 1,761 shares @ $158.85 = $279,735 (total exercised = 3,146 shares; total exercise cost/value shown ≈ $499,742).
• Withholding/tax shares: 547 shares @ $158.85 = $86,891 and 694 shares @ $158.85 = $110,242 (total withheld = 1,241 shares; total value ≈ $197,133).
• Derivative conversions: two items of 1,385 and 1,761 shares reported as disposed at $0 — footnote indicates conversions occur one-for-one.
• Shares owned after the transaction: not reported in this filing.
• Relevant footnotes: F1 — vesting 25% per year starting one year after grant; F2 — final distribution occurs four years from grant with no specified expiration; F3 — conversion is one-for-one.
• Transaction codes: M = option exercise/conversion; F = payment of exercise price or tax liability (share withholding).

Context
This was an exercise of company-awarded derivatives rather than an open-market purchase or a voluntary sale. The withholding of 1,241 shares to cover taxes is a common post-exercise practice (a form of cashless settlement for tax obligations) and does not necessarily indicate a directional view on the stock. The footnotes show these awards vest over time (25% per year) and convert one-for-one into shares.