Skeans Tracy L 4

What Happened Tracy L. Skeans, COO and CPO of Yum Brands (YUM), exercised options on 2026-02-11 to acquire 1,521 shares at an exercise price of $159.06 per share, representing a gross value of approximately $241,930. To satisfy tax withholding/exercise payment, 600 of those shares were withheld (disposed) valued at about $95,436. The filing also records the one-for-one conversion of the derivative into common shares.

Key Details

• Transaction date: 2026-02-11; Filing date: 2026-02-12 (timely).
• Exercise details: 1,521 shares exercised at $159.06 (code M); gross value ≈ $241,930.
• Tax/exercise withholding: 600 shares withheld at $159.06 (code F); value ≈ $95,436.
• Derivative conversion: 1,521-share conversion recorded as disposed at $0 (reflects option-to-share conversion; footnote F1: one-for-one conversion).
• Shares owned after transaction: not specified in the filing.
• Footnote F2: vesting occurs 25% per year beginning one year from grant date (multi-year vesting).

Context This was an options exercise (an acquisition of shares through option conversion) with a partial cashless component: rather than selling shares on market, 600 shares were withheld to cover taxes/exercise obligations. Such exercises are common for executives and do not on their own indicate a buy/sell market signal.