Powell Aaron 4

What Happened
Aaron Powell, CEO of Pizza Hut (a Yum Brands division), exercised derivative securities to acquire 1,106 shares of Yum Brands common stock on 2026-02-11. The reported value for the acquired shares is $159.06 per share, totaling about $175,920. To cover tax liabilities, 437 of the shares were surrendered/withheld at the same per-share value, producing proceeds of about $69,509. The filing also shows a conversion/disposition entry for 1,106 derivative shares listed at $0 (see footnotes).

Key Details

• Transaction date: 2026-02-11; Form 4 filed 2026-02-12 (timely).
• Primary transaction: Exercise/conversion of derivative (code M) — 1,106 shares acquired @ $159.06; total ~$175,920.
• Tax withholding: 437 shares disposed (code F) @ $159.06 for ~$69,509.
• Additional entry: 1,106 derivative shares shown as disposed @ $0 (reflects conversion mechanics; see footnote).
• Shares owned after the transactions: not specified in the provided filing details.
• Footnotes: F1 — conversion occurs one-for-one; F2 — vesting is 25% per year beginning one year from grant date.
• Transaction codes: M = option exercise/conversion; F = payment of exercise price or tax liability (shares withheld).

Context
This was an exercise of derivative securities (options/convertible awards). The withholding of 437 shares to cover taxes is a routine cashless/withholding step and not an open-market sale indicating a change in investment view. The F1/F2 notes indicate one-for-one conversion and a multi-year vesting schedule (25% yearly), which is typical for executive awards.