Oberg Kathleen K. 4

What Happened
Kathleen K. Oberg, a director of YUM Brands, reported the acquisition of 910 shares and 162.655 derivative phantom units on April 1, 2026. Both items were reported as awards (transaction code A) with a reported price of $0.00, meaning these were granted as part of director compensation rather than bought in the open market. The derivative units convert on a one-for-one basis to shares per the filing.

Key Details

• Transaction date: 2026-04-01; Form 4 filed 2026-04-02 (timely filing).
• Awards: 910 common shares (A) and 162.655 phantom/derivative units (A) at $0.00. Total award equals 1,072.655 shares on a conversion basis.
• Shares owned after the transaction: not specified in the provided filing data.
• Footnotes of note:
  • F1: Conversion occurs on a one-for-one basis (derivative to common shares).
  • F2: Payments are made according to elections on file (director’s payout elections).
  • F3: Phantom units under the Director Deferred Compensation Plan do not expire.
• This is a compensation award, not a purchase or sale; it does not by itself indicate the director bought or sold stock.

Context
Phantom units are deferred compensation that track the value of company shares and typically convert to cash or shares per the plan and elections on file. Director awards are common as part of board compensation and should be interpreted differently from open-market purchases (which can signal personal bullishness) or sales (which can signal liquidity needs or diversification).