YUM Director Stephen B. Bratspies Receives Phantom Unit Award

What Happened

• Stephen B. Bratspies, a director of YUM Brands, received two derivative awards (phantom units) on 2026-08-27: 309.563 units and 165.838 units, totaling 475.401 units. Each grant was reported at a $0.00 acquisition price because these are compensatory awards under the company’s director deferred compensation plan. This is an award (compensation), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-08-27; Form 4 filed: 2026-08-28 (timely).
• Grants: 309.563 units and 165.838 units — total 475.401 phantom units.
• Reported price: $0.00 (award/derivative instrument).
• Shares owned after transaction: Not specified in the provided filing.
• Footnotes: F1 — conversion is one-for-one; F2 — payments are made according to elections on file; F3 — phantom units under the Director Deferred Compensation Plan do not expire.
• Filing timeliness: Reported the next day, indicating a timely filing.

Context

• Phantom units are derivative compensation that typically track the value of company stock and are settled later in cash or shares per the plan and the director’s payment elections. Because these are awards (not purchases or sales), they reflect routine director compensation rather than an immediate market position or a trading signal. The one-for-one conversion (F1) and no-expiration provision (F3) clarify how and when these units may convert to payout.