Sec Form 4 Filing - NOVAK DAVID C @ YUM BRANDS INC - 2016-02-05

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
NOVAK DAVID C
2. Issuer Name and Ticker or Trading Symbol
YUM BRANDS INC [ YUM]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X __ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
Executive Chairman
(Last) (First) (Middle)
1441 GARDINER LANE
3. Date of Earliest Transaction (MM/DD/YY)
02/05/2016
(Street)
LOUISVILLE, KY40213
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Units $ 0 05/01/2015 J V 941.32 ( 1 ) ( 1 ) Common Stock 941.32 $ 0 211,933.67 D
Restricted Stock Units $ 0 08/07/2015 J V 991.81 ( 1 ) ( 1 ) Common Stock 991.81 $ 0 212,925.48 D
Restricted Stock Units $ 0 11/06/2015 J V 1,374.87 ( 1 ) ( 1 ) Common Stock 1,374.87 $ 0 214,300.35 D
Stock Appreciation Right $ 69.76 02/05/2016 A 157,895 ( 2 ) 02/05/2026 Common Stock 157,895 $ 0 157,895 D
Phantom Stock ( 3 ) 02/05/2016 A 7,597.4771 ( 4 ) ( 5 ) Common Stock 7,597.4771 $ 0 7,597.4771 D
Restricted Stock Units $ 0 02/05/2016 J V 1,413.1 ( 1 ) ( 1 ) Common Stock 1,413.1 $ 0 215,713.45 D
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
NOVAK DAVID C
1441 GARDINER LANE
LOUISVILLE, KY40213
X Executive Chairman
Signatures
/s/ M. Gayle Hobson, POA 02/09/2016
Signature of Reporting Person Date
Explanation of Responses:
( 1 )The restricted stock units vest four years from grant date. Vested shares will be delivered to the reporting person six months from his retirement from YUM! Brands, Inc.
( 2 )Vesting occurs 25% per year beginning one year from grant date.
( 3 )Conversion occurs on a one-for-one basis.
( 4 )Payments are made in accordance with elections on file.
( 5 )The Program does not have specified expiration dates.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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