SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Niccol Brian R

(Last)

(First)

(Middle)

1 GLEN BELL WAY

(Street)

IRVINE

92618

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/01/2015

3. Issuer Name and Ticker or Trading Symbol
YUM BRANDS INC [ YUM ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	CEO, Taco Bell

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	4,969.49	I	By 401(k) Plan

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Phantom Stock	⁽¹⁾	⁽²⁾	Common Stock	16,512.0928	⁽³⁾	D
Phantom Stock	⁽¹⁾	⁽²⁾	Common Stock	17,165.164	⁽³⁾	D
Stock Appreciation Right	05/20/2015	02/05/2020	Common Stock	61,232	$39.64	D
Stock Appreciation Right	02/04/2012⁽⁴⁾	02/04/2021	Common Stock	40,734	$49.3	D
Stock Appreciation Right	02/06/2014⁽⁴⁾	02/06/2023	Common Stock	37,885	$62.93	D
Stock Appreciation Right	02/08/2013⁽⁴⁾	02/08/2022	Common Stock	33,102	$64.44	D
Stock Appreciation Right	05/15/2018	05/15/2023	Common Stock	36,561	$69.92	D
Stock Appreciation Right	02/05/2015⁽⁴⁾	02/05/2024	Common Stock	41,260	$70.54	D

Explanation of Responses:

1. Payments are made in accordance with elections on file.

2. The Program does not have specified expiration dates.

3. Conversion occurs on a one-for-one basis.

4. Vesting occurs on a quarterly basis beginning one year from grant date.

	/s/ M. Gayle Hobson, POA	01/02/2015
	** Signature of Reporting Person	Date
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 5 (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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.