<SEC-DOCUMENT>0001377739-22-000023.txt : 20220427
<SEC-HEADER>0001377739-22-000023.hdr.sgml : 20220427
<ACCEPTANCE-DATETIME>20220427141054
ACCESSION NUMBER:		0001377739-22-000023
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220427
DATE AS OF CHANGE:		20220427
EFFECTIVENESS DATE:		20220427

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			YUM BRANDS INC
		CENTRAL INDEX KEY:			0001041061
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				133951308
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13163
		FILM NUMBER:		22858723

	BUSINESS ADDRESS:	
		STREET 1:		1441 GARDINER LANE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40213
		BUSINESS PHONE:		5028748300

	MAIL ADDRESS:	
		STREET 1:		1900 COLONEL SANDERS LANE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40213

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRICON GLOBAL RESTAURANTS INC
		DATE OF NAME CHANGE:	19970627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREAT AMERICAN RESTAURANT CO
		DATE OF NAME CHANGE:	19970618

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOC Investment Group
		CENTRAL INDEX KEY:			0001377739
		IRS NUMBER:				203688367

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
		BUSINESS PHONE:		202 721 6060

	MAIL ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CtW Investment Group
		DATE OF NAME CHANGE:	20061006
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<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">SECURITIES &amp; EXCHANGE COMMISSION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">WASHINGTON, D.C.&nbsp;&nbsp; 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</FONT></B></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NAME OF REGISTRANT:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> &nbsp;Yum! Brands, Inc.</FONT></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NAME OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> SOC Investment Group</FONT></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">ADDRESS OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">&nbsp; 1900 L Street, N.W. Suite 900, Washington, D.C.&nbsp;&nbsp; 20036</FONT></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#1a1a1a face="times new roman">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934:</FONT></B></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#1a1a1a face="times new roman">_________________________________________________________________________________________________________________________________________________________________</FONT></B></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>April 27, 2022</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Dear Fellow Yum! Brands investors:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>At The Yum! Brands (NYSE: YUM) Annual Meeting on May 19, 2022, please vote AGAINST the &#8220;Say</FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>-On-</FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Pay&#8221; proposal.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>The company granted Named Executive Officers (NEOs), including the CEO, </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>special &#8220;one</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>time&#8221; performance equity </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>awards in addition to their ordinary-course equity awards in fiscal 2021, which we view as unnecessary for the following reasons:</FONT></P>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>1.</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Executives already have large amounts of vested and outstanding equity that reward them </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>when the company&#8217;s </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>shares appreciate.</FONT> </TD></TR>

<TR>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>2.</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>The special award is not necessary because it rewards executives for what should constitute their normal job duties.</FONT> </TD></TR>

<TR>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>3.</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Special awards may not solve retention challenges and are a chief cause of executive overpay.</FONT> </TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>As a general principle, we believe that special awards are inappropriate in almost all cases and has become an overused practice in executive compensation, one that we advocate moving toward near-zero tolerance for. Notwithstanding our belief, in this specific case the company does not offer a particularly compelling rationale for the special award</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8212;</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>the grant appears to reward for what we feel should be viewed as ordinary-course business decisions and efforts of executives in any large corporation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>The SOC Investment Group is a YUM shareholder and works with pension funds sponsored by unions affiliated with the Strategic Organizing Center, a coalition of four unions representing more than four million members, to enhance long term shareholder value through active ownership. These funds have over $250 billion in assets under management and are also substantial YUM shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=2 face=Calibri-BoldItalic,Arial,Helvetica,sans-serif>The special award is unnecessary because executives already have large amounts of vested and outstanding equity that reward them when the com</FONT></I></B><B><I><FONT size=2 face=Calibri-BoldItalic,Arial,Helvetica,sans-serif>pany&#8217;s shares </FONT></I></B><B><I><FONT size=2 face=Calibri-BoldItalic,Arial,Helvetica,sans-serif>appreciate.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>In fiscal year 2021, YUM executives received </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>special &#8220;one</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>time&#8221; performance equity awards in addition to their ordinary</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>-course equity awards. The awards ranged in value from $1.75 million to Mark King (CEO of Taco Bell division) to $5 million to CEO David Gibbs, on top of his targeted $10 million annual equity award.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>We strongly believe that executives at large companies like YUM are already well compensated without special equity awards</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8212;</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>they already receive significant amounts of annual equity grants that appreciate when the company performs well. That is a significant incentive. For example, according to page 33 in the proxy, Mr. Gibbs beneficially owns over $52 million in a combination of stock and options. In fact, he has several grants of options with strike prices that range from $21.06 to $103.36 from as far back as 2012 with a 10-year expiry term, which, based on YUM</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8217;s closing stock price of </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>$125.70 on April 20, 2022, are deep in-the-</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>money. Thus, instead of a special &#8220;o</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>ne-</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>time&#8221; award, his reward (as well as the rest of the executive team&#8217;s reward) for the unit growth strategy should be appreciation in the value of his annual </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>equity awards assuming stock price growth.</FONT></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=2 face=Calibri-BoldItalic,Arial,Helvetica,sans-serif>The special award rewards executives for doing their normal job duties.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Another problem with special awards is that they may overly reward executives for doing their core job. In this case, the award was granted with the aim to grow net new units/stores: t</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>he company states that the award was &#8220;</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>specifically</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=Arial,Arial,Helvetica,sans-serif>1900 L Street NW, Suite 900, Washington, DC 20036</FONT><BR><FONT color=#231f20 size=1 face=Arial,Arial,Helvetica,sans-serif>(202) 721-0660</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>S O C I N V E S T M E N T G R O U P . C O M</FONT></B></P>

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<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">designed to rapidly accelerate growth through net-new unit development</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">,&#148; and that &#147;t</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">he Committee viewed a rapid, but well-considered, expansion in net-new unit development as essential for the Company in accelerating its growth in furtherance of its strategic model as we move beyond the pandemic.</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#148; In our view, growing the company is a fundamental part of the CEO and executive team&#146;s job and it is not necessary to award additional equity for such a core </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">job duty.</FONT></P>
<P style="text-align: left;">
<B><I><FONT size=2 face="Calibri-BoldItalic,Arial,Helvetica,sans-serif">The special award is problematic because such awards may not solve retention challenges over the long term and are a chief cause of executive overpay.</FONT></I></B></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">In granting the special award the company also cites retention, stating that the award was designe</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">d to &#147;foster retention </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">of a broad-</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">based group of approximately 500 Company leaders, including the NEOs.&#148; Granting executives special equity </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">awards may not be the answer to long-term retention challenges and may only retain executives for a limited duration. A good case in point is Starbucks. That company granted its CEO Kevin Johnson and COO Rosalind Brewer special performance cash awards in December 2019 of &#36;25 million and &#36;5 million, respectively, to </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#147;primarily support the Company&#146;s leadership retention process&#148; </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">and </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#147;to retain Starbucks key leaders in their roles for at least the next three years.&#148; </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Both executives have left the company before the end of the three-year performance period in September 2022</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#151;</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Kevin Johnson retired in March 2022, six months before the end of the performance period, and Rosalind Brewer left the company to become the CEO of Walgreens in February 2021, over 18 months before the end of the performance period. Moreover, we increasingly observe that companies wishing to hire executives away from a competitor will grant </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">a so called &#147;make</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">-</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">whole&#148; equity award </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">to make up for any equity that an executive may forfeit from leaving their prior employer.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Further, </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">citing retention challenges as justification for special award grants fuels a &#147;double reward&#148; problem that has significantly contributed to the rapid increase of executive compensation today. A company can rely on a &#147;retention&#148; </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">rationale regardless of performance: when the stock price is rising, a company can claim that their executives are highly talented and sought after and thus special awards are needed to keep them from taking positions at competitors. On the flip side, when the stock price is falling, a company can claim that not enough equity is vesting for executives to stay and therefore special equity awards are needed to retain them</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#151;</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">even if the executives themselves may have played a large role in the fall of the stock price.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Calibri-Bold,Arial,Helvetica,sans-serif">Please vote </FONT></B><B><FONT size=2 face="Calibri-Bold,Arial,Helvetica,sans-serif">AGAINST the &#147;Say</FONT></B><B><FONT size=2 face="Calibri-Bold,Arial,Helvetica,sans-serif">-On-</FONT></B><B><FONT size=2 face="Calibri-Bold,Arial,Helvetica,sans-serif">Pay&#148; proposal </FONT></B><B><FONT size=2 face="Calibri-Bold,Arial,Helvetica,sans-serif">on May 19.</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">In conclusion, we believe that executives at YUM should not be overly compensated for doing their jobs</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#151;</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">if the unit growth strategy is successful then the value of their annual equity awards will increase along with the stock price. Special equity awards are not needed on top of this to reward execution of that strategy. The practice of granting special awards has become problematic, overused by large companies, and needs to be seriously curtailed; therefore, we urge you to vote AGAINST the Say-on-Pay proposal.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Please contact my colleague Michael Varner, Director of Executive Compensation Research at </FONT><U><FONT color="#0563c1" size=2 face="Calibri,Arial,Helvetica,sans-serif">mvarner@socinvestmentgroup.com</FONT></U><FONT>&#160;</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">with any questions.</FONT></P>
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<P style="text-align: left;">
<B><FONT size=2 face="Calibri-Bold,Arial,Helvetica,sans-serif">THIS IS NOT A PROXY SOLICITATION AND NO PROXY CARDS WILL BE ACCEPTED.</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Please execute and return your proxy card according to Yum! Brand&#146;s instructions.</FONT></P>


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