Pizza Hut 2015 Annual Report Download - page 48

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YUM! BRANDS, INC.-2016Proxy Statement34
Proxy Statement
MATTERS REQUIRING SHAREHOLDER ACTION
will not so qualify, so that compensation paid to certain
executives in connection with such awards may, to the
extent it and other compensation subject to the limitations
of Code Section 162(m) in a given year, not be deductible
by us as a result of Code Section 162(m). Compensation
to certain employees resulting from the earning or vesting
of awards in connection with a change in control or
termination following a change in control also may be non-
deductible under Code Sections 4999 and 280G.
The foregoing provides only a general description of the application of federal income tax laws to certain awards under
the Plan. This discussion is intended for the information of stockholders considering how to vote at the Annual Meeting
and not as tax guidance to participants in the Plan, as the consequences may vary with the types of awards made, the
identity of the recipients and the method of payment or settlement.
New Plan Benefits
The benefits that will be awarded or paid under the Plan are not currently determinable. Awards granted under the Plan
are within the discretion of the Committee, and the Committee has not determined future awards or who might receive
them.
Existing Plan Benefits
The following table sets forth information with respect to options, SARs and full value awards (other than shares attributable
to salary or bonus deferrals) previously granted under the Plan as of December 26, 2015.
Name and Principal Position
NumberofShares
CoveredbyAwards
Greg Creed, CEO 1,932,141
Patrick J. Grismer, CFO 608,590
David C. Novak, Executive Chairman 10,025,299
Micky Pant, CEO Yum Restaurants China 1,224,407
Brian Niccol, CEO Taco Bell 524,738
Jing-Shy S. Su, Former Chairman and CEO Yum Restaurants China 2,841,882
All current executive officers as a group 23,433,780
All non-employee directors as a group 240,715
All current employees as a group (excluding executive officers) 15,281,891
What is the Company’s position regarding this proposal?
The Board of Directors recommends approval of the Company’s Long Term Incentive Plan, as amended and restated
effective as of May, 20, 2016. We are submitting the Plan to our shareholders for approval in order to satisfy (i) applicable
listing rules of New York Stock Exchange and (ii) the stockholder approval requirements under Section162(m) of the
Internal Revenue Code of 1986, as amended.
What vote is required to approve this proposal?
Approval of this proposal requires the affirmative vote of a majority of the shares present in person or represented by proxy
and entitled to vote at the Annual Meeting.
What is the recommendation of the Board of Directors?
The Board of Directors recommends that you vote FOR this proposal.