Yemen is the only country to exit the Arab Spring through a negotiated settlement and a national dialogue to guide the country’s transition. Yet, many Yemenis increasingly see this process as reshuffling power among old-regime elites. As yet, there is no durable power-sharing agreement to ensure a more democratic, accountable system. Even if one is reached, implementation will be difficult, especially in the south, where mobilization and demands for separation are high. At best, a long process of negotiation and change has begun. The future will likely see bouts of localized violence, along with growing economic and humanitarian challenges.