1 unchanged sentence
Securities Trading Plans
−Removed: During the three months ended June 30, 2025, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as defined in Item 408 (c) of Regulation S-K.
+Added: During the three months ended September 30, 2025, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as defined in Item 408 (c) of Regulation S-K, except as follows:
+Added: Name/Title Type of Plan Adoption Date End Date Aggregate Number of
+Added: Securities to be Sold Plan Description
+Added: Tracy Skeans / Chief Operating Officer & Chief People Officer
+Added: Rule 10b5-1 trading plan August 18, 2025 January 30, 2026 51,106 (1)
+Added: Exercise of Stock Appreciation Rights
+Added: and Sale of Resulting Shares
+Added: (1) Represents the number of shares of common stock underlying the stock appreciation rights awards specified in the plan.
+Added: The actual number of shares of common stock to be received and sold following the exercise of the awards will depend upon the appreciation in the value of the awards and the number of shares withheld for any taxes.
(a) Exhibit Index
Exhibit Description
−Removed: 2025 Long Term Incentive Plan, effective as of May 15, 2025, which is incorporated herein by reference to Appendix A to the Company’s Proxy Statement dated April 4, 2025.
−Removed: 2025 Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement – Three Year Cliff Vesting (2025), as effective May 20, 2025, as attached herein.
−Removed: 2025 Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement – Sign on (2025), as effective May 20 2025, as attached herein.
−Removed: 2025 Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement – CEO Award (2025), as effective May 20, 2025, as attached herein.
−Removed: 10.5† CEO Offer Letter dated June 13, 2025, between the Company and Christopher Turner, as attached herein.
+Added: 3.1 Amended and Restated Bylaws of Yum!
+Added: Brands, Inc., as amended, effective August 22, 2025, which is incorporated herein by reference from Exhibit 3.2 to YUM’s Report on Form 8-K filed on August 28, 2025.
+Added: 10.1 Second Amended and Restated Base Indenture, dated as of September 24, 2025, by and between Taco Bell Funding, LLC, as issuer, and Citibank, N.A., as trustee and the Series 2025-1 securities intermediary, which is incorporated herein by reference from Exhibit 10.1 to YUM’s Report on Form 8-K filed on September 30, 2025.
+Added: 10.2 Series 2025-1 Supplement to Second Amended and Restated Base Indenture, dated as of September 24, 2025, by and between Taco Bell Funding, LLC, as issuer, and Citibank, N.A., as trustee and Series 2025-1 securities intermediary, which is incorporated herein by reference from Exhibit 10.2 to YUM’s Report on Form 8-K filed on September 30, 2025.
+Added: 10.3 Second Amended and Restated Management Agreement, dated as of September 24, 2025, by and among Taco Bell Funding, LLC, as issuer, Taco Bell Franchise Holder 1, LLC, Taco Bell Franchisor, LLC, Taco Bell IP Holder, LLC, Taco Bell Franchisor Holdings, LLC and Taco Bell Corp., as manager, and Citibank, N.A., as trustee, which is incorporated herein by reference from Exhibit 10.3 to YUM’s Report on Form 8-K filed on September 30, 2025.
+Added: 4† Amendment to Separation Agreement, General Release and Covenant Not to Sue, executed July 5 , 2025, by and between Yum Restaurant Services Group, LLC and Scott Catlett, as attached herein.
+Added: Special Advisor Offer Letter to David Gibbs, dated September 23, 2025, between the Company and David Gibbs, as attached herein.
+Added: Chief Consumer Officer Offer Letter to Sean Tresvant, dated August 28, 2025, between Yum Restaurant Services Group, LLC and Sean Tresvant, as attached herein.
15 Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm).
13 unchanged sentences
Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, duly authorized officer of the registrant.
−Removed: August 7, 2025 /s/ David Russell
+Added: November 7, 2025 /s/ David Russell
Senior Vice President, Finance and Corporate Controller
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.