What changed in this filing

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Item 9A. Controls and Procedures

2026-02-20 compared with 2025-02-19 · 77 added, 91 removed, 123 unchanged (58% of the section changed)

7 unchanged sentences

Based on our evaluation under the framework in Internal Control – Integrated Framework (2013) , our management concluded that our internal control over financial reporting was effective as of December 31, 2025.

We have excluded from the scope of management's assessment of the effectiveness of our internal control over financial reporting as of December 31, 2024, the operations and related assets of two franchisee entities that owned 216 KFC restaurants in the U.K.

and Ireland, which we acquired on April 29, 2024.

The total assets and revenues excluded represented approximately 6% and 4% of the Company's respective consolidated total assets and total revenues as of and for the year ended December 31, 2024.

KPMG LLP, an independent registered public accounting firm, has audited the Consolidated Financial Statements included in this Annual Report on Form 10-K and the effectiveness of our internal control over financial reporting and has issued their report, included herein.

6 unchanged sentences

Securities to be Sold Plan Description

David Gibbs / Chief Executive Officer

Christopher Turner / Chief Executive Officer

Rule 10b5-1 trading plan

December 4, 2024 April 30, 2026 109,716 (1)

Exercise of Stock Appreciation Rights

and Sale of Resulting Shares

Tracy Skeans/Chief Operating Officer and Chief People & Culture Officer

Rule 10b5-1 trading plan December 3, 2024 December 31, 2025 32,964 (2)

Sale of Shares/Sale of Resulting Shares from PSU Vesting

Erika Burkhardt/Chief Legal Officer and Corporate Secretary Rule 10b5-1 trading plan December 3, 2024 September 30, 2025 1,800 (3)

Sale of Resulting Shares from RSU Vesting/Exercise of Stock Appreciation Rights and Sale of Resulting shares

November 14, 2025 January 29, 2027 3,420 (1)

Sell Shares of Common Stock

Scott Mezvinsky /Chief Executive Officer, KFC Division

Rule 10b5-1 trading plan

November 10, 2025 January 29, 2027 5,791 (2)

Exercise of Stock Appreciation Rights and Sale of Resulting Shares

(1) Represents the number of shares of common stock specified in the plan.

(2) Represents the number of shares of common stock underlying the stock appreciation rights awards specified in the plan.

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.

(2) Represents 10,434 outstanding shares of common stock and the number shares of common stock to be received upon vesting of the performance share unit awards specified in the plan (assuming maximum performance).

The actual number of shares of common stock to be received and sold following the vesting of the performance share unit awards will depend upon the Company’s performance, dividend equivalent accruals and the number of shares withheld for any taxes.

(3) Represents the number of shares of common stock underlying the restricted stock unit awards and stock appreciation rights awards specified in the plan.

The actual number of shares of common stock to be received and sold following the exercise of the stock appreciation rights awards will depend upon the appreciation in the value of the stock appreciation rights awards and the number of shares withheld for any taxes.

The actual number of shares of common stock to be received and sold following the vesting of the restricted stock unit awards will depend upon dividend equivalent accruals and the number of shares withheld for any taxes.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

24 unchanged sentences

February 20, 2026

/s/ David Gibbs

/s/ Chris Turner

Pursuant to the requirements of the Securities Exchange Act of 1934, this annual report has been signed on February 20, 2026, by the following persons on behalf of the registrant and in the capacities indicated.

Signature Title

/s/ David Gibbs

/s/ Chris Turner

Chief Executive Officer

(principal executive officer)

/s/ Chris Turner Chief Financial Officer

Chris Turner (principal financial officer)

/s/ Ranjith Roy

Chief Financial Officer

(principal financial officer)

/s/ David Russell

3 unchanged sentences

/s/ Paget Alves

/s/ Keith Barr Director

/s/ Brett Biggs

14 unchanged sentences

Number Description of Exhibits

2.1 Separation and Distribution Agreement, dated as of October 31, 2016, by and among YUM, Yum Restaurants Consulting (Shanghai) Company Limited and Yum China Holdings, Inc., which is incorporated herein by reference from Exhibit 2.1 to YUM’s Report on Form 8-K filed on November 3, 2016.

3.1 Restated Articles of Incorporation of YUM, effective May 26, 2011, which is incorporated herein by reference from Exhibit 3.1 to YUM’s Report on Form 8-K filed on May 31, 2011.

3.2 Amended and restated Bylaws of YUM, effective November 12, 2021, which are incorporated herein by reference from Exhibit 3.2 to YUM’s Report on Form 8-K filed on November 17, 2021.

4.1 Indenture, dated as of May 1, 1998, between YUM and The Bank of New York Mellon Trust Company, N.A., successor in interest to The First National Bank of Chicago, which is incorporated herein by reference from Exhibit 4.1 to YUM’s Report on Form 8-K filed on May 13, 1998.

2.1 Separation and Distribution Agreement, dated as of October 31, 2016, by and among YUM, Yum Restaurants Consulting (Shanghai) Company Limited and Yum China Holdings, Inc., which is incorporated by reference from Exhibit 2.1 to YUM’s Report on Form 8-K filed on November 3, 2016.

3.1 Restated Articles of Incorporation of YUM, effective May 26, 2011, which is incorporated by reference from Exhibit 3.1 to YUM’s Report on Form 8-K filed on May 31, 2011.

3.2 Amended and restated Bylaws of YUM, effective November 21, 2025, which are incorporated by reference from Exhibit 3.1 to YUM’s Report on Form 8-K filed on November 26, 2025.

4.1 Indenture, dated as of May 1, 1998, between YUM and The Bank of New York Mellon Trust Company, N.A., successor in interest to The First National Bank of Chicago, which is incorporated by reference from Exhibit 4.1 to YUM’s Report on Form 8-K filed on May 13, 1998.

(i) 6.875% Senior Notes due November 15, 2037, issued under the forgoing May 1, 1998, indenture, which notes are incorporated by reference from Exhibit 4.3 (included in Exhibit 4.1) to YUM’s Report on Form 8-K filed on October 22, 2007.

1 unchanged sentence

4.2 Indenture, dated as of September 25, 2020 by and between YUM and U.S.

Bank National Association, as Trustee, which is incorporated herein by reference from Exhibit 4.1 to YUM’s Report on Form 8-K filed on September 25, 2020.

Bank National Association, as Trustee, which is incorporated by reference from Exhibit 4.1 to YUM’s Report on Form 8-K filed on September 25, 2020.

4.2.1 First Supplemental Indenture, dated as of September 25, 2020 by and between YUM and U.S.

Bank National Association, as Trustee, relating to the 3.625% Notes due 2031, which is incorporated herein by reference from Exhibit 4.2 to YUM’s Report on Form 8-K filed on September 25, 2020.

Bank National Association, as Trustee, relating to the 3.625% Notes due 2031, which is incorporated by reference from Exhibit 4.2 to YUM’s Report on Form 8-K filed on September 25, 2020.

4.2.2 Second Supplemental Indenture, dated as of April 1, 2021, by and between the Company and U.S.

Bank National Association, as Trustee, relating to the 4.625% Notes due 2032, which is incorporated herein by reference from Exhibit 4.1.

Bank National Association, as Trustee, relating to the 4.625% Notes due 2032, which is incorporated by reference from Exhibit 4.1.

to YUM’s Report on Form 8-K filed April 1, 2021.

4.2.3 Third Supplemental Indenture, dated as of April 1, 2022, by and between the Company and U.S.

Bank Trust Company, National Association, as Trustee, relating to the 5.375% Notes due 2032, which is incorporated herein by reference from Exhibit 4.1.

Bank Trust Company, National Association, as Trustee, relating to the 5.375% Notes due 2032, which is incorporated by reference from Exhibit 4.1.

to YUM’s Report on Form 8-K filed April 1, 2022.

4.3 Description of Securities registered under Section 12 of the Securities Exchange Act of 1934 (Common Stock), which is incorporated herein by reference from Exhibit 4.2 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019.

10.1 Credit Agreement, dated as of June 16, 2016, by and among Pizza Hut Holdings, LLC, KFC Holding Co., and Taco Bell of America, LLC, as the borrowers, the lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent, JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley Senior Funding, Inc., Fifth Third Bank and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Joint Lead Arrangers and Joint Bookrunners, Barclays Bank PLC, The Bank of Nova Scotia, Cooperatieve Rabobank U.A., New York Branch, and Industrial and Commercial Bank of China Limited, New York Branch, as Co-Documentation Agents and Co-Managers, which is incorporated herein by reference from Exhibit 4.1 to YUM’s Quarterly Report on Form 10-Q for the quarter ended June 11, 2016.

4.3 Description of Securities registered under Section 12 of the Securities Exchange Act of 1934 (Common Stock), as attached herein.

10.1 Credit Agreement, dated as of June 16, 2016, by and among Pizza Hut Holdings, LLC, KFC Holding Co., and Taco Bell of America, LLC, as the borrowers, the lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent, JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley Senior Funding, Inc., Fifth Third Bank and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Joint Lead Arrangers and Joint Bookrunners, Barclays Bank PLC, The Bank of Nova Scotia, Cooperatieve Rabobank U.A., New York Branch, and Industrial and Commercial Bank of China Limited, New York Branch, as Co-Documentation Agents and Co-Managers, which is incorporated by reference from Exhibit 4.1 to YUM’s Quarterly Report on Form 10-Q for the quarter ended June 11, 2016.

Number Description of Exhibits

1 unchanged sentence

7, dated as of April 26, 2024, to Credit Agreement dated as of June 16, 2016, among Pizza Hut Holdings, LLC, KFC Holding Co.

and Taco Bell of America, LLC, as borrowers, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Collateral Agent, Swing Line Lender, an L/C Issuer and Administrative Agent for the Lenders, which is incorporated herein by reference from Exhibit 10.1 to YUM’s Report on Form 8-K filed on April 26, 2024 (including as Annex I thereto a conformed copy of the Credit Agreement reflecting all Amendments through Amendment No.

10.2† YUM Director Deferred Compensation Plan, as effective October 7, 1997, which is incorporated herein by reference from Exhibit 10.7 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 27, 1997.

10.2.1† YUM Director Deferred Compensation Plan, Plan Document for the 409A Program, as effective January 1, 2023, which is incorporated herein by reference from Exhibit 10.2.1 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

10.3† YUM Executive Incentive Compensation Plan, as effective May 20, 2004, and as Amended through the Second Amendment, as effective May 21, 2009, which is incorporated herein by reference from Exhibit A of YUM’s Definitive Proxy Statement on Form DEF 14A for the Annual Meeting of Shareholders held on May 21, 2009.

10.4† YUM Executive Income Deferral Program, as effective October 7, 1997, and as amended through May 16, 2002, which is incorporated herein by reference from Exhibit 10.10 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005.

Brands Executive Income Deferral Program, Plan Document for the 409A Program, as effective January 1, 2005, and as Amended and Restated as of January 1, 2024, as attached herein.

and Taco Bell of America, LLC, as borrowers, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Collateral Agent, Swing Line Lender, an L/C Issuer and Administrative Agent for the Lenders, which is incorporated by reference from Exhibit 10.1 to YUM’s Report on Form 8-K filed on April 26, 2024 (including as Annex I thereto a conformed copy of the Credit Agreement reflecting all Amendments through Amendment No.

10.2† YUM Director Deferred Compensation Plan, as effective October 7, 1997, which is incorporated by reference from Exhibit 10.7 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 27, 1997.

10.2.1† YUM Director Deferred Compensation Plan, Plan Document for the 409A Program, as effective January 1, 2023, which is incorporated by reference from Exhibit 10.2.1 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

10.3† YUM Executive Incentive Compensation Plan, as effective May 20, 2004, and as Amended through the Second Amendment, as effective May 21, 2009, which is incorporated by reference from Exhibit A of YUM’s Definitive Proxy Statement on Form DEF 14A for the Annual Meeting of Shareholders held on May 21, 2009.

10.4† YUM Executive Income Deferral Program, as effective October 7, 1997, and as amended through May 16, 2002, which is incorporated by reference from Exhibit 10.10 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005.

Brands Executive Income Deferral Program, Plan Document for the 409A Program, as effective January 1, 2005, and as Amended and Restated as of January 1, 2024, which is incorporated by reference from Exhibit 10.4.1 to YUM's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Brands Pension Equalization Plan, Plan Document for the Pre-409A Program, as effective January 1, 2005, and as Amended through December 31, 2010, which is incorporated by reference from Exhibit 10.7 to YUM’s Quarterly Report on Form 10-Q for the quarter ended March 19, 2011.

10.5.1† The Yum!

Pension Equalization Plan, Restated Plan Document for the 409A Program effective January 1, 2005, and as Amended and Restated as of January 1, 2023, which is incorporated herein by reference from Exhibit 10.5.1 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

10.6† Form of Directors’ Indemnification Agreement, which is incorporated herein by reference from Exhibit 10.17 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 27, 1997.

Pension Equalization Plan, Restated Plan Document for the 409A Program effective January 1, 2005, and as Amended and Restated as of January 1, 2023, which is incorporated by reference from Exhibit 10.5.1 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

10.6† Form of Directors’ Indemnification Agreement, which is incorporated by reference from Exhibit 10.17 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 27, 1997.

10.7† Form of Yum!

Change in Control Severance Agreement, which is incorporated herein by reference from Exhibit 10.1 to YUM’s Report on Form 8-K filed on March 21, 2013.

Long Term Incentive Plan, as Amended and Restated effective as of May 20, 2016, as incorporated by reference from Form DEF 14A filed on April 8, 2016.

10.9† YUM SharePower Plan, as effective October 7, 1997, and as amended through June 23, 2003, which is incorporated herein by reference from Exhibit 10.23 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005.

10.10† Form of YUM Director Stock Option Award Agreement, which is incorporated herein by reference from Exhibit 10.25 to YUM’s Quarterly Report on Form 10-Q for the quarter ended September 4, 2004.

Change in Control Severance Agreement, which is incorporated by reference from Exhibit 10.1 to YUM’s Report on Form 8-K filed on March 21, 2013.

Long Term Incentive Plan, as Amended and Restated effective as of May 20, 2016, as incorporated by reference from Appendix A to YUM's Definitive Proxy Statement on Form DEF 14A filed on April 8, 2016.

2025 Long Term Incentive Plan, effective as of May 15, 2025, which is incorporated by reference from Appendix A to YUM's Definitive Proxy Statement on Form DEF 14A filed on April 4, 2025.

YUM SharePower Plan, as effective October 7, 1997, and as amended through June 23, 2003, which is incorporated by reference from Exhibit 10.23 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005.

Number Description of Exhibits

10.11.1† Form of YUM 1999 Long Term Incentive Plan Award Agreement (2015) (Stock Options), which is incorporated herein by reference from Exhibit 10.15.2 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 27, 2014.

Form of YUM Director Stock Option Award Agreement, which is incorporated by reference from Exhibit 10.25 to YUM’s Quarterly Report on Form 10-Q for the quarter ended September 4, 2004.

Form of YUM 1999 Long Term Incentive Plan Award Agreement (2015) (Stock Options), which is incorporated by reference from Exhibit 10.15.2 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 27, 2014.

Form of YUM Long Term Incentive Plan Global YUM!

Non-Qualified Stock Option Agreement (2019), which is incorporated herein by reference from Exhibit 10.11.3 to YUM’s Quarterly Report on Form 10-Q filed on May 8, 2019.

International Retirement Plan, as in effect January 1, 2005, which is incorporated herein by reference from Exhibit 10.27 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 25, 2004.

10.13.1† Form of YUM 1999 Long Term Incentive Plan Award Agreement (2015) (Stock Appreciation Rights), which is incorporated herein by reference from Exhibit 10.18.2 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 27, 2014.

Non-Qualified Stock Option Agreement (2019), which is incorporated by reference from Exhibit 10.11.3 to YUM’s Quarterly Report on Form 10-Q filed on May 8, 2019.

International Retirement Plan, as in effect January 1, 2005, which is incorporated by reference from Exhibit 10.27 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 25, 2004.

Form of YUM 1999 Long Term Incentive Plan Award Agreement (2015) (Stock Appreciation Rights), which is incorporated by reference from Exhibit 10.18.2 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 27, 2014.

Long Term Incentive Plan Form of Global YUM!

Stock Appreciation Rights Agreement (2019), which is incorporated herein by reference from Exhibit 10.13.3 to YUM’s Quarterly Report on Form 10-Q filed on May 8, 2019.

Stock Appreciation Rights Agreement (2019), which is incorporated by reference from Exhibit 10.13.3 to YUM’s Quarterly Report on Form 10-Q filed on May 8, 2019.

Long Term Incentive Plan Form of Global YUM!

Stock Appreciation Rights Agreement (2024), which is incorporated herein by reference from Exhibit 10.3 to YUM’s Quarterly Report on Form 10-Q filed on May 7, 2024.

Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement (2019), which is incorporated herein by reference from Exhibit 10.20 to YUM’s Quarterly Report on Form 10-Q filed on May 8, 2019.

Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement (2022), as effective February 11, 2022, which is incorporated herein by reference from Exhibit 10.13.5 to YUM’s Quarterly Report on Form 10-Q filed on May 10, 2022.

Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement (2023), as effective February 10, 2023, which is incorporated herein by reference from Exhibit 10.13.5 to YUM's Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement (2024), as effective February 9, 2024, which is incorporated herein by reference from Exhibit 10.2 to YUM’s Quarterly Report on Form 10-Q filed on May 7, 2024.

Long Term Incentive Plan Form of Global Performance Share Unit Agreement (2021), which is incorporated herein by reference from Exhibit 10.20 to YUM’s Quarterly Report on Form 10-Q filed on May 5, 2021.

Long Term Incentive Plan Form of Global Performance Share Unit Agreement (2023), which is incorporated herein by reference from Exhibit 10.26 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Long Term Incentive Plan Form of Global Performance Share Unit Agreement (2024), which is incorporated herein by reference from Exhibit 10.4 to YUM’s Quarterly Report on Form 10-Q filed on May 7, 2024.

Brands Leadership Retirement Plan, as in effect January 1, 2005, which is incorporated herein by reference from Exhibit 10.32 to YUM’s Quarterly Report on Form 10-Q for the quarter ended March 24, 2007.

10.14.1† YUM!

Brands Leadership Retirement Plan, Plan Document for the 409A Program, as effective January 1, 2005, and as Amended and Restated as of January 1, 2021, which is incorporated herein by reference from Exhibit 10.14.1 to YUM’s Annual Report on Form 10-K filed on February 23, 2022.

Stock Appreciation Rights Agreement (2024), which is incorporated by reference from Exhibit 10.3 to YUM’s Quarterly Report on Form 10-Q filed on May 7, 2024.

Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement (2019), which is incorporated by reference from Exhibit 10.20 to YUM’s Quarterly Report on Form 10-Q filed on May 8, 2019.

Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement (2022), as effective February 11, 2022, which is incorporated by reference from Exhibit 10.13.5 to YUM’s Quarterly Report on Form 10-Q filed on May 10, 2022.

Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement (2023), as effective February 10, 2023, which is incorporated by reference from Exhibit 10.13.5 to YUM's Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement (2024), as effective February 9, 2024, which is incorporated by reference from Exhibit 10.2 to YUM’s Quarterly Report on Form 10-Q filed on May 7, 2024.

Long Term Incentive Plan Form of Global Performance Share Unit Agreement (2023), which is incorporated by reference from Exhibit 10.26 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Long Term Incentive Plan Form of Global Performance Share Unit Agreement (2024), which is incorporated by reference from Exhibit 10.4 to YUM’s Quarterly Report on Form 10-Q filed on May 7, 2024.

2025 Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement – Three Year Cliff Vesting (2025), as effective May 20, 2025, which is incorporated by reference from Exhibit 10.2 to YUM’s Quarterly Report on Form 10-Q filed on August 7, 2025.

2025 Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement – Sign on (2025), as effective May 20, 2025, which is incorporated by reference from Exhibit 10.3 to YUM’s Quarterly Report on Form 10-Q filed on August 7, 2025.

2025 Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement – CEO Award (2025), as effective May 20, 2025, which is incorporated by reference from Exhibit 10.4 to YUM’s Quarterly Report on Form 10-Q filed on August 7, 2025.

Number Description of Exhibits

Brands Leadership Retirement Plan, as in effect January 1, 2005, which is incorporated by reference from Exhibit 10.32 to YUM’s Quarterly Report on Form 10-Q for the quarter ended March 24, 2007.

Brands Leadership Retirement Plan, Plan Document for the 409A Program, as effective January 1, 2005, and as Amended and Restated as of January 1, 2021, which is incorporated by reference from Exhibit 10.14.1 to YUM’s Annual Report on Form 10-K filed on February 23, 2022.

Performance Share Plan, as amended and restated January 1, 2013, which is incorporated by reference from Exhibit 10.1 to YUM’s Quarterly Report on Form 10-Q for the quarter ended June 13, 2015.

Brands Third Country National Retirement Plan, as effective January 1, 2009, which is incorporated by reference from Exhibit 10.25 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 26, 2009.

10.16.1† YUM!

Brands Third Country National Retirement Plan Amendment, as effective January 1, 2021, which is incorporated herein by reference from Exhibit 10.16.1 to YUM’s Annual Report on Form 10-K filed on February 23, 2022.

10.17† 2010 YUM!

Brands Third Country National Retirement Plan Amendment, as effective January 1, 2021, which is incorporated by reference from Exhibit 10.16.1 to YUM’s Annual Report on Form 10-K filed on February 23, 2022.

Brands Supplemental Long Term Disability Coverage Summary, as effective January 1, 2010, which is incorporated by reference from Exhibit 10.26 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 26, 2009.

10.18 Indenture, dated as of June 15, 2017, by and among KFC Holding Co., Pizza Hut Holdings, LLC and Taco Bell of America, LLC, as issuers, the Guarantors named therein and The Bank of New York Mellon Trust Company , N.A., as trustee, which is incorporated herein by reference from Exhibit 4.1 to YUM’s Report on Form 8-K filed on June 16, 2017.

10.19 B ase Indenture, dated as of May 11, 2016, between Taco Bell Funding, LLC, as issuer and Citibank, N.A., as trustee and securities intermediary, which is incorporated herein by reference from Exhibit 4.1 to YUM's Report on Form 8-K filed on May 16, 2016.

Series 2016-1 Sup p lement to Base Indenture dated as of May 11, 2016, by and between Taco Bell Funding, LLC, as issuer and Citibank,N.A.

as Trustee and Series 2016-1 securities intermediary , which is incorporated herein by reference from Exhibit 4.2 to YUM’s Report on Form 8-K filed on May 16, 2016 .

10.19 Indenture, dated as of June 15, 2017, by and among KFC Holding Co., Pizza Hut Holdings, LLC and Taco Bell of America, LLC, as issuers, the Guarantors named therein and The Bank of New York Mellon Trust Company , N.A., as trustee, which is incorporated by reference from Exhibit 4.1 to YUM’s Report on Form 8-K filed on June 16, 2017.

10.20 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 by reference from Exhibit 10.1 to YUM's Report on Form 8-K filed on September 30, 2025.

Series 2018-1 Supplement to Base Indenture, dated as of November 28, 2018, by and between the Issuer and Citibank, N.A.

as Trustee and Series 2018-1 securities intermediary, which is incorporated herein by reference from Exhibit 10.1 to YUM’s Report on Form 8-K filed on December 3, 2018.

as Trustee and Series 2018-1 securities intermediary, which is incorporated by reference from Exhibit 10.1 to YUM’s Report on Form 8-K filed on December 3, 2018.

Series 2021-1 Supplement to Amended and Restated Base Indenture, dated as of August 19, 2021, by and between Taco Bell Funding, LLC, as issuer, and Citibank, N.A.

as trustee and Series 2021-1 securities intermediary, which is incorporated herein by reference from Exhibit 10.2 to YUM’s Report on Form 8-K filed on August 25, 2021.

Amendment No.

1 to Base Indenture, dated as of August 23, 2016, by and between the Issuer and Citibank, N.A.

as Trustee and Series 2016-1 securities intermediary, which is incorporated herein by reference from Exhibit 10.22.3 to YUM’s Annual Report on Form 10-K for fiscal year ended December 31, 2018.

Amendment No.

2 to Base Indenture, dated as of November 28, 2018, by and between the Issuer and Citibank, N.A.

as Trustee and the Series 2018-1 securities intermediary, which is incorporated herein by reference from Exhibit 10.2 to YUM’s Report on Form 8-K filed on December 3, 2018.

Amended and Restated Base Indenture, dated as of August 19, 2021, by and between Taco Bell Funding, LLC, as issuer, and Citibank, N.A.

as trustee and the Series 2021-1 securities intermediary, which is incorporated herein by reference from Exhibit 10.1 to YUM’s Report on Form 8-K filed on August 25, 2021.

10.20 Guarantee and Collateral Agreement, dated as of May 11, 2016, by Taco Bell Franchise Holder 1, LLC, Taco Bell Franchisor, LLC, Taco Bell IP Holder, LLC and Taco Bell Franchisor Holdings, LLC in favor of Citibank, N.A., which is incorporated herein by reference from Exhibit 10.2 to YUM’s Report on Form 8-K filed on May 16, 2016.

as trustee and Series 2021-1 securities intermediary, which is incorporated by reference from Exhibit 10.2 to YUM’s Report on Form 8-K filed on August 25, 2021.

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 by reference from Exhibit 10.2 to YUM's Report on Form 8-K filed on September 30, 2025.

10.21 Guarantee and Collateral Agreement, dated as of May 11, 2016, by Taco Bell Franchise Holder 1, LLC, Taco Bell Franchisor, LLC, Taco Bell IP Holder, LLC and Taco Bell Franchisor Holdings, LLC in favor of Citibank, N.A., which is incorporated by reference from Exhibit 10.2 to YUM’s Report on Form 8-K filed on May 16, 2016.

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 by reference from Exhibit 10.3 to YUM's Report on Form 8-K filed on September 30, 2025.

Number Description of Exhibits

10.21 Amended and Restated Management Agreement, dated as of August 19, 2021, by and between 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 August 25, 2021.

Indenture, dated as of September 11, 2019, by and between Yum and The Bank of New York Mellon Trust Company, N.A., as trustee, which is incorporated herein by reference from Exhibit 4.1 to YUM’s Report on Form 8-K filed on September 16, 2019.

Indenture, dated as of September 11, 2019, by and between Yum and The Bank of New York Mellon Trust Company, N.A., as trustee, which is incorporated by reference from Exhibit 4.1 to YUM’s Report on Form 8-K filed on September 16, 2019.

10.24 Master License Agreement, dated as of October 31, 2016, by and between Yum!

Restaurants Asia Pte.

and Yum Restaurants Consulting (Shanghai) Company Limited, which is incorporated herein by reference from Exhibit 10.1 to YUM’s Report on Form 8-K filed on November 3, 2016.

Confirmatory License Agreement, dated as of January 1, 2020, by and between YRI China Franchising, LLC and Yum Restaurants Consulting (Shanghai) Company Limited, which is incorporated herein by reference from Exhibit 10.26.1 to YUM’s Annual Report on Form 10-K for the fiscal y ear ended December 31, 2020.

and Yum Restaurants Consulting (Shanghai) Company Limited, which is incorporated by reference from Exhibit 10.1 to YUM’s Report on Form 8-K filed on November 3, 2016.

Confirmatory License Agreement, dated as of January 1, 2020, by and between YRI China Franchising, LLC and Yum Restaurants Consulting (Shanghai) Company Limited, which is incorporated by reference from Exhibit 10.26.1 to YUM’s Annual Report on Form 10-K for the fiscal y ear ended December 31, 2020.

Amendment No.

1 unchanged sentence

Restaurants Asia Pte.

And Yum Restaurants Consulting (Shanghai) Company Limited, which is incorporated herein by reference from Exhibit 10.26.1 to YUM’s Quarterly Report on Form 10-Q filed on May 10, 2022.

And Yum Restaurants Consulting (Shanghai) Company Limited, which is incorporated by reference from Exhibit 10.26.1 to YUM’s Quarterly Report on Form 10-Q filed on May 10, 2022.

10.25 Tax Matters Agreement, dated as of October 31, 2016, by and among YUM, Yum China Holdings, Inc.

and Yum Restaurants Consulting (Shanghai) Company Limited, which is incorporated herein by reference from Exhibit 10.2 to YUM’s Report on Form 8-K filed on November 3, 2016 .

and Yum Restaurants Consulting (Shanghai) Company Limited, which is incorporated by reference from Exhibit 10.2 to YUM’s Report on Form 8-K filed on November 3, 2016 .

Resignation and Transition Services Agreement, dated as of January 10, 2025, by and between Kentucky Fried Chicken Canada Company, YUM!

and Sabir Sami, as attached herein.

and Sabir Sami, which is incorporated by reference from Exhibit 10.24 to YUM’s Annual Report on Form 10-K filed for the fiscal year ended December 31, 2024.

Separation Agreement, General Release and Covenant Not to Sue, dated as of August 13, 2024, and revised as of August 16, 2024, by and between Yum Restaurant Services Group, LLC and Scott Catlett, which is incorporated by reference from Exhibit 10.1 to YUM’s Quarterly Report on Form 10-Q filed on May 7, 2025.

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, which is incorporated by reference from Exhibit 10.4 to YUM’s Quarterly Report on Form 10-Q filed on November 7, 2025.

CEO Offer Letter dated June 13, 2025, between the Company and Christopher Turner, which is incorporated by reference from Exhibit 10.5 to YUM’s Quarterly Report on Form 10-Q filed on August 7, 2025.

Special Advisor Offer Letter dated September 23, 2025, between the Company and David Gibbs, which is incorporated by reference from Exhibit 10.5 to YUM’s Quarterly Report on Form 10-Q filed on November 7, 2025.

Chief Consumer Officer Offer Letter dated August 28, 2025, between Yum Restaurant Services Group, LLC and Sean Tresvant, which is incorporated by reference from Exhibit 10.6 to YUM’s Quarterly Report on Form 10-Q filed on November 7, 2025.

Policy Regarding Transactions in YUM!

Securities By Covered Employees and Disclosure of Material Nonpublic Information, as attached herein.

Securities By Covered Employees and Disclosure of Material Nonpublic Information, which is incorporated by reference from Exhibit 19.1 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Policy Regarding Transactions in YUM!

Securities By Executive Officers, as attached herein.

Securities By Executive Officers, which is incorporated by reference from Exhibit 19.2 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Policy Regarding Transactions in YUM!

Securities By Directors, as attached herein.

Securities By Directors, which is incorporated by reference from Exhibit 19.3 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

19.4 Insider Trading Provisions from YUM!

Global Code of Conduct, as attached herein.

Global Code of Conduct, which is incorporated by reference from Exhibit 19.4 to YUM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

21.1 Active Subsidiaries of YUM.

23.1 Consent of KPMG LLP.

Number Description of Exhibits

31.1 Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

6 unchanged sentences

101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

Number Description of Exhibits

101.SCH XBRL Taxonomy Extension Schema Document

6 unchanged sentences

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.

What changed 10-K

Item 9A. Controls and Procedures