1 unchanged sentence
Securities Trading Plans
−Removed: 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: During the three months ended March 31, 2026, 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:
Name/Title Type of Plan Adoption Date End Date Aggregate Number of
Securities to be Sold Plan Description
−Removed: Tracy Skeans / Chief Operating Officer & Chief People Officer
−Removed: Rule 10b5-1 trading plan August 18, 2025 January 30, 2026 51,106 (1)
−Removed: Exercise of Stock Appreciation Rights
−Removed: and Sale of Resulting Shares
+Added: Tracy Skeans / Chief Operating Officer & Chief People & Culture Officer
+Added: Rule 10b5-1 trading plan
+Added: February 7, 2026 December 31, 2026 6,088 (1)
+Added: Sale Shares of Common Stock
+Added: Sale of Shares of Common Stock
+Added: Exercise of Stock Appreciation Rights and Sale of Resulting Shares of Common Stock
+Added: David Russell /SVP, Finance & Corporate Controller
+Added: Rule 10b5-1 trading plan
+Added: February 12, 2026 August 31, 2027 41,312 (3)
+Added: Exercise of Stock Appreciation Rights and Sale of Resulting Shares of Common Stock
+Added: Aaron Powell / Chief Executive Officer, Pizza Hut Division
+Added: Rule 10b5-1 trading plan
+Added: February 17, 2026 December 31, 2026 24,005 (1)
+Added: Sale of Shares of Common Stock
+Added: (1) Represents the number of shares of common stock specified in the plan.
+Added: (2) Represents the target number of common shares underlying Performance Share Units specified in the Plan.
+Added: The actual number of shares received and sold following distribution will depend on the target quantity adjusted based on performance multipliers.
+Added: The shares distributed may be equal to, greater than, or less than the target quantity specified in the Plan.
(3) Represents the number of shares of common stock underlying the stock appreciation rights awards specified in the plan.
2 unchanged sentences
Exhibit Description
−Removed: 3.1 Amended and Restated Bylaws of Yum!
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Special Advisor Offer Letter to David Gibbs, dated September 23, 2025, between the Company and David Gibbs, as attached herein.
−Removed: 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).
+Added: 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, 2026, as attached herein.
+Added: 2025 Long Term Incentive Plan Form of Global YUM!
+Added: Non-Qualified Stock Option Agreement (2026), as attached herein.
+Added: 2025 Long Term Incentive Plan Form of Global YUM!
+Added: Stock Appreciation Rights Agreement (2026), as attached herein.
+Added: 2025 Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement (2026), as attached herein.
+Added: 2025 Long Term Incentive Plan Form of Global Performance Share Unit Agreement (2026), as attached herein.
+Added: 2025 Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement – Three Year Cliff Vesting (2026), as attached herein.
+Added: 2025 Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement – Sign on (2026), as attached herein.
+Added: 2025 Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement – CEO Award (2026), as attached herein.
+Added: Brands Leadership Retirement Plan, Plan Document for the 409A Program, as effective January 1, 2005, and as amended and restated as of January 1, 2026, as attached herein.
+Added: 10.10† Retention Bonus Agreement dated October 26, 2025, between the Company and Aaron Powell, as attached herein.
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.
12 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: November 7, 2025 /s/ David Russell
+Added: May 5, 2026 /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.