YUM / Yum! Brands, Inc. - Pemfailan SEC, Laporan Tahunan, Penyata Proksi

Yum! Brands, Inc. • 1900 Colonel Sanders Lane • Louisville, KY 40213 P: 502.874.8300 • investors.yum.com

Exhibit 99.1 Yum! Brands Announces Intention to Refinance Certain Notes Issued Pursuant to its Existing Securitization Financing Facility LOUISVILLE, KY – Yum! Brands, Inc. (NYSE: YUM) (the “Company”) today announced its intention to refinance its Series 2016-1 Notes Fixed Rate Senior Secured Notes, Class A-2-III (the “Series 2016-1 Class A-2-III Notes”), issued by a wholly-owned subsidiary of Tac

FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) September 3, 2025 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) September 3, 2025 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 22, 2025 YUM! BRANDS, INC.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 22, 2025 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.

Adopted November 12, 2021August 22, 2025 BYLAWS OF YUM! BRANDS, INC. ARTICLE 1 OFFICES Section 1. Offices. The principal office of YUM! Brands, Inc. (the “Corporation”) in the State of North Carolina shall be in the City of Raleigh. The Corporation m

yum-8222025xex32 Adopted November 12, 2021August 22, 2025 BYLAWS OF YUM! BRANDS, INC.

YUM! BRANDS APPOINTS CHRIS TURNER TO BOARD OF DIRECTORS

YUM! BRANDS APPOINTS CHRIS TURNER TO BOARD OF DIRECTORS LOUISVILLE, Ky., August 28, 2025 – Yum! Brands, Inc. (NYSE: YUM) today announced that Chris Turner, who will become Chief Executive Officer of the Company on October 1, 2025, was appointed as a Director of the Board, also effective October 1, 2025. “We look forward to welcoming Chris to the Board as he takes on the Chief Executive role and le

Yum! Brands, Inc. 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.

YUM! BRANDS, INC. 2025 LONG TERM INCENTIVE PLAN FORM OF GLOBAL RESTRICTED STOCK UNIT AGREEMENT Grant Date: , 2025 Participant: Name Aggregate Number of Units Subject to Award: xxx Vesting Schedule: 100% on the 3rd year anniversary of the Grant Date This GLOBAL RESTRICTED STOCK UNIT AGREEMENT (“Agreement”) is made as of the day of , 2025 between YUM! BRANDS, INC., a North Carolina corporation (“YUM

Yum! Brands, Inc. 2025 Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement – CEO Award (2025), as effective May 20, 2025, as attached herein.

YUM! BRANDS, INC. 2025 LONG TERM INCENTIVE PLAN FORM OF GLOBAL RESTRICTED STOCK UNIT AGREEMENT Grant Date: , 2025 Participant: Name Aggregate Number of Units Subject to Award: xxx Vesting Schedule: 1/3 on each of the first, second and third year anniversary of the Grant Date This GLOBAL RESTRICTED STOCK UNIT AGREEMENT (“Agreement”) is made as of the day of , 2025 between YUM! BRANDS, INC., a North

CEO Offer Letter dated June 13, 2025, between the Company and Christopher Turner, as attached herein.

June 13, 2025 Chris Turner Dear Chris, I am pleased to confirm our offer of Chief Executive Officer, Yum! Brands, Inc.

Yum! Brands, Inc. 2025 Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement – Sign on (2025), as effective May 20 2025, as attached herein.

YUM! BRANDS, INC. 2025 LONG TERM INCENTIVE PLAN FORM OF GLOBAL RESTRICTED STOCK UNIT AGREEMENT Grant Date: , 2025 Participant: Name Aggregate Number of Units Subject to Award: xxx Vesting Schedule: 100% on the 3rd year anniversary of the Grant Date This GLOBAL RESTRICTED STOCK UNIT AGREEMENT (“Agreement”) is made as of the th day of , 2025 between YUM! BRANDS, INC., a North Carolina corporation (“

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm).

August 7, 2025 Yum! Brands, Inc. Louisville, Kentucky Re: Registration Statements (No. 333-36877, 333-32050, 333-36955, 333-36961, 333-36893, 333-32048, 333-109300, 333-64547, 333-32052, 333-109299, 333-170929, 333-223152, and 333-287320) on Form S-8. With respect to the subject registration statements, we acknowledge our awareness of the use therein of our report dated August 7, 2025 related to o

FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS,

Yum! Brands Reports Second-Quarter Results KFC International Unit Growth 7% and Taco Bell Same-Store Sales Growth 4%; Over $9 Billion Digital System Sales with Record 57% Digital Sales Mix

NEWS Yum! Brands Reports Second-Quarter Results KFC International Unit Growth 7% and Taco Bell Same-Store Sales Growth 4%; Over $9 Billion Digital System Sales with Record 57% Digital Sales Mix Louisville, KY (August 5, 2025) - Yum! Brands, Inc.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 5, 2025 YUM! BRANDS, INC.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 5, 2025 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024 [ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF TH

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM to COMMISSION FILE NUMBER: 1-13163 A. FULL TITLE OF THE PLAN AND THE ADDRESS OF TH

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) June 13, 2025 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

YUM! BRANDS APPOINTS CHRIS TURNER AS CHIEF EXECUTIVE OFFICER EFFECTIVE OCTOBER 1, 2025 David Gibbs will serve as an adviser to Yum! Brands until the end of 2026

YUM! BRANDS APPOINTS CHRIS TURNER AS CHIEF EXECUTIVE OFFICER EFFECTIVE OCTOBER 1, 2025 David Gibbs will serve as an adviser to Yum! Brands until the end of 2026 LOUISVILLE, KY, June 17, 2025 – Yum! Brands, Inc.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 15, 2025 YUM! BRANDS, INC. (E

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 15, 2025 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-8 REGISTRATION STATEMENT THE SECURITIES ACT OF 1933 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter)

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-8 REGISTRATION STATEMENT Under THE SECURITIES ACT OF 1933 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) North Carolina 13-3951308 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1441 Gardiner Lane Louisville, Kentucky 40213 (Address of Principal Executive

Filing Fee Table

Exhibit 107 Calculation of Filing Fee Table Form S-8 (Form Type) YUM! Brands, Inc.

Notice of Exempt Solicitation Pursuant to Rule 14a-103 | May 14, 2025

Notice of Exempt Solicitation Pursuant to Rule 14a-103 | May 14, 2025 Name of Registrant: Yum! Brands, Inc.

Notice of Exempt Solicitation Pursuant to Rule 14a-103 | May 14, 2025

Notice of Exempt Solicitation Pursuant to Rule 14a-103 | May 14, 2025 Name of Registrant: Yum! Brands, Inc.

FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm).

May 6, 2025 Yum! Brands, Inc. Louisville, Kentucky Re: Registration Statements (No. 333-36877, 333-32050, 333-36955, 333-36961, 333-36893, 333-32048, 333-109300, 333-64547, 333-32052, 333-109299, 333-170929, and 333-223152) on Form S-8. With respect to the subject registration statements, we acknowledge our awareness of the use therein of our report dated May 6, 2025 related to our review of inter

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, as attached herein.

To: Scott Catlett From: Tracy Skeans Date: August 13, 2024, revised August 16, 2024 Re: Separation Agreement, General Release and Covenant Not to Sue 1.

Yum! Brands Reports First-Quarter Results Taco Bell U.S. Same-Store Sales Growth 9%; KFC International Unit Growth 7% GAAP Operating Profit Growth of 5% and Core Operating Profit Growth of 8%

NEWS Yum! Brands Reports First-Quarter Results Taco Bell U.S. Same-Store Sales Growth 9%; KFC International Unit Growth 7% GAAP Operating Profit Growth of 5% and Core Operating Profit Growth of 8% Louisville, KY (April 30, 2025) - Yum! Brands, Inc. (NYSE: YUM) today reported results for the first quarter ended March 31, 2025. First-quarter GAAP EPS was $0.90 and first-quarter EPS excluding Special

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 30, 2025 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S

SECURITIES & EXCHANGE COMMISSION WASHINGTON, D.C. 20549 NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)

SECURITIES & EXCHANGE COMMISSION WASHINGTON, D.C. 20549 NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION) NAME OF REGISTRANT: YUM! Brands, Inc. NAME OF PERSON RELYING ON EXEMPTION: SOC Investment Group, ADDRESS OF PERSON RELYING ON EXEMPTION: 1707 L Street, N.W., Suite 350, Washington, D.C. 20036 Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Excha

United States Securities and Exchange Commission Washington, D.C. 20549 NOTICE OF EXEMPT SOLICITATION Pursuant to Rule 14a-103

PX14A6G 1 r49251px14a6g.htm United States Securities and Exchange Commission Washington, D.C. 20549 NOTICE OF EXEMPT SOLICITATION Pursuant to Rule 14a-103 United States Securities and Exchange Commission Washington, D.C. 20549 NOTICE OF EXEMPT SOLICITATION Pursuant to Rule 14a-103 Name of the Registrant: Yum Brands, Inc. Name of persons relying on exemption: The Shareholder Commons, Inc. Address o

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e)(2)) Definitive Proxy

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e)(2)) Definitive Proxy

Current Report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 26, 2025 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of incorp

YUM! BRANDS ANNOUNCES LEADERSHIP TRANSITION PLANS; DAVID GIBBS TO RETIRE IN 2026 The Board of Directors is Conducting a Thorough Succession Planning Process

Exhibit 99.1 YUM! BRANDS ANNOUNCES LEADERSHIP TRANSITION PLANS; DAVID GIBBS TO RETIRE IN 2026 The Board of Directors is Conducting a Thorough Succession Planning Process Louisville, KY, March 31, 2025 – Yum! Brands, Inc. (NYSE: YUM) today announced that David Gibbs, Chief Executive Officer, has informed the Board of Directors of his intention to retire from the Company in the next year. The Board

Regulation FD Disclosure, Financial Statements and Exhibits

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 18, 2025 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S

YUM! BRANDS TO ACCELERATE AI INNOVATION IN AN INDUSTRY-FIRST COLLABORATION WITH NVIDIA Louisville, KY, March 18, 2025 – Yum! Brands (NYSE: YUM), the parent company of KFC, Taco Bell, Pizza Hut, and Habit Burger & Grill, announced today that it is par

YUM! BRANDS TO ACCELERATE AI INNOVATION IN AN INDUSTRY-FIRST COLLABORATION WITH NVIDIA Louisville, KY, March 18, 2025 – Yum! Brands (NYSE: YUM), the parent company of KFC, Taco Bell, Pizza Hut, and Habit Burger & Grill, announced today that it is partnering with NVIDIA to accelerate the development of innovative AI technologies for Yum! restaurants around the globe.

Natalie Hochberg – Taco Bell Corp. [email protected] Polly Desien – Edelman    [email protected] TACO BELL® UNVEILS BOLD BUSINESS STRATEGY FOR A RELENTLESSLY INNOVATIVE FUTURE With ambitions to double innovation, the brand is sharing ex

Natalie Hochberg – Taco Bell Corp. [email protected] Polly Desien – Edelman    [email protected] TACO BELL® UNVEILS BOLD BUSINESS STRATEGY FOR A RELENTLESSLY INNOVATIVE FUTURE With ambitions to double innovation, the brand is sharing exclusive insights into its plan to R.I.N.G. The Bell for winning in the years ahead TLDR: • Taco Bell announces its business growth plan, R.I.N.G The B

Regulation FD Disclosure, Financial Statements and Exhibits

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 4, 2025 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

Resignation and Transition Services Agreement, dated as of January 10, 2025, by and between Kentucky Fried Chicken Canada Company, YUM! Brands, Inc. and Sabir Sami, as attached herein.

Execution Copy January 10, 2025 Sabir Sami Chief Executive Officer KFC Division Re: Resignation and Transition Services Dear Sabir: As we have discussed, the purpose of this Letter Agreement (this “Letter Agreement”) is to set out our mutual agreement regarding the terms and conditions of your resignation from YUM! Brands, Inc.

Insider Trading Provisions from YUM! Brands, Inc. Global Code of Conduct, as attached herein.

YUM! GLOBAL CODE OF CONDUCT Insider Trading Yum! respects the rights and legal protections of the investing public.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS, INC. (Exact na

YUM! Brands, Inc. Policy Regarding Transactions in YUM! Securities By Executive Officers, as attached herein.

YUM! Brands, Inc. Policy Regarding Transactions in YUM! Securities by Executive Officers The following corporate policy applies to transactions in YUM! Brands, Inc. (“YUM!”) securities by Executive Officers1: Covered Transactions. Any transaction involving YUM! securities is covered by this policy. You must obtain pre-clearance approval from the YUM! Legal Department for any transaction involving

YUM! Brands, Inc. Policy Regarding Transactions in YUM! Securities By Directors, as attached herein.

YUM! Brands, Inc. Policy Regarding Transactions in YUM! Securities by Directors The following corporate policy applies to transactions in YUM! Brands, Inc. (“YUM!”) securities by members of the Board of Directors of YUM! (“Directors”)1: Covered Transactions. Any transaction involving YUM! securities is covered by this policy. You must obtain pre-clearance approval from the YUM! Legal Department fo

UM! Brands, Inc. Policy Regarding Transactions in YUM! Securities By Covered Employees and Disclosure of Material Nonpublic Information, as attached herein.

YUM! Brands, Inc. Policy Regarding Transactions in YUM! Securities By Covered Employees and Disclosure of Material Nonpublic Information The following corporate policy applies to transactions in YUM! Brands, Inc. (“YUM!”) securities by Covered Employees. Covered Employees. “Covered Employees” are those employees designated by Yum! as covered by this policy, including: 1.“Pre-Clearance Covered Empl

Active Subsidiaries of YUM.

Exhibit 21.1 SUBSIDIARIES OF YUM! BRANDS, INC. AS OF DECEMBER 31, 2024 Name of Subsidiary State or Country of Incorporation A.C.N. 003 190 163 Pty Limited Australia A.C.N. 003 190 172 Pty Limited Australia A.C.N. 003 273 854 Pty Limited Australia A.C.N. 054 055 917 Pty Ltd Australia A.C.N. 054 121 416 Pty Limited Australia A.C.N. 085 239 961 Pty Ltd Australia A.C.N. 085 239 998 Pty Ltd Australia A

YUM! 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.

YUM! BRANDS EXECUTIVE INCOME DEFERRAL PROGRAM Plan Document for the 409A Program Restated as of January 1, 2024 TABLE OF CONTENTS Page ARTICLE I – INTRODUCTION 1 ARTICLE II – DEFINITIONS 2 2.

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 6, 2025 Commission file number 1-13163 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) North Carolina 13-3951308 (State or other jurisdiction of (I.R

Yum! Brands Reports Fourth-Quarter and Full-Year Results Fourth-Quarter Same-Store Sales Growth at Taco Bell of 5%; KFC International Unit Growth of 8% Full-Year GAAP Operating Profit of 4% and Core Operating Profit Growth Excluding 53rd Week of 8%

NEWS Yum! Brands Reports Fourth-Quarter and Full-Year Results Fourth-Quarter Same-Store Sales Growth at Taco Bell of 5%; KFC International Unit Growth of 8% Full-Year GAAP Operating Profit of 4% and Core Operating Profit Growth Excluding 53rd Week of 8% Louisville, KY (February 6, 2025) - Yum! Brands, Inc.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) January 10, 2025 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R

Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) January 8, 2025 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.

YUM / Yum! Brands, Inc. / Capital World Investors - SEC SCHEDULE 13G Passive Investment

SC 13G/A 1 SEC13GFiling.htm SEC SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1 )* YUM! Brands, Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 988498101 (CUSIP Number) September 30, 2024 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to

FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BR

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm).

November 7, 2024 Yum! Brands, Inc. Louisville, Kentucky Re: Registration Statements (No. 333-36877, 333-32050, 333-36955, 333-36961, 333-36893, 333-32048, 333-109300, 333-64547, 333-32052, 333-109299, 333-170929, and 333-223152) on Form S-8. With respect to the subject registration statements, we acknowledge our awareness of the use therein of our report dated November 7, 2024 related to our revie

Yum! Brands Reports Third-Quarter Results Taco Bell U.S. Same-Store Sales Growth +4%; KFC International Unit Growth +9% Digital Sales Mix Exceeding 50%

NEWS Yum! Brands Reports Third-Quarter Results Taco Bell U.S. Same-Store Sales Growth +4%; KFC International Unit Growth +9% Digital Sales Mix Exceeding 50% Louisville, KY (November 5, 2024) - Yum! Brands, Inc. (NYSE: YUM) today reported results for the third quarter ended September 30, 2024. Worldwide system sales, excluding foreign currency translation, grew 1% reflecting 5% unit growth. Third-q

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) November 5, 2024 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R

YUM / Yum! Brands, Inc. / JPMORGAN CHASE & CO - FILING YUM! BRANDS, INC. Passive Investment

SC 13G 1 YUMBRANDSINC.htm FILING YUM! BRANDS, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. )* YUM! BRANDS, INC. (Name of Issuer) Common Stock, no par value (Title of Class of Securities) 988498101 (CUSIP Number) September 30, 2024 (Date of Event Which Requires Filing of this Statement) Check the a

FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS,

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm).

August 8, 2024 Yum! Brands, Inc. Louisville, Kentucky Re: Registration Statements (No. 333-248288) on Form S-3 and (No. 333-36877, 333-32050, 333-36955, 333-36961, 333-36893, 333-32048, 333-109300, 333-64547, 333-32052, 333-109299, 333-170929, and 333-223152) on Form S-8. With respect to the subject registration statements, we acknowledge our awareness of the use therein of our report dated August

Yum! Brands Reports Second-Quarter Results +6% GAAP Operating Profit Growth and +10% Core Operating Profit Growth Taco Bell Same-Store Sales Growth +5%; KFC Unit Growth +8%

NEWS Yum! Brands Reports Second-Quarter Results +6% GAAP Operating Profit Growth and +10% Core Operating Profit Growth Taco Bell Same-Store Sales Growth +5%; KFC Unit Growth +8% Louisville, KY (August 6, 2024) - Yum! Brands, Inc.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 6, 2024 YUM! BRANDS, INC.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 6, 2024 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023 [ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF TH

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM to COMMISSION FILE NUMBER: 1-13163 A. FULL TITLE OF THE PLAN AND THE ADDRESS OF TH

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 16, 2024 YUM! BRANDS, INC. (E

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 16, 2024 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

Yum! Brands, Inc. Long Term Incentive Plan Form of Global Restricted Stock Unit Agreement (2024), as effective February 9, 2024.

YUM! BRANDS, INC. LONG TERM INCENTIVE PLAN FORM OF GLOBAL RESTRICTED STOCK UNIT AGREEMENT Grant Date: [INSERT] Grantee: Name Aggregate Number of Units Subject to Award: xxx Vesting Schedule: 25% on each of the first, second, third and fourth year anniversaries of the Grant Date This GLOBAL RESTRICTED STOCK UNIT AGREEMENT (“Agreement”) is made as of the th day of , 20 between YUM! BRANDS, INC., a N

FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS

Yum! Brands Inc. Long Term Incentive Plan Form of Global Performance Share Unit Agreement (2024).

YUM! BRANDS, INC. LONG TERM INCENTIVE PLAN FORM OF GLOBAL PERFORMANCE SHARE UNIT AGREEMENT Grant Date: [INSERT] Grantee/Participant: Name Number of Target Performance Share Units: XXX Performance Period: [INSERT] Performance Target: [INSERT] This GLOBAL PERFORMANCE SHARE UNIT AGREEMENT (“Agreement”) is made as of the th of , 20 between YUM! BRANDS, INC., a North Carolina corporation (“YUM!), and [

Yum! Brands, Inc. Long Term Incentive Plan Form of Global YUM! Stock Appreciation Rights Agreement (2024).

YUM! BRANDS, INC. LONG TERM INCENTIVE PLAN FORM OF GLOBAL YUM! STOCK APPRECIATION RIGHTS AGREEMENT This Global YUM! Stock Appreciation Rights Agreement is made as of the th day of , , by and between YUM! Brands, Inc., a North Carolina corporation having its principal office at 1441 Gardiner Lane, Louisville, Kentucky 40213, U.S.A. (“YUM!”), and [Insert] (the “Participant”). W I T N E S S E T H: WH

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm)

May 7, 2024 Yum! Brands, Inc. Louisville, Kentucky Re: Registration Statements (No. 333-248288) on Form S-3 and (No. 333-36877, 333-32050, 333-36955, 333-36961, 333-36893, 333-32048, 333-109300, 333-64547, 333-32052, 333-109299, 333-170929, and 333-223152) on Form S-8. With respect to the subject registration statements, we acknowledge our awareness of the use therein of our report dated May 7, 20

Yum! Brands Reports First-Quarter Results KFC International +10% Unit Growth; Taco Bell U.S. SSSG +2%; Record Digital System Sales Mix of Over 50%

NEWS Yum! Brands Reports First-Quarter Results KFC International +10% Unit Growth; Taco Bell U.

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 1, 2024 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S. E

Refinancing Amendment No. 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.

Exhibit 10.1 Execution Version REFINANCING AMENDMENT NO. 7 (this “Refinancing Amendment”), dated as of April 26, 2024, to that certain Credit Agreement dated as of June 16, 2016 (as amended by Refinancing Amendment No. 1 dated as of March 21, 2017, Refinancing Amendment No. 2 dated as of June 7, 2017, Refinancing Amendment No. 3 dated as of April 3, 2018, Refinancing Amendment No. 4 dated as of Ma

Entry into a Material Definitive Agreement, Financial Statements and Exhibits, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 26, 2024 Commission file number 1-13163 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) North Carolina 13-3951308 (State or other jurisdiction of (I.R.S

United States Securities and Exchange Commission Washington, D.C. 20549 NOTICE OF EXEMPT SOLICITATION Pursuant to Rule 14a-103

United States Securities and Exchange Commission Washington, D.C. 20549 NOTICE OF EXEMPT SOLICITATION Pursuant to Rule 14a-103 United States Securities and Exchange Commission Washington, D.C. 20549 NOTICE OF EXEMPT SOLICITATION Pursuant to Rule 14a-103 Name of the Registrant: Yum Brands, Inc. Name of persons relying on exemption: The Shareholder Commons, Inc. Address of persons relying on exempti

YUM / Yum! Brands, Inc. / VANGUARD GROUP INC - SCHEDULE 13G/A Passive Investment

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Exchange Act of 1934 (Amendment No.: 10)* Name of issuer: Yum! Brands Inc Title of Class of Securities: Common Stock CUSIP Number: 988498101 Date of Event Which Requires Filing of this Statement: March 28, 2024 Check the appropriate box to designate the rule pursuant to which this Schedule is filed: ☒ Rule

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.)  Filed by the Registrant  Filed by a Party other than the Registrant Check the appropriate box:   Preliminary Proxy Statement   CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.)  Filed by the Registrant  Filed by a Party other than the Registrant

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.)  Filed by the Registrant  Filed by a Party other than the Registrant Check the appropriate box:   Preliminary Proxy Statement   CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e)(2))   Definiti

The Yum! Brands, Inc. Pension Equalization Plan, Restated Plan Document for the 409A Program effective January 1, 2005, and as Amended and Restated as of January 1, 2023, as attached herein.

YUM! BRANDS, INC. PENSION EQUALIZATION PLAN (PEP) Plan Document for the Section 409A Program (January 1, 2023 Restatement) YUM! BRANDS, INC. PENSION EQUALIZATION PLAN Table of Contents Page No. ARTICLE I 1 FOREWORD 1 ARTICLE II DEFINITIONS AND CONSTRUCTION 3 2.1 DEFINITIONS: 3 2.2 CONSTRUCTION 19 ARTICLE III PARTICIPATION AND SERVICE 21 3.1 PARTICIPATION: 21 3.2 SERVICE: 21 3.3 CREDITED SERVICE: 2

YUM Director Deferred Compensation Plan, Plan Document for the 409A Program, as effective January 1, 2005, and as Amended and Restated as of January 1, 2023, as attached herein.

YUM! BRANDS DIRECTOR DEFERRED COMPENSATION PLAN Plan Document for the 409A Program Restated as of January 1, 2023 TABLE OF CONTENTS Page ARTICLE I – INTRODUCTION 1 ARTICLE II – DEFINITIONS 2 2.

Active Subsidiaries of YUM.

Exhibit 21.1 SUBSIDIARIES OF YUM! BRANDS, INC. AS OF DECEMBER 31, 2023 Name of Subsidiary State or Country of Incorporation A.C.N. 003 190 163 Pty Limited Australia A.C.N. 003 190 172 Pty Limited Australia A.C.N. 003 273 854 Pty Limited Australia A.C.N. 054 055 917 Pty Ltd Australia A.C.N. 054 121 416 Pty Limited Australia A.C.N. 085 239 961 Pty Ltd Australia A.C.N. 085 239 998 Pty Ltd Australia A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS, INC. (Exact na

YUM! 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, 2023, as attached herein.

YUM! BRANDS EXECUTIVE INCOME DEFERRAL PROGRAM Plan Document for the 409A Program Restated as of January 1, 2023 TABLE OF CONTENTS Page ARTICLE I – INTRODUCTION 1 ARTICLE II – DEFINITIONS 2 2.

Yum! Brands Inc. Long Term Incentive Plan Form of Global Performance Share Unit Agreement (2023), as attached herein.

YUM! BRANDS, INC. LONG TERM INCENTIVE PLAN FORM OF GLOBAL PERFORMANCE SHARE UNIT AGREEMENT Grant Date: February 10, 2023 Grantee/Participant: Name Number of Target Performance Share Units: XXX Performance Period: [January 1, 2023-December 31, 2025] Performance Target: System Sales Growth and Core Operating Profit Growth, as modified by TSR This GLOBAL PERFORMANCE SHARE UNIT AGREEMENT (“Agreement”)

which is incorporated by reference from Exhibit 97.1 to YUM’s Annual Report on Form-10K for the fiscal year ended 31 December, 2023

YUM! BRANDS, INC. COMPENSATION RECOVERY POLICY AMENDED AND RESTATED NOVEMBER 16, 2023 The YUM! Brands, Inc. Compensation Recovery Policy, as amended and restated (“Policy”), will apply to equity awards made on or after January 1, 2015 and annual bonus awards for years after calendar year 2014; provided, however, that with respect to bonus awards, this Policy shall apply only to the extent the appl

YUM / Yum! Brands, Inc. / VANGUARD GROUP INC - SCHEDULE 13G/A Passive Investment

SC 13G/A 1 tv02326-yumbrandsinc.htm SCHEDULE 13G/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Exchange Act of 1934 (Amendment No.: 9)* Name of issuer: Yum! Brands Inc Title of Class of Securities: Common Stock CUSIP Number: 988498101 Date of Event Which Requires Filing of this Statement: December 29, 2023 Check the appropriate box to designate the r

YUM / Yum! Brands, Inc. / Capital International Investors - SEC SCHEDULE 13G Passive Investment

SC 13G 1 SEC13GFiling.htm SEC SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. )* YUM! Brands, Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 988498101 (CUSIP Number) December 29, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to desig

YUM / Yum! Brands, Inc. / Capital World Investors - SEC SCHEDULE 13G Passive Investment

SC 13G 1 SEC13GFiling.htm SEC SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. )* YUM! Brands, Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 988498101 (CUSIP Number) December 29, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to desig

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 7, 2024 Commission file number 1-13163 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) North Carolina 13-3951308 (State or other jurisdiction of (I.R

Yum! Brands Reports Fourth-Quarter and Full-Year Results Industry Record Full-Year 4,754 Gross Unit Openings Translating to 6% Unit Growth Full-Year System Sales Grew 10% with 22% Digital Sales Growth

NEWS Yum! Brands Reports Fourth-Quarter and Full-Year Results Industry Record Full-Year 4,754 Gross Unit Openings Translating to 6% Unit Growth Full-Year System Sales Grew 10% with 22% Digital Sales Growth Louisville, KY (February 7, 2024) - Yum! Brands, Inc.

FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BR

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm)

November 7, 2023 Yum! Brands, Inc. Louisville, Kentucky Re: Registration Statements (No. 333-248288) on Form S-3 and (No. 333-36877, 333-32050, 333-36955, 333-36961, 333-36893, 333-32048, 333-109300, 333-64547, 333-32052, 333-109299, 333-170929, and 333-223152) on Form S-8. With respect to the subject registration statements, we acknowledge our awareness of the use therein of our report dated Nove

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) November 1, 2023 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R

Yum! Brands Reports Third-Quarter Results 10% System Sales Growth Driven by 6% Same-Store Sales Growth and 6% Unit Growth; 12% GAAP Operating Profit Growth and 16% Core Operating Profit Growth

NEWS Yum! Brands Reports Third-Quarter Results 10% System Sales Growth Driven by 6% Same-Store Sales Growth and 6% Unit Growth; 12% GAAP Operating Profit Growth and 16% Core Operating Profit Growth Louisville, KY (November 1, 2023) - Yum! Brands, Inc.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 17, 2023 (July 18, 2023) YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jur

FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS,

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm)

August 7, 2023 Yum! Brands, Inc. Louisville, Kentucky Re: Registration Statements (No. 333-248288) on Form S-3 and (No. 333-36877, 333-32050, 333-36955, 333-36961, 333-36893, 333-32048, 333-109300, 333-64547, 333-32052, 333-109299, 333-170929, and 333-223152) on Form S-8. With respect to the subject registration statements, we acknowledge our awareness of the use therein of our report dated August

8, 2023, 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 and Administrative Agent for the Lenders, which is incorporated herein by reference from Exhibit 10.1 to YUM’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (including as Exhibit A thereto to a conformed copy of the Credit Agreement reflecting all Amendments through Amendment No. 6).

Execution Version AMENDMENT NO. 6 THIS AMENDMENT NO. 6 (this “Agreement”), dated as of June 28, 2023, is entered into among PIZZA HUT HOLDINGS, LLC, KFC HOLDING CO. and TACO BELL OF AMERICA, LLC (collectively, the “Borrowers”), and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent under the Credit Agreement (as defined below).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 2, 2023 YUM! BRANDS, INC.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 2, 2023 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S

Yum! Brands Reports Second-Quarter Results 13% System Sales Growth Driven by 9% Same-Store Sales Growth and 6% Unit Growth; 1,025 Gross New Units and Record Digital Sales

NEWS Yum! Brands Reports Second-Quarter Results 13% System Sales Growth Driven by 9% Same-Store Sales Growth and 6% Unit Growth; 1,025 Gross New Units and Record Digital Sales Louisville, KY (August 2, 2023) - Yum! Brands, Inc.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 18, 2023 YUM! BRANDS, INC. (

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 18, 2023 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) June 27, 2023 YUM! BRANDS, INC. (

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) June 27, 2023 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2022 [ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF TH

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2022 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM to COMMISSION FILE NUMBER: 1-13163 A. FULL TITLE OF THE PLAN AND THE ADDRESS OF TH

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 18, 2023 YUM! BRANDS, INC. (E

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 18, 2023 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm)

May 8, 2023 Yum! Brands, Inc. Louisville, Kentucky Re: Registration Statements (No. 333-248288) on Form S-3 and (No. 333-36877, 333-32050, 333-36955, 333-36961, 333-36893, 333-32048, 333-109300, 333-64547, 333-32052, 333-109299, 333-170929, and 333-223152) on Form S-8. With respect to the subject registration statements, we acknowledge our awareness of the use therein of our report dated May 8, 20

FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 3, 2023 YUM! BRANDS, INC. (Ex

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 3, 2023 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S. E

Yum! Brands Reports First-Quarter Results Broad-Based Global Strength Resulting in 13% System Sales Growth excluding Russia Impact; 8% Same-Store Sales Growth and Record Digital System Sales With Digital Mix Exceeding 45%

NEWS Yum! Brands Reports First-Quarter Results Broad-Based Global Strength Resulting in 13% System Sales Growth excluding Russia Impact; 8% Same-Store Sales Growth and Record Digital System Sales With Digital Mix Exceeding 45% Louisville, KY (May 3, 2023) - Yum! Brands, Inc.

Yum! Brands, Inc. (YUM) Vote Yes: Item #5 – Shareholder Proposal Regarding Issuance of a Report on Efforts to Reduce Plastics Use through Exploration of Reusable Packaging Annual Meeting: May 18, 2023

Main Post Office, P.O. Box 751 www.asyousow.org Berkeley, CA 94704 BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992 Notice of Exempt Solicitation Pursuant to Rule 14a-103 Name of the Registrant: Yum! Brands, Inc. (YUM) Name of persons relying on exemption: As You Sow Address of persons relying on exemption: Main Post Office, P.O. Box 751, Berkeley, CA 94704 Written materials are submitted p

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registran

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement o Confidential, for Use of the Commission Only (as permitted by Rule 14a‑6(e)(2)) o Defin

SECURITIES & EXCHANGE COMMISSION WASHINGTON, D.C. 20549 NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)

yum23letter.htm - Generated by SEC Publisher for SEC Filing SECURITIES & EXCHANGE COMMISSION WASHINGTON, D.C. 20549 NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION) NAME OF REGISTRANT: Yum! Brands, Inc. NAME OF PERSON RELYING ON EXEMPTION: SOC Investment Group ADDRESS OF PERSON RELYING ON EXEMPTION: 1900 L Street, NW, Suite 900, Washington, DC 20036 Written materials are submitted pursuant to

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant Filed by a Party other than the Registrant C

DEFA14A Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant Filed by a P art y ot h er than the Registrant Check the appropriate box: Preliminary Proxy Statement CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e

Yum! Brands, Inc. 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.

YUM! BRANDS, INC. LONG TERM INCENTIVE PLAN FORM OF GLOBAL RESTRICTED STOCK UNIT AGREEMENT Grant Date: ,2023 Grantee: Name Aggregate Number of Units Subject to Award: xxx Vesting Schedule: 25% on each of the first, second, third and fourth year anniversaries of the Grant Date This GLOBAL RESTRICTED STOCK UNIT AGREEMENT (“Agreement”) is made as of the day of , 2023 between YUM! BRANDS, INC., a North

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS, INC. (Exact na

The Yum! Brands, Inc. Pension Equalization Plan, Restated Plan Document for the 409A Program effective January 1, 2005, and as Amended and Restated as of January 1,

YUM! BRANDS, INC. PENSION EQUALIZATION PLAN (PEP) Plan Document for the Section 409A Program (January 1, 2022 Restatement) YUM! BRANDS, INC. PENSION EQUALIZATION PLAN TABLE OF CONTENTS PAGE NO. ARTICLE I 1 FOREWORD 1 ARTICLE II DEFINITIONS AND CONSTRUCTION 3 2.1 DEFINITIONS 3 2.2 CONSTRUCTION 19 ARTICLE III PARTICIPATION AND SERVICE 21 3.1 PARTICIPATION 21 3.2 SERVICE 21 3.3 CREDITED SERVICE 21 AR

Active Subsidiaries of YUM.

Exhibit 21.1 SUBSIDIARIES OF YUM! BRANDS, INC. AS OF DECEMBER 31, 2022 Name of Subsidiary State or Country of Incorporation A.C.N. 003 190 163 Pty Limited Australia A.C.N. 003 190 172 Pty Limited Australia A.C.N. 003 273 854 Pty Limited Australia A.C.N. 054 055 917 Pty Ltd Australia A.C.N. 054 121 416 Pty Limited Australia A.C.N. 085 239 961 Pty Ltd Australia A.C.N. 085 239 998 Pty Ltd Australia A

YUM! 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,

YUM! BRANDS EXECUTIVE INCOME DEFERRAL PROGRAM Plan Document for the 409A Program Restated as of January 1, 2022 TABLE OF CONTENTS Page ARTICLE I – INTRODUCTION 1 ARTICLE II – DEFINITIONS 2 2.

YUM / Yum! Brands, Inc. / Magellan Asset Management Ltd - MAGELLAN ASSET MANAGEMENT LTD Passive Investment

SC 13G 1 yum21423.htm MAGELLAN ASSET MANAGEMENT LTD UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 YUM BRANDS INC (Name of Issuer) COM (Title of Class of Securities) 988498101 (CUSIP Number) December 31, 2022 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuan

YUM / Yum! Brands, Inc. / VANGUARD GROUP INC - SCHEDULE 13G/A Passive Investment

SC 13G/A 1 tv02292-yumbrandsinc.htm SCHEDULE 13G/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Exchange Act of 1934 (Amendment No.: 8)* Name of issuer: Yum! Brands Inc. Title of Class of Securities: Common Stock CUSIP Number: 988498101 Date of Event Which Requires Filing of this Statement: December 30, 2022 Check the appropriate box to designate the

Yum! Brands Reports Fourth-Quarter Results and Increases Dividend Industry Record Full-Year 4,560 Gross Unit Openings Fourth-Quarter System Sales Growth of 10% excluding Russia Impact

NEWS Yum! Brands Reports Fourth-Quarter Results and Increases Dividend Industry Record Full-Year 4,560 Gross Unit Openings Fourth-Quarter System Sales Growth of 10% excluding Russia Impact Louisville, KY (February 8, 2023) - Yum! Brands, Inc.

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 8, 2023 Commission file number 1-13163 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) North Carolina 13-3951308 (State or other jurisdiction of (I.R

Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) January 18, 2023 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) December 22, 2022 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.

FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended September 30, 2022 OR ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BR

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm)

November 8, 2022 Yum! Brands, Inc. Louisville, Kentucky Re: Registration Statement (No. 333-248288) on Form S-3 and (No. 333-36877, 333-32050, 333-36955, 333-36961, 333-36893, 333-32048, 333-109300, 333-64547, 333-32052, 333-109299, 333-170929, and 333-223152) on Form S-8 With respect to the subject registration statement, we acknowledge our awareness of the use therein of our report dated Novembe

Yum! Brands Reports Third-Quarter Results 10% System Sales Growth Excluding Russia Impact; Led by 5% Same-Store Sales Growth with 979 Gross Unit Openings

NEWS Gavin Felder Chief Strategy Officer and Interim Head, Investor Relations Yum! Brands Reports Third-Quarter Results 10% System Sales Growth Excluding Russia Impact; Led by 5% Same-Store Sales Growth with 979 Gross Unit Openings Louisville, KY (November 2, 2022) - Yum! Brands, Inc.

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) November 2, 2022 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R

FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended June 30, 2022 OR ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS,

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm)

August 8, 2022 Yum! Brands, Inc. Louisville, Kentucky Re: Registration Statements (No. 333-248288) on Form S-3 and (No. 333-36877, 333-32050, 333-36955, 333-36961, 333-36893, 333-32048, 333-109300, 333-64547, 333-32052, 333-109299, 333-170929, and 333-223152) on Form S-8 With respect to the subject registration statements, we acknowledge our awareness of the use therein of our report dated August

Yum! Brands Reports Second-Quarter Results; 781 Gross Unit Openings and Digital System Sales of Nearly $6B; Resilient Global Business Led by Widespread Taco Bell Strength

NEWS Jodi Dyer Vice President, Investor Relations Yum! Brands Reports Second-Quarter Results; 781 Gross Unit Openings and Digital System Sales of Nearly $6B; Resilient Global Business Led by Widespread Taco Bell Strength Louisville, KY (August 3, 2022) - Yum! Brands, Inc.

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 3, 2022 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2021 [ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF TH

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2021 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM to COMMISSION FILE NUMBER: 1-13163 A. FULL TITLE OF THE PLAN AND THE ADDRESS OF TH

Submission of Matters to a Vote of Security Holders

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 19, 2022 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

Amendment No. 1 to Master License Agreement, dated as of April 15, 2022, by and between Yum! Restaurants Asia Pte. Ltd. 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.

AMENDMENT NO. 1 TO MASTER LICENSE AGREEMENT This Amendment No. 1 to Master License Agreement (?Amendment No. 1?), is entered into as of April 15, 2022, by and between YRI China Franchising LLC, as assignee of Yum! Restaurants Asia Pte. Ltd. (?Licensor?), and Yum! Restaurants Consulting (Shanghai) Company Limited (?Licensee?). RECITALS A. Licensor and Licensee are parties to that certain Master Lic

Yum! Brands, Inc. 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.

YUM! BRANDS, INC. LONG TERM INCENTIVE PLAN GLOBAL RESTRICTED STOCK UNIT AGREEMENT Grant Date: February 11, 2022 Grantee: Name Aggregate Number of Units Subject to Award: xxx Vesting Schedule: 25% on each of the first, second, third and fourth year anniversaries of the Grant Date This GLOBAL RESTRICTED STOCK UNIT AGREEMENT (?Agreement?) is made as of the 11th day of February, 2022 between YUM! BRAN

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm)

May 10, 2022 Yum! Brands, Inc. Louisville, Kentucky Re: Registration Statements (No. 333-248288) on Form S-3 and (No. 333-36877, 333-32050, 333-36955, 333-36961, 333-36893, 333-32048, 333-109300, 333-64547, 333-32052, 333-109299, 333-170929, and 333-223152) on Form S-8 With respect to the subject registration statements, we acknowledge our awareness of the use therein of our report dated May 10, 2

FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended March 31, 2022 OR ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registran

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement o Confidential, for Use of the Commission Only (as permitted by Rule 14a?6(e)(2)) o Defin

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 4, 2022 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S. E

Yum! Brands Reports First-Quarter Results; Q1 Record 997 Gross Unit Openings and Record Digital Mix Exceeding 40%; System Sales Growth of 8% Driven by 6% Unit Growth and 3% Same-Store Sales Growth

NEWS Jodi Dyer Vice President, Investor Relations Yum! Brands Reports First-Quarter Results; Q1 Record 997 Gross Unit Openings and Record Digital Mix Exceeding 40%; System Sales Growth of 8% Driven by 6% Unit Growth and 3% Same-Store Sales Growth Louisville, KY (May 4, 2022) - Yum! Brands, Inc.

SECURITIES & EXCHANGE COMMISSION WASHINGTON, D.C. 20549 NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)

SECURITIES & EXCHANGE COMMISSION WASHINGTON, D.C. 20549 NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION) NAME OF REGISTRANT: Yum! Brands, Inc. NAME OF PERSON RELYING ON EXEMPTION: SOC Investment Group ADDRESS OF PERSON RELYING ON EXEMPTION: 1900 L Street, N.W. Suite 900, Washington, D.C. 20036 Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchang

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant Filed by a Party other than the Registrant C

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e)(2)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant Filed by a Party other than the Registrant C

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e)(2)) Definitive Proxy

Financial Statements and Exhibits, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 1, 2022 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

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

Exhibit 4.1 YUM! BRANDS, INC. AND U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, TRUSTEE 5.375% Senior Notes due 2032 THIRD SUPPLEMENTAL INDENTURE Dated as of April 1, 2022 to Indenture Dated as of September 25, 2020 Debt Securities THIRD SUPPLEMENTAL INDENTURE, dated as of April 1, 2022, (this ?Supplemental Indenture?), between YUM! Brands, Inc., a North Carolina corporation (the ?Company?), and

Underwriting Agreement, dated as of March 24, 2022, by and between the Company and BofA Securities, Inc., as representative of the several underwriters named therein.

Exhibit 1.1 YUM! Brands, Inc. $1,000,000,000 5.375% Senior Notes due 2032 Underwriting Agreement March 24, 2022 BofA Securities, Inc. One Bryant Park New York, New York 10036 As representative of the several Underwriters named in Schedule I hereto, Ladies and Gentlemen: YUM! Brands, Inc., a North Carolina corporation (the ?Company?), proposes, subject to the terms and conditions stated herein, to

Calculation of Filing Fee Table (Form Type) YUM! BRANDS, INC. (Exact Name of Registrant as Specified in its Charter) Table 1: Newly Registered Securities

? EX-FILING FEES? Calculation of Filing Fee Table 424(b)(2)1 (Form Type) YUM! BRANDS, INC.

$1,000,000,000 YUM! Brands, Inc. 5.375% SENIOR NOTES DUE 2032

TABLE OF CONTENTS ?Filed pursuant to Rule 424(b)(2)? ?Registration No. 333-248288? PROSPECTUS SUPPLEMENT (To prospectus dated August 24, 2020) $1,000,000,000 YUM! Brands, Inc. 5.375% SENIOR NOTES DUE 2032 ? We are offering $1,000 million aggregate principal amount of 5.375% senior notes due 2032 (the ?Notes?). Interest on the Notes is payable semi-annually in arrears on April 1 and October 1 of ea

Pricing Term Sheet YUM! Brands, Inc. $1,000,000,000 5.375% Senior Notes due 2032

Filed Pursuant to Rule 433 Registration Statement No. 333-248288 Pricing Term Sheet YUM! Brands, Inc. $1,000,000,000 5.375% Senior Notes due 2032 Issuer: YUM! Brands, Inc. Title of Securities: 5.375% Senior Notes due 2032 (the ?Notes?) Aggregate Principal Amount Offered: $1,000,000,000 Maturity Date: April 1, 2032 Issue Price: 100.000% Underwriting Discount: 1.000% Coupon: 5.375% Yield to Maturity

Subject to Completion, Dated March 24, 2022

TABLE OF CONTENTS The information in this preliminary prospectus supplement is not complete and may be changed.

YUM! 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, 2021, as attached herein.

YUM! BRANDS EXECUTIVE INCOME DEFERRAL PROGRAM Plan Document for the 409A Program Restated as of January 1, 2021, with Amendments Through December 2021 TABLE OF CONTENTS Page ARTICLE I ? INTRODUCTION 1 ARTICLE II ? DEFINITIONS 2 2.

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.

AMENDMENT TO THE YUM! BRANDS THIRD COUNTRY NATIONAL RETIREMENT PLAN The Yum! Brands Third Country National Plan (the ?Plan?) is hereby amended as set forth in the attached document, effective as of January 1, 2021.

Active Subsidiaries of YUM.

Exhibit 21.1 SUBSIDIARIES OF YUM! BRANDS, INC. AS OF DECEMBER 31, 2021 Name of Subsidiary State or Country of Incorporation A.C.N. 003 190 163 Pty Limited Australia A.C.N. 003 190 172 Pty Limited Australia A.C.N. 003 273 854 Pty Limited Australia A.C.N. 054 055 917 Pty Ltd Australia A.C.N. 054 121 416 Pty Limited Australia A.C.N. 085 239 961 Pty Ltd Australia A.C.N. 085 239 998 Pty Ltd Australia A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ? ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2021 OR ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS, INC. (Exact na

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.

YUM! BRANDS LEADERSHIP RETIREMENT PLAN Plan Document for the 409A Program, Amended and Restated as of January 1, 2021 (unless otherwise noted herein) YUM! Brands Leadership Retirement Plan Table of Contents Page ARTICLE I ? FOREWORD 1 ARTICLE II ? DEFINITIONS 3 2.

The Yum! Brands, Inc. Pension Equalization Plan, Restated Plan Document for the 409A Program effective January 1, 2005, and as Amended and Restated as of January 1, 2021, as attached herein.

YUM! BRANDS, INC. PENSION EQUALIZATION PLAN (PEP) Plan Document for the Section 409A Program (January 1, 2021 Restatement) YUM! BRANDS, INC. PENSION EQUALIZATION PLAN Table of Contents Page No. ARTICLE I 1 FOREWORD 1 ARTICLE II DEFINITIONS AND CONSTRUCTION 3 2.1 Definitions: 3 2.2 Construction: 19 ARTICLE III PARTICIPATION AND SERVICE 21 3.1 Participation: 21 3.2 Service: 21 3.3 Credited Service:

YUM / Yum! Brands, Inc. / Magellan Asset Management Ltd - MAGELLAN ASSET MANAGEMENT LTD Passive Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 YUM BRANDS INC (Name of Issuer) COM (Title of Class of Securities) 988498101 (CUSIP Number) December 31, 2021 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b)

YUM / Yum! Brands, Inc. / VANGUARD GROUP INC - SCHEDULE 13G/A Passive Investment

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Exchange Act of 1934 (Amendment No.: 7)* Name of issuer: Yum! Brands Inc. Title of Class of Securities: Common Stock CUSIP Number: 988498101 Date of Event Which Requires Filing of this Statement: December 31, 2021 Check the appropriate box to designate the rule pursuant to which this Schedule is filed: ☒ Ru

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 9, 2022 Commission file number 1-13163 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) North Carolina 13-3951308 (State or other jurisdiction of (I.R

Yum! Brands Reports Fourth-Quarter Results; Industry Record Full-Year 3,057 Net-New Units; Fourth-Quarter System Sales Growth of 9% with Over $6 Billion in Digital Sales; Full-Year System Sales Growth of 13% and Record Digital Sales of $22 Billion

NEWS Jodi Dyer Vice President, Investor Relations Yum! Brands Reports Fourth-Quarter Results; Industry Record Full-Year 3,057 Net-New Units; Fourth-Quarter System Sales Growth of 9% with Over $6 Billion in Digital Sales; Full-Year System Sales Growth of 13% and Record Digital Sales of $22 Billion Louisville, KY (February 9, 2022) - Yum! Brands, Inc.

Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year, Financial Statements and Exhibits

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) November 12, 2021 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.

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.

Adopted July 15November 12, 202116 BYLAWS OF YUM! BRANDS, INC. ARTICLE 1 OFFICES Section 1. Offices. The principal office of YUM! Brands, Inc. (the ?Corporation?) in the State of North Carolina shall be in the City of Raleigh. The Corporation may have offices at such other places, either within or without the State of North Carolina, as the Board of Directors may from time to time determine. ARTIC

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm)

Acknowledgement of Independent Registered Public Accounting Firm Yum! Brands, Inc.

FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended September 30, 2021 OR ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BR

Yum! Brands Reports Third-Quarter Results; Record 760 Net-New Units and Same-Store Sales Growth of 5%, Driving System Sales Growth of 8%; Sustained Digital System Sales of Over $5 Billion

NEWS Jodi Dyer Vice President, Investor Relations and CFO, Digital & Technology Yum! Brands Reports Third-Quarter Results; Record 760 Net-New Units and Same-Store Sales Growth of 5%, Driving System Sales Growth of 8%; Sustained Digital System Sales of Over $5 Billion Louisville, KY (October 28, 2021) - Yum! Brands, Inc.

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) October 28, 2021 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) September 17, 2021 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I

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.

Exhibit 10.1 Execution Version TACO BELL FUNDING, LLC, as Issuer and CITIBANK, N.A., as Trustee and Securities Intermediary AMENDED AND RESTATED BASE INDENTURE Dated as of August 19, 2021 TABLE OF CONTENTS Page Article I DEFINITIONS AND INCORPORATION BY REFERENCE 1 Section 1.1 Definitions 1 Section 1.2 Cross-References 2 Section 1.3 Accounting and Financial Determinations; No Duplication 2 Section

Entry into a Material Definitive Agreement, Financial Statements and Exhibits, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 19, 2021 Commission file number 1-13163 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) North Carolina 13-3951308 (State or other jurisdiction of (I.R.

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.

Exhibit 10.3 EXECUTION VERSION AMENDED AND RESTATED MANAGEMENT AGREEMENT Dated as of August 19, 2021 by and among TACO BELL FUNDING, LLC, as Issuer, THE OTHER SECURITIZATION ENTITIES PARTY HERETO, TACO BELL CORP., as the Manager, and CITIBANK, N.A., as the Trustee TABLE OF CONTENTS Page Article I DEFINITIONS 2 Section 1.1 Certain Definitions 2 Section 1.2 Other Defined Terms 12 Section 1.3 Other T

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.

Exhibit 10.2 ? Execution Version ? TACO BELL FUNDING, LLC, ? as Issuer ? and ? CITIBANK, N.A., ? as Trustee and Series ?2021-1 Securities Intermediary ? ? ? SERIES 2021-1 SUPPLEMENT ? Dated as of August ?19, 2021 ? to ? AMENDED AND RESTATED BASE INDENTURE ? Dated as of August ?19, 2021 ? ? ? $900,000,000 Series ?2021-1 1.946% Fixed Rate Senior Secured Notes, Class ?A-2-I ? $600,000,000 Series ?202

YUM! BRANDS, INC. PRICES $2.25 BILLION OF SECURITIZED NOTES

NEWS Jodi Dyer Vice President, Investor Relations and CFO, Digital & Technology YUM! BRANDS, INC.

Financial Statements and Exhibits, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 11, 2021 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.

FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended June 30, 2021 OR ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS,

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm)

Acknowledgement of Independent Registered Public Accounting Firm Yum! Brands, Inc.

Financial Statements and Exhibits, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 5, 2021 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S

YUM! Brands Announces Intention to Refinance Certain Notes Issued Pursuant to its Existing Securitization Financing Facility

NEWS Jodi Dyer Vice President, Investor Relations and CFO, Digital & Technology YUM! Brands Announces Intention to Refinance Certain Notes Issued Pursuant to its Existing Securitization Financing Facility Louisville, KY, August 5, 2021?YUM! Brands, Inc.

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 29, 2021 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

Yum! Brands Reports Second-Quarter Results; Record 603 Net-New Units; Digital System Sales of Over $5 Billion; Same-Store Sales Growth of 23%; Reinstates Long-Term Growth Algorithm with Raised Unit Guidance

NEWS Jodi Dyer Vice President, Investor Relations and CFO, Digital & Technology Yum! Brands Reports Second-Quarter Results; Record 603 Net-New Units; Digital System Sales of Over $5 Billion; Same-Store Sales Growth of 23%; Reinstates Long-Term Growth Algorithm with Raised Unit Guidance Louisville, KY (July 29, 2021) - Yum! Brands, Inc.

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020 [ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF TH

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM to COMMISSION FILE NUMBER: 1-13163 A. FULL TITLE OF THE PLAN AND THE ADDRESS OF TH

Submission of Matters to a Vote of Security Holders

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 11, 2021 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

May 7, 2021

CORRESP 1 filename1.htm May 7, 2021 Via EDGAR (correspondence) United States Securities and Exchange Commission Division of Corporation Finance Office of Trade and Services 100 F Street, N.E. Washington, DC 20549-3561 Attention: Tony Watson Suying Li RE: Yum! Brands, Inc. Form 10-K for the Fiscal Year Ended December 31, 2020 Filed February 22, 2021 File No. 1-13163 Dear Mr. Watson and Ms. Li: On M

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm)

Acknowledgement of Independent Registered Public Accounting Firm Yum! Brands, Inc.

Quarterly Report - 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended March 31, 2021 OR ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS

Yum! Brands, Inc. 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.

YUM! BRANDS, INC. LONG TERM INCENTIVE PLAN FORM OF GLOBAL PERFORMANCE SHARE UNIT AGREEMENT Grant Date: [INSERT] Grantee/Participant: Name Number of Target Performance Share Units: XXX Performance Period: [INSERT] Performance Target: [INSERT] This GLOBAL PERFORMANCE SHARE UNIT AGREEMENT (?Agreement?) is made as of the day of , 20 between YUM! BRANDS, INC., a North Carolina corporation (?YUM!) and [

Yum! Brands Reports First-Quarter Results; Strong Recovery Driven by Record Digital System Sales of Over $5 Billion with Accelerated Off-Premise Growth; System Sales Growth of 11% with Same-Store Sales Growth of 9% and Unit Growth of 1%

NEWS Gavin Felder Chief Strategy Officer and Interim Head of Investor Relations Yum! Brands Reports First-Quarter Results; Strong Recovery Driven by Record Digital System Sales of Over $5 Billion with Accelerated Off-Premise Growth; System Sales Growth of 11% with Same-Store Sales Growth of 9% and Unit Growth of 1% Louisville, KY (April 28, 2021) - Yum! Brands, Inc.

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 28, 2021 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S

April 22, 2021

April 22, 2021 Via EDGAR (correspondence) United States Securities and Exchange Commission Division of Corporation Finance Office of Trade and Services 100 F Street, N.

Financial Statements and Exhibits, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 1, 2021 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

- DEFA14A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e)(2)) Definitive Proxy

- DEF 14A

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e)(2)

Underwriting Agreement, dated as of March 16, 2021, by and between the Company and Citigroup Global Markets Inc., as representative of the several underwriters named therein.

Exhibit 1.1 YUM! Brands, Inc. $1,100 million 4.625% Senior Notes due 2032 Underwriting Agreement March 16, 2021 Citigroup Global Markets Inc. 388 Greenwich Street New York, New York 10013 As representative of the several Underwriters named in Schedule I hereto, Ladies and Gentlemen: YUM! Brands, Inc., a North Carolina corporation (the ?Company?), proposes, subject to the terms and conditions state

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

Exhibit 4.1 YUM! BRANDS, INC. AND U.S. BANK NATIONAL ASSOCIATION, TRUSTEE 4.625% Senior Notes due 2032 SECOND SUPPLEMENTAL INDENTURE Dated as of April 1, 2021 to Indenture Dated as of September 25, 2020 Debt Securities SECOND SUPPLEMENTAL INDENTURE, dated as of April 1, 2021, (this ?Supplemental Indenture?), between YUM! Brands, Inc., a North Carolina corporation (the ?Company?), and U.S. Bank Nat

CALCULATION OF REGISTRATION FEE

TABLE OF CONTENTS CALCULATION OF REGISTRATION FEE Filed Pursuant to Rule 424(b)(2) Registration No.

Entry into a Material Definitive Agreement, Financial Statements and Exhibits, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 15, 2021 Commission file number 1-13163 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) North Carolina 13-3951308 (State or other jurisdiction of (I.R.S

Refinancing Amendment No. 4, dated as of March 15, 2021, 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 March 18, 2021.

Exhibit 10.1 Execution Version REFINANCING AMENDMENT NO. 4 (this ?Refinancing Amendment?), dated as of March 15, 2021, to that certain Credit Agreement dated as of June 16, 2016 (as amended by Refinancing Amendment No. 1 dated as of March 21, 2017, Refinancing Amendment No. 2 dated as of June 7, 2017 and Refinancing Amendment No. 3 dated as of April 3, 2018 and as further amended, restated, supple

Pricing Term Sheet YUM! Brands, Inc. $1,100,000,000 4.625% Senior Notes due 2032

Filed Pursuant to Rule 433 Registration Statement No. 333-248288 Pricing Term Sheet YUM! Brands, Inc. $1,100,000,000 4.625% Senior Notes due 2032 Issuer: YUM! Brands, Inc. Title of Securities: 4.625 % Senior Notes due 2032 (the ?Notes?) Aggregate Principal Amount Offered: $1,100,000,000 Maturity Date: January 31, 2032 Issue Price: 100.000% Underwriting Discount: 1.000% Coupon: 4.625% Yield to Matu

Subject to Completion, Dated March 16, 2021

TABLE OF CONTENTS The information in this preliminary prospectus supplement and the accompanying prospectus is not complete and may be changed.

Active Subsidiaries of YUM.

Exhibit 21.1 SUBSIDIARIES OF YUM! BRANDS, INC. AS OF DECEMBER 31, 2020 Name of Subsidiary State or Country of Incorporation A.C.N. 003 190 163 Pty Limited Australia A.C.N. 003 190 172 Pty Limited Australia A.C.N. 003 273 854 Pty Limited Australia A.C.N. 054 055 917 Pty Ltd Australia A.C.N. 054 121 416 Pty Limited Australia A.C.N. 085 239 961 Pty Ltd (SA1) Australia A.C.N. 085 239 998 Pty Ltd (SA2)

Annual Report - 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ? ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2020 OR ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS, INC. (Exact na

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 year ended December 31, 2020.

THIS CONFIRMATORY LICENSE AGREEMENT (this "AGREEMENT") is dated as of January 1, 2020 (the "Effective Date"), BY AND BETWEEN: (1)YRI China Franchising LLC, a limited liability company organized and existing under the laws of State of Delaware, United States of America, having its registered address at 1209 Orange Street, Wilmington, Delaware, United States of America, 19801 as "master licensee" (f

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G/A Under the Securities Exchange Act of 1934 (Amendment No. 1)*

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G/A Under the Securities Exchange Act of 1934 (Amendment No. 1)* YUM! Brands, Inc. (fka The Habit Restaurants, Inc.) (Name of Issuer) Common Stock, no par value (Title of Class of Securities) 988498101 (CUSIP Number) December 31, 2020 (Date of Event which Requires Filing of this Statement) Check the appropriate box

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Exchange Act of 1934 (Amendment No.: 6)*

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Exchange Act of 1934 (Amendment No.: 6)* Name of issuer: Yum! Brands Inc. Title of Class of Securities: Common Stock CUSIP Number: 988498101 Date of Event Which Requires Filing of this Statement: December 31, 2020 Check the appropriate box to designate the rule pursuant to which this Schedule is filed: ☒ Ru

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 YUM BRANDS INC (Name of Issuer) (Title of Class of Securities) 988498101 (CUSIP Number) December 31, 2020 (Date of Event wh

SC 13G 1 yumus21021.htm MAGELLAN ASSET MANAGEMENT LTD UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 YUM BRANDS INC (Name of Issuer) (Title of Class of Securities) 988498101 (CUSIP Number) December 31, 2020 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 4, 2021 Commission file number 1-13163 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) North Carolina 13-3951308 (State or other jurisdiction of (I.R

Yum! Brands Reports Fourth-Quarter Results, Primed to Grow in 2021 and Beyond; Same-Store Sales Decline of (1)%, Record Digital Sales of Nearly $5 Billion GAAP Operating Profit Decline of (12)%; Core Operating Profit Decline of (9)%

NEWS Keith Siegner Vice President, Investor Relations, M&A and Treasurer Yum! Brands Reports Fourth-Quarter Results, Primed to Grow in 2021 and Beyond; Same-Store Sales Decline of (1)%, Record Digital Sales of Nearly $5 Billion GAAP Operating Profit Decline of (12)%; Core Operating Profit Decline of (9)% Louisville, KY (February 4, 2021) - Yum! Brands, Inc.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 2, 2021 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers - 8-K/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) November 13, 2020 (October 9, 2020) YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm)

Acknowledgement of Independent Registered Public Accounting Firm Yum! Brands, Inc.

Quarterly Report - 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BR

Yum! Brands Reports Encouraging Third-Quarter Results; Strong Recovery Driven by Record Digital Sales, Off-Premise Growth and Restaurant Reopening; GAAP Operating Profit Decline of (2)%; Core Operating Profit Growth of 7%; System Sales Growth of 1% w

NEWS Keith Siegner Vice President, Investor Relations, M&A and Treasurer Yum! Brands Reports Encouraging Third-Quarter Results; Strong Recovery Driven by Record Digital Sales, Off-Premise Growth and Restaurant Reopening; GAAP Operating Profit Decline of (2)%; Core Operating Profit Growth of 7%; System Sales Growth of 1% with 2% Net Unit Growth Offset by a Same-Store Sales Decline of (2)% Louisville, KY (October 29, 2020) - Yum! Brands, Inc.

Financial Statements and Exhibits, Results of Operations and Financial Condition - 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) October 29, 2020 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) October 9, 2020 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.

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.

Exhibit 4.1 YUM! BRANDS, inc. AND U.S. BANK NATIONAL ASSOCIATION, as Trustee INDENTURE Dated as of September 25, 2020 Debt Securities Table of Contents Page ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 1 Section 1.1 Definitions 1 Section 1.2 Compliance Certificates and Opinions 9 Section 1.3 Form of Documents Delivered to Trustee 9 Section 1.4 Acts of Holders 10 Section 1.5 No

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.

Exhibit 4.2 YUM! BRANDS, INC. AND U.S. BANK NATIONAL ASSOCIATION, TRUSTEE 3.625% Senior Notes due 2031 FIRST SUPPLEMENTAL INDENTURE Dated as of September 25, 2020 to Indenture Dated as of September 25, 2020 Debt Securities FIRST SUPPLEMENTAL INDENTURE, dated as of September 25, 2020, (this “Supplemental Indenture”), between YUM! Brands, Inc., a North Carolina corporation (the “Company”), and U.S.

Underwriting Agreement, dated as of September 9, 2020, by and between the Company and Goldman Sachs & Co. LLC, as representative of the several underwriters named therein.

Exhibit 1.1 YUM! Brands, Inc. $1,050 million 3.625% Senior Notes due 2031 Underwriting Agreement September 9, 2020 Goldman Sachs & Co. LLC 200 West Street New York, New York 10282 As representative of the several Underwriters named in Schedule I hereto, Ladies and Gentlemen: YUM! Brands, Inc., a North Carolina corporation (the “Company”), proposes, subject to the terms and conditions stated herein

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) September 25, 2020 YUM! BRANDS, I

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) September 25, 2020 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I

CALCULATION OF REGISTRATION FEE

TABLE OF CONTENTS CALCULATION OF REGISTRATION FEE Filed Pursuant to Rule 424(b)(2) Registration No.

Subject to Completion, Dated September 9, 2020

TABLE OF CONTENTS The information in this preliminary prospectus supplement and the accompanying prospectus is not complete and may be changed.

Pricing Term Sheet YUM! Brands, Inc. $1,050,000,000 3.625% Senior Notes due 2031

Filed Pursuant to Rule 433 Registration Statement No. 333-248288 Pricing Term Sheet YUM! Brands, Inc. $1,050,000,000 3.625% Senior Notes due 2031 Issuer: YUM! Brands, Inc. Title of Securities: 3.625% Senior Notes due 2031 (the “Notes”) Aggregate Principal Amount Offered: $1,050,000,000 Maturity Date: March 15, 2031 Issue Price: 100.000% Underwriting Discount: 1.000% Coupon: 3.625% Yield to Maturit

Form of Indenture between YUM! Brands, Inc. and U.S. Bank National Association, as trustee

Exhibit 4.1 YUM! BRANDS, inc. AND U.S. BANK NATIONAL ASSOCIATION, as Trustee INDENTURE Dated as of Debt Securities Table of Contents Page ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 1 Section 1.1 Definitions 1 Section 1.2 Compliance Certificates and Opinions 8 Section 1.3 Form of Documents Delivered to Trustee 9 Section 1.4 Acts of Holders 10 Section 1.5 Notices, Etc., to Tru

Statement of Eligibility on Form T-1 of U.S. Bank National Association

Exhibit 25.1 securities and exchange commission Washington, D.C. 20549 FORM T-1 Statement of Eligibility Under The Trust Indenture Act of 1939 of a Corporation Designated to Act as Trustee Check if an Application to Determine Eligibility of a Trustee Pursuant to Section 305(b)(2) U.S. BANK NATIONAL ASSOCIATION (Exact name of Trustee as specified in its charter) 31-0841368 I.R.S. Employer Identific

- S-3ASR

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on August 24, 2020 Registration No.

Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 14, 2020 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.

Quarterly Report - 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended June 30, 2020 OR ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS,

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm)

Acknowledgement of Independent Registered Public Accounting Firm Yum! Brands, Inc.

Yum! Brands Reports Second-Quarter Results; Significant Improvement from Early Quarter Lows with Strong Digital and Delivery Momentum; System Sales Decline of (12)% with a Same-Store Sales Decline of (15)% Offset by 3% Net Unit Growth

NEWS Keith Siegner Vice President, Investor Relations, M&A and Treasurer Yum! Brands Reports Second-Quarter Results; Significant Improvement from Early Quarter Lows with Strong Digital and Delivery Momentum; System Sales Decline of (12)% with a Same-Store Sales Decline of (15)% Offset by 3% Net Unit Growth Louisville, KY (July 30, 2020) - Yum! Brands, Inc.

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 30, 2020 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

Regulation FD Disclosure

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) June 25, 2020 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

- 11-K

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM to COMMISSION FILE NUMBER: 1-13163 A. FULL TITLE OF THE PLAN AND THE ADDRESS OF TH

Regulation FD Disclosure - 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) June 10, 2020 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

Submission of Matters to a Vote of Security Holders

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 14, 2020 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

Letter from KPMG LLP regarding Unaudited Interim Financial Information (Acknowledgement of Independent Registered Public Accounting Firm)

Acknowledgement of Independent Registered Public Accounting Firm Yum! Brands, Inc.

Quarterly Report - 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended March 31, 2020 OR ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS

Yum! Brands Reports First-Quarter System Sales Decline of (3)% with a Same-Store Sales Decline of (7)% Offset by 4% Net-New Unit Growth GAAP Operating Profit Decline of (42)%; Core Operating Profit Decline of (6)%

NEWS Keith Siegner Vice President, Investor Relations, M&A and Treasurer Yum! Brands Reports First-Quarter System Sales Decline of (3)% with a Same-Store Sales Decline of (7)% Offset by 4% Net-New Unit Growth GAAP Operating Profit Decline of (42)%; Core Operating Profit Decline of (6)% Louisville, KY (April 29, 2020) - Yum! Brands, Inc.

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 29, 2020 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registran

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement o Confidential, for Use of the Commission Only (as permitted by Rule 14a?6(e)(2)) o Defin

Entry into a Material Definitive Agreement, Financial Statements and Exhibits, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 1, 2020 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S.

Vote FOR Proposal #4 to request a report on how the Company is addressing deforestation in its supply chain (NYSE: YUM) Meeting Date: May 14, 2020

Vote FOR Proposal #4 to request a report on how the Company is addressing deforestation in its supply chain (NYSE: YUM) Meeting Date: May 14, 2020 To YUM! Brands Shareholders: SumOfUs urges you to vote FOR PROPOSAL #4 to urge the Company report on how the Company is curtailing the impact on the Earth?s climate caused by deforestation in YUM?s supply chain.

Indenture, dated as of April 1, 2020 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 April 6, 2020.

YUM! BRANDS, INC. as Issuer, AND THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee $600,000,000 7.75% Senior Notes due 2025 INDENTURE Dated as of April 1, 2020 TABLE OF CONTENTS PAGE ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE Section 1.01. Definitions 1 Section 1.02. Other Definitions 9 Section 1.03. Rules of Construction 10 ARTICLE 2 THE NOTES Section 2.01. Form, Dating and Te

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant Filed by a Party other than the Registrant C

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e)(2)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant Filed by a Party other than the Registrant C

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e)(2)) Definitive Proxy

NEWS Keith Siegner Vice President, Investor Relations, M&A and Treasurer

NEWS Keith Siegner Vice President, Investor Relations, M&A and Treasurer YUM! BRANDS, INC.

NEWS Keith Siegner Vice President, Investor Relations, M&A and Treasurer

NEWS Keith Siegner Vice President, Investor Relations, M&A and Treasurer Yum! Brands, Inc.

Financial Statements and Exhibits, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 30, 2020 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 29, 2020 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S

Regulation FD Disclosure, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 18, 2020 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13163 North Carolina 13-3951308 (State or other jurisdiction of (I.R.S

Annual Report on Form 10-K for the fiscal year ended December 31, 2019

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ? ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2019 OR ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13163 YUM! BRANDS, INC. (Exact na

Active Subsidiaries of YUM.

Exhibit 21.1 SUBSIDIARIES OF YUM! BRANDS, INC. AS OF DECEMBER 31, 2019 State or Country of Name of Subsidiary Incorporation A.C.N. 003 190 163 Pty Limited Australia A.C.N. 003 190 172 Pty Limited Australia A.C.N. 003 273 854 Pty Limited Australia A.C.N. 054 055 917 Pty Ltd Australia A.C.N. 054 121 416 Pty Limited Australia A.C.N. 085 239 961 Pty Ltd (SA1) Australia A.C.N. 085 239 998 Pty Ltd (SA2)

Offer Letter dated July 16, 2019, between the Company and Mark King, 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.

July 16, 2019 Mark King Dear Mark, I am pleased to confirm our offer of employment as Chief Executive Officer for Taco Bell, reporting to David Gibbs, Yum! Brands President & COO.

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.

DESCRIPTION OF SECURITIES REGISTERED UNDER SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 The following is a summary of the rights of the common stock, without par value (?Common Stock?), of YUM! Brands, Inc.

YUM / Yum! Brands, Inc. / Magellan Asset Management Ltd - MAGELLAN ASSET MANAGEMENT LIMITED Passive Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 YUM BRANDS INC (Name of Issuer) COM (Title of Class of Securities) 988498101 (CUSIP Number) December 31, 2019 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b)

YUM / Yum! Brands, Inc. / VANGUARD GROUP INC - SCHEDULE 13G/A Passive Investment

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Exchange Act of 1934 (Amendment No.: 5)* Name of issuer: Yum! Brands Inc Title of Class of Securities: Common Stock CUSIP Number: 988498101 Date of Event Which Requires Filing of this Statement: December 31, 2019 Check the appropriate box to designate the rule pursuant to which this Schedule is filed: ☒ Rul

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 6, 2020 Commission file number 1-13163 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) North Carolina 13-3951308 (State or other jurisdiction of (I.R