CEO — Aaron Powell: The CEO of a major business unit (Pizza Hut) is resigning in connection with a corporate transaction, representing a significant management change.

Director — Steve Bratspies: The filing reports the appointment of a new director to a standing committee, which is a routine administrative board action.

Director — Steve Bratspies: The filing discloses the appointment of a new non-employee director, which is a routine board composition change and not a departure of a senior executive.

Entry into a Material Definitive Agreement. A&R MLA On August 7, 2026, in connection with the completion of the China Transaction (as defined in

below), YRI China Franchising, LLC (“ YRICF ”), a subsidiary of Yum! Brands, Inc. (the “ Company ”), entered into that certain Amended and Restated Master License Agreement (the “ A&R MLA ”) with Yum Restaurants Consulting (Shanghai) Company Limited (“ YCCL ”), a subsidiary of Yum China Holdings, Inc. (“ Yum China ”). The A&R MLA amends and restates the master license agreement that previously governed the parties’ relationship to remove all references to Pizza Hut or any future royalties pay…

Director — Kathleen Oberg: Ms. Oberg was appointed to the Audit Committee of the Board.

Results of Operations and Financial Condition On July 30, 2026, YUM! Brands, Inc. ( “ YUM ” ) issued a press release announcing financial results for the quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

Other Events Share Purchase Program The net after-tax proceeds of the Transactions will be used in accordance with the Company’s capital allocation strategy, including investing in the business and returning excess capital to shareholders. The Company’s Board of Directors has approved a new share repurchase authorization, which authorizes repurchases of up to $4.0 billion shares of common stock from the earlier of the exhaustion or expiration of the Company’s current share purchase authorizat…

Entry into a Material Definitive Agreement. Sale of Global Pizza Hut Business General On June 16, 2026, Yum! Brands, Inc. (the “ Company ”) entered into that certain Equity Purchase Agreement (the “ Purchase Agreement ”) with Toppings TopCo, LLC, a Delaware limited liability company (“ Purchaser ”). Pursuant to the terms of the Purchase Agreement, and subject to the terms and conditions set forth therein, the Company has agreed to sell to Purchaser its global Pizza Hut business (other than th…

Chief Operating Officer and Chief People & Culture Officer — Tracy Skeans: Tracy Skeans is transitioning from her roles and retiring, with a transition period and compensation details outlined.

Results of Operations and Financial Condition On April 29, 2026, YUM! Brands, Inc. ( “ YUM ” ) issued a press release announcing financial results for the quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

Director — Kathleen K. Oberg: Ms. Kathleen K. Oberg was appointed as a director effective April 1, 2026.

Director — Keith Barr: Mr. Barr resigned from the Board to take up a new leadership position outside of YUM.

Results of Operations and Financial Condition On February 4, 2026, Yum! Brands, Inc. issued a press release announcing financial results for the quarter and year ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1. Section 9 – Financial Statements and Exhibits

Results of Operations and Financial Condition On November 4, 2025, YUM! Brands, Inc. ( “ YUM ” ) issued a press release announcing financial results for the quarter ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under

Entry into a Material Definitive Agreement. General On September 24, 2025 (the “Closing Date”), Taco Bell Funding, LLC (the “Issuer”), a special purpose Delaware limited liability company and a direct, wholly-owned subsidiary of Taco Bell Corp. (“TBC”), completed its previously announced refinancing transaction and issued $1,000 million of its Series 2025-1 4.821% Fixed Rate Senior Secured Notes, Class A-2-I (the “Series 2025-1 Class A-2-I Notes”) and $500 million of its Series 2025-1 5.049%…

Chief Financial Officer — Ranjith Roy: Ranjith Roy was promoted to Chief Financial Officer from his previous role as Chief Strategy Officer & Treasurer.

Director — David Gibbs: David Gibbs resigned as a director, and Christopher Turner was appointed to succeed him.

Results of Operations and Financial Condition On August 5, 2025, YUM! Brands, Inc. ("YUM") issued a press release announcing financial results for the quarter ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1. Section 9 – Financial Statements and Exhibits

Chief Executive Officer — Christopher Turner: Christopher Turner was promoted to Chief Executive Officer, succeeding David Gibbs.

The filing is about the approval of a long-term incentive plan, not a management change.

Results of Operations and Financial Condition On April 30, 2025, YUM! Brands, Inc. ("YUM") issued a press release announcing financial results for the quarter ended March 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1. Section 9 – Financial Statements and Exhibits

Chief Executive Officer — David Gibbs: David Gibbs intends to retire in 2026, and a succession planning committee has been established.

Regulation FD Disclosure Today, March 4, 2025, Yum! Brands, Inc. (the “Company”) is hosting Taco Bell Consumer Day, during which the Company will present an overview of the long-term strategic vision and outlook for its Taco Bell Division, as well as an update on recent performance. The Company’s Taco Bell Division also issued a press release on March 4, 2025, regarding certain information to be discussed at the Consumer Day, including its business growth plan, ambitions for innovation, and h…