YUMC Yum China Holdings Inc

On March 18, 2019, Ms. Shella Ng notified Yum China Holdings, Inc. (the “ Company ”) that she intends to resign as Chief Legal Officer and Corporate Secretary of the Company, effective April 30, 2019 (the “ Effective Date ”). The Company’s board of directors (the “ Board ”) has appointed Ms. Pingping Liu, the Company’s Senior Legal Director and Assistant Corporate Secretary, as acting Chief Legal Officer and Corporate Secretary as of May 1, 2019. The Company is in the process of conducting a search to identify a successor.

The Company and Ms. Ng entered into a term employment agreement (the “ Term Agreement ”) dated March 22, 2019 pursuant to which Ms. Ng agreed to serve as senior consultant to the Company from May 1, 2019 to November 30, 2019. In such capacity, Ms. Ng will advise the Company’s management and the Board on matters pertaining to corporate governance and compliance, provide counsel and guidance with regard to the legal and corporate secretary function and other special projects. In consideration for her services, Ms. Ng will be paid a monthly compensation of HK$100,000, continue to participate in certain Company employee benefit plans and receive continued vesting of her outstanding equity awards.  In addition, Ms. Ng will be entitled to a 2019 annual bonus, on a pro-rata basis through the Effective Date, in an amount no less than HK$700,000. Under the terms of the Term Agreement, Ms. Ng has agreed to be bound by covenants relating to non-competition, non-solicitation, non-disparagement and non-disclosure.

The foregoing summary of the Term Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Term Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.