Post-Termination Agreement, effective October 16, 2019, by and between Yum China Holdings, Inc. and Jacky Lo

Pro-rated 2019 annual cash bonus for Jan 1 to Oct 15, 2019, payable in Feb 2020 after the Team Factor and Individual Factors results are confirmed. Payment is subject to tax withholding.

A one-time discretionary payment of HK$ 2,613,000 on Oct 31, 2019.

/s/ Aiken Yuen

/s/ Jacky Lo

September 6, 2019

**Private & Confidential**

The Company and Employee agree that Employee’s employment with the Company will terminate on October 16, 2019 (“Termination Date”) with last employment date on Oct 15, 2019.

In consideration of the discretionary prorated bonus (Jan 1 – Oct 15, 2019) and a one-time discretionary payment of HK$2,613,000 to the Employee, the Employee undertakes to the Company as follows:

Non-Disclosure: Employee will keep secret and shall not, after the Termination Date, use for his own or another’s advantage, or reveal to any person, firm, company or organization, and shall use his best endeavors to prevent the publication or disclosure of any of the trade secrets, business methods, computer systems or any information, in written or electronic form, (including strategic plans and annual operating plans but excluding any such information or data which enters the public domain except through default) which he knew or ought reasonably to have known to be confidential concerning the business or affairs of the Company or any of its affiliates, vendors, customers or other third parties, so far as they came to his knowledge during his employment with the Company.

Non-Disparagement: Employee will not do or say anything which criticizes or disparages the Company or its affiliates, its management, practices, or product which disrupts or impairs the Company’s normal, ongoing business operations; or which harms the Company’s reputation with its employees, customers, suppliers, or the public.

Non-Solicitation: For a period of two (2) years after the Termination Date, the Employee will not endeavor (whether on his own account or for any other person, firm, company or organization) to entice away from the Company or any of its affiliates in the People’s Republic of China, Hong Kong and US any employee employed as at the Termination Date or at any time within a period of 12 months prior to that date and with whom the Employee has worked or with whom he has had personal contact as part of his employment with the Company.

Non-Competition: In connection with the discretionary payment under Section 2 which is acknowledged as inclusive of any legally mandated economic compensation for the enforcement of this non-compete covenant, the Employee, for a period of one (1) year after the Termination Date, shall not be engaged or interested (whether as principal, servant, agent, consultant or otherwise) in any trade or business in the People’s Republic of China and Hong Kong he has been involved or with which he has been concerned as part of his employment with the Company and its affiliates and which is similar to, and by virtue of its location, competes with, any trade or business being carried on as at the Termination Date by the Company or any of its affiliates i.e. the restaurant industry including without limitation McDonalds’, Burger King, Starbucks, Wendy’s, Popeye, Domino’s Pizza, Papa John’s, Little Caesars Pizza, Dicos and Subway.

Release: The Employee waives all rights and claims he may have for any personal or monetary relief arising from the Employee’s employment with the Company, or the termination of employment with the Company.

Reasonable Cooperation in Investigation and Litigation: In the event the Company becomes involved in investigations, audits or inquiries, tax examinations or legal proceedings, by a judicial, governmental or regulatory authority, of any nature, related directly or indirectly to events that occurred during your employment and about which the Employee has or may have personal knowledge, the Employee agrees that he will be reasonably available upon reasonable notice from the Company, to answer discovery requests, give depositions or testify, with respect to matters of which the Employee has or may have knowledge as a result of or in connection with his employment relationship with the Company. In performing the obligations under this section, the Employee agrees that he will truthfully, forthrightly and completely provide the information reasonably requested. The Company will reimburse the Employee for all reasonable out-of-pocket expenses incurred by the Employee in connection with such cooperation. The parties understand and acknowledge that this provision is not intended to restrict the Employee’s ability to become employed by another employer or unreasonably interfere with such employment.

The Employee confirms and acknowledges that:

each of the clauses in this Agreement constitutes an entirely separate and independent restriction on the Employee;

that the duration, extent and application of each of the restrictions are no greater than is necessary for the protection of the interests of the Company and its affiliates;

if any such restriction shall be adjudged by any court of competent jurisdiction to be void and unenforceable as going beyond what is reasonable in the circumstances for the protection of the interests of the Company but would be valid if part of the wording thereof was deleted and/or the period thereof was reduced and/or the area dealt with thereby was reduced, the said restriction shall apply within the jurisdiction of that court with modifications as may be necessary to make it valid and effective.

None of the restrictions in this Agreement shall prevent the Employee from having an interest in any securities (such term to include stocks, shares and debentures) unless they are securities to which both of the following conditions apply:

the company which issued securities carries on, or is the holding company of a company carrying on, a business which is similar to or in competition with any business for the time being carried on by the Company or any of its affiliates; and

the securities are not listed or quoted on a Stock Exchange or, if they are so listed and quoted, they represent more than one per cent in nominal value or (in the case of securities not having a nominal value) in number of a class of securities which are so listed and quoted.

The undertakings given in clause 2 of this Agreement are given in favor of Company and its affiliates.

Employee acknowledges that:

EMPLOYEE HAS READ THIS AGREEMENT AND UNDERSTANDS ITS TERMS AND CONDITIONS.

EMPLOYEE HAS HAD THE OPPORTUNITY TO OBTAIN ALL ADVICE AND INFORMATION EMPLOYEE DEEMS NECESSARY ABOUT MATTERS RELATING TO THIS AGREEMENT.

EMPLOYEE HAS NOT BEEN COERCED INTO SIGNING THIS AGREEMENT AND VOLUNTARILY AGREES TO ABIDE BY ITS TERMS BECAUSE THEY ARE SATISFACTORY.

NO PROMISE OR INDUCEMENT OF ANY KIND HAS BEEN MADE TO EMPLOYEE BY THE COMPANY OR ANYONE ELSE TO CAUSE EMPLOYEE TO SIGN THIS AGREEMENT, EXCEPT AS SET FORTH ABOVE.

THE PAY AND OTHER BENEFITS THAT EMPLOYEE WILL RECEIVE AS A RESULT OF SIGNING THIS AGREEMENT ARE ADEQUATE AND THE ONLY CONSIDERATION FOR THIS AGREEMENT.

/s/ Jacky Lo

September 6, 2019

/s/ Aiken Yuen

September 6, 2019