<SUBMISSION>
<ACCESSION-NUMBER>0001157523-05-010405
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20051117
<ITEMS>1.01
<ITEMS>5.02
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20051123
<DATE-OF-FILING-DATE-CHANGE>20051123
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>YUM BRANDS INC
<CIK>0001041061
<ASSIGNED-SIC>5812
<IRS-NUMBER>133951308
<STATE-OF-INCORPORATION>NC
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-13163
<FILM-NUMBER>051223410
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1441 GARDINER LANE
<CITY>LOUISVILLE
<STATE>KY
<ZIP>40213
<PHONE>5028748300
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1900 COLONEL SANDERS LANE
<CITY>LOUISVILLE
<STATE>KY
<ZIP>40213
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>TRICON GLOBAL RESTAURANTS INC
<DATE-CHANGED>19970627
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>GREAT AMERICAN RESTAURANT CO
<DATE-CHANGED>19970618
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5025375.htm
<DESCRIPTION>YUM! BRANDS, INC. 8-K
<TEXT>
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    <title>
      YUM! Brands, Inc. 8-K
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      STATES</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
      REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of
      1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Date
      of Report (Date of earliest event reported)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>November
      17, 2005</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Commission
      file number 1-13163</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>___________</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUM!
      BRANDS, INC.</strong></font></div>
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                Carolina</font></div>
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                No.)</font></div>
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                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">1441
                    Gardiner Lane, Louisville,
                    Kentucky</font></div>
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                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(Address
                    of principal executive
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                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
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                    telephone number, including area code:</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(502)
                    874-8300</font></div>
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              </tr>
              <tr>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Former
                    name or former address, if changed since last report:</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N/A</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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      ]
      Written communications pursuant to Rule 425 under the Securities Act (17 CFR
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      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
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      ]
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
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      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
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      1 - Registrant&#8217;s Business and Operations</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.01 </strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
      into a Material Definitive Agreement</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      disclosed in the registrant&#8217;s Current Report on Form 8-K filed with the
      Securities and Exchange Commission on October 17, 2005, David J. Deno, the
      registrant&#8217;s Chief Operating Officer, submitted a written letter of resignation
      to the registrant notifying the registrant that he was resigning for personal
      family reasons. Mr. Deno&#8217;s resignation will be effective as of the close of
      business on February 16, 2006 (the &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Leave
      Commencement Date</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;).
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      connection with his resignation, Mr. Deno and the registrant executed a
      Separation Agreement, subject to extension in limited circumstances, dated
      November 17, 2005, which addresses the obligations and responsibilities of
      Mr.
      Deno and the registrant to each other. The material terms and conditions of
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      Separation Agreement are summarized below, which descriptions are qualified
      in
      their entirety by reference to the provisions of the Separation Agreement filed
      with this report as Exhibit 99.1.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Employment
      Status</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Until
      the
      Leave Commencement Date, Mr. Deno will continue to be the Chief Operating
      Officer of the registrant. Following the Leave Commencement Date, and continuing
      through January 1, 2007 (the &#8220;Termination Date&#8221;), Mr. Deno will be placed on a
      paid leave of absence and will no longer be the registrant&#8217;s Chief Operating
      Officer. Mr. Deno will remain available during this paid leave of absence for
      special projects assigned to him by the registrant&#8217;s Chairman, Chief Executive
      Officer and President, David C. Novak, or Chief People Officer, Anne P.
      Byerlein</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Salary,
      Separation Pay and Bonus</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Until
      the
      Leave Commencement Date, Mr. Deno will continue to receive his current base
      salary, which is $535,000 on an annual basis. Subject to his compliance with
      the
      other provisions of the Separation Agreement, Mr. Deno will continue to receive
      his current base salary during his paid leave of absence. Mr. Deno&#8217;s 2005 bonus,
      the award and amount of which will be in the sole discretion of Mr. Novak and
      the Compensation Committee of the registrant&#8217;s Board of Directors, will not
      exceed $385,000.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Stock
      Options</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Provided
      that he complies with other requirements specified in the Separation Agreement,
      Mr. Deno will continue to vest in his YUM! Stock Options through the Leave
      Commencement Date. As of the Leave Commencement Date, Mr. Deno will forfeit
      all
      unvested options and all unexercised options.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Other
      Benefits</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Deno
      will receive a payment for any earned and accrued vacation time as of the Leave
      Commencement Date. Until the Leave Commencement Date, Mr. Deno may continue
      to
      participate in the YUM! Brands 401(k) Plan. However, he will not be entitled
      to
      make any additional contributions to such plan once he begins his paid leave
      of
      absence. Any amounts that Mr. Deno has deferred under the registrant&#8217;s Executive
      Income Deferral Program will be paid to him in accordance with the terms of
      his
      elections under that program, however, he will not be able to defer any
      additional amounts under that program once he begins his paid leave of absence.
      Subject to his compliance with the other provisions of the Separation Agreement,
      Mr. Deno may continue to participate through December 31, 2006 in the
      registrant&#8217;s Executive Car Program and other perquisites provided by the
      registrant to its senior executives and he and his dependents will continue
      to
      be covered during his paid leave of absence under the registrant&#8217;s benefits
      coverages. Mr. Deno may continue to participate in the YUM! Brands Retirement
      Plan and the registrant&#8217;s Pension Equalization Plan until the Termination Date.
</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Separation Agreement prohibits Mr. Deno from entering into an employment,
      consulting or other relationship with specified types of restaurant
      organizations. This prohibition is effective from the effective date of the
      Separation Agreement until December 31, 2007. In addition, during such time
      period, Mr. Deno is prohibited from soliciting employees of the registrant
      (except with the registrant&#8217;s prior consent), or diverting customers,
      franchisees or suppliers from the registrant or otherwise disrupting or
      impairing the registrant&#8217;s relationships with such persons.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      and Offset</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Deno&#8217;s entitlement to receive salary, bonus and continued benefits are subject
      to a mitigation and offset provision included in the Separation Agreement,
      which
      provision will prevent or restrict his receipt of salary, bonus and continued
      benefits if he accepts non-academic employment on or before July 1, 2006 without
      the prior written consent of Mr. Novak or Ms. Byerlein.</font></div>
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      Separation Agreement contemplates that Mr. Deno will execute two waivers and
      releases of claims and covenants not to sue (each a &#8220;Waiver and Release&#8221;), the
      first no later than December 8, 2005 and the second between February 16, 2006
      and February 19, 2006. Each Waiver and Release will release the registrant
      from
      specified claims, actions or liabilities. Each Waiver and Release also includes
      a covenant not to sue the registrant on the basis of any claim arising out
      of or
      related to Mr. Deno&#8217;s employment and/or separation from the registrant. Mr.
      Deno&#8217;s entitlement to receive various of the benefits described above is
      contingent upon his execution and non-revocation of such releases.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Section
      5 - Corporate Governance and Management</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      5.02&#160;</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Departure
      of Directors or Principal Officers; Election of Directors; Appointment of
      Principal Officers</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
      Appointment of New Director</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      November 18, 2005, the Company's Board of Directors appointed Thomas C. Nelson
      as a director. The appointment is effective as of January 26, 2006, the date
      of
      the next meeting of the Board of Directors. As of this filing, Mr. Nelson has
      not been appointed to a committee of the Board of Directors. There is no
      arrangement or understanding between Mr. Nelson and any other person pursuant
      to
      which he was selected as a director. A copy of the Company's press release
      announcing the appointment of Mr. Nelson is attached as Exhibit 99.2 to this
      Current Report on Form 8-K and is incorporated herein by reference.</font></div>
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      <div id="HDR">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Section
      8 - Other Events</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      8.01 Other Events</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      November 18, 2005, the Company announced that its Board of Directors had
      authorized the repurchase of up to an additional $500 million of the Company&#8217;s
      outstanding common stock over a period of up to twelve months. The Company
      also
      announced that the Board of Directors approved a dividend of $0.115 per share
      of
      common stock, which will be distributed February 3, 2006, to stockholders of
      record at the close of business January 13, 2006. A copy of the Company&#8217;s press
      release announcing the authorization of the share repurchases and the dividend
      is attached as Exhibit 99.2 to this Current Report on Form 8-K and is
      incorporated herein by reference. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Section
      9 - Financial Statements and Exhibits </strong></font></div>
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      9.01 </strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
      Statements and Exhibits</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
      Exhibits</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1
      -
      David J Deno: </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Separation
      Agreement and Release of Claims</u></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.2
      -
      Press release dated November 18, 2005: </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">YUM!
      Brands Appoints Thomas C. Nelson to Board; Announces New $500 Million Share
      Buyback and Declares Quarterly Dividend</font></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
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          <tr>
            <td align="justify" valign="top" width="25%">&#160;</td>
            <td align="justify" valign="top" width="40%">&#160;</td>
            <td align="justify" valign="top" width="35%" style="border-bottom: #ffffff thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>YUM!
                BRANDS, INC.</u></font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="25%">&#160;</td>
            <td align="justify" valign="top" width="40%">&#160;</td>
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant)</font></div>
            </td>
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            <td align="justify" valign="top" width="25%">&#160;</td>
            <td align="justify" valign="top" width="40%">&#160;</td>
            <td align="justify" valign="top" width="35%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="25%">&#160;</td>
            <td align="justify" valign="top" width="40%">&#160;</td>
            <td align="justify" valign="top" width="35%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="25%">&#160;</td>
            <td align="justify" valign="top" width="40%">&#160;</td>
            <td align="justify" valign="top" width="35%">&#160;</td>
          </tr>
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                November 23, 2005</font></div>
            </td>
            <td align="justify" valign="top" width="40%">&#160;</td>
            <td align="justify" valign="top" width="35%" style="border-bottom: #ffffff thin solid;">
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                M. Preston</font></u><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
            </td>
          </tr>
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            <td align="justify" valign="top" width="25%">&#160;</td>
            <td align="justify" valign="top" width="40%">&#160;</td>
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Vice
                President and </font></div>
            </td>
          </tr>
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            <td align="justify" valign="top" width="25%">&#160;</td>
            <td align="justify" valign="top" width="40%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Associate
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            </td>
          </tr>
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            <td align="justify" valign="top" width="40%">&#160;</td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5025375ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title>
      Exhibit 99.1
</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
      99.1</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
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              <td width="100%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font size="2">November
                  17,
                  2005</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Via
      Hand Delivery</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">David
      J.
      Deno</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3205
      Mockingbird Lane</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Louisville,
      KY 40207</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Re:</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Separation
                Agreement and Release of Claims</u></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dear
      David:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      letter agreement (the &#8220;Letter Agreement&#8221;), effective as of October 13, 2005 (the
&#8220;Effective Date&#8221;), confirms the arrangements relating to your separation for
      personal family reasons from YUM! Brands, Inc. and its subsidiaries and
      affiliates (hereinafter referred to collectively as the &#8220;Company&#8221;). If you
      decide to accept the separation arrangements described herein by signing this
      Letter Agreement, you will be entitled to receive no further payments or
      benefits from the Company, except as specifically set forth in this Letter
      Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Status</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Your
      status as a Company employee, including your status as the Chief Operating
      Officer of YUM! Brands, Inc., shall be as described in this section. On October
      17, 2005 (your &#8220;Resignation Date&#8221;), you submitted a written letter of
      resignation indicating that you voluntarily resign from the Company effective
      as
      of the close of business on Thursday, February 16, 2006 (your &#8220;Leave
      Commencement Date&#8221;). The period of time from your Resignation Date through your
      Leave Commencement Date is referred to as the &#8220;Transition Period&#8221; in this Letter
      Agreement. During the Transition Period, you shall continue to be an employee
      of
      the Company and the Chief Operating Officer of YUM! Brands, Inc. Your duties
      during the Transition Period shall be only those duties assigned by either
      Mr.
      David C. Novak or Ms. Anne Byerlein. You agree that during the Transition
      Period, you will devote your best efforts to and for the benefit of the Company
      in completing those assignments and performing those duties that either Mr.
      Novak or Ms. Byerlein assigns you.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beginning
      on your Leave Commencement Date and continuing through January 1, 2007 (your
      &#8220;Termination Date&#8221;), you will be placed on a paid leave of absence during which
      you will remain available for special projects assigned to you by Mr. Novak
      or
      Ms. Byerlein and to respond to reasonable requests for assistance related to
      matters arising from or related to your employment. The period of time from
      your
      Leave Commencement Date through your Termination Date is referred to as the
      &#8220;Paid Leave of Absence Period&#8221; in this Letter Agreement. Effective on the Leave
      Commencement Date, you shall no longer be the Chief Operating Officer of YUM!
      Brands, Inc. and you no longer (a) will have any duties to perform for the
      Company, except as otherwise provided in this Letter Agreement; (b) shall
      represent to third parties that you are authorized to act on the Company&#8217;s
      behalf; (c) will have the authority to act on the Company&#8217;s behalf (and thus you
      will be without authority to bind or create liability on behalf of the Company);
      and (d) will have the authority to incur any expenses or obligations on behalf
      of the Company. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Salary
      and Separation Pay</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
      the Transition Period, you will continue to receive a base salary at your
      current bi-weekly rate of pay of $20,576.92 ($535,000 annually) less applicable
      federal and state taxes and payroll deductions. If you sign and do not later
      revoke the Waiver and Release of All Claims and Covenant Not to Sue attached
      to
      this Letter Agreement as Attachment II (&#8220;Release II&#8221;) and subject to the offset
      provisions set forth in the section entitled </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Mitigation
      and Offset</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      the
      Company shall continue to pay you your base salary during your Paid Leave of
      Absence Period. The payments that the Company has agreed to provide you shall
      be
      made in installments in accordance with the Company&#8217;s regular payroll payment
      schedule.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#160;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      of the
      Effective Date, you will no longer be entitled to any other payments for salary,
      except as set forth in this Letter Agreement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Bonus</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Your
      bonus for 2005 will be no greater than $385,000. Your entitlement to this bonus
      and the actual amount of such bonus shall be in the sole discretion of Mr.
      David
      C. Novak and the Compensation Committee of the Board of Directors of YUM!
      Brands, Inc. (the &#8220;Compensation Committee&#8221;). Such bonus shall be paid on or
      around July 1, 2006, and in the manner as Mr. Novak and the Compensation
      Committee shall establish. If Mr. Novak or Ms. Byerlein consent to your
      employment with another company prior to July 1, 2006, this bonus will be paid
      to you as soon as practicable following such consent. You will not receive
      a
      2006 bonus.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Benefits
      and Benefits Continuation</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Vacation</u></em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      You
      will receive a lump sum payment for any earned and accrued vacation which you
      have not used as of your Leave Commencement Date. You shall not accrue any
      vacation during your Paid Leave of Absence Period.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Personal
      Benefits (Health, etc.)</u></em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      In
      consideration for your signing and not later revoking Release II, you and your
      dependents will continue to be covered under the Company&#8217;s benefits coverages
      during the Paid Leave of Absence Period (e.g., medical insurance, dental
      insurance, and vision/hearing insurance except, however, as of your Leave
      Commencement Date, you will no longer be eligible to receive accident insurance,
      group life insurance, dependent life insurance, disability insurance and group
      legal services; to the extent allowed under the policy, you may exercise your
      right to convert life insurance coverage to an individual policy); provided,
      however, if you become reemployed with another employer and are eligible to
      receive medical, and other welfare benefits under another employer-provided
      plan, the medical and other welfare benefits described herein shall be secondary
      to those provided under such other plans. As of January 1, 2007, certain
      benefits will be available to you at group rates pursuant to COBRA. Please
      contact the Company&#8217;s Benefits Department at (888) 372-5313 for details of this
      and any other rights you may have under the Company&#8217;s benefit plans or
      programs.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Retirement
      Plan</u></em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      You
      will continue to participate in the YUM! Brands Retirement Plan and the
      Company&#8217;s Pension Equalization Plan through your Termination Date. At that time,
      you will receive a letter which outlines your accrued pension benefits and
      the
      options available to you with respect to that benefit. If you have any questions
      or would like additional information, please contact Dave Morrison at (502)
      874-6033.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>YUM!
      Brands 401(k) Plan</u></em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      If you
      are currently enrolled in the YUM! Brands 401(k) Plan, you may continue to
      participate in that plan through your Leave Commencement Date. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Thereafter,
      you may continue to participate in this plan in accordance with its terms,
      however, you will not be entitled to make any additional contributions. After
      the Leave Commencement Date, you may take a lump sum or installment distribution
      of your plan account balance. You will receive more information regarding your
      options under the 401(k) plan as your Leave Commencement Date approaches. In
      the
      meantime, if you have any questions, please contact Mark Rausch at (502)
      874-6296.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Executive
      Income Deferral Program</u></em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Any
      amounts you have deferred under the Executive Income Deferral Program will
      be
      paid to you as of your Termination Date in accordance with the terms of your
      elections under this program. You will not be able to defer any additional
      amounts under this program after your Leave Commencement Date. The elections
      you
      made for distribution are irrevocable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#160;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Long
      Term Incentive Plans</u></em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Under
      the YUM! Brands Long Term Incentive Plan, you shall continue to vest in your
      YUM! Stock Options through the Leave Commencement Date, provided (1) you comply
      with the requirements in the section entitled </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Mitigation
      and Offset</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      below,
      (2) you perform the tasks assigned to you which will include work that
      encompasses at least ten (10) hour per week during the Transition Period, (3)
      you execute and not later revoke the Waiver and Release of All Claims and
      Covenant Not to Sue attached to this Letter Agreement as Attachment I (&#8220;Release
      I&#8221;), and (4) you otherwise comply with your duties and responsibilities to the
      Company as required under this Letter Agreement. You agree that you will
      exercise your vested options and sell the underlying shares pursuant to a 10b5-1
      plan that you executed in October 2005 which required you to exercise your
      vested options ratably each month through February 16, 2006. In the event that
      your 10b5-1 plan is suspended in accordance with the terms of the plan, the
      Company will extend your Leave Commencement Date until the reason for the
      suspension of the plan is lifted so that you may exercise any unexercised vested
      stock options; provided, of course, that you remain actively employed with
      the
      Company through the extended Leave Commencement Date. As of your Leave
      Commencement Date, you shall forfeit all unvested and/or unexercised
      options.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Company
      Car and Perquisites</u></em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Except
      as otherwise specified in this Letter Agreement and provided you execute and
      not
      later revoke the Release II, you may continue to participate in the Company&#8217;s
      Executive Car Program (the cash option) and other Company perquisites that
      the
      Company provides its senior executives through December 31, 2006.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Secretarial
      Support Services</u></em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      As of
      the Leave Commencement Date and as consideration for your signing and not later
      revoking Release I, you will be provided secretarial support until your
      Termination Date, which will be limited to document preparation and phone
      answering services. The type, scope, provider and extent of these services
      will
      be in the Company&#8217;s sole discretion. Such services can be coordinated through
      Anne Byerlein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Mitigation
      and Offset</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
      shall
      not be required to seek other employment at any time, whether before or after
      the Termination Date. However, if you accept any other employment outside of
      academia on or before July 1, 2006, without the prior written consent of Mr.
      Novak or Ms. Byerlein, the following provisions apply:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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            <tr valign="top" style="line-height: 1.25;">
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              <td style="width: 36pt;">a)</td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
                shall cease vesting in your YUM! Stock Options, to the extent that
                such
                options are unvested as of the date you accept such other employment,
                and
                you shall not be permitted to exercise any vested option that you
                have not
                exercised prior to the date you accept such other employment. You
                acknowledge and agree that to the extent that this subsection (a)
                conflicts with any provision in any grant agreement to which you
                are a
                party or any provision in any applicable plan document, the rights
                and
                responsibilities in this subsection (a) shall govern and
                prevail.</font></td>
            </tr>

        </table>
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      <div>
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              <td style="width: 36pt;">&#160;</td>
              <td>&#160;</td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

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              <td style="width: 36pt;">b) </td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
                shall not be eligible to receive the 2005
                bonus.</font></td>
            </tr>

        </table>
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      <div>
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              <td style="width: 36pt;">&#160;</td>
              <td>&#160;</td>
            </tr>

        </table>
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      <div>
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              <td style="width: 36pt;">c) </td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Company shall cease paying you your base
                salary.</font></td>
            </tr>

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      <div>
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            <tr valign="top" style="line-height: 1.25;">
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              <td style="width: 36pt;">&#160;</td>
              <td>&#160;</td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

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              <td style="width: 36pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d)
                  </font></div>
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              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Company shall cease providing you the benefit coverages enumerated
                  in the
                  subsection entitled <em><u>Personal Benefits (Health, etc.)</u></em>,
                  except where federal law entitles you to continued coverage
                  thereunder.</font></div>
              </td>
            </tr>

        </table>
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      <div>
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            <tr valign="top" style="line-height: 1.25;">
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              <td style="width: 36pt;">&#160;</td>
              <td>&#160;</td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

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              <td style="width: 36pt;">e) </td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
                shall cease being eligible to participate in the Company&#8217;s Executive Car
                Program and other Company perquisites.</font></td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 36pt;">&#160;</td>
              <td style="width: 36pt;">&#160;</td>
              <td>&#160;</td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
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              <td style="width: 36pt;">f) </td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Company shall cease providing you secretarial support
                services.</font></td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>References</em></strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      soon
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      recommendation in the form written and provided by the Company. The Company
      shall respond to any verbal reference inquiry consistent with such written
      recommendation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      credit cards issued to you by the Company will be discontinued as of the Leave
      Commencement Date. You agree that by the Leave Commencement Date, you will
      return to the Company all Company information and related documents, reports,
      files (including all data stored in computer memory and/or other storage media),
      memoranda and records. You further certify that you will return to the Company
      all portable computers and related equipment; card-key passes; door and file
      keys; computer access codes; software and all other physical property that
      you
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      the
      Company. You also agree that you will not retain any copies, duplicates,
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">In
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      marketing, promotions, new products, operations, procurement, franchising,
      new
      decors, new buildings, unit divestiture, cost saving, new technology, recruiting
      and staffing, and financing. Thus, while you may engage in similar activities
      for other companies, including competitors of the Company (except as otherwise
      restricted pursuant to the section entitled </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Restrictions
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      below),
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      business, you must be careful not to use the Company&#8217;s specific plans or unique
      learnings. For this purpose, proprietary and confidential information does
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      would discuss it through no fault of your own. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">You
      agree that you will hold and maintain all such information in confidence, and
      you will not use in any manner whatsoever (other than within the scope of your
      employment with the Company) or disclose any of such information to any third
      party except (a) with the prior written consent of the Company, or (b) as
      legally required after notice by you to the Company of such legally required
      disclosure. </font></div>
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                any act which diverts customers, franchisees, or suppliers from any
                of the
                Company&#8217;s businesses or which disrupts or impairs the Company&#8217;s relations
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
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      that the promises you have made in this section are reasonable with respect
      to
      their duration and description and with respect to the consideration received.
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Nondisparagement</em></strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
      agree
      that you will not make any written or oral remarks which criticize, disparage
      or
      injure the reputation of the Company, its management, its employees or its
      practices. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Restrictions
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
      agree
      that in view of your current position with YUM! Brands, Inc. (Chief Operating
      Officer) and your prior positions with and service to the Company and in
      exchange for the consideration set forth in this Letter Agreement, beginning
      on
      the Effective Date and continuing through December 31, 2007, you shall not,
      on
      behalf of yourself or any other person, company, employer, or entity, obtain
      executive level employment with, consult for, represent, or enter into any
      relationship with McDonald&#8217;s Corporation, Wendy&#8217;s Corporation, Burger King
      Corporation, Papa John's Pizza, Domino's Pizza, Little Caesar's Pizza, Boston
      Chicken, Boston Market, Chick-Fil-A, Church&#8217;s Chicken, Popeye&#8217;s Chicken, El
      Pollo Loco, Del Taco, Taco Bueno, Taco Time, Carl&#8217;s Jr., Hardee&#8217;s,
      Jack-in-the-Box, Captain D&#8217;s, Sonic Corporation, or </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">any
      other regional or national quick service restaurant organization that (1) is
      headquartered in the United States, (2) has more than 10 restaurant units,
      and
      (3) operates a Mexican food, chicken, pizza or fish concept.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Further,
      you agree that the restrictions contained herein are reasonable with respect
      to
      their duration and scope and necessary for the protection of the Company&#8217;s
      legitimate interests, including its Company assets, confidential information
      and
      trade secrets, its client, customer and vendor relationships, and the stability
      of its work force. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
      acknowledge that a breach by you of the terms of the sections entitled
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      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Nonsolicitation</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Nondisparagement</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>&#160;</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and/or
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      would result in material and irreparable injury to the Company and that it
      would
      be difficult or impossible to establish the full monetary value of such damage.
      If you breach the above-mentioned Restrictions on Competition section, in
      addition to any other common law or equitable remedies available as liquidated
      damages, you shall pay the Company (a) one hundred percent (100%) of the YUM!
      Stock Option gains you realize from your Resignation Date until the date of
      your
      breach if you breach such section on or before your Leave Commencement Date;
      and
      (b) seventy-five percent (75%) of the YUM! Stock Option gains you realize from
      your Resignation Date until the date of your breach if you breach such provision
      after your Leave Commencement Date. In addition to the liquidated damages set
      forth in the preceding sentence, the Company shall be entitled to injunctive
      relief in the event of any such breach. Furthermore, you agree that should
      the
      Company have to enforce the sections entitled Confidentiality, Nonsolicitation,
      Nondisparagement, and/or Restrictions on Competition or the terms of the
      previous section, you will pay the attorneys&#8217; fees and costs and expenses of
      litigation incurred by the Company to successfully enforce any of those
      sections. The undertakings contained in this section shall survive the
      termination of other arrangements set forth in this Letter
      Agreement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Availability</em></strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
      agree
      that you will make yourself reasonably available for interview, deposition,
      and
      will agree to appear as a witness at trial or, at the election of the Company,
      provide a sworn statement for any matters in which the Company is a party and
      for which you may have any knowledge of any relevant facts. The Company agrees
      to reimburse you for any out-of-pocket expense you incur as a result of such
      assistance, including, but not limited to, costs of travel. Nothing in this
      Letter Agreement shall be construed in any way to limit or otherwise influence
      the scope or nature of your testimony in any such proceeding or to discourage
      you in any way from providing testimony which is honest and sincere criticism
      of
      any of the Company's policies or practices. You agree not to withhold from
      the
      Company any information, whether damaging or favorable, relevant to any such
      matters.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      the
      event you die before your Leave Commencement Date, your designated beneficiaries
      and/or estate, as appropriate, will be entitled to receive all benefits and
      compensation under the plans and programs outlined herein in which you
      participate at such time in accordance with the terms and conditions of each
      such plan or program and this Letter Agreement. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Releases
      I and II</em></strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
      agree
      that as a condition to your receiving the continued option vesting and
      secretarial services provided under this Letter Agreement, you will sign, date
      and return to Anne Byerlein (and not later revoke) Release I no later than
      twenty-one (21) days after your receipt of this letter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
      agree
      that as a condition to your receiving the separation pay, continued benefits,
      continued perquisites and other valuable rights and benefits that the Company
      agrees to provide you following your Leave Commencement Date, you will sign,
      date and return to Anne Byerlein (and not later revoke) Release II no sooner
      than your Leave Commencement Date but not later than three (3) days after your
      Leave Commencement Date.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
      agree
      and understand that payment of the applicable benefits required under this
      Letter Agreement will not begin (a) if you have materially breached any term
      of
      this Letter Agreement, and (b) until at least eight (8) days after we receive
      from you the executed Release I or Release II, as the case may be. In the event
      that you materially breach any term of either this Letter Agreement or the
      attached Releases at any time, your rights to such payment under this Letter
      Agreement shall forever cease.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Rights
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Because
      the arrangements discussed in this Letter Agreement and Releases affect
      important rights and obligations, we advise you to consult with an attorney
      of
      your choice at your own expense before you sign this Letter Agreement and the
      Releases. If you choose to sign this Letter Agreement, you will be entitled
      to
      receive no further payments or benefits from the Company, except as specifically
      set forth in this Letter Agreement. If you do not wish to accept the offers
      contained in this Letter Agreement, you do not have to do anything.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      give
      you time to consider these arrangements, we will hold this offer open for
      twenty-one (21) days. If I do not receive from you a signed and dated copy
      of
      this Letter Agreement, this Letter Agreement shall be cancelled and void, and
      neither you nor the Company shall have any rights or obligations under it.
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      a
      period of up to and including seven (7) days after the date you sign the
      attached Releases, you may revoke them entirely. If you decide to revoke either
      or both Releases, you must deliver to the undersigned a signed notice of
      revocation on or before the end of this seven-day (7) period. The Company shall
      not provide you the pay, benefits and other rights that the Company agrees
      to
      provide you after before the end of the applicable seven-day (7) revocation
      period. Upon delivery to the undersigned of a timely notice of revocation,
      this
      Letter Agreement shall be cancelled and void, and neither you nor the Company
      shall have any rights or obligations under it.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Miscellaneous</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Letter Agreement contains all of the understandings and representations between
      the Company and you pertaining to your separation from the Company and
      supersedes all previous undertakings and agreements, whether oral or in writing,
      between the Company and you on the same subject. In particular, you understand
      and agree that upon executing this letter agreement you will no longer be
      entitled to any payment on account of a &#8220;change in control&#8221; of the Company under
      the severance agreement between you and the Company and approved by the
      Company&#8217;s Board of Directors. No provision of this Letter Agreement may be
      changed or waived unless such change or waiver is agreed to in writing, signed
      by you and a duly authorized employee of the Company. Except as otherwise
      specifically provided in this Letter Agreement, no waiver by either the Company
      or you of any breach by the other of any condition or provision shall be deemed
      a waiver of a similar or dissimilar provision or condition at the same time
      or
      any prior or subsequent time.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Anything
      to the contrary herein notwithstanding, the Company shall, and is hereby
      authorized to, withhold or deduct from any amounts payable by the Company to
      you, your beneficiary or your legal representative under this Letter Agreement,
      any federal, state or municipal taxes, social security contributions or other
      amounts required to be withheld by law, and to remit such amounts to the proper
      authorities. The Company is also hereby authorized to withhold or deduct
      appropriate amounts with respect to any benefit plans or programs or other
      elections made by you. If any taxing body determines that amounts should have
      been withheld from the payments provided for by this Letter Agreement, you
      acknowledge and assume all responsibility for the payment of all such taxes
      and
      agree to indemnify and hold the Company harmless for the payment of any such
      taxes, the failure to withhold, and any interest or penalties. You agree to
      indemnify the Company at all times after the Effective Date for any liabilities
      arising out of or related to this agreement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
      rights
      or obligations under this Letter Agreement can be assigned or transferred by
      you, except as they may be transferred by will or by operation of law. This
      Letter Agreement shall be binding upon and shall be for the benefit of the
      Company, its successors and assigns and you and, in the event of your death,
      your estate or other legal representative.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      the
      event that any portion of this Letter Agreement shall be determined to be
      invalid or unenforceable for any reason, the remaining portions of the Letter
      Agreement will be unaffected thereby and will remain in full force and effect
      to
      the fullest extent permitted by law, except that if any portion of either
      Release is declared invalid or unenforceable for any reason, then, at the
      Company&#8217;s option, the whole agreement may be declared null and void and you
      shall immediately return all benefits provided to you under this Letter
      Agreement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Letter Agreement shall be deemed a contract made under, and for all purposes
      to
      be governed by and construed in accordance with, the laws of the Commonwealth
      of
      Kentucky, without reference to any conflicts of laws provisions. The captions
      are utilized for convenience only, and do not operate to explain or limit the
      provisions of this Letter Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      where the Company elects, in its sole discretion, to enforce any provision
      of
      this Letter Agreement with respect to the Restrictions on Competition or either
      Release in state or federal court, the parties agree promptly, and in any event
      within 90 days, to resolve any dispute arising out of this Letter Agreement,
      through binding confidential arbitration conducted in Louisville, Kentucky,
      in
      accordance with the National Rules for the Resolution of Employment Disputes
      of
      the American Arbitration Association (the &#8220;AAA&#8221;), one neutral arbitrator shall
      be chosen in accordance with AAA rules to arbitrate any such dispute. The
      parties irrevocably consent to such jurisdiction for purposes of the
      arbitration, and judgment may be entered thereon in any state or federal court
      in the same manner as if the parties were residents of the state or federal
      district in which the judgment is sought to be entered. The arbitrator shall
      charge the reasonable attorneys&#8217; fees, expenses and costs of the substantially
      prevailing party to the other party, but in an amount not to exceed one-half
      of
      the value of the award.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      language of all parts of this Letter Agreement shall in all cases be construed
      as a whole, according to its fair meaning, and not strictly for or against
      either party. The provisions of this Letter Agreement shall survive any
      termination of this Letter Agreement when necessary to effect the intent and
      terms of this Letter Agreement expressed herein. Nothing in this Letter
      Agreement shall be construed as an admission by you or the Company of any
      wrongdoing by you, the Company or any employee of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By
      signing below you acknowledge and agree that you have had the opportunity to
      review this Letter Agreement and the attached Releases and to consult with
      an
      attorney about their terms, that you fully understand all documents, that you
      are not coerced into signing them, and that you signed them (or will sign them)
      knowingly and voluntarily. You also acknowledge that you have not received
      any
      promise or inducement to sign this Letter Agreement or either Release that
      is
      not expressly set forth herein. Please indicate your understanding and
      acceptance of this Letter Agreement by signing below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 261pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Very
      truly yours,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 261pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 99pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_________________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 306pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 99pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Anne
      Byerlein</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      agree
      to and accept the terms and provisions of the foregoing Letter
      Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">__________________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">David
      J.
      Deno</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:______________________</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ATTACHMENT
      I</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WAIVER
      AND RELEASE OF ALL CLAIMS AND COVENANT NOT TO SUE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>RELEASE.</u></em></strong></font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      consideration for my election to receive the continued option vesting and
      secretarial services that YUM! BRANDS, INC. (the &#8220;Company&#8221;) agreed to provide me
      as of my Resignation Date and as described in the Letter Agreement of November
      17, 2005 (the &#8220;Letter Agreement&#8221;), I, David J. Deno, on behalf of myself and my
      heirs, executors, administrators, attorneys and assigns, hereby waive, release
      and forever discharge the Company together with its subsidiaries, divisions
      and
      affiliates, whether direct or indirect, its and their joint ventures and joint
      venturers (including their respective directors, officers, employees,
      shareholders, partners and agents, past, present, and future), and each of
      its
      and their respective successors and assigns (hereinafter collectively referred
      to as &#8220;Releasees&#8221;), from any and all known or unknown actions, causes of action,
      claims or liabilities of any kind which have or could be asserted against the
      Releasees arising out of or related to my employment with and/or separation
      from
      employment with the Company and/or any of the other Releasees and/or any other
      occurrence up to and including the date of this Release, including but not
      limited to:</font></div>
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          <tr valign="top" style="line-height: 1.25;">
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            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></div>
            </td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">claims,
                actions, causes of action or liabilities arising under Title VII
                of the
                Civil Rights Act, as amended, the Age Discrimination in Employment
                Act, as
                amended (the &#8220;ADEA&#8221;), including the Older Workers Benefit Protection Act,
                as amended (the &#8220;OWBPA&#8221;), the Rehabilitation Act, as amended, the
                Americans with Disabilities Act, as amended, the Family and Medical
                Leave
                Act, as amended, and/or any other federal, state, municipal, or local
                employment discrimination statutes or ordinances (including, but
                not
                limited to, claims based on age, sex, attainment of benefit plan
                rights,
                race, color, religion, national origin, marital status, sexual
                orientation, ancestry, harassment, parental status, handicap, disability,
                retaliation, and veteran status);
                and/or</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
                </font></div>
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">claims,
                actions, causes of action or liabilities arising under any other
                federal,
                state, municipal, or local statute, law, ordinance or regulation
                (including, but not limited to, the Employee Retirement Income Security
                Act, as amended, the Sarbanes-Oxley Act of 2002, and the WARN Act);
                and/or</font></div>
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          <tr valign="top" style="line-height: 1.25;">
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            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
                </font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
                claims that the Company is in any way obligated for any reason to
                pay me
                damages, expenses, litigation costs (including attorneys&#8217; fees), wages,
                bonuses, severance pay, stock options, long or short term incentive
                pay,
                vacation pay, separation pay, termination pay, any type of payments
                or
                benefits based on my separation from employment, incentive pay,
                commissions, disability benefits or sick pay, life insurance, or
                any other
                employee benefits of any kind, compensatory damages, punitive damages,
                and/or interest; and/or</font></div>
            </td>
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      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font></div>
            </td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
                other claim whatsoever including, but not limited to, claims based
                upon
                breach of contract, wrongful termination, retaliatory discharge,
                defamation, intentional infliction of emotional distress, tort, personal
                injury, invasion of privacy, violation of public policy, negligence
                and/or
                any other common law, statutory or other claim whatsoever arising
                out of
                or relating to my employment with and/or separation from employment
                with
                the Company and/or any of the other
                Releasees.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Excluded
      from this Release and Covenant Not to Sue is any claim or right which cannot
      be
      waived by law, including all claims arising after the date of this Release
      and
      Covenant Not to Sue.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>COVENANT
                NOT TO SUE.</u></em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      also
      agree never to sue any of the Releasees or become party to a lawsuit on the
      basis of any claim arising out of or related to my employment with and/or
      separation from employment with the Company and/or any of the other Releasees.
      Although I am releasing claims that I may have under the OWBPA and ADEA, I
      understand that I may challenge this covenant not to sue under the ADEA. I
      also
      understand that I have the right to file a discrimination charge with a
      governmental agency, subject to the waiver of my right to any monetary recovery
      in connection with such a charge as provided in section 4, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>WAIVER
      OF RECOVERY</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>3.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>BREACH
                OF COVENANT NOT TO
                SUE.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      further
      acknowledge and agree that if I breach the provisions of paragraph (2) above,
      then (a) the Company shall be entitled to apply for and receive an injunction
      to
      restrain any violation of paragraph (2) above, (b) the Company shall not be
      obligated to continue payment of the Letter Agreement benefits to me, (c) I
      shall be obligated to pay to the Company its costs and expenses in enforcing
      this Release and Covenant Not to Sue and defending against such lawsuit
      (including court costs, expenses and reasonable legal fees), and (d) as an
      alternative to (c), at the Company&#8217;s option, I&#160;shall be obligated upon
      demand to repay to the Company all but $100</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #ff0000; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
      the
      Letter Agreement benefits paid to me. I further agree that the foregoing
      covenants in this paragraph (3) shall not affect the validity of this Release
      and Covenant Not to Sue and shall not be deemed to be a penalty nor a
      forfeiture.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>4.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>WAIVER
                OF RECOVERY.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      the
      extent permitted by law, I further waive my right to any monetary recovery
      should any federal, state, or local administrative agency pursue any claims
      on
      my behalf arising out of or related to my employment with and/or separation
      from
      employment with the Company and/or any of the other Releasees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>5.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>WAIVER
                AND
                ACKNOWLEDGEMENT.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      further
      waive, release, and discharge Releasees from any reinstatement rights which
      I
      have or could have and I acknowledge that I have not suffered any on-the-job
      injury for which I have not already filed a claim.</font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>6.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>BREACH
                OF LETTER
                AGREEMENT.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      further
      agree that if I breach any provision of the Letter Agreement, then (a) the
      Company shall be entitled to apply for and receive an injunction to restrain
      such breach, (b) the Company shall not be obligated to continue payment of
      the
      Letter Agreement benefits to me, and (c) I shall be obligated to pay to the
      Company its costs and expenses in enforcing the provisions of the Letter
      Agreement (including court costs, expenses and reasonable legal
      fees).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>7.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>ACKNOWLEDGEMENT
                OF TIME TO CONSIDER AND RIGHT TO CONSULT AN
                ATTORNEY.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      acknowledge that I have been given at least twenty-one (21) days to consider
      this Release and Covenant Not to Sue thoroughly and I was encouraged to consult
      with my personal attorney, at my own expense, if desired, before signing
      below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>8.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>REVOCATION
                OF RELEASE AND COVENANT NOT TO
                SUE.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      understand that I may revoke this Release and Covenant Not to Sue within seven
      (7) days after its signing and that any revocation must be made in writing
      and
      submitted within such seven (7) day period to Anne Byerlein at the Company.
      I
      further understand that if I revoke this Release and Covenant Not to Sue, I
      shall not receive the Letter Agreement benefits.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>9.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>ACKNOWLEDGEMENT
                OF CONSIDERATION.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      also
      understand that the Letter Agreement benefits which I will receive in exchange
      for signing and not later revoking this Release and Covenant Not to Sue are
      in
      addition to anything of value to which I already am entitled.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>10.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>ACKNOWLEDGEMENT
                OF RELEASE OF
                CLAIMS.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      FURTHER
      UNDERSTAND THAT THIS RELEASE AND COVENANT NOT TO SUE INCLUDES A RELEASE OF
      ALL
      KNOWN AND UNKNOWN, SUSPECTED AND UNSUSPECTED CLAIMS TO DATE.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>11.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>SEVERABILITY.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      acknowledge and agree that if any provision of this Release and Covenant Not
      to
      Sue is found, held or deemed by a court of competent jurisdiction to be void,
      unlawful or unenforceable under any applicable statute or controlling law,
      the
      remainder of&#160;this Release and Covenant Not to Sue shall continue in full
      force and effect.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>12.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>GOVERNING
                LAW/ARBITRATION OF
                DISPUTES.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Release and Covenant Not to Sue shall be interpreted and enforced according
      to
      the laws of the Commonwealth of Kentucky, without regard to any conflict of
      laws
      provisions, except to the extent superseded by applicable federal law. Except
      where the Company or any Releasee elects, in its sole discretion, to enforce
      any
      provision of the Letter Agreement or this Release and Covenant Not to Sue in
      state or federal court, I agree promptly, and in any event within ninety (90)
      days, to resolve any dispute arising out of this Release and Covenant Not to
      Sue, through binding confidential arbitration conducted in Louisville, Kentucky,
      in accordance with the National Rules for the Resolution of Employment Disputes
      of the American Arbitration Association (the &#8220;AAA&#8221;); provided, one neutral
      arbitrator shall be chosen in accordance with AAA rules to arbitrate any such
      dispute. I irrevocably consent to such jurisdiction for purposes of the
      arbitration, and judgment may be entered thereon in any state or federal court
      in the same manner as if I were a resident of the state or federal district
      in
      which said judgment is sought to be entered. Each party shall be responsible
      for
      its own legal fees, costs and expenses.</font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>13.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>ACKNOWLEDGEMENT
                OF UNDERSTANDING.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      further
      acknowledge and agree that I have carefully read and fully understand all of
      the
      provisions of this Release and Covenant Not to Sue, that I voluntarily enter
      into this Release and Covenant Not to Sue by signing below, and that if I choose
      to do so in less than twenty-one (21) days, I do so of my own free will and
      without duress or coercion by the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_____________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">David
      J.
      Deno</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">______________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Date)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Please
      return to:</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Anne
      Byerlein</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
      People Officer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">YUM!
      Brands, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1441
      Gardiner Lane</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Louisville,
      KY 40213</font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ATTACHMENT
      II</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WAIVER
      AND RELEASE OF ALL CLAIMS AND COVENANT NOT TO SUE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>1.
                </em></strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>RELEASE.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      consideration for my election to receive the separation pay, continued benefits
      and continued perquisites following my Leave Commencement Date described in
      the
      Letter Agreement of November 17, 2005 (the &#8220;Letter Agreement&#8221;), I, David J.
      Deno, on behalf of myself and my heirs, executors, administrators, attorneys
      and
      assigns, hereby waive, release and forever discharge YUM!&#160;BRANDS, INC. (the
&#8220;Company&#8221;) together with the Company&#8217;s subsidiaries, divisions and affiliates,
      whether direct or indirect, its and their joint ventures and joint venturers
      (including their respective directors, officers, employees, shareholders,
      partners and agents, past, present, and future), and each of its and their
      respective successors and assigns (hereinafter collectively referred to as
      &#8220;Releasees&#8221;), from any and all known or unknown actions, causes of action,
      claims or liabilities of any kind which have or could be asserted against the
      Releasees arising out of or related to my employment with and/or separation
      from
      employment with the Company and/or any of the other Releasees and/or any other
      occurrence up to and including the date of this Release, including but not
      limited to:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;claims,
      actions, causes of action or liabilities arising under Title VII of the Civil
      Rights Act, as amended, the Age Discrimination in Employment Act, as amended
      (the &#8220;ADEA&#8221;), including the Older Workers Benefit Protection Act, as amended
      (the &#8220;OWBPA&#8221;), the Rehabilitation Act, as amended, the Americans with
      Disabilities Act, as amended, the Family and Medical Leave Act, as amended,
      and/or any other federal, state, municipal, or local employment discrimination
      statutes or ordinances (including, but not limited to, claims based on age,
      sex,
      attainment of benefit plan rights, race, color, religion, national origin,
      marital status, sexual orientation, ancestry, harassment, parental status,
      handicap, disability, retaliation, and veteran status); and/or</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;
      claims, actions, causes of action or liabilities arising under any other
      federal, state, municipal, or local statute, law, ordinance or regulation
      (including, but not limited to, the Employee Retirement Income Security Act,
      as
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">amended,
      the Sarbanes-Oxley Act of 2002, and the WARN Act); and/or</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;
      any claims that the Company is in any way obligated for any reason to pay me
      damages, expenses, litigation costs (including attorneys&#8217; fees), wages, bonuses,
      severance pay, stock options, long or short term incentive pay, vacation pay,
      separation pay, termination pay, any type of payments or benefits based on
      my
      separation from employment, incentive pay, commissions, disability benefits
      or
      sick pay, life insurance, or any other employee benefits of any kind,
      compensatory damages, punitive damages, and/or interest; and/or</font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;any
      other claim whatsoever including, but not limited to, claims based upon breach
      of contract, wrongful termination, retaliatory discharge, defamation,
      intentional infliction of emotional distress, tort, personal injury,
      invasion&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
      privacy, violation of public policy, negligence and/or any other common law,
      statutory or other claim whatsoever arising out of or relating to my employment
      with and/or separation from employment with the Company and/or</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;any
      of the other Releasees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Excluded
      from this Release and Covenant Not to Sue is any claim or right which cannot
      be
      waived by law, including all claims arising after the date of this Release
      and
      Covenant Not to Sue.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>2.
                </em></strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u><em>COVENANT
                NOT TO SUE.</em></u></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      also
      agree never to sue any of the Releasees or become party to a lawsuit on the
      basis of any claim arising out of or related to my employment with and/or
      separation from employment with the Company and/or any of the other Releasees.
      Although I am releasing claims that I may have under the OWBPA and ADEA, I
      understand that I may challenge this covenant not to sue under the ADEA. I
      also
      understand that I have the right to file a discrimination charge with a
      governmental agency, subject to the waiver of my right to any monetary recovery
      in connection with such a charge as provided in section 4, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>WAIVER
      OF RECOVERY</u></em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>3.</strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>BREACH
                OF COVENANT NOT TO
                SUE.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      further
      acknowledge and agree that if I breach the provisions of paragraph (2) above,
      then (a) the Company shall be entitled to apply for and receive an injunction
      to
      restrain any violation of paragraph (2) above, (b) the Company shall not be
      obligated to continue payment of the Letter Agreement benefits to me, (c) I
      shall be obligated to pay to the Company its costs and expenses in enforcing
      this Release and Covenant Not to Sue and defending against such lawsuit
      (including court costs, expenses and reasonable legal fees), and (d) as an
      alternative to (c), at the Company&#8217;s option, I&#160;shall be obligated upon
      demand to repay to the Company all but $100</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #ff0000; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
      the
      Letter Agreement benefits paid to me. I further agree that the foregoing
      covenants in this paragraph (3) shall not affect the validity of this Release
      and Covenant Not to Sue and shall not be deemed to be a penalty nor a
      forfeiture.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>4.</strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>WAIVER
                OF RECOVERY.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      the
      extent permitted by law, I further waive my right to any monetary recovery
      should any federal, state, or local administrative agency pursue any claims
      on
      my behalf arising out of or related to my employment with and/or separation
      from
      employment with the Company and/or any of the other Releasees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>5.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>WAIVER
                AND
                ACKNOWLEDGEMENT.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      further
      waive, release, and discharge Releasees from any reinstatement rights which
      I
      have or could have and I acknowledge that I have not suffered any on-the-job
      injury for which I have not already filed a claim.</font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>6.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>BREACH
                OF LETTER
                AGREEMENT.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      further
      agree that if I breach any provision of the Letter Agreement, then (a) the
      Company shall be entitled to apply for and receive an injunction to restrain
      such breach, (b) the Company shall not be obligated to continue payment of
      the
      Letter Agreement benefits to me, and (c) I shall be obligated to pay to the
      Company its costs and expenses in enforcing the provisions of the Letter
      Agreement (including court costs, expenses and reasonable legal
      fees).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>7.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>ACKNOWLEDGEMENT
                OF TIME TO CONSIDER AND RIGHT TO CONSULT AN
                ATTORNEY.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      acknowledge that I have been given at least twenty-one (21) days to consider
      this Release and Covenant Not to Sue thoroughly and I was encouraged to consult
      with my personal attorney, at my own expense, if desired, before signing
      below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>8.
                </strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>REVOCATION
                OF RELEASE AND COVENANT NOT TO
                SUE.</u></em></strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      understand that I may revoke this Release and Covenant Not to Sue within seven
      (7) days after its signing and that any revocation must be made in writing
      and
      submitted within such seven (7) day period to Anne Byerlein at the Company.
      I
      further understand that if I revoke this Release and Covenant Not to Sue, I
      shall not receive the Letter Agreement benefits.</font></div>
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                OF CONSIDERATION.</u></em></strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      also
      understand that the Letter Agreement benefits which I will receive in exchange
      for signing and not later revoking this Release and Covenant Not to Sue are
      in
      addition to anything of value to which I already am entitled.</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>10.</strong></font></div>
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                OF RELEASE OF
                CLAIMS.</u></em></strong></font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      FURTHER
      UNDERSTAND THAT THIS RELEASE AND COVENANT NOT TO SUE INCLUDES A RELEASE OF
      ALL
      KNOWN AND UNKNOWN, SUSPECTED AND UNSUSPECTED CLAIMS TO DATE.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      acknowledge and agree that if any provision of this Release and Covenant Not
      to
      Sue is found, held or deemed by a court of competent jurisdiction to be void,
      unlawful or unenforceable under any applicable statute or controlling law,
      the
      remainder of&#160;this Release and Covenant Not to Sue shall continue in full
      force and effect.</font></div>
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    <div>
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            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>12.</strong></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>GOVERNING
                LAW/ARBITRATION OF
                DISPUTES.</u></em></strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Release and Covenant Not to Sue shall be interpreted and enforced according
      to
      the laws of the Commonwealth of Kentucky, without regard to any conflict of
      laws
      provisions, except to the extent superseded by applicable federal law. Except
      where the Company or any Releasee elects, in its sole discretion, to enforce
      any
      provision of the Letter Agreement or this Release and Covenant Not to Sue in
      state or federal court, I agree promptly, and in any event within ninety (90)
      days, to resolve any dispute arising out of this Release and Covenant Not to
      Sue, through binding confidential arbitration conducted in Louisville, Kentucky,
      in accordance with the National Rules for the Resolution of Employment Disputes
      of the American Arbitration Association (the &#8220;AAA&#8221;); provided, one neutral
      arbitrator shall be chosen in accordance with AAA rules to arbitrate any such
      dispute. I irrevocably consent to such jurisdiction for purposes of the
      arbitration, and judgment may be entered thereon in any state or federal court
      in the same manner as if I were a resident of the state or federal district
      in
      which said judgment is sought to be entered. Each party shall be responsible
      for
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                OF UNDERSTANDING.</em></strong></font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      further
      acknowledge and agree that I have carefully read and fully understand all of
      the
      provisions of this Release and Covenant Not to Sue, that I voluntarily enter
      into this Release and Covenant Not to Sue by signing below, and that if I choose
      to do so in less than twenty-one (21) days, I do so of my own free will and
      without duress or coercion by the Company.</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">David
                J. Deno</div>
            </td>
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            <td width="20%">&#160;</td>
          </tr>
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            <td width="20%" style="border-bottom: black thin solid;">&#160;</td>
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            <td width="20%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">(Date)</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Please
      return to:</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Anne
      Byerlein</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
      People Officer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">YUM!
      Brands, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1441
      Gardiner Lane</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Louisville,
      KY 40213</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>a5025375ex99_2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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  <head>
    <title>
      Exhibit 99.2
</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
      99.2</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman"><strong>YUM!
      BRANDS APPOINTS THOMAS C. NELSON TO BOARD; ANNOUNCES NEW $500 MILLION SHARE
      BUYBACK AND DECLARES QUARTERLY DIVIDEND</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">Louisville,
      Ky (November 18, 2005) -Yum! Brands Inc. (NYSE: YUM) announced today the
      appointment of Thomas C. Nelson, 43, to its Board of Directors. Nelson is the
      Chairman, President and Chief Executive Officer of the National Gypsum Company
      based in Charlotte, North Carolina. The appointment will become effective at
      the
      Company's next Board meeting on January 26, 2006. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">"Tom
      Nelson will make an outstanding addition to the Yum! Brands Board of Directors.
      Tom heads one of the leading suppliers of building and construction products
      and
      has a demonstrated leadership capability and distinguished financial experience.
      As we continue to grow our system around the globe, Tom's specific expertise
      and
      financial acumen will complement our efforts to manage costs and build new
      restaurants efficiently," said David C. Novak, Yum! Brands Chairman and Chief
      Executive Officer. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">Nelson
      was elected Vice Chairman of National Gypsum's Board in 1996 and served as
      Executive Vice President and Chief Financial Officer from 1995 to 1999. He
      was
      appointed President and CEO in July 1999 and Chairman in 2004. Nelson serves
      on
      the Board of the Business Roundtable, the G100, and is Chair of the Policy
      Advisory Board at the Joint Center for Housing Studies at Harvard University.
      He
      also serves as a director of A4 Health Systems as well as Belk, Inc., the
      nation's largest privately-held department store company. Active in the
      Charlotte community, Nelson serves on the boards of the Boy Scouts, Foundation
      for the Carolinas, Charlotte Chamber, United Way of Central Carolinas and
      Carolinas HealthCare System. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">In
      addition to his work with National Gypsum, Nelson has been an active private
      equity investor for almost twenty years. He is a General Partner and Co-Founder
      of Wakefield Group, a North Carolina-based venture capital firm. Selected as
      a
      White House Fellow, he served as Assistant to the Secretary of Defense for
      Special Projects from 1992-1993, and was awarded the Secretary of Defense Medal
      for Outstanding Public Service. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman"><strong>SHARE
      REPURCHASE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">The
      company's Board of Directors authorized the repurchase of up to an additional
      $500 million of the company's outstanding common stock over a period of up
      to 12
      months. In May 2005, the Board authorized the repurchase of up to $500 million
      of the company's stock. This program is in the process of being completed.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">"The
      Board's action reflects the belief that the company's shares represent an
      outstanding long-term investment opportunity," said Rick Carucci, Yum! Brands'
      Chief Financial Officer. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">Repurchases
      of common stock may be made from time to time in open market and/or privately
      negotiated transactions and will be subject to market conditions and other
      factors. Since the company began its share repurchase program in 1999, nearly
      74
      million shares have been repurchased for approximately $2.4 billion at an
      average price of $32.88. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman"><strong>DIVIDEND
      DECLARED</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">YUM
      announced that its Board of Directors approved a dividend of $0.115 per share
      of
      common stock, which will be distributed February 3, 2006, to stockholders of
      record at the close of business January 13, 2006. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">This
      announcement contains forward-looking statements within the meaning of Section
      27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
      Exchange Act of 1934, as amended. These statements include those identified
      by
      such words as may, will, expect, project, anticipate, believe, plan and other
      similar terminology. These "forward-looking" statements reflect management's
      current expectations regarding future events and operating and financial
      performance and are based on currently available data. However, actual results
      are subject to future events and uncertainties, which could cause actual results
      to differ from those projected in this announcement. Accordingly, you are
      cautioned not to place undue reliance on forward-looking statements. Factors
      that can cause actual results to differ materially include, but are not limited
      to, changes in global and local business, economic and political conditions
      in
      the countries and territories where Yum! Brands operates, including the effects
      of war and terrorist activities; changes in currency exchange and interest
      rates; changes in commodity, labor and other operating costs; changes in
      competition in the food industry, consumer preferences or perceptions concerning
      the products of the company and/or our competitors, spending patterns and
      demographic trends; the impact that any widespread illness or general health
      concern may have on our business and the economy of the countries in which
      we
      operate; the effectiveness of our operating initiatives and marketing,
      advertising and promotional efforts; new-product and concept development by
      Yum!
      Brands and other food-industry competitors; the success of our strategies for
      refranchising and international development and operations; the ongoing business
      viability of our franchise and license operators; our ability to secure
      distribution to our restaurants at competitive rates and to ensure adequate
      supplies of restaurant products and equipment in our stores; unexpected
      disruptions in our supply chain; publicity that may impact our business and/or
      industry; severe weather conditions; effects and outcomes of pending or future
      legal claims involving the company; changes in effective tax rates; our
      actuarially determined casualty loss estimates; new legislation and governmental
      regulations or changes in legislation and regulations and the consequent impact
      on our business; and changes in accounting policies and practices. Further
      information about factors that could affect Yum! Brands' financial and other
      results are included in the company's Forms 10-Q and 10-K, filed with the
      Securities and Exchange Commission. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">Yum!
      Brands Inc., based in Louisville, Kentucky, is the world's largest restaurant
      company in terms of system restaurants with more than 34,000 restaurants in
      more
      than 100 countries and territories. Four of the company's restaurant brands
      -
      KFC, Pizza Hut, Taco Bell and Long John Silver's - are the global leaders of
      the
      chicken, pizza, Mexican-style food and quick-service seafood categories
      respectively. Yum! Brands is the worldwide leader in multibranding, which offers
      consumers more choice and convenience at one restaurant location from a
      combination of KFC, Taco Bell, Pizza Hut, A&amp;W or Long John Silver's brands.
      The company and its franchisees today operate over 2,800 multibrand restaurants.
      Outside the United States in 2004, the Yum! Brands' system opened about three
      new restaurants each day of the year, making it one of the fastest growing
      retailers in the world. In 2002, the company changed its name to Yum! Brands
      Inc. from Tricon Global Restaurants Inc. to reflect its expanding portfolio
      of
      brands and its ticker symbol on the New York Stock Exchange. For the past three
      years, the company has been recognized in Fortune Magazine's top 50 "Best
      Companies for Minorities," claiming the number-one spot for "managerial
      diversity." It also has been named as one of the leading companies for diversity
      by Black Enterprise Magazine. </font></div>
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