Document:

Exhibit 10.2

 

CONSULTING AGREEMENT

Timothy P. Noyes

 

THIS CONSULTING AGREEMENT (together with
the attached Business Terms Exhibit, the “Agreement”), is made effective as of October 1, 2019 (the “Effective
Date”) by and between Proteon Therapeutics, Inc., a Delaware corporation with an office at 200 West Street, Waltham,
MA 02451, together with its subsidiaries, Proteon International Holdings, Inc., Proteon Securities Corp., Proteon Therapeutics
Limited, and REM 1 Acquisition, Inc. (collectively, “Proteon”), and Timothy P. Noyes, an individual with
an address at 5 Brigham Road, Lexington, MA 02420 (“Consultant”). Proteon desires to have the benefit of Consultant’s
knowledge and experience, and Consultant desires to provide services to Proteon, all as provided in this Agreement.

 

		1.	Services. Proteon retains Consultant, and Consultant agrees to provide, consulting
and advisory services to Proteon as Proteon may from time to time reasonably request and as specified in the attached Business
Terms Exhibit (the “Consulting Services”). Any changes to the Consulting Services (and any related compensation
adjustments) must be agreed to in writing between Consultant and Proteon prior to implementation of the changes.

 

		2.	Compensation. As full consideration for Consulting Services provided under this Agreement,
Proteon agrees to pay Consultant and reimburse expenses as described in the Business Terms Exhibit.

 

		3.	Performance. Consultant agrees to provide the Consulting Services to Proteon, or
to its designee, in accordance with all applicable laws and regulations and the highest professional standards. Consultant will
also comply with Proteon’s Code of Business Conduct and Ethics, a copy of which can be found at www.proteontherapeutics.com,
and all other policies and procedures that have been communicated to Consultant.

 

		4.	Compliance with Obligations to Third Parties. Consultant agrees not to use any trade
secrets or other confidential information of any other person, firm, corporation, institution or other third party in connection
with any of the Consulting Services. Consultant agrees not to make any use of any funds, space, personnel, facilities, equipment
or other resources of a third party in performing the Consulting Services, nor take any other action that would result in a third
party asserting ownership of, or other rights in, any Work Product (defined in Section 5), unless agreed upon in writing in advance
by Proteon.

 

		5.	Work Product. Consultant will promptly and fully disclose in confidence to Proteon
all inventions, discoveries, improvements, ideas, concepts, designs, processes, formulations, products, computer programs, works
of authorship, databases, mask works, trade secrets, know-how, information, data, documentation, reports, research, creations and
other products arising from or made in the performance of (solely or jointly with others) the Consulting Services (whether or not
patentable or subject to copyright or trade secret protection) (collectively, the “Work Product”). Consultant
assigns and agrees to assign to Proteon all rights in the United States and throughout the world to Work Product. Consultant will
keep and maintain adequate and current written records of all Work Product, and such records will be available to and remain the
sole property of Proteon at all times. For purposes of the copyright laws of the United States, Work Product will constitute “works
made for hire,” except to the extent such Work Product cannot by law be “works made for hire”. Consultant will
execute all documents, and take any and all actions needed, all without further consideration, in order to confirm Proteon’s
rights as outlined above.

 

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		6.	Confidentiality. The confidentiality obligations of Consultant under the Confidentiality
and Inventions Assignment Agreement entered into by Proteon and Consultant shall continue to be applicable, to the same extent
as if Consultant was an employee of Proteon, during the term that Consultant is rendering Consulting Services to Proteon pursuant
to this Agreement.

 

		7.	Proteon Materials. All documents, data, records, materials, compounds, apparatus,
equipment and other physical property furnished or made available by or on behalf of Proteon to Consultant in connection with this
Agreement (“Proteon Materials”) are and will remain the sole property of Proteon. Consultant will use Proteon
Materials only as necessary to perform the Consulting Services and will not transfer or make available to any third party the Proteon
Materials without the express prior written consent of Proteon. Consultant will return to Proteon any and all Proteon Materials
upon request.

 

		8.	Publication; Publicity. Consultant may not publish or refer to Work Product, in whole
or in part, without the prior express written consent of Proteon.

 

		9.	Term and Termination. The term of this Agreement will commence on the Effective Date
and expire at the end of the period specified in the “Term” Section of the Business Terms Exhibit, unless sooner
terminated pursuant to the provisions of this Section 9 or extended by mutual written agreement of the parties (the “Term”).
Proteon or Consultant may terminate this Agreement at any time without cause upon prior written notice to the other party; provided,
however, that Consultant may not terminate this Agreement (other than on account of Proteon’s breach of its obligations to
Consultant under this Agreement or the Separation Agreement, dated as of September 30, 2019, by and between Consultant and Proteon)
prior to the earliest to occur of (i) the closing of Proteon’s proposed merger with ArTara Therapeutics, Inc., (ii) the closing
of another strategic transaction (including, without limitation, a reverse merger) that constitutes a Change of Control (as defined
in Proteon’s Amended and Restated 2014 Equity Incentive Plan) of Proteon, or (iii) the completion of the liquidation, windup
and dissolution of Proteon (any of the foregoing transactions or events referred to in the foregoing clauses (i)-(iii) being referred
to in this Agreement as a “Strategic Transaction”). Any expiration or termination of this Agreement shall be
without prejudice to any obligation of either party that has accrued prior to the effective date of expiration or termination.
Upon expiration or termination of this Agreement, neither Consultant nor Proteon will have any further obligations under this Agreement,
except that (a) Consultant will terminate all Consulting Services in progress in an orderly manner as soon as practicable and in
accordance with a schedule agreed to by Proteon, unless Proteon specifies in the notice of termination that Consulting Services
in progress should be completed; (b) Consultant will deliver to Proteon all Work Product made through expiration or termination;
(c) Proteon will pay Consultant any monies due and owing Consultant, up to the time of termination or expiration, for Consulting
Services properly performed and all authorized expenses actually incurred; (d) Consultant will immediately return to Proteon all
Proteon Materials and other Confidential Information and copies thereof provided to Consultant under this Agreement; and (e) the
terms, conditions and obligations under this Agreement which by their nature are intended to survive expiration or termination,
including Sections 4, 5, 6, 7, 8, 9 and 10 of this Agreement and Section 2 of the Business Terms Exhibit (with respect to
any Consulting Services that may be rendered pursuant to this Agreement at any time after the expiration or termination of this
Agreement), will survive expiration or termination of this Agreement.

 

		10.	Miscellaneous.

 

		(a)	D&O Insurance. Consultant shall be entitled to be covered by any “directors’
and officers’” liability insurance that Proteon purchases or maintains on the date of this Agreement and/or at any
time after the date of this Agreement and prior to the effective date of the closing or completion of the first Strategic Transaction
to be closed or consummated after the date of this Agreement. The amount and extent of coverage to which Consultant shall be entitled
under any such “directors’ and officers” liability insurance shall be no less favorable to Consultant than the
amount and extent of coverage that Consultant would have had under any such “directors’ and officers” liability
insurance if Consultant had continued to be an officer and employee of Proteon throughout the Term instead of a consultant to Proteon
under this Agreement.

 

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		(b)	Independent Contractor. The parties understand and agree that Consultant is an independent
contractor and not an agent or employee of Proteon. Consultant has no authority to obligate Proteon by contract or otherwise. Consultant
will not be eligible for any employee benefits of Proteon and expressly waives any rights to any employee benefits.  Consultant
will bear sole responsibility for paying and reporting Consultant’s own applicable federal and state income taxes, social
security taxes, unemployment insurance, workers’ compensation, and health or disability insurance, retirement benefits, and
other welfare or pension benefits, if any, and indemnifies and holds Proteon harmless from and against any liability with respect
to such taxes and benefits.

 

		(c)	Use of Name. Consultant consents to the use by Proteon of Consultant’s name
on its website, in press releases, company brochures, offering documents, presentations, reports or other documents in printed
or electronic form, and any documents filed with or submitted to any governmental or regulatory agency or any securities exchange
or listing entity; provided, that such materials or presentations accurately describe the nature of Consultant’s relationship
with or contribution to Proteon.

 

		(d)	Entire Agreement. This Agreement contains the entire agreement of the parties with
regard to its subject matter, and supersedes all prior or contemporaneous written or oral representations, agreements and understandings
between the parties relating to that subject matter. This Agreement may be changed only by a writing signed by Consultant and an
authorized representative of Proteon.

 

		(e)	Assignment and Binding Effect. The Consulting Services to be provided by Consultant
are personal in nature. Consultant may not assign or transfer this Agreement or any of Consultant’s rights or obligations
hereunder without Proteon’s prior written consent. In no event will Consultant assign or delegate responsibility for actual
performance of the Consulting Services to any third party. Proteon may transfer or assign this Agreement, in whole or in part,
without the prior written consent of Consultant. Any purported assignment or transfer in violation of this Section is void. This
Agreement will be binding upon and inure to the benefit of the parties and their respective legal representatives, heirs, successors
and permitted assigns.

 

		(f)	Notices. All notices required or permitted under this Agreement must be in writing
and must be given by directing the notice to the address for the receiving party set forth in this Agreement or at such other address
as the receiving party may specify in writing under this procedure. Notices to Proteon will be marked “Attention: Chief Financial
Officer and Secretary”. Notices shall be deemed to have been given when sent to a party at the address set forth herein for
such party or at the electronic addresses provided by such party. Each party may change its addresses by giving notice to the other
party as set forth herein.

 

		(g)	Governing Law. This Agreement and any disputes relating to or arising out of this
Agreement will be governed by, construed, and interpreted in accordance with the internal laws of the Commonwealth of Massachusetts,
without regard to any choice of law principle that would require the application of the law of another jurisdiction. The parties
agree to submit to the exclusive jurisdiction of the state and federal courts located in the Commonwealth of Massachusetts and
waive any defense of inconvenient forum to the maintenance of any action or proceeding in such courts.

 

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		(h)	Severability; Reformation. Each provision in this Agreement is independent and severable
from the others, and no provision will be rendered unenforceable because any other provision is found by a proper authority to
be invalid or unenforceable in whole or in part. If any provision of this Agreement is found by such an authority to be invalid
or unenforceable in whole or in part, such provision shall be changed and interpreted so as to best accomplish the objectives of
such unenforceable or invalid provision and the intent of the parties, within the limits of applicable law.

 

		(i)	No Strict Construction; Headings. This Agreement has been prepared jointly and will
not be strictly construed against either party. The section headings are included solely for convenience of reference and will
not control or affect the meaning or interpretation of any of the provisions of this Agreement.

 

		(j)	Waivers. Any delay in enforcing a party’s rights under this Agreement, or any
waiver as to a particular default or other matter, will not constitute a waiver of such party’s rights to the future enforcement
of its rights under this Agreement, except with respect to an express written waiver relating to a particular matter for a particular
period of time signed by Consultant and an authorized representative of the waiving party, as applicable.

 

		(k)	Remedies. Except in respect of any breaches by Consultant of any provision of any
of Sections 4, 5, 6, 7 and 8 hereof, Proteon’s sole and exclusive remedy for any claim against Consultant with respect to
quality of the Consulting Services shall be the correction by Consultant of any material defects or deficiencies therein, of which
Proteon notifies Consultant in writing within ninety (90) days after the completion of that portion of the Consulting Services. 
In the absence of any such notice, the Consulting Services shall be deemed satisfactory to and accepted by Proteon.

 

		(l)	Limitations of Liability. Except in respect of any breaches by Consultant of any
provision of any of Sections 4, 5, 6, 7 and 8 hereof, Proteon agrees that the total liability of Consultant for all claims of any
kind arising as a result of or related to the Agreement, or to any act or omission of Consultant, whether in contract, tort or
otherwise, shall not exceed an amount equal to the amount actually paid by Proteon to Consultant for the Consulting Services during
the twelve (12) month period preceding the date the claim arises.  Proteon shall indemnify, defend and hold Consultant harmless
against any claims by third parties, including all costs, expenses and attorneys’ fees incurred by Consultant therein, arising
out of or in conjunction with Consultant’s performance of Services under this Agreement, other than any such claims arising
out of Consultant’s gross negligence, willful misconduct or action taken in bad faith.

 

		(m)	Counterparts. This Agreement may be executed in two or more counterparts, all of
which, taken together, will be considered to be one and the same instrument. This Agreement may be executed and delivered by facsimile
or portable document format (.pdf) or by any other electronic means that is intended to preserve the original appearance of the
document, each of which shall be deemed an original.

 

[Remainder of page remains blank]

 

 

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IN WITNESS WHEREOF, the parties
have executed this Agreement effective as of the Effective Date.

 

	PROTEON THERAPEUTICS, INC.	 	CONSULTANT
	 	 	 
	By:
	 /s/ George A. Eldridge            

        
	 	
        By:
	 /s/ Timothy P. Noyes            

        

	 	 	 
	
        Print Name:
	George A. Eldridge            

        
	 	
        Print Name:
	Timothy P. Noyes            

        

	 	 	 
	
        Title:
	Senior Vice President, Chief
        Financial Officer, Treasurer and Secretary            

        
	 	
        Title:
	Consultant            

        

	 	 	 
	
        Date:
	October 1, 2019            

        
	 	
        Date:
	September 30, 2019            

        

	 	 	 
	PROTEON INTERNATIONAL HOLDINGS, INC.	 	PROTEON SECURITIES CORP.
	 	 	 
	
        By:
	/s/ George A. Eldridge            

        
	 	
        By:
	/s/ George A. Eldridge            

        

	 	 	 
	
        Print Name:
	 George A. Eldridge            

        
	 	
        Print Name:
	George A. Eldridge            

        

	 	 	 
	
        Title:
	Secretary and Treasurer            

        
	 	
        Title:
	Director            

        

	 	 	 
	
        Date:
	October 1, 2019            
	 	
        Date:
	October 1, 2019            

        

	 	 	 
	PROTEON THERAPEUTICS LIMITED	 	REM 1 ACQUISITION, INC.
	 	 	 
	
        By:
	 /s/ Timothy P. Noyes            
	 	
        By:
	/s/ George A. Eldridge            

        

	 	 	 
	
        Print Name:
	Timothy P. Noyes            

        
	 	
        Print Name:
	George A. Eldridge            

        

	 	 	 
	
        Title:
	President            

        
	 	
        Title:
	Treasurer and Secretary            

        

	 	 	 
	
        Date:
	September 30, 2019            
	 	
        Date:
	October 1, 2019            

        

 

Note to Consultant

 

Please return a completed IRS Form W-9 to AP@proteontx.com to
enable payment.

 

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BUSINESS TERMS EXHIBIT

 

Consulting Agreement with Timothy P.
Noyes

 

		1.	Consulting Services: 

 

Consultant
will provide consulting services to Proteon relating to Consultant’s role as, and Consultant will serve as: (1) the President
and CEO and the Principal Executive Officer of Proteon, (2) a director on the Board of Directors of Proteon, (3) the President
of Proteon International Holdings, Inc. and Proteon Securities Corp., (4) the sole director of Proteon Therapeutics Limited, and
(5) the President and CEO of REM 1 Acquisition, Inc. In such roles, Consultant shall perform the duties and responsibilities as
are delegated or assigned to Consultant by the Board of Directors of Proteon, and Consultant will have the powers and authority
granted by the Board of Directors of Proteon or the applicable Proteon subsidiary, or as described in Proteon’s Second Amended
and Restated Bylaws or in the governing documents of the applicable Proteon subsidiary, including, without limitation, check signing
authority. Consultant shall also provide a reasonable number of transition-related consultations if requested by Proteon.

 

		2.	Compensation:

 

Fees: Proteon will pay
Consultant an hourly rate of Five Hundred U.S. Dollars ($500) for the Consulting Services requested by Proteon, provided that Proteon
does not promise or guarantee to Consultant any minimum number of hours or days of Consulting Services.

 

Expenses: Proteon will
reimburse Consultant for any pre-approved expenses actually incurred by Consultant in connection with the provision of Consulting
Services. Requests for reimbursement will be in a form reasonably acceptable to Proteon, will include supporting documentation
and will accompany Consultant’s invoices.

 

Invoicing: No later than
the last day of each calendar month, Consultant will invoice Proteon for Consulting Services rendered and related expenses incurred
during the preceding month. Invoices should reference this Agreement and should be submitted to AP@Proteontx.com.
Invoices will contain such detail as Proteon may reasonably require and will be payable in U.S. Dollars. Undisputed payments
will be made by Proteon within thirty (30) days after Proteon’s receipt of Consultant’s invoice, request for reimbursement
and all supporting documentation.

 

		3.	Term:

 

This Agreement will be for an
initial term of one (1) year beginning on the Effective Date.

 

Page 6 of 6EX-10.1

 Exhibit 10.1 

YUM CHINA HOLDINGS, INC. 

CHANGE IN CONTROL SEVERANCE PLAN 

(Effective September 27, 2019) 

In order to secure the continued services of certain key management employees of Yum China Holdings, Inc. ( “Yum China” or
the “Company” which may also refer to an Affiliate of Yum China as the case may be) and Affiliates of the Company, and to ensure their continued dedication to their duties in the event of any threat or occurrence of a Change in
Control of Yum China, the Board of Directors of Yum China (the “Board”) has adopted this Change in Control Severance Plan (as it may be amended pursuant to the terms hereof, this “Plan”). 

SECTION 1. Definitions. For purposes of this Plan, the following terms shall have the meanings set forth below: 

“Accrued Bonus” shall mean a Participant’s accrued, but unpaid as of a Participant’s Termination Date, annual cash
bonus for any completed fiscal year of the Company or its applicable Affiliate preceding a Participant’s Termination Date. 

“Affiliate” shall mean, with respect to any Person, any other Person that directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the
management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Annual
Bonus” shall mean the greater of (A) a Participant’s target annual cash bonus for the calendar year in which the Participant’s Termination Date occurs and (B) the most recent annual cash bonus paid by the Company or its
Affiliates to the Participant. For the avoidance of doubt, Annual Bonus shall include annual cash bonus received by the Participant from the Company and all of its Affiliates. 

“Beneficiary” shall mean the person or entity designated by Participant, by written instrument delivered to the Company, to
receive the benefits payable under this Plan in the event of Participant’s death. If Participant fails to designate a Beneficiary, or if no Beneficiary survives Participant, such death benefits shall be paid to the Participant’s estate.

 “Cause” shall have the meaning set forth in any then applicable employment or other similar written agreement (including
such similar term or concept, as determined by the Committee) between Participant and the Company or an Affiliate, subject to the relevant provisions of the PRC Law to the extent mandatorily and preemptively applicable. If there is no such written
agreement or if such agreement does not define “Cause,” the term “Cause” shall mean (i) the willful failure by Participant to perform Participant’s duties with the Company or its Affiliates (other than any such failure
resulting from Participant’s incapacity due to physical or mental illness), (ii) Participant’s willful misconduct that is demonstrably and materially injurious to the Company or its Affiliates, monetarily or otherwise,
(iii) Participant’s commission of acts of dishonesty, fraud, misrepresentation or other acts of moral turpitude, (iv) Participant’s conviction or plea of no contest to a felony (or equivalent crime in the People’s Republic
of China) or a crime of moral turpitude, or (v) any terminable events under the Company’s Code of Conduct, subject to the relevant provisions of the PRC Law to the extent mandatorily and preemptively applicable. 

  
 1 

 “Change in Control” shall be deemed to have occurred if the event set forth
in any one of the following subparagraphs shall have occurred: 
 (i) any Person is or becomes the Beneficial Owner, directly or indirectly,
of securities of Yum China (not including in the securities beneficially owned by such Person any securities acquired directly from the Yum China or its Affiliates) representing 35% or more of the combined voting power of Yum China’s then
outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (I) of subparagraph (iii) below; 

(ii) the following individuals cease for any reason to constitute a majority of the number of directors then serving; individuals who, on the
date hereof, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the
election of directors of Yum China), whose appointment or election by the Board or nomination for election by Yum China’s shareholders was approved or recommended by a vote of at least two-thirds (2/3) of
the directors then still in office who either were directors on the date hereof or whose appointment, election or nomination for election was previously so approved or recommended; or

(iii) there is consummated a merger or consolidation of Yum China or any direct or indirect subsidiary with any other corporation, other than
(I) a merger or consolidation (A) immediately following which those individuals who, immediately prior to the consummation of such merger or consolidation, constituted the Board, constitute a majority of the board of directors of Yum China
or the surviving or resulting entity or any parent thereof, or (B) which results in the voting securities of Yum China outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of Yum China or any subsidiary of Yum China,
at least 50% of the combined voting power of the securities of Yum China (or such surviving entity or any parent thereof) outstanding immediately after such merger or consolidation, or (II) a merger or consolidation effected to implement a
recapitalization of Yum China (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of Yum China (not including in the securities beneficially owned by such Person any securities
acquired directly from Yum China or its Affiliates) representing 35% or more of the combined voting power of Yum China’s then outstanding securities.

Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series
of integrated transactions immediately following which the record holders of the common stock of Yum China immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity
which owns all or substantially all of the assets of Yum China immediately following such transaction or series of transactions. Solely for purposes of this definition, the following terms shall have the meaning specified: (A) “Affiliate”
shall have the meaning set forth in Rule 12b-2 under Section 12 of the Exchange Act; (B) “Beneficial Owner” shall have the meaning set forth in
Rule 13d-3 under the Exchange Act, except that a Person shall not be deemed to be the Beneficial Owner of any securities which are reflected on a Schedule 13G; and (C) ”Person” shall
have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (w) Yum China or any of its Affiliates; (x) a trustee
or other fiduciary holding securities under an employee benefit plan of Yum China or any of its subsidiaries; (y) an underwriter temporarily holding securities pursuant to an offering of such securities; or (z) a corporation owned,
directly or indirectly, by the shareholders of Yum China in substantially the same proportions as their ownership of stock of Yum China. 

  
 2 

 “Code” shall mean the U.S. Internal Revenue Code of 1986, as amended from
time to time, and the regulations promulgated thereunder. 
 “Committee” means the Board or the Compensation Committee of
the Board or such other committee as may be appointed by the Board to administer the Plan. 
 “Cure Period” shall have the
meaning set forth in the “Good Reason Process” definition. 
 “Economic Compensation” shall have the
meaning set forth in Section 3(a)(i). 
 “Effective Date” shall mean September 27, 2019.

 “Employment” shall mean employment with the Company or any Affiliate of the Company. A Participant’s Employment
shall be deemed to have continued notwithstanding a transfer of employment between the Company and any of its Affiliates, or between any two Affiliates. 

“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended from time to time, and the regulations
promulgated thereunder. 
 “Good Reason” shall have the meaning set forth in any then applicable employment or other
similar written agreement (including such similar term or concept, as determined by the Committee) between Participant and the Company or an Affiliate, subject to the relevant provisions of the PRC Law to the extent mandatorily and preemptively
applicable. If there is no such written agreement or if such agreement does not define “Good Reason,” then “Good Reason” shall be deemed to exist if, and only if, without Participant’s written consent there is:
(i) a substantial adverse alteration in the nature or status of the Participant’s responsibilities from those in effect immediately prior to the Change in Control; (ii) a material reduction by the Company in the Participant’s
annual base salary or target annual incentive award opportunity as in effect on the date hereof or as the same may be increased from time to time; provided, however, that Participant’s annual base salary or target annual incentive
award opportunity may be decreased as part of an across-the-board reduction in base salaries and target annual incentive award opportunities of all Company executive
officers so long as the percentage reduction in Participant’s annual base salary or target annual incentive award opportunity is not greater than the percentage reduction applicable to other executive officers, for the same period as the
reduction in other executive officer’s reduction in annual base salary or target annual incentive award opportunity and, in the event such reduction is later mitigated for other executive officers, Participant’s annual base salary or
target annual incentive award opportunity is then increased by the same percentage applicable to other executive officers; or (iii) the relocation of the Participant’s principal place of employment to a location more than 50 miles from the
Participant’s principal place of employment immediately prior to the Change in Control or the Company requiring the Participant to be based anywhere other than such principal place of employment (or permitted relocation thereof) except for
required travel on the Company’s or its Affiliates’ business to an extent substantially consistent with the Participant’s business travel obligations immediately prior to the Change in Control, subject to the relevant provisions of
the PRC Law to the extent mandatorily and preemptively applicable. In order to terminate due to Good Reason, Participant must comply with the Good Reason Process described herein. 

  
 3 

 “Good Reason Process” shall mean that (i) Participant reasonably
determines in good faith that a Good Reason condition has occurred, (ii) Participant notifies the Company in writing of the occurrence of the Good Reason condition within thirty (30) days of Participant having actual or constructive
knowledge of the occurrence of such condition, (iii) Participant cooperates in good faith with the Company’s efforts at no cost to the Participant, for a period not less than thirty (30) days following such notice (the “Cure
Period”), to remedy the condition, (iv) notwithstanding such efforts, the Good Reason condition continues to exist after the expiration of the Cure Period, and (v) Participant terminates Participant’s Employment within thirty
(30) days after the expiration of the Cure Period. For the avoidance of doubt, if the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred. 

“Long-Term Incentive Plan” shall mean the Yum China Holdings, Inc. Long-Term Incentive Plan, as may be amended from time to
time, or any successor program or plan. 
 “Monthly Base Salary” shall mean Participant’s monthly base salary at the
rate in effect prior to any reduction for purposes of Good Reason, or on the date of a Qualifying Termination, whichever is higher; provided, however, that such rate shall in no event be less than the highest rate in effect for
Participant at any time following the Effective Date and prior to the termination of the Plan in accordance with Section 6(l). For the avoidance of doubt, Monthly Base Salary shall include base salary received by the
Participant from the Company and all of its Affiliates. 
 “Participant” shall mean any employee of the Company (or one of
its Affiliates) selected by the Committee in accordance with Section 2 who has entered into a Participation and Restrictive Covenant Agreement and otherwise meets the requirements of Section 2.

 “Participation and Restrictive Covenant Agreement” shall mean the written agreement evidencing participation under this
Plan and the restrictive covenants being agreed to as a condition to participate in this Plan between the Company and the applicable employee. 

“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d)
and 14(d) thereof, including a “group” as defined in Section 13(d)(3). 

  
 4 

 “PRC Law” means the then valid laws, administrative and ministerial
regulations and rules, local regulations, judicial interpretations and other binding regulatory documents of the People’s Republic of China applicable to the Mainland of the People’s Republic of China. 

“Qualifying Termination” shall mean the Participant’s termination of Employment which constitutes a termination by the
Company without Cause or a resignation by the Participant for Good Reason that occurs, in each case, within twenty-four (24) months following the consummation of a Change in Control. For the avoidance of doubt, Qualifying Termination shall also
be deemed a pre-agreed termination based on mutual consent, notwithstanding the statutory cause restrictions under the PRC Law. 

“Restrictive Covenant Compensation” shall have the meaning set forth in Section 3(a)(i). 

“Severance Benefits” shall mean the severance benefits under Section 3(a). 

“Severance Multiple” shall be the multiple provided for in the Participation and Restrictive Covenant Agreement for a
Participant. 
 “Statutory Severance Pay” shall have the meaning set forth in Section 3(a)(i).

 “Termination Date” shall mean, with respect to any Participant, the effective date of such Participant’s
termination of Employment. 
 “Yum China” shall mean Yum China Holdings, Inc., a Delaware corporation. 

  
 5 

 SECTION 2. Eligibility. The Committee shall from time to time, in its
sole discretion, select and designate in writing, which of the Company’s (including any of its Affiliates) employees are eligible to participate in this Plan and such employee shall become a Participant under this Plan conditioned upon
accepting and executing a Participation and Restrictive Covenant Agreement within thirty (30) days after such agreement is delivered to such employee. The term of this Plan with respect to a Participant shall commence on the date on which an
employee commences participation in the Plan and shall continue for a period of three years; thereafter, the term of this Plan with respect to such Participant shall automatically be extended for additional
one-year terms unless, with no less than three months from the expiration of the then-current term, the Company or the Participant shall have given notice not to extend the term; and further provided, however,
that if a Change in Control shall have occurred during the term, the then-current term shall expire no earlier than the second anniversary from the date of such Change in Control.

SECTION 3. Compensation, Benefits and Effect of Termination of Employment. 

(a) Effect of Termination of Employment. Subject to Section 3(c), in the event of a Participant’s
Qualifying Termination, then the Company shall provide Participant the payments and benefits set forth below (the “Severance Benefits”), all subject to tax withholding and payment under the applicable laws. For the avoidance of
doubt, a Participant shall not be entitled to benefits under this Plan if such Participant’s Employment terminates for any reason other than as set forth herein (including due to death, disability, for Cause or resignation without Good Reason)
or at any time other than as specifically set forth in the Qualifying Termination definition. 
 (i) The Company shall
pay to Participant an amount equal to the Severance Multiple times the sum of (x) Participant’s Monthly Base Salary plus (y) one-twelfth (1/12) of Participant’s Annual Bonus (the
“Economic Compensation”), shall consist of the following: (A) the statutory minimum severance payable under the PRC Law and local standards in a single lump sum on the Termination Date (the “Statutory Severance
Pay”); and (B) the compensation for compliance with the non-competition and other restrictive covenants/obligations under Section 4(a) of the Participation and
Restrictive Covenant Agreement, for the entire balance of the Economic Compensation amount (the “Restrictive Covenant Compensation”), payable under the PRC Law on monthly basis by installment over the one (1) year
post-Termination Date non-competition period. 
 (ii) The Company shall pay
Participant any Accrued Bonus, with such Accrued Bonus payable in a single lump sum within sixty (60) days following the Termination Date. 

(iii) Participant shall receive any and all benefits accrued through the date of termination of Employment under any retirement
plan, health or welfare plan or other plan or program in which Participant participates as of the Termination Date, with the amount, form and time of payment of such benefits determined by the terms of such retirement plan, health or welfare plan
and other plan or program. 
 (iv) If upon the Termination Date, Participant holds any awards granted under the Long-Term
Incentive Plan, including options, unit appreciation rights, restricted units, phantom units, unit awards, any other unit-based award or cash-based awards, all such awards shall be governed by the terms of the Long-Term Incentive Plan and the
applicable award agreements and shall become vested, exercisable, and payable only to the extent provided for under the terms of the Long-Term Incentive Plan and the applicable award agreements. 

  
 6 

 (v) To the extent permitted under the terms of the Company’s health
plan and applicable law, the Company shall continue to pay the Participant’s health insurance coverage through the earlier of (x) the one-year anniversary of the Termination Date and
(y) Participant becoming eligible for health insurance coverage under another employer’s plan (whether through the Participant or as a dependent), based on the same rate as the Company pays for health insurance coverage for its active
employees (with Participant required to pay for any employee-paid portion of such coverage). 
 (vi) The Company shall
provide Participant with outplacement services, in an aggregate cost to the Company not to exceed $25,000, for a period of one year or, if earlier, until the first acceptance by Participant of an offer of employment. 

(vii) After the Termination Date, Participant shall not be entitled to reimbursement for fringe benefits, including without
limitation, housing allowances, automobile expenses, and other similar perquisites, except as otherwise provided for under applicable Company policy. 

(b) Release of Claims. The obligations of the Company and its Affiliates under this Section 3 shall be
subject to such Participant’s execution, within 45 days after the Termination Date of a general release and waiver substantially in a form prescribed by the Company, which has become irrevocable following any revocation period permitted by
the Company. 
 (c) Recoupment. Notwithstanding any provisions in this Plan to the contrary, the Committee may, in its sole and
absolute discretion, in the event of Participant’s material breach of a material obligation of Participant to the Company pursuant to any award or agreement between Participant and the Company, including a material breach of the Participation
and Restrictive Covenant Agreement or a determination that an event constituting Cause has occurred, regardless of whether this determination happened prior to or following the Termination Date: (i) terminate the right of such Participant to
receive any payment under this Section 3 (except for the Statutory Severance Pay), to the extent it has not been paid; and (ii) seek the recoupment of any payment paid to such Participant under this
Section 3 (except for the Statutory Severance Pay), including through exercise rights of set-off, forfeiture or cancellation, to the full extent permitted by law, with respect to any
other awards, benefits or payments otherwise due Participant from the Company or any of its Affiliates, to the extent the Committee in its sole discretion deems appropriate after considering the relevant facts and circumstances. Any termination
and/or recoupment of a Participant’s benefits under this Plan shall be in addition and without prejudice to any other remedies that the Company might elect to assert. 

(d) Death. If Participant’s Employment terminates under circumstances described in Section 3(a), then
upon Participant’s subsequent death, all unpaid amounts payable to Participant under Section 3(a)(i) or (ii), if any, shall be paid to Participant’s Beneficiary. 

  
 7 

 SECTION 4. Covenants. Each Participant’s participation in this Plan
is conditioned upon Participant’s execution of a Participation and Restrictive Covenant Agreement within thirty (30) days after such agreement is delivered to such Participant (or such later date as permitted by the Committee). If a
Participant breaches any of the covenants in the Participation and Restrictive Covenant Agreement, including any non-competition, non-solicitation, non-disparagement or confidentiality covenants contained therein, (i) Participant’s entitlement to Severance Benefits (except for the Statutory Severance Pay) shall be null and void, (ii) all rights
to receive or continue to receive Severance Benefits (except for the Statutory Severance Pay) shall thereupon cease and (iii) Participant shall immediately repay to the Company all amounts theretofore paid to, and the value of all benefits
theretofore received by, Participant (except for the Statutory Severance Pay). The foregoing shall not limit any other rights or remedies the Company may have existing in its favor, including injunctive relief and liquidated damages. 

SECTION 5. Offset; No Mitigation. 

(a) To the extent permitted by applicable law, the amount of a Participant’s payments under this Plan shall be reduced to the extent
necessary to defray amounts owed by Participant due to unused expense account balances, overpayment of salary, awards or bonuses, advances or loans. 

(b) In no event shall any Participant be obligated to seek other employment or take any other action by way of mitigation of the amounts
payable to Participant under any of the provisions of this Plan and, such amounts shall not be reduced whether or not Participant obtains other employment, except as expressly provided in Sections 3(a)(v), 3(a)(vi) and 3(c).

 SECTION 6. Miscellaneous. 

(a) Administration. The Committee shall, subject to the terms of this Plan, administer and interpret this Plan and the application
thereof, establish rules and regulations it deems necessary or desirable for the administration of this Plan and may impose, incidental to the grant of a participation right in the Plan, conditions with respect to participation, such as limiting
competitive employment or other activities. All such interpretations, rules, regulations and conditions shall be conclusive and binding on all parties. 

(b) Notices. All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if
delivered in writing in person or by telecopy (or similar electronic means with a copy following by nationally recognized overnight courier) or sent by nationally-recognized overnight courier or first class registered or certified mail, return
receipt requested, postage prepaid, addressed to such party at the address set forth below or at such other address as may hereafter be designated in writing by such party to the other parties. 

  
 8 

			
	If to the Company:	  	Yum China Holdings, Inc.
		  	7100 Corporate Drive
		  	Plano, Texas 75024
		  	Attention: Chief Legal Officer
		
	If to a Participant:	  	At the most recent address
		  	on file with the Company

 or such other address or to the attention of such other person as the recipient party shall have specified by prior written
notice to the sending party. Any notice under this Plan shall be deemed to have been given when so delivered, sent or mailed. 
 (c) No
Waiver. No failure by the Company or a Participant at any time to give notice of any breach by the Company or a Participant, or to require compliance with, any condition or provision of this Plan shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time. 
 (d) Severability. If a court of competent jurisdiction
determines that any provision of this Plan is invalid or unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Plan, and all other provisions shall
remain in full force and effect. 
 (e) Withholding of Taxes and Other Employee Deductions. The Company may withhold from any
benefits and payments made pursuant to this Plan all federal/national, state/provincial, city and other taxes as may be required pursuant to any law or governmental regulation or ruling and all other normal employee deductions made with respect to
the Company’s employees generally. 
 (f) Headings. The paragraph headings have been inserted for purposes of convenience and
shall not be used for interpretive purposes. 
 (g) Interpretations. For purposes of this Plan, the words “include” and
“including,” and variations thereof, shall not be deemed to be terms of limitation but rather shall be deemed to be followed by the words “without limitation”. The term “or” is not exclusive. The word “extent”
in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if.” Wherever the context so requires, the masculine gender includes the feminine or neuter,
and the singular number includes the plural and conversely. 
 (h) Successors. This Plan shall be binding upon and inure to the
benefit of the Company and any successor of the Company, including without limitation any person, association, or entity which may hereafter acquire or succeed to all or substantially all of the business or assets of the Company by any means whether
direct or indirect, by purchase, merger, consolidation, or otherwise and the Company shall require any such acquirer successor to assume this Plan and the obligations and liabilities contemplated thereunder, including, but not limited to the
amendment and termination obligations contemplated under Section 6(l). Participants’ rights, benefits and obligations under this Plan are personal and shall not be voluntarily or involuntarily assigned, alienated, or
transferred, whether by operation of law or otherwise, without the prior written consent of the Company. 

  
 9 

 (i) Non-Duplication. The Severance Benefits
provided under this Plan are not intended to result in any duplicative benefits to Participant and this Plan shall be administered accordingly. Accordingly, the Committee, in good faith, shall exercise its discretion and to the extent permitted
under applicable law, equitably offset against Participant’s severance benefits under this Plan against any other severance, termination, or similar benefits payable to Participant by the Company or amounts paid to comply with, or satisfy
liability under, any federal/national, state/provincial, or local law requiring payments in connection with any termination of Employment or workforce reduction, including, but not limited to, amounts paid in connection with paid leaves of absence,
back pay, benefits, and other payments intended to satisfy such liability or alleged liability. For the avoidance of doubt, this Plan shall replace any agreements entered into between the Company and the Participant providing the Participant with
severance or related benefits in the event of a Change in Control and the Participant shall not be entitled to benefits under both this Plan and any other severance plan or policy maintained by the Company or its Affiliates and amounts payable under
this Plan shall be reduced by any amounts received or payable under any such severance plan or policy. 
 (j) Deemed Resignations.
Any termination of a Participant’s Employment shall constitute an automatic resignation of such Participant as an officer of the Company and each Affiliate of the Company, an automatic resignation from the board of directors, if applicable, of
the Company and each Affiliate of the Company and from the board of directors or similar governing body of any corporation, limited liability company or other entity in which the Company or any Affiliate holds an equity interest and with respect to
which board or similar governing body such Participant serves as the Company’s or such Affiliate’s designee or other representative. 

(k) No Guarantee of Employment. This Plan shall not be construed as creating any contract of Employment between the Company and its
Affiliates, on the one hand, and any Participant, on the other hand, nor shall this Plan be construed as restricting in any way the rights of the Company or any of its Affiliates to terminate the Employment of any Participant at any time and for any
reason subject, however, to any rights of a Participant under this Plan. 
 (l) Amendment and Termination of this Plan. The Committee
may amend, modify or terminate this Plan at any time; provided, however, that (i) no such amendment, modification or termination will be effective unless each affected Participant has received written notice thereof at least three
(3) months prior to such amendment, modification or termination becoming effective, and (ii) no such amendment, modification or termination may materially impair the rights of a Participant whose Termination Date previously occurred. In
addition, the Committee may not remove a Participant from participation in this Plan or amend, modify or terminate this Plan, in each case, after steps have been taken, and continue to be taken, that could lead to a Change in Control or within
twenty (24) months after a Change in Control without an impacted Participant’s written consent. The failure of the Company or a Participant to insist upon strict adherence to any term of this Plan on any occasion shall not be considered as
a waiver of the rights of the Company or such Participant or deprive the Company or such Participant of the right thereafter to insist upon strict adherence to that term or any other term of this Plan. No failure or delay by the Company or any
Participant in exercising any right or power hereunder will operate as a waiver thereof, nor will any single or partial exercise of any such right or power, or any abandonment of any steps to enforce such right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. For the avoidance of doubt, a Participation’s participation in this Plan shall terminate upon the earliest to occur of (i) the date of termination of the
Participant’s Employment by the Company if no benefits are payable under the Plan, (ii) the date the Company satisfies its obligation, if any, to make payments and provide benefits to the Participant pursuant to the Plan, (iii) the
removal of the Participant from participation in this Plan in accordance with Section 2, and (iv) termination of the Plan in accordance with this Section 6(l) prior to the date the Participant
terminates Employment with the Company. 

  
 10 

 SECTION 7. Survival. The provisions of this Plan, including
Sections 3, Section 4, Section 5 and Section 6 shall survive and remain binding and enforceable, notwithstanding the expiration or termination of
this Plan, the termination of a Participant’s Employment for any reason or any settlement of the financial rights and obligations arising from such Participant’s participation hereunder, to the extent necessary to preserve the intended
benefits of such provisions. 
 * * * * * * 

  
 11 

 U.S. Tax Addendum 

This addendum is applicable to Participants who may also be subject to U.S. tax laws. 

Code Section 280G 
 If any payment or benefit
(including payments and benefits pursuant to the Plan) Participant would receive in connection with or as a result of a Change in Control from the Company or its Affiliates or otherwise (the “Payment”) would (i) constitute a
“parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this paragraph, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Company
shall cause to be determined, before any amounts of the Payment are paid to Participant, which of the following two alternative forms of payment shall be paid to Participant: (A) payment in full of the entire amount of the Payment (a
“Full Payment”), or (B) payment of only a part of the Payment so that Participant receives the largest payment possible without the imposition of the Excise Tax (a “Reduced Payment”). A Full Payment shall be
made in the event that the amount received by Participant on a net after-tax basis is greater than what would be received by Participant on a net after-tax basis if the
Reduced Payment were made, otherwise a Reduced Payment shall be made. If a Reduced Payment is made, (i) the Payment shall be paid only to the extent permitted under the Reduced Payment alternative, and Participant shall have no rights to any
additional payments and/or benefits constituting the Payment, and (ii) reduction in payments and/or benefits shall occur in the following order: (A) reduction of cash payments (in the reverse chronological order in which such cash would
otherwise be paid); (B) cancellation of accelerated vesting of equity awards other than options (in the reverse chronological order in which such equity awards would vest in the absence of a Change in Control); (C) cancellation of accelerated
vesting of options (in the reverse chronological order in which such options would vest in the absence of a Change in Control); and (D) reduction of other benefits paid to Participant (in the reverse chronological order in which such benefits
would otherwise be provided). 
 The independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to
the effective date of the Change in Control, or a nationally recognized law firm selected by the Committee, shall make all determinations required to be made under the foregoing paragraph. If the independent registered public accounting firm so
engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, the Company shall appoint a nationally recognized law firm or independent registered public accounting firm to make the
determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such independent registered public accounting firm or law firm required to be made hereunder. Any good faith determinations of the
accounting firm or law firm made hereunder shall be final, binding and conclusive upon the Company and Participant. 
 Code Section 409A 

It is the intention of the Company that the provisions of the Plan comply with Section 409A of the Code, and all provisions of this Plan shall be
construed and interpreted in a manner consistent with Section 409A of the Code. In the event that the Company determines that any provision of this Plan does not comply with Section 409A of the Code or any such rules, regulations or
guidance and that as a result any Participant may become subject to a tax under Section 409A of the Code, notwithstanding Section 6(l) of the Plan, the Company shall have the discretion to amend or modify such
provision to avoid the application of such tax, and in no event shall any Participant’s consent be required for such amendment or modification. Notwithstanding any provision of this Plan to the contrary, each Participant shall be solely
responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with amounts payable pursuant to this Plan (including any taxes arising under Section 409A of the Code), and the Company not shall have any
obligation to indemnify or otherwise hold such Participant harmless from any or all of such taxes. 

  
 12 

 In the event that the Company determines that any provision of this Plan violates, or would result in any
material liability (other than liabilities for the Severance Benefits) to the Company under, any law, regulation, rule or similar authority of any governmental agency the Company shall be entitled, notwithstanding
Section 6(l) of the Plan, to amend or modify such provision as the Company determines in its discretion to be necessary or desirable to avoid such violation or liability, and in no event shall any Participant’s consent
be required for such amendment or modification. 
 The payments under this Plan are designated as separate payments for purposes of the short-term deferral
rule under Treasury Regulation Section 1.409A 1(b)(4), the exemption for involuntary terminations under separation pay plans under Treasury Regulation Section 1.409A 1(b)(9)(iii), and the exemption for medical expense reimbursements under
Treasury Regulation Section 1.409A 1(b)(9)(v)(B). As a result, (i) payments that are made on or before the 15th day of the third month of the calendar year following the year that includes Participant’s Termination Date, (ii) any
additional payments that are made on or before the last day of the second calendar year following the year of Participant’s Termination Date and do not exceed the lesser of two times Participant’s annual rate of pay in the year prior to
the Termination Date or two times the limit under Code Section 401(a)(17) then in effect, and (iii) continued medical expense reimbursements during the applicable COBRA period, are intended to be exempt from the requirements of
Section 409A of the Code. 
 To the extent any amounts under this Plan are payable by reference to a Participant’s termination of Employment, such
term and similar terms shall be deemed to refer to such Participant’s “separation from service,” within the meaning of Section 409A of the Code. Notwithstanding any other provision in this Plan, to the extent any payments
hereunder constitute “nonqualified deferred compensation,” within the meaning of Section 409A of the Code (a “Section 409A Payment”), and Participant is a specified employee, within the meaning of
Treasury Regulation Section 1.409A 1(i), as determined by the Company in accordance with any method permitted under Section 409A of the Code, as of the date of Participant’s separation from service, each such Section 409A Payment
that is payable upon such Participant’s separation from service and would have been paid prior to the six-month anniversary of such Participant’s separation from service, shall be delayed until the
earlier to occur of (i) the six-month anniversary of Participant’s separation from service and (ii) the date of Participant’s death. Further, to the extent that any amount is a
Section 409A Payment and such payment is conditioned upon Participant’s execution of a release or Participation and Restrictive Covenant Agreement and which is to be paid or provided during a designated period that begins in one taxable
year and ends in a second taxable year, then such Section 409A Payment shall be paid or provided in the later of the two taxable years. 

  
 13 

 Any reimbursements payable to a Participant pursuant to the Plan or otherwise shall be paid to such
Participant in no event later than the last day of the calendar year following the calendar year in which such Participant incurred the reimbursable expense. Any amount of expenses eligible for reimbursement, or
in-kind benefit provided, during a calendar year shall not affect the amount of expenses eligible for reimbursement, or in-kind benefit to be provided, during any other
calendar year. The right to any reimbursement or in-kind benefit pursuant to the Plan shall not be subject to liquidation or exchange for any other benefit. 

To the extent that the Severance Benefits payable under the Plan are deemed to be a substitute for a Section 409A Payment provided under another
agreement with Participant, then the Severance Benefits payable hereunder shall be paid at the same time and in the same form as such substituted Section 409A Payment to the extent required to comply with Section 409A of the Code. 

  
 14

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