Exhibit 10.19
Private and confidential
September 8, 2015
Joey Wat
Present
Dear Joey,
Congratulations!
I am most pleased to inform you of your promotion to CEO, China KFC (LT), effective September 1, 2015.
| − | Your base salary is increased to USD 610,000 per annum, payable in arrears of 12 equal monthly payments. |
| − | Your Yum! Leader's Bonus Program (YLB) target pay is equivalent to 85% of USD 610,000 your new base salary X Individual Performance Rating X Team Factor. Team factor is a combination of Yum! China KFC (75%) and Yum! Brands (25%) performance factor. Maximum bonus pay potential is 300% of your target pay. Please refer to the annual bonus communication for details. |
| − | Your Yum! Stock Appreciation Right (SAR) grant going forward will be increased from USD 2,000,000 to USD 3,000,000 (Face Value). |
| − | There is no change to the other terms and conditions of employment. |
On behalf of the Company,I would like to thank you for your contributions in the past year and look forward to your continuous commitment & leadership in bringing KFC China to the next level of success in the years to come.
Yours sincerely,
|
/s/ Micky Pant |
Micky Pant |
CEO, Yum! Brands Inc.,China Division |
|
c.c. Christabel Lo |
