Exhibit 4.1


 


[Form of 0.400% Senior Note due 2032]


 


UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK, S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM (“EUROCLEAR”) AND CLEARSTREAM
BANKING, SOCIÉTÉ ANONYME (“CLEARSTREAM,” AND TOGETHER WITH EUROCLEAR, “EUROCLEAR / CLEARSTREAM”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
EUROCLEAR / CLEARSTREAM (AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR / CLEARSTREAM), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK DEPOSITORY (NOMINEES)
LIMITED, HAS AN INTEREST HEREIN.





 






     


     


    

 


	No. R-	€	 
	 	CUSIP No. 713448 FC7
	 	ISIN XS2242633258
	 	Common Code 224263325


 


PEPSICO, INC.


 


0.400% SENIOR NOTE DUE 2032


 


PEPSICO,
INC., a corporation in existence under the laws of the State of North Carolina (herein called the “Company,” which
term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises
to pay to The Bank of New York Depository (Nominees) Limited, as nominee of The Bank of New York Mellon, London Branch, a common
depositary for Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme, the principal sum of €                 
on October 9, 2032, and to pay interest on said principal sum annually on October 9 of each year, commencing October 9, 2021,
at the rate of 0.400% per annum from October 9, 2020, or from the most recent date in respect of which interest has been paid
or duly provided for, until payment of the principal sum has been made or duly provided for. The interest so payable and punctually
paid or duly provided for on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name
this Note (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such Interest
Payment Date, which shall be the September 25 (whether or not a Business Day) next preceding such Interest Payment Date. Any such
interest that is payable but is not so punctually paid or duly provided for shall forthwith cease to be payable to the registered
Holder on such Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Securities)
is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Notes not earlier than 10 days prior to such Special Record Date, or may
be paid at any time in any other lawful manner not inconsistent with the requirements of the Nasdaq Bond Exchange (“Nasdaq”)
on which the Notes are expected to be listed and upon such notice as may be required by Nasdaq, if such manner of payment shall
be deemed practical by the Trustee, all as more fully provided in the Indenture.


 


Interest will be computed on the basis of
the actual number of days in the period for which interest is being calculated and the actual number of days from and including
the date from which interest begins to accrue for the period (or from October 9, 2020 if no interest has been paid on the Notes)
to, but excluding, the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as
defined in the rulebook of the International Capital Markets Association.


 


“Business Day” means any day,
other than a Saturday or Sunday, (1) which is not a day on which banking institutions in the City of New York or the City of London
are authorized or required by law or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement
Express Transfer system (the TARGET2 system), or any successor thereto, operates. If any Interest Payment Date, the maturity date
or any Redemption Date is not a Business Day, then the related payment for such Interest Payment Date, maturity date or Redemption
Date shall be paid on the next succeeding Business Day with the same force and


 






     


     


    

 





effect as if made on such Interest Payment Date, maturity date
or Redemption Date, as the case may be, and no further interest shall accrue as a result of such delay.


 


Payment of the principal of and interest
on this Note will be made at the Place of Payment; provided, however, that payments of interest may be made at the option of the
Company by funds transmitted to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register.


 


Principal and interest payments, including
payments made upon any redemption, in respect of this Note will be payable in euro. If the euro is unavailable to the Company due
to the imposition of exchange controls or other circumstances beyond the Company’s control or if the euro is no longer being
used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement
of transactions by public institutions of or within the international banking community, then all payments in respect of this Note
will be made in U.S. dollars until the euro is again available to the Company and so used. In such circumstances, the amount payable
on any date in euro will be converted into U.S. dollars on the basis of the then most recently available market exchange rate for
euro, as determined by the Company in its sole discretion. Any payment in respect of this Note so made in U.S. dollars will not
constitute an Event of Default under this Note or the Indenture. Neither the Trustee nor the Paying Agent shall be responsible
for any calculation or conversion in connection with the foregoing.


 


Initially, The Bank of New York Mellon,
London Branch will act as Paying Agent. The Company reserves the right at any time to vary or terminate the appointment of any
Paying Agent, to appoint additional or other Paying Agents and to approve any change in the office through which any Paying Agent
acts.


 


Reference is made to the further provisions
of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless
the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.


 






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IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed by manual or facsimile signature under its corporate seal or a facsimile thereof.


 


	Dated: _____________, 2020	PEPSICO, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 
	 	By:	 
	 	 	Name:
	 	 	Title:





 


[seal]


 


Attest:


 


	 	 



 






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TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.


 


	 	The Bank of New York Mellon, as Trustee
	 	 
	 	By:	                         
	 	 	Authorized Signatory
	 	 
	 	Dated: 	 

 






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[REVERSE OF NOTE]


 


PEPSICO, INC.


 


0.400% SENIOR NOTE DUE 2032


 


This Note is one of a duly authorized issue
of debentures, notes or other evidences of indebtedness of the Company (herein called the “Securities”), issued and
to be issued in one or more series under an Indenture, dated as of May 21, 2007 (herein called the “Indenture”), between
the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights thereunder of the Company, the Trustee, and the Holders of the Securities, the terms upon which the Securities
are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein and not otherwise defined
herein. The Securities may be issued in one or more series, which different series may be issued in various aggregate principal
amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at different rates
(which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to different
sinking, purchase, or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise
vary as provided in the Indenture. This Note is one of a series of Securities of the Company designated as set forth on the face
hereof (herein called the “Notes”), initially limited in aggregate principal amount to €750,000,000.


 


The Company will have the right, at its
option, to redeem any of the Notes in whole or in part, at any time or from time to time prior to July 9, 2032 (three months prior
to the maturity date of the Notes) (the “Par Call Date”) at a Redemption Price (calculated by the Company) equal to
the greater of (i) 100% of the principal amount of such Notes being redeemed and (ii) the sum of the present values of the Remaining
Scheduled Payments (as defined below) of principal and interest thereon (exclusive of interest accrued to the date of redemption),
assuming for such purpose that the Notes matured on the Par Call Date, discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL
(ICMA)) at the applicable Comparable Government Bond Rate (as defined below) plus 15 basis points, plus, in each case, accrued
and unpaid interest thereon to, but not including, the date of redemption. The Company shall make all calculations relating to
the Redemption Price.


 


The Company will have the right, at its
option, to redeem any of the Notes in whole or in part, at any time or from time to time on or after the Par Call Date, at a Redemption
Price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to, but not including,
the date of redemption.


 


Except as otherwise provided herein, redemption
of the Notes shall be made in accordance with the terms of Article 11 of the Indenture.


 


“Comparable Government Bond Rate”
means, with respect to any Redemption Date, the price, expressed as a percentage (rounded to three decimal places, with 0.0005
being rounded upwards), at which the gross redemption yield on the Notes, if they were to be purchased at such


 






     


     


    

 





price on the third Business Day prior to the date fixed for
redemption, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond (as defined below)
on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business
Day as determined by an independent investment bank selected by the Company.


 


“Comparable Government Bond”
means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an independent investment bank selected
by the Company, a German government bond whose maturity is closest to the maturity of the Notes, assuming for such purpose that
the Notes matured on the Par Call Date, or if such independent investment bank in its discretion considers that such similar bond
is not in issue, such other German government bond as such independent investment bank may, with the advice of three brokers of,
and/or market makers in, German government bonds selected by the Company, determine to be appropriate for determining the Comparable
Government Bond Rate.


 


“Remaining Scheduled Payments”
means, with respect to each Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon
that would be due after the related Redemption Date but for such redemption, assuming for such purpose that such Note matured on
the Par Call Date; provided, however, that, if such Redemption Date is not an Interest Payment Date with respect to such Note,
the amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of interest accrued
thereon to such Redemption Date.


 


On and after the Redemption Date, interest
will cease to accrue on the Notes or any portion thereof called for redemption (unless the Company defaults in the payment of the
Redemption Price and accrued interest). On or before the Redemption Date, the Company will deposit with the Trustee or its agent
money sufficient to pay the Redemption Price of and (unless the redemption date shall be an Interest Payment Date) accrued and
unpaid interest to the Redemption Date on the Notes to be redeemed on such date. If less than all of the Notes are to be redeemed,
the Notes to be redeemed shall be selected in accordance with applicable Depositary procedures. Additionally, the Company may at
any time repurchase Notes in the open market and may hold or surrender such Notes to the Trustee for cancellation.


 


If, as a result of any change in, or amendment
to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority in the United
States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations
or rulings, which change or amendment is announced or becomes effective on or after October 5, 2020, the Company becomes or, based
upon a written opinion of independent counsel selected by the Company, will become obligated to pay additional amounts as described
below with respect to the Notes, then the Company may at any time at its option redeem, in whole, but not in part, the Notes at
a Redemption Price equal to 100% of their principal amount, together with accrued and unpaid interest on those Notes to, but not
including, the date fixed for redemption.


 


The Company will, subject to the exceptions
and limitations set forth below, pay as additional interest on the Notes such additional amounts as are necessary in order that
the net payment by the Company of the principal of and interest on the Notes to a Holder who is not a


 






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United States person (as defined below), after withholding or
deduction for any present or future tax, assessment or other governmental charge imposed by the United States or a taxing authority
in the United States, will not be less than the amount provided in the Notes to be then due and payable; provided, however, that
the foregoing obligation to pay additional amounts shall not apply:


 


		(1)	to any tax, assessment or other governmental charge that is imposed by reason of the Holder (or the beneficial owner for whose
benefit such Holder holds such Note), or a fiduciary, settlor, beneficiary, member or shareholder of the Holder if the Holder is
an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder,
being considered as:



 


		(a)	being or having been engaged in a trade or business in the United States or having or having had a permanent establishment
in the United States;



 


		(b)	having a current or former connection with the United States (other than a connection arising solely as a result of the ownership
of the Notes, the receipt of any payment or the enforcement of any rights hereunder), including being or having been a citizen
or resident of the United States;



 


		(c)	being or having been a personal holding company, a passive
foreign investment company or a controlled foreign corporation for United States federal income tax purposes or a corporation
that has accumulated earnings to avoid United States federal income tax;



 


		(d)	being or having been a “10-percent shareholder”
of the Company as defined in Section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”)
or any successor provision; or



 


		(e)	being a bank receiving payments on an extension of credit
made pursuant to a loan agreement entered into in the ordinary course of its trade or business;



 


		(2)	to any Holder that is not the sole beneficial owner of
the Notes, or a portion of the Notes, or that is a fiduciary, partnership or limited liability company, but only to the extent
that a beneficial owner with respect to the Holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner
or member of the partnership or limited liability company would not have been entitled to the payment of an additional amount
had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment;



 


		(3)	to any tax, assessment or other governmental charge that
would not have been imposed but for the failure of the Holder or any other person to comply with certification, identification
or information reporting requirements concerning the nationality, residence, identity or connection with the United States of
the Holder or beneficial owner of the Notes, if compliance is required by statute, by regulation of the United States or any taxing
authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from
such tax, assessment or other governmental charge;



 






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		(4)	to any tax, assessment or other governmental charge that
is imposed otherwise than by withholding by the Company or a Paying Agent from the payment;



 


		(5)	to any tax, assessment or other governmental charge that
would not have been imposed but for a change in law, regulation, or administrative or judicial interpretation that becomes effective
more than 15 days after the payment becomes due or is duly provided for, whichever occurs later;



 


		(6)	to any estate, inheritance, gift, sales, excise, transfer,
wealth, capital gains or personal property tax or similar tax, assessment or other governmental charge;



 


		(7)	to any tax, assessment or other governmental charge required
to be withheld by any Paying Agent from any payment of principal of or interest on any Note, if such payment can be made without
such withholding by at least one other Paying Agent;



 


		(8)	to any tax, assessment or other governmental charge that
would not have been imposed but for the presentation by the Holder of any Note, where presentation is required, for payment on
a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided
for, whichever occurs later;



 


		(9)	to any tax, assessment or other governmental charge that
is imposed or withheld solely by reason of the beneficial owner being a bank (i) purchasing the Notes in the ordinary course of
its lending business or (ii) that is neither (A) buying the Notes for investment purposes only nor (B) buying the Notes for resale
to a third-party that either is not a bank or holding the Notes for investment purposes only;



 


		(10)	to any tax, assessment or other governmental charge imposed
under Sections 1471 through 1474 of the Internal Revenue Code (or any amended or successor provisions), any current or future
regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Internal Revenue
Code or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into
in connection with the implementation of such sections of the Internal Revenue Code; or



 


		(11)	in the case of any combination of items (1), (2), (3),
(4), (5), (6), (7), (8), (9) and (10).



 


The Notes are subject in all cases to any
tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the Notes. Except as noted above,
the Company will not be required to make any payment for any tax, assessment or other governmental charge imposed by any government
or a political subdivision or taxing authority of or in any government or political subdivision.


 


As used above, the term “United States”
means the United States of America (including the states of the United States and the District of Columbia and any political subdivision
thereof) and the term “United States person” means any individual who is a citizen or resident of the United States
for U.S. federal income tax purposes, a corporation, partnership or other entity


 






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created or organized in or under the laws of the United States,
any state of the United States or the District of Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), or any estate or trust the income of which is subject to United States federal income
taxation regardless of its source.


 


Notice of any redemption will be transmitted
at least 10 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed (or delivered electronically
in accordance with the procedures of the Depositary). If fewer than all of the Notes are to be redeemed, the particular Notes to
be redeemed, in the case of Notes in global form, shall be selected in accordance with the procedures of the Depositary. In the
case of physical Notes in definitive form, such selection shall be done by the Trustee by lot. If any Note is to be redeemed only
in part, the notice of redemption that relates to such Note shall state the principal amount thereof to be redeemed. A new Note
in principal amount equal to and in exchange for the unredeemed portion of the principal of the Note surrendered may be issued
in the name of the Holder of the Note upon surrender of the original Note.


 


The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series under the Indenture at any time by the Company and the Trustee with the consent of
the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected
by such amendment or modification. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note.


 


The Indenture contains provisions setting
forth certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy
under the Indenture.


 


If an Event of Default with respect to the
Notes shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated
in the manner and with the effect provided in the Indenture.


 


No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.


 


As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Note is registerable in the Security Register, upon surrender of
this Note for registration of transfer at the office or agency of the Company in any Place of Payment duly endorsed, or accompanied
by a written instrument of transfer in form satisfactory to the


 






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Company and the Security Registrar duly executed, by the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.


 


The Notes are issuable only in registered
form without coupons in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, this Note is exchangeable for certificated notes in definitive
form of like tenor in minimum denominations of €100,000 principal amount and integral multiples of €1,000 in excess thereof
if (i) the Depositary provides notification that it is unwilling, unable or no longer qualified to continue as depositary for the
global notes and a successor is not appointed within 90 days; (ii) the Company in its discretion at any time determines not to
have all the Notes represented by the global note; or (iii) default entitling the Holders of Notes to accelerate the maturity thereof
has occurred and is continuing. Any Note that is exchangeable as above is exchangeable for certificated notes issuable in authorized
denominations and registered in such names as the common depositary shall direct. Subject to the foregoing, a global note is not
exchangeable, except for a global note of the same aggregate denomination to be registered in the name of the common depositary
(or its nominee).


 


Payments (including principal, interest
and any additional amounts) and transfers with respect to the Notes in certificated form may be executed at the office or agency
maintained for such purpose within the City of London (initially the office of the Paying Agent maintained for such purpose) or,
at the Company’s option, by check mailed to the Holders thereof at the respective addresses set forth in the register of
Holders of the Notes, provided that all payments (including principal, interest and any additional amounts) on certificated notes,
for which the Holders thereof have given wire transfer instructions, will be required to be made by wire transfer of immediately
available funds to the accounts specified by the Holders thereof.


 


No service charge shall be made for any
such registration or transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.


 


Prior to the presentment of this Note for
registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes,
whether or not this Note is overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the
contrary.


 


This Note may be executed in any number
of counterparts, each of which when so executed shall be deemed to be an original, but all of which shall together constitute but
one and the same instrument. The signature of any officer on this Note may be manual or facsimile (including, for the avoidance
of doubt, electronic). The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted,
or otherwise reproduced on this Note. The Company and the Trustee, and each Holder of this Note by its acceptance hereof, acknowledge
that for purposes of the Indenture, manually affixing a signature by electronic means shall constitute a manual signature.


 






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All terms used in this Note which are defined
in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.


 






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FOR VALUE RECEIVED,
the undersigned hereby sell(s), assign(s) and transfer(s) unto


 


	 	 



 


[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE]


 


	 	 



 


	 	 
	 	 
	 	 



 


[PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP
CODE, OF ASSIGNEE]


 


the within Note and all rights thereunder,
hereby irrevocably constituting and appointing _________________________ attorney to transfer such Note on the books of the Issuer,
with full power of substitution in the premises.


 


Dated: _______________________


 


NOTICE:     The signature to this assignment must correspond
with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.


 






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