Exhibit 10.32
 PBG
 PENSION EQUALIZATION PLAN
 (PEP)
 2009 Restatement




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PEP PENSION EQUALIZATION PLAN
 Table of Contents
 PageNo.ARTICLE I
 History and Purpose
    
    
    11.1 History of Plan
    
    
    1ARTICLE II  Definitions and Construction
    
    
    22.1 Definitions
    
    
    2(a) Actuarial Equivalent
    
    
    2(b) Annuity
    
    
    2(c) Code
    
    
    2(d) Company or PBG
    
    
    2(e) Compensation Limitation
    
    
    2(f) Effective Date
    
    
    2(g) ERISA
    
    
    2(h) Participant
    
    
    2(i) PBG Organization
    
    
    3(j) PEP Pension
    
    
    3(k) PepsiCo Prior Plan
    
    
    3(l) Plan
    
    
    3(m) Plan Administrator
    
    
    3(n) Plan Year
    
    
    3(o) Primary Social Security Amount
    
    
    3(p) Salaried Plan
    
    
    4(q) Salaried Plan Participant
    
    
    4(r) Section 409A
    
    
    4(s) Section 415 Limitation
    
    
    4(t) Separation from Service
    
    
    4(u) Single Lump Sum
    
    
    4(v) Specified Employee
    
    
    4(w) Vested Pension
    
    
    52.2 Construction
    
    
    5(a) Gender and Number
    
    
    5(b) Compounds of the Word Here
    
    
    5ARTICLE
III  Participation
    
    
    5ARTICLE
IV  Amount of Retirement Pension
    
    
    6
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PageNo.4.1 PEP Pension
    
    
    6(a) Same Form as Salaried Plan
    
    
    6(b) Different Form than Salaried Plan
    
    
    64.2 PEP Guarantee
    
    
    7(a) Eligibility
    
    
    7(b) PEP Guarantee Formula
    
    
    74.3 Certain Adjustments
    
    
    9(a) Adjustments for Rehired Participants
    
    
    9(b) Adjustment for Increased Pension Under Other Plans
    
    
    94.4 Reemployment of Certain Participants
    
    
    104.5 Vesting; Misconduct
    
    
    10ARTICLE V
 Death Benefits
    
    
    105.1 Death Benefits
    
    
    10ARTICLE
VI  Distributions
    
    
    116.1 Form and Timing of Distributions
    
    
    11(a) Time and Form of Payment of Grandfathered Benefit
    
    
    11(b) Time and Form of Payment of Non-Grandfathered Benefit
    
    
    116.2 Special Rules for Survivor Options
    
    
    12(a) Effect of Certain Deaths
    
    
    12(b) Nonspouse Beneficiaries
    
    
    136.3 Designation of Beneficiary
    
    
    136.4 Determination of Single Lump Sum Amounts
    
    
    13(a) Vested Pensions
    
    
    13(b) 2008 Reorganization
    
    
    136.5 Section 162(m) Postponement
    
    
    13ARTICLE
VII  Administration
    
    
    147.1 Authority to Administer Plan
    
    
    147.2 Facility of Payment
    
    
    147.3 Claims Procedure
    
    
    147.4 Effect of Specific References
    
    
    157.5 Limitations on Actions
    
    
    15ARTICLE
VIII  Miscellaneous
    
    
    158.1 Nonguarantee of Employment
    
    
    15
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PageNo.8.2 Nonalienation of Benefits
    
    
    168.3 Unfunded Plan
    
    
    168.4 Action by the Company
    
    
    168.5 Indemnification
    
    
    168.6 Applicable Law
    
    
    168.7 Withholding
    
    
    16ARTICLE
IX  Amendment and Termination
    
    
    169.1 Continuation of the Plan
    
    
    179.2 Amendments
    
    
    179.3 Termination
    
    
    17APPENDIX
    
    
    18Foreword
    
    
    18Article IPO  Transferred and Transition Individuals
    
    
    18Article B  Special Cases
    
    
    19Article C
 Transfers From/To PepsiCo, Inc.
    
    
    20
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ARTICLE I  History and Purpose
 History of Plan
   NOW, THEREFORE,
 Effect of Amendment and Restatement
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ARTICLE II  Definitions and Construction
 Definitions
 Actuarial Equivalent
 Annuity
 Code
 Company or PBG
 Compensation Limitation
 Effective Date
 ERISA
 Participant
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PBG Organization
 PEP Pension
 PepsiCo Prior Plan
 Plan
 Plan Administrator
 Plan Year st
 Primary Social Security Amount
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Salaried Plan
 Salaried Plan Participant
 Section 409A
 Section 415 Limitation
 Separation from Service
 Single Lump Sum
 Specified Employee
 General
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Applicable Year st
 Rule of Administrative Convenience st
 Vested Pension
 Construction .
 Gender and Number
 Compounds of the Word Here
 ARTICLE III  Participation
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ARTICLE IV  Amount of Retirement Pension
 PEP Pension
 Same Form as Salaried Plan
 over
   Different Form than Salaried Plan
 multiplied by
 reduced by
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PEP Guarantee
 Eligibility
 PEP Guarantee Formula
 Formula
 plus
 less
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Calculation
 Surviving Eligible Spouses Annuity
    Reductions
    - 8 -




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Lump Sum Conversion
 Certain Adjustments
 Adjustments for Rehired Participants
 Adjustment for Increased Pension Under Other Plans
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Reemployment of Certain Participants
 Vesting; Misconduct
  ARTICLE V  Death Benefits
 Death Benefits .
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ARTICLE VI  Distributions
  Form and Timing of Distributions
 Time and Form of Payment of Grandfathered Benefit
 Time and Form of Payment of Non-Grandfathered Benefit
 Certain Vested Pensions
 Annuity Election
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2008 Reorganization
 Specified Employees
 Actual Date of Payment th
 Special Rules for Survivor Options
 Effect of Certain Deaths
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Nonspouse Beneficiaries
   Designation of Beneficiary
 Determination of Single Lump Sum Amounts .
 Vested Pensions
 2008 Reorganization
 Section 162(m) Postponement .
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ARTICLE VII  Administration
 Authority to Administer Plan
 Facility of Payment
 Claims Procedure i e
   - 14 -




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Effect of Specific References
 Limitations on Actions.
 ARTICLE VIII Miscellaneous
 Nonguarantee of Employment
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Nonalienation of Benefits
 Unfunded Plan
 Action by the Company
 Indemnification
 Applicable Law .
  Withholding
 ARTICLE IX  Amendment and Termination
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Continuation of the Plan
 Amendments
 Termination
     - 17 -




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APPENDIX
 Foreword
  Article IPO  Transferred and Transition Individuals
 Scope
 Definitions
 Agreement
 Close of the Distribution Date
 Transferred Individual
 Transition Individual
 Rights of Transferred and Transition Individuals
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Article B  Special Cases
      - 19 -




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Article C  Transfers From/To PepsiCo, Inc.
   Transfers to PepsiCo, Inc
 Transfers from PepsiCo., Inc
 - 20 -