Document:

Severance Agreement

 Exhibit 10.1 
 MAXWELL TECHNOLOGIES, INC. 

March 27, 2012 
 Dear
George: 
 This letter (the “Agreement”) confirms the agreement between you and Maxwell Technologies, Inc. (the
“Company”) regarding the termination of your employment with the Company. 
 1. Termination Date. Your
employment with the Company will terminate on April 6, 2012 (the “Termination Date”). 
 2. Effective Date and
Revocation. You have up to 21 days after you receive this Agreement to review it. You are advised to consult an attorney of your own choosing (at your own expense) before signing this Agreement. Furthermore, you have up to seven days after you
sign this Agreement to revoke it. If you wish to revoke this Agreement after signing it, you may do so by delivering a letter of revocation to me. If you do not revoke this Agreement, the eighth day after the date you sign it will be the
“Effective Date.” Because of the seven-day revocation period, no part of this Agreement will become effective or enforceable until the Effective Date. 
 3. Salary and Vacation Pay. On the Termination Date, the Company will pay you $114,067.93 (less all applicable withholding taxes and other deductions). This amount represents all of your salary
earned through the Termination Date and all of your accrued but unused vacation time. You acknowledge that the only payments and benefits that you are entitled to receive from the Company in the future are those specified in this Agreement.

 4. Severance Pay. Although you otherwise would not have been entitled to receive any lump sum severance payment from
the Company, the Company will make a lump sum severance payment to you of $190,670.08, less all applicable withholding taxes, after the Effective Date. This amount is equal to seven (7) months of your current base salary. 

5. COBRA Premiums. You will receive information about your right to continue your group health insurance coverage under the
Consolidated Omnibus Budget Reconciliation Act (“COBRA”) after the Resignation Date. In order to continue your coverage, you must file the required election form. Although you otherwise would not have been entitled to any continuation of
Company-paid health insurance, if you sign this Agreement and elect to continue group health insurance coverage, the Company will pay the monthly premium under COBRA for you and, if applicable, for your dependents until the earliest of
(a) October 6, 2012, (b) the expiration of your continuation coverage under COBRA or (c) the date when you become eligible for substantially equivalent health insurance in connection with new employment or self-employment. If
necessary to avoid adverse tax consequences under the United States Internal 

 
Revenue Code of 1986, as amended, the Company will treat such payments or reimbursements as compensatory income taxable to you.] 

6. Option. On August 3, 2009, the Company granted you an option to purchase 100,000 shares of its Common Stock (the
“Option”). As of the Termination Date, you will be vested in 50,000 of the shares that are subject to the Option. If you sign, and do not revoke, this Agreement, you will become vested in 25,000 additional shares (for a total of 75,000
vested shares), commencing on the date immediately prior to the Termination Date and such additional shares shall vest at the same rate as if you continued to be employed with the Company for the six month period following the Termination Date (such
additional 25,000 shares will vest on August 3, 2012). In consideration for your execution of this Agreement, the Company shall also extend the post-termination exercise period applicable to the vested shares subject to the Option until
December 5, 2012. You acknowledge, understand and agree that to the extent that the Option qualifies as an “incentive stock option” within the meaning of Section 422(d) of the Internal Revenue Code of 1986, as amended, it will
continue to do so until the date that is three months following the Termination Date. As a result of the extension of your Option as described above, the Option will be treated as a nonstatutory stock option and you will need to satisfy all
applicable federal and state income and employment withholding taxes incurred in connection with any exercise of the Option, effective as of the Effective Date. In all other respects, the Stock Option Agreement dated August 3, 2009, between you
and the Company will remain in full force and effect, and you agree to remain bound by that Agreement. Following the Termination Date, you will not vest in any additional restricted shares pursuant to your restricted stock awards, and all such
unvested shares will be forfeited and returned to the Company as of the Effective Date. You acknowledge and agree that you have no stock rights in the Company other than those enumerated in this paragraph. 

7. Release of All Claims. In consideration for receiving the lump sum severance payment, COBRA premium payments and the additional
stock option vesting and extension of the Option exercise period as described in Paragraphs 4, 5, 6, above, to the fullest extent permitted by law, you waive, release and promise never to assert any claims or causes of action, whether or not now
known, against the Company or its predecessors, successors or past or present subsidiaries, stockholders, directors, officers, employees, consultants, attorneys, agents, assigns and employee benefit plans with respect to any matter, including
(without limitation) any matter related to your employment with the Company or the termination of that employment, including (without limitation) claims to attorneys’ fees or costs, claims of wrongful discharge, constructive discharge,
emotional distress, defamation, invasion of privacy, fraud, breach of contract or breach of the covenant of good faith and fair dealing and any claims of discrimination or harassment based on sex, age, race, national origin, disability or any other
basis under Title VII of the Civil Rights Act of 1964, the California Fair Employment and Housing Act, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act and all other laws and regulations relating to
employment. However, this release covers only those claims that arose prior to the execution of this Agreement and only those claims that may be waived by applicable law. Execution of this Agreement does not bar any claim that arises hereafter,
including (without limitation) a claim for breach of this Agreement. 

  
 Page 2

 8. Waiver. You expressly waive and release any and all rights and benefits under
Section 1542 of the California Civil Code (or any analogous law of any other state), which reads as follows: 
 A general
release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.

 9. No Admission. Nothing contained in this Agreement will constitute or be treated as an admission by you or the
Company of liability, any wrongdoing or any violation of law. 
 10. Other Agreements. At all times in the future, you
will remain bound by your Proprietary Information and Inventions Agreement with the Company, which you signed on April 26, 2006, and a copy of which is attached as Exhibit A. You and the Company also agree that Sections 5, 7, 8, 16 and 18
of your Employment Agreement with the Company dated September 21, 2009 (as amended) shall remain in full force and effect at all times in the future. In addition, the Company shall continue to indemnify you in accordance with the Company’s
standard indemnification policy for its officers and directors and any prior indemnification agreements between you and the Company. Except as expressly provided in this Agreement, this Agreement renders null and void all prior agreements between
you and the Company and constitutes the entire agreement between you and the Company regarding the subject matter of this Agreement. This Agreement may be modified only in a written document signed by you and a duly authorized officer of the
Company. 
 11. Company Property. You represent that you have returned to the Company all property that belongs to the
Company, including (without limitation) copies of documents that belong to the Company and files stored on your computer(s) that contain information belonging to the Company. 
 12. Confidentiality of Agreement. You agree that you will not disclose to others the existence or terms of this Agreement, except that you may disclose such information to your spouse, attorney or
tax adviser if such individuals agree that they will not disclose to others the existence or terms of this Agreement. 
 13.
Mutual Non-Disparagement. You agree that you will never make any negative or disparaging statements (orally or in writing) about the Company or its stockholders, directors, officers, employees, products, services or business practices, except
as required by law. The Company agrees that its officers and directors will never make any negative or disparaging statements (orally or in writing) about you to any party outside of the Company, except as required by law. 

14. Severability. If any term of this Agreement is held to be invalid, void or unenforceable, the remainder of this Agreement will
remain in full force and effect and will in no 

  
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way be affected, and the parties will use their best efforts to find an alternate way to achieve the same result. 
 15. Choice of Law. This Agreement will be construed and interpreted in accordance with the laws of the State of California (other than their choice-of-law provisions). 

16. Execution. This Agreement may be executed in counterparts, each of which will be considered an original, but all of which
together will constitute one agreement. Execution of a facsimile copy will have the same force and effect as execution of an original, and a facsimile signature will be deemed an original and valid signature. 

Please indicate your agreement with the above terms by signing below. 

 

			
	Very truly yours,
	
	MAXWELL TECHNOLOGIES, INC.
		
	By:	 	/s/ David J. Schramm
		 	David J. Schramm
		 	President and Chief Executive Officer

 I agree to the terms of this Agreement, and I am voluntarily signing this release of all claims. I acknowledge that
I have read and understand this Agreement, and I understand that I cannot pursue any of the claims and rights that I have waived in this Agreement at any time in the future. 

 

			
	/s/ George Kreigler III
	Signature of George Kreigler
	
	Dated: March 29, 2012

  
 Page 4

 EXHIBIT A 

 
 

 
 INVENTION & SECRECY AGREEMENT 

 

 

 This is an Agreement between MAXWELL TECHNOLOGIES, INC., a Delaware corporation, hereinafter called
“MAXWELL” 
 And George Kreigler III hereinafter called “Employee.” 

1) EMPLOYEE, in consideration of his employment by MAXWELL, agrees as follows: 
 (a) That he will hold in strictest confidence and not disclose to any person, firm or corporation, without the express written authorization of an officer of MAXWELL, any information, manufacturing
technique, process, formula, development or experimental work, work in process, business trade secret or any other secret or confidential matter relating to the products, sales, business or activity of MAXWELL, except as such disclosure or use may
be required in connection with EMPLOYEE’S work for MAXWELL. 
 (b) Employee acknowledges that during his employment with
MAXWELL, he may have access to patent, copyright, confidential, trade secret or other proprietary information of third parties subject to restrictions on the use or disclosure thereof by MAXWELL. During the term of employment and thereafter,
Employee agrees he will not use or disclose any such information other than consistent with such restrictions and his duties as an employee of MAXWELL. 
 (c) Employee represents to MAXWELL that, except as set forth on Exhibit “B” hereto, there are no other contracts to assign inventions, designs or improvements now in existence between
Employee and any other person or

 
entity (and if no Exhibit “B” is attached hereto or there is no such contract described thereon. Employee represents to MAXWELL that there are no such other contracts). In
addition, Employee represents that Employee has no other employment or undertakings which do or would restrict or impair his performance of this Agreement. In connection with Employee’s employment with MAXWELL, Employee promises not to use or
disclose to MAXWELL any patent, copyright, confidential, trade secret or other proprietary information of any previous employer or other person that Employee is not lawfully entitled so to use or disclose. If in the course of Employee’s
employment with MAXWELL Employee incorporates into an invention, design or improvement or any product, process or service of MAXWELL any invention, design or improvement made or conceived by Employee prior to his employment with MAXWELL, Employee
hereby grants to MAXWELL a royalty-free, irrevocable, worldwide nonexclusive license to make, have made, use, and sell that invention, design or improvement without restriction as to the extent of Employee’s ownership or interest. 

(d) That he will recognize as binding on him and comply with government-prescribed regulations and mandatory contract provisions
relating to the safeguarding of military information and transferring or making available to the Government of such patent rights as may be the subject of contracts between MAXWELL and the government of the United States of America or any of its
agencies. 
 (e) That he will disclose promptly to MAXWELL all inventions, discoveries, improvements, trade secrets and secret

 

  

					
		  	Page 1 of 4	  	

 

 

 

 processes, related to or useful in the business of MAXWELL, whether patentable or not,
made or conceived by EMPLOYEE, either solely or in collaboration with others, during EMPLOYEE’S employment by MAXWELL whether or not during regular working hours and regardless of where such inventions, discoveries, improvements, trade secrets
and secret processes are made or conceived. Any such disclosures will be received in confidence. 
 (f) That, except as
provided by the following sentence of this subparagraph (f), he will, and does hereby assign and grant to MAXWELL & all of his right, title and interest in and to the inventions, discoveries, improvements, trade secrets and secret processes
described in subparagraph (e) above and any patents granted thereon, and at the request and expense of MAXWELL he will make, execute and deliver all application papers, assignments or instruments and perform or cause to be performed such other
lawful acts as MAXWELL may deem desirable or necessary in making or prosecuting applications, domestic or foreign, for patents, re-issues, and extensions thereof, and assist and cooperate (without expense to him) with MAXWELL or any of its
designated representatives, in any controversy or legal proceedings relating to said inventions, discoveries, improvements, trade secrets and secret processes or to any patents which may be procured thereon. EMPLOYEE shall not be required pursuant
to this subparagraph (f) to assign or to offer to assign any of his right, title or interest in or to any invention, discoveries, improvements, trade secrets or secret processes, which qualify fully under the provisions of Section 2870 of
the California Labor code, 
 which provides as follows: 

Any provision in an employment agreement which provides that an employee shall assign or offer to assign any of his or her rights in an
invention to his or her employer shall not apply to an invention for which no

 
equipment, supplies, facility, or trade secret information of the employer was used and which was developed entirely on the employee’s own time, and (a) which does not relate
(1) to the business of the employer or (2) to the employer’s actual or demonstrably anticipated research or development, or (b) which does not result from any work performed by the employee for the employer. Any provision which
purports to apply to such an invention is to that extent against the public policy of this state and is to that extent void and unenforceable. 
 (g) That should EMPLOYEE be requested after termination of his employment to perform services for MAXWELL in connection with any inventions, discoveries, improvements, trade secrets or secret processes
required to be assigned to MAXWELL pursuant to subparagraph (f) hereof, he shall be paid therefore the same rate prevailing at the time of termination. 
 (h) That all inventions, discoveries, improvements, trade secrets and secret processes required to be assigned to MAXWELL pursuant to subparagraph (f) hereof, whether or not patented, shall become
and remain the property of MAXWELL, its successors and assigns unless expressly released by MAXWELL as hereinafter provided. 

(i) That upon request or at the time of leaving the employ of MAXWELL he will deliver to MAXWELL and not keep or deliver to anyone else,
any and all drawings, blueprints, notes, memoranda, specifications, devices, documents and in general any and all material provided by MAXWELL to EMPLOYEE or related to MAXWELL’S business or activity or to any inventions, discoveries,
improvements, trade secrets or secret processes with the exception of any drawings, blueprints, notes, memoranda, specifications,

 

  

					
		  	Page 2 of 4	  	

 

 

 

 
devices, documents or material prepared by EMPLOYEE in connection with any inventions, discoveries, improvements, trade secrets or secret processes which are not required pursuant to subparagraph
(f) hereof to be assigned to MAXWELL. 
 (j) Employee recognizes that his employment with MAXWELL affords Employee close contact with
MAXWELL’s customers and suppliers which are of great importance to MAXWELL’s business. Therefore, in consideration of Employee’s employment with MAXWELL, Employee agrees that, so long as Employee is employed by MAXWELL, Employee will
not , directly or indirectly, individually or as a principal, stockholder, director, partner, employee, officer, agent or consultant, engage in any business which is competitive with any business of MAXWELL. Employee further promises and agrees not
to engage in competition with MAXWELL at any time after the termination of Employee’s employment with MAXWELL, while making use of any information, manufacturing technique, process, formula, development or experimental work, work in process,
business trade secret or any other secret or confidential matter relating to the products, sales, business or activity of MAXWELL. 
 (k) In
addition to any restrictions imposed by law, Employee agrees that Employee will not, during his employment with MAXWELL or for a period of two years after Employee’s employment with MAXWELL has terminated, solicit any of MAXWELL’s
employees for another business or otherwise induce or attempt to induce such employees to terminate their employment with MAXWELL. 
 (l) This
Agreement will remain in full force and effect following the termination of Employee’s employment with MAXWELL for any reason. 
 2)
MAXWELL will investigate each disclosure submitted by EMPLOYEE and, if it elects to file a patent application with respect to any inventions, discoveries, improvements, trade secrets or secret processes required to be assigned to MAXWELL pursuant to

 subparagraph (f) of paragraph I hereof, agrees to pay all expenses in connection with the preparation
and prosecution of such patent application or applications which it may decide to file in the Untied States of America or in foreign countries. 

3) If EMPLOYEE petitions MAXWELL in writing to release any of its rights to any inventions, discoveries, improvements, trade secrets or secret processes
or any patents granted hereon, which are required to be assigned to MAXWELL pursuant to subparagraph (f) of paragraph 1 hereof, the latter will promptly consider and act on such petition but is not obligated to release any of its rights to
EMPLOYEE. 
 4) EMPLOYEE warrants that the attached Exhibit A has been signed by him and comprises a complete description of all inventions,
discoveries, improvements, trade secrets and secret processes, including any patents and patent applications thereon, which he made, invented or conceived prior to entering the employ of MAXWELL, to which he now claims tide and which are to be
specifically excluded from this Agreement. 
 5) This Agreement shall be binding upon and inure to the benefit of MAXWELL and EMPLOYEE, as well
as their respective heirs, executors, administrators, successors, and assigns. For purposes of this Agreement, the term “MAXWELL” shall be deemed to include MAXWELL TECHNOLOGIES, INC. as well as all of its currently existing or hereafter
acquired or formed subsidiaries and affiliates. 
 6) EMPLOYEE understands and acknowledges that nothing in this agreement is intended by
MAXWELL and EMPLOYEE to be interpreted or construed to change EMPLOYEE’S at-will employment status with MAXWELL. EMPLOYEE understands and acknowledges that MAXWELL is an employee-at-will employer. Simply stated, this means that EMPLOYEE or
MAXWELL may terminate the employment relationship at any time for any 

 

  

					
		  	Page 3 of 4	  	

 

 

 

 
reason, with or without notice. Any representation or agreement otherwise, whether oral or in writing, shall be null and void and shall have no affect whatever, unless signed and agreed to in
writing by an officer of MAXWELL. 
 7) The invalidity or unenforceability of any provision of this Agreement as applied to a particular
occurrence or circumstance or otherwise shall not affect the validity and enforceability of any other provision of this Agreement. 
 8)
EMPLOYEE understands that as part of the consideration for the offer of employment extended to EMPLOYEE by MAXWELL and of EMPLOYEE’S employment or continued employment by MAXWELL, EMPLOYEE has not brought and will not bring with EMPLOYEE to
MAXWELL or use in the performance of EMPLOYEE’S responsibilities at MAXWELL any materials or documents of a former employee which are not generally available to the public, unless EMPLOYEE has obtained written authorization from the former
employer for their possession and use. 
 Accordingly, this is to advise MAXWELL that the only materials or documents of a former employer which
are not generally available to the public that EMPLOYEE brings to MAXWELL or for use in EMPLOYEE’S employment are identified on Exhibit C attached hereto, and as to each such item, EMPLOYEE represents that EMPLOYEE has obtained prior to the
effective date of EMPLOYEE’S employment with MAXWELL written authorization for EMPLOYEE’S possession and use in employment with MAXWELL. 
 EMPLOYEE also understands that, in EMPLOYEE’S employment with MAXWELL, EMPLOYEE is not to breach any obligation or confidentiality or duty that EMPLOYEE has to former employers, and EMPLOYEE agrees
that EMPLOYEE shall fulfill all such obligations during EMPLOYEE’S employment with MAXWELL.

 9) This Agreement constitutes the entire agreement between MAXWELL and EMPLOYEE with respect to the subject
matter hereof and this Agreement supersedes and replaces any prior agreement or understanding entered into between MAXWELL and EMPLOYEE. This Agreement shall become effective and binding retroactively to the earliest date of employment of EMPLOYEE
by MAXWELL. This Agreement shall be governed by the laws of the State of California. The masculine gender shall be deemed to include the feminine gender. 
  

			
	 	 
	DATE:	  	April 24, 2006
	 	 
	 EMPLOYEE

SIGNATURE:
	  	/s/ George Kreigler III
	 	 
	 PRINT

NAME:
	  	George Kreigler III
	 
	MAXWELL TECHNOLOGIES,
INC.
	 	 
	 SIGNED

BY:
	  	/s/ Aileen Gipson
	 	 
	 PRINT

NAME:
	  	Aileen Gipson
	 	 
	 TITLE:
	  	HR Rep
	 	  	 

 
 

  

					
		  	Page 4 of 4	  	

 

 
 INVENTION & SECRECY AGREEMENT 

 
  
 EXHIBIT A 
 The undersigned warrants that the following is a complete description of all
inventions, improvements, trade secrets and secret processes including patents and patent applications thereon, which the undersigned made, invested or conceived prior to entering the employ of MAXWELL and which are specifically excluded from
coverage of the Invention and Secrecy Agreement between the undersigned and MAXWELL dated on April 26, 2006, as provided in paragraph 4 thereof: 

							
				
	George Kreigler III	 		 		 	/s/ George Kreigler III
	EMPLOYEE NAME	 		 		 	EMPLOYEE SIGNATURE
				
	EXCLUSIONS ACCEPTED FOR MAXWELL BY:	 		 		 	
				
		 		 		 	
	NAME	 	 	 	 	 	SIGNATURE
				
		 		 		 	
	DATE	 		 		 	

  

					
		  	Page 1 of 1Form of Annual Long-Term Incentive Award Agreement

 EXHIBIT 10.1 
 2012 PEPSICO ANNUAL LONG-TERM INCENTIVE AWARD 
 PEPSICO EQUITY
PERFORMANCE UNITS / LONG-TERM CASH AWARD 
 TERMS AND CONDITIONS 

These Terms and Conditions shall constitute an agreement (this “Agreement”), effective as of April 2, 2012
(the “Grant Date”), by and between PepsiCo, Inc., a North Carolina corporation having its principal office at 700 Anderson Hill Road, Purchase, New York 10577 (“PepsiCo,” and with its divisions and direct and
indirect subsidiaries, the “Company”), and you (the “Participant”). 
 W I T N E S S E T H:

 WHEREAS, the Board of Directors and shareholders of PepsiCo have approved the PepsiCo, Inc. 2007 Long-Term Incentive Plan
(the “Plan”), for the purposes and subject to the provisions set forth in the Plan; and 
 WHEREAS, pursuant to
the authority granted to it in the Plan, the Compensation Committee of the Board of Directors of PepsiCo (the “Committee”), at a meeting held on or prior to the Grant Date, duly authorized the grant to the Participant of PepsiCo
equity performance units (“PEPunits”) and a long-term cash award (“LTC Award”) each with an April 2, 2012 Grant Date and in the respective amounts set forth in the award summary provided to the Participant by
the Plan’s service provider (the “Award Summary”); and 
 WHEREAS, awards granted under the Plan are to be
evidenced by an Agreement in such form and containing such terms and conditions as the Committee shall determine. 
 NOW,
THEREFORE, it is mutually agreed as follows: 
 A. Terms and Conditions Applicable to PEPunits. These terms
and conditions shall apply with respect to the PEPunits with an April 2, 2012 Grant Date granted to the Participant as indicated on the Award Summary. 
 1. Grant. In consideration of the Participant remaining in the employ of the Company and agreeing to be bound by the covenants of Paragraph C, PepsiCo hereby grants to the Participant, on the
terms and conditions set forth herein, a target number of PEPunits as indicated on the Award Summary. All PEPunits granted hereunder are intended to be Performance Awards (as defined in the Plan) that satisfy the conditions for the Performance-Based
Exception (as defined in the Plan) under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”). 
 2. Vesting and Payment. PEPunits may only vest while the Participant is actively employed by the Company. Subject to Paragraphs A.3 and A.4 below, the PEPunits earned in accordance with Paragraph
A.3 shall vest on April 2, 2015 (the “Vesting Date”) and be paid as soon as practicable after such date (the “Payment Date”). PEPunits that become earned and payable shall be settled in shares of PepsiCo Common
Stock, with the Participant receiving one share of PepsiCo Common Stock for each PEPUnit earned. No fractional shares shall be delivered under this Agreement, and any fractional share that may be payable shall be rounded to the nearest whole share.
Any amount that the Company may be required to withhold upon the settlement of PEPunits in respect of applicable foreign, federal (including FICA), state and local taxes, must be paid in full at the time of the issuance of shares. Unless the
Participant makes other arrangements to satisfy this withholding obligation in accordance with procedures approved by the Company in its discretion, the Company will withhold shares to satisfy the required withholding obligation related to the
settlement of PEPunits. 

  
 1 

 3. Earning and Forfeiture of PEPunits. Subject to the terms and conditions set
forth herein, the number of PEPunits that are earned with respect to the 2012-2014 three year performance period (the “Performance Period,” which shall constitute a “Performance Period” as defined in the Plan) shall equal
the product of (a) the target number of PEPunits set forth in the Award Summary, (b) the Absolute Stock Price Adjustment and (c) the Relative TSR Adjustment. 
 (a) Absolute Stock Price Adjustment. The Absolute Stock Price Adjustment shall equal the quotient obtained by dividing (i) the average of the Closing Prices on all trading days occurring
during the 90 calendar day period prior to the Vesting Date, by (ii) the average of the Closing Prices on all trading days occurring during the 90 calendar day period prior to the Grant Date. The Absolute Stock Price Adjustment shall be rounded
to the second decimal and subject to the following limitations: (i) the maximum Absolute Stock Price Adjustment shall be 1.50; and (ii) if the quotient calculated as described in the preceding sentence is less than or equal to 0.50, the
Absolute Stock Price Adjustment shall be zero (0). 
 (b) Relative TSR Adjustment. The Relative TSR
Adjustment shall be determined based on the percentile ranking of PepsiCo’s total shareholder return for the Performance Period relative to an index of peer companies selected by the Committee, calculated in accordance with the method
established by the Committee (“Relative TSR”). The Relative TSR Adjustment shall be rounded to the second decimal and subject to the following limitations: (i) if Relative TSR is greater than or equal to the 75th percentile, the Relative TSR Adjustment shall be 1.25; and
(ii) if Relative TSR is less than or equal to the
25th percentile, the Relative TSR Adjustment shall be
0.75. The Relative TSR Adjustment for Relative TSR performance between the levels identified in the preceding sentence shall be determined by straight-line interpolation. 
 (c) Notwithstanding the achievement of any performance targets established under Paragraphs A.3(a) and (b) above, for any PEPunits to vest or become payable the Committee must determine that the
minimum level of performance established by the Committee with respect to a Performance Measure (as defined in the Plan) selected by the Committee for the Performance Period, and communicated to the Participant, has been met. If the Committee
determines that the minimum level of performance has not been met, then no PEPunits held by any such Participant shall vest or become payable, and such PEPunits shall be forfeited and cancelled. 

Notwithstanding the level of performance achieved with respect to such Performance Measure, the Committee has the discretion to reduce
the number of PEPunits earned to reflect the level of performance achieved with respect to the performance targets established under Paragraphs A.3(a) and (b), above. The Committee’s right to exercise this discretion with respect to the number
of PEPunits earned shall continue until the date on which the PEPunits are paid to the Participant. 
 Any PEPunits that are not
earned in accordance with this Paragraph A.3 shall be forfeited and cancelled. Except in the case of death or Total Disability, the PEPunits for which a Participant has satisfied the performance criteria will be payable in one payment as soon as
practicable after April 2, 2015. 
 4. Effect of Termination of Employment, Retirement, Death and Total Disability.

 (a) Termination of Employment. PEPunits may vest and become payable only while the Participant is actively
employed by the Company. Thus, vesting ceases upon the termination of the Participant’s active employment with the Company. Subject to subparagraphs 4(b), 4(c) and 4(d), all unvested PEPunits shall automatically be forfeited and cancelled upon
the date that the Participant’s active employment with the Company terminates regardless of whether any such PEPunits have previously been earned in accordance with Paragraph A.3 above. An authorized severance leave of absence will not be
treated as active employment, and, as a result, the vesting of PEPunits will not be extended by any such period. 

  
 2 

 (b) Retirement Prior to Age 62. If the Participant’s employment terminates
prior to the Vesting Date by reason of the Participant’s Retirement prior to attaining at least age 62, then a whole number of the target PEPunits granted hereunder shall vest on the Participant’s last day of active employment with the
Company, with such number determined in proportion to the Participant’s active service (measured in calendar days) during the period commencing on the Grant Date and ending on the Vesting Date (the “Vesting Period”). All
PEPunits that vest in accordance with the foregoing sentence shall remain subject to the earning and forfeiture provisions of Paragraphs A.2 and A.3. 
 (c) Retirement on or After Age 62. If the Participant’s employment terminates by reason of the Participant’s Retirement after attaining at least age 62, then the PEPunits granted
hereunder shall become fully vested on the Participant’s last day of active employment with the Company. All such vested PEPunits shall remain subject to the earning and forfeiture provisions of Paragraphs A.2 and A.3. 

(d) Death or Total Disability. If the Participant’s employment terminates by reason of death or Total Disability, then the
target number of PEPunits set forth in the Award Summary shall become fully vested on the Participant’s last day of active employment with the Company (which, for purposes of Total Disability, means the effective date of Total Disability), and
shall be paid as soon as practicable following the date of termination. 
 (e) Transfers to a Related Entity. In the
event the Participant transfers to a Related Entity and such transfer is arranged and approved by PepsiCo, the PEPunits shall continue to vest (and their time of payment shall be determined) after such transfer by treating the Participant’s
employment with the Related Entity as employment with the Company for purposes of this Agreement. All such PEPunits shall remain subject to the earning and forfeiture provisions of Paragraphs A.2 and A.3. 

5. No Rights as Shareholder. The Participant shall have no rights as a holder of PepsiCo Common Stock with respect to the
PEPunits granted hereunder unless and until such PEPunits have been settled in shares of Common Stock that have been registered in the Participant’s name as owner. 
 B. Terms and Conditions Applicable to LTC Award. These terms and conditions shall apply with respect to the LTC Award with an April 2, 2012 Grant Date granted to the Participant as
indicated on the Award Summary. 
 1. Grant. In consideration of the Participant remaining in the employ of the
Company and agreeing to be bound by the covenants of Paragraph C, PepsiCo hereby grants to the Participant, on the terms and conditions set forth herein, an LTC Award in the target amount indicated on the Award Summary. The LTC Award granted
hereunder is intended to be a Performance Award (as defined in the Plan) that satisfies the conditions for the Performance-Based Exception (as defined in the Plan) under Code Section 162(m). 

2. Vesting and Payment. The LTC Award may only vest while the Participant is actively employed by the Company. Subject to
Paragraphs B.3 and B.4 below, the LTC Award earned in accordance with Paragraph B.3 shall vest on the Vesting Date and be paid in cash as soon as practicable after such date (the “Payment Date”). Any amount that the Company may be
required to withhold upon the settlement of the LTC Award in respect of applicable foreign, federal (including FICA), state and local taxes, must be paid in full at the time of payment. Unless the Participant makes other arrangements to satisfy this
withholding obligation in accordance with procedures approved by the Company in its discretion, the Company will withhold a portion of the cash settlement amount of the LTC Award sufficient to satisfy any related required withholding obligation.

  
 3 

 3. Earning and Forfeiture of LTC Award. The Participant can earn between 0% and
150% of the target amount of the LTC Award granted hereunder. The portion of the LTC Award that is earned shall be determined based on the achievement of performance targets established by the Committee. Any portion of the LTC Award that is not
earned in accordance with this Paragraph B.3 shall be forfeited and cancelled. Subject to the terms and conditions set forth herein, the LTC Award shall be earned as follows: 
 (a) One-half of the LTC Award shall be earned based on and subject to the level of achievement with respect to a Performance Measure selected by the Committee for the Performance Period pursuant to
the performance scale established by the Committee and communicated to the Participant. The Committee shall determine and certify the results of the level of achievement of such target. 

(b) One-half of the LTC Award shall be earned based on and subject to the level of achievement with respect to a second Performance
Measure selected by the Committee for the Performance Period pursuant to the performance scale established by the Committee and communicated to the Participant. The Committee shall determine and certify the results of the level of achievement of
such target. 
 (c) Notwithstanding the achievement of any performance targets established under Paragraphs B.3(a) and
(b) above, for any amount of the LTC Award to vest or become payable the Committee must determine that the minimum level of performance established by the Committee with respect to a third Performance Measure selected by the Committee for the
Performance Period, and communicated to the Participant, has been met. If the Committee determines that the minimum level of performance has not been met, then no amount of the LTC Award held by the Participant shall vest or become payable, and the
LTC Award shall be forfeited and cancelled. 
 Notwithstanding the level of performance achieved with respect to such
Performance Measure, or the level of performance achieved with respect to the performance targets established under Paragraphs B.3(a) and (b) above, the Committee has the discretion to reduce the amount of the LTC Award to be paid. The
Committee’s right to exercise this discretion with respect to the earned portion of the LTC Award shall continue until the date on which the LTC Award is paid to the Participant. Except in the case of death or Total Disability, the portion of
the LTC Award with respect to which a Participant has satisfied the performance criteria will be payable in one payment as soon as practicable after April 2, 2015. 
 4. Effect of Termination of Employment, Retirement, Death and Total Disability. 
 (a) Termination of Employment. The LTC Award may vest and become payable only while the Participant is actively employed by the Company. Thus, vesting ceases upon the termination of the
Participant’s active employment with the Company. Subject to subparagraphs 4(b) and 4(c), any unvested portion of the LTC Award shall automatically be forfeited and cancelled upon the date that the Participant’s active employment with the
Company terminates regardless of whether any portion of such LTC Award has previously been earned in accordance with Paragraph B.3 above. An authorized severance leave of absence will not be treated as active employment, and, as a result, the
vesting of any LTC Award will not be extended by any such period. 

  
 4 

 (b) Retirement Prior to Age 62. If the Participant’s employment terminates
prior to the Vesting Date by reason of the Participant’s Retirement prior to attaining at least age 62, then a portion of the target LTC Award granted hereunder shall vest on the Participant’s last day of active employment with the
Company, with such number determined in proportion to the Participant’s active service (measured in calendar days) during the Vesting Period. Any portion of an LTC Award that vests in accordance with the foregoing sentence shall remain subject
to the earning and forfeiture provisions of Paragraphs B.2 and B.3 (with subparagraphs 3(a) and 3(b) of Paragraph B each being applied to one half of the LTC Award that vests in accordance with the foregoing sentence and with subparagraph 3(c) being
applied to such vested portion of the LTC Award). 
 (c) Retirement on or After Age 62. If the Participant’s
employment terminates by reason of the Participant’s Retirement after attaining at least age 62, then the LTC Award granted hereunder shall become fully vested on the Participant’s last day of active employment with the Company (which, for
purposes of Total Disability, means the effective date of Total Disability). Any such vested LTC Award shall remain subject to the earning and forfeiture provisions of Paragraphs B.2 and B.3. 

(d) Death or Total Disability. If the Participant’s employment terminates by reason of death or Total Disability, then the
target amount of the LTC Award set forth in the Award Summary shall become fully vested on the Participant’s last day of active employment with the Company (which, for purposes of Total Disability, means the effective date of Total Disability),
and shall be paid as soon as practicable following the date of termination. 
 (e) Transfers to a Related Entity. In
the event the Participant transfers to a Related Entity and such transfer is arranged and approved by PepsiCo, the LTC Award shall continue to vest (and the time of payment shall be determined) after such transfer by treating the Participant’s
employment with the Related Entity as employment with the Company for purposes of this Agreement. Any such LTC Award shall remain subject to the earning and forfeiture provisions of Paragraphs B.2 and B.3. 

C. Prohibited Conduct. In consideration of the Company disclosing and providing access to Confidential Information, as
more fully described in Paragraph C.2 below, after the date hereof, the grant by the Company of the PEPunits and the LTC Award, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Participant
and the Company, intending to be legally bound, hereby agree as follows. 
 1. Non-Competition and Non-Solicitation.
The Participant hereby covenants and agrees that at all times during his or her employment with the Company and for a period of twelve months after the termination of the Participant’s employment with the Company for any reason whatsoever
(including a termination due to the Participant’s Retirement), he or she will not, without the prior written consent of PepsiCo’s chief human resources officer or chief legal officer, either directly or indirectly, for himself/herself or
on behalf of or in conjunction with any other person, partnership, corporation or other entity, engage in any activities prohibited in the following Paragraphs C.1(a) through (c): 

(a) The Participant shall not, in any country in which the Company operates, accept any employment, assignment, position or
responsibility, provide services in any capacity, or acquire any ownership interest that involves the Participant’s Participation in an entity that markets, sells, distributes or produces Covered Products, unless such entity makes retail sales
or consumes Covered Products without in any way competing with the Company; 
 (b) With respect to Covered Products, the
Participant shall not directly or indirectly solicit for competitive business purposes any customer or Prospective Customer of the Company called on, serviced by, or contacted by the Participant in any capacity during his or her employment; or

  
 5 

 (c) The Participant shall not in any way, directly or indirectly (including through
someone else acting on the Participant’s recommendation, suggestion, identification or advice), solicit any Company employee to leave the Company’s employment or to accept any position with any other entity. 

Notwithstanding anything in this Paragraph C.1, the Participant shall not be considered to be in violation of Paragraph C.1(a) solely by reason of
owning, directly or indirectly, up to five percent (5%) in the aggregate of any class of securities of any publicly traded corporation engaged in the prohibited activities described in Paragraph C.1(a). 

2. Non-Disclosure. In order to assist the Participant with his or her duties, the Company shall continue to provide the
Participant with access to confidential and proprietary operational information and other confidential information that is either information not known by actual or potential competitors, customers and third parties of the Company or is proprietary
information of the Company (“Confidential Information”). Such Confidential Information shall include all non-public information the Participant acquired as a result of his or her positions with the Company that might be of any value
to a competitor of the Company, or that might cause any economic loss or substantial embarrassment to the Company or its customers, bottlers, distributors or suppliers if used or disclosed. Examples of such Confidential Information include, without
limitation, non-public information about the Company’s customers, suppliers, distributors and potential acquisition targets; its business operations, structure and methods of operation; its product lines, formulae and pricing; its processes,
machines and inventions; its research and know-how; its production techniques; its financial data; its advertising and promotional ideas and strategy; information maintained in its computer systems; devices, processes, compilations of information
and records; and its plans and strategies. The Participant agrees that such Confidential Information remains confidential even if committed to the Participant’s memory. The Participant agrees, during the term of his or her employment
and at all times thereafter, not to use, divulge, or furnish or make accessible to any third party, company, corporation or other organization (including but not limited to, customers, competitors, or governmental agencies), without the
Company’s prior written consent, any Confidential Information of the Company, except as necessary in his or her position with the Company.
 3. Return of Confidential Information and Company Property. The Participant agrees that whenever the Participant’s employment with the Company ends for any reason, (a) all documents
containing or referring to the Company’s Confidential Information as may be in the Participant’s possession, or over which the Participant may have control, and all other property of the Company provided to the Participant by the Company
during the course of the Participant’s employment with the Company will be returned by the Participant to the Company immediately, with no request being required; and (b) all Company computer and computer-related equipment and software,
and all Company property, files, records, documents, drawings, specifications, lists, equipment, and similar items relating to the business of the Company, whether prepared by the Participant or otherwise, coming into the Participant’s
possession or control during the course of his employment shall remain the exclusive property of the Company, and shall be delivered by the Participant to the Company immediately, with no request being required. 

4. Misconduct. During the term of his or her employment with the Company, the Participant shall not engage in any of the
following acts that are considered to be contrary to the Company’s best interests: (a) breaching any contract with or violating any obligation to the Company, including the Company’s Code of Conduct, Insider Trading Policy or any
other written policies of the Company, (b) unlawfully trading in the securities of PepsiCo or of any other company based on information gained as a result of his or her employment with the Company, (c) committing a felony or other serious
crime, (d) engaging in any activity that constitutes gross misconduct in the performance of his or her employment duties or (e) engaging in any action that constitutes gross negligence or misconduct and that causes or contributes to the
need for an accounting adjustment to PepsiCo’s financial results. 

  
 6 

 5. Reasonableness of Provisions. The Participant agrees that: (a) the terms
and provisions of this Agreement are reasonable and constitute an otherwise enforceable agreement to which the terms and provisions of this Paragraph C are ancillary or a part of; (b) the consideration provided by the Company under this
Agreement is not illusory; (c) the restrictions contained in this Paragraph C are necessary and reasonable for the protection of the legitimate business interests and goodwill of the Company; and (d) the consideration given by the Company
under this Agreement, including, without limitation, the provision by the Company of Confidential Information to the Participant, gives rise to the Company’s interest in the covenants set forth in this Paragraph C. 

6. Repayment and Forfeiture. The Participant specifically recognizes and affirms that each of the covenants contained in
Paragraphs C.1 through C.4 of this Agreement is a material and important term of this Agreement that has induced the Company to provide for the award of the PEPunits and the LTC Award granted hereunder, the disclosure of Confidential Information
referenced herein, and the other promises made by the Company herein. The Participant further agrees that in the event that (i) the Company determines that the Participant has breached any term of Paragraphs C.1 through C.4 or
(ii) all or any part of Paragraph C is held or found invalid or unenforceable for any reason whatsoever by a court of competent jurisdiction in an action between the Participant and the Company, in addition to any other remedies at law or in
equity the Company may have available to it, the Company may in its sole discretion: 
 (a) cancel any unpaid PEPunits or
any LTC Award granted hereunder; and 
 (b) require the Participant to pay to the Company the value (determined as of the
date paid) of any PEPunits and any portion of any LTC Award granted hereunder that have been paid out. 
 7. Equitable
Relief. In the event the Company determines that the Participant has breached or attempted or threatened to breach any term of Paragraph C, in addition to any other remedies at law or in equity the Company may have available to it, it is agreed
that the Company shall be entitled, upon application to any court of proper jurisdiction, to a temporary restraining order or preliminary injunction (without the necessity of (a) proving irreparable harm, (b) establishing that monetary
damages are inadequate or (c) posting any bond with respect thereto) against the Participant prohibiting such breach or attempted or threatened breach by proving only the existence of such breach or attempted or threatened breach. 

8. Extension of Restrictive Period. The Participant agrees that the period during which the covenants contained in this
Paragraph C shall be effective shall be computed by excluding from such computation any time during which the Participant is in violation of any provision of Paragraph C. 
 9. Acknowledgments. The Company and the Participant agree that it was their intent to enter into a valid and enforceable agreement. The Participant and the Company thereby acknowledge the
reasonableness of the restrictions set forth in Paragraph C, including the reasonableness of the geographic area, duration as to time and scope of activity restrained. The Participant further acknowledges that his or her skills are such that he
or she can be gainfully employed in noncompetitive employment and that the agreement not to compete will not prevent him or her from earning a living. The Participant agrees that if any covenant contained in Paragraph C of this Agreement is
found by a court of competent jurisdiction to contain limitations as to time, geographical area, or scope of activity that are not reasonable and impose a greater restraint than is necessary to protect the goodwill or other business interest of the
Company, then the court shall reform the covenant to the extent necessary to cause the limitations contained in the covenant as to time, geographical area, and scope of activity to be restrained to be reasonable and to impose a restraint that is not
greater than necessary to protect the goodwill and other business interests of the Company and to enforce the covenants as reformed. 

  
 7 

 10. Provisions Independent. The covenants on the part of the Participant in this
Paragraph C shall be construed as an agreement independent of any other agreement, including any employee benefit agreement, and independent of any other provision of this Agreement, and the existence of any claim or cause of action of the
Participant against the Company, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of such covenants. 
 11. Notification of Subsequent Employer. The Participant agrees that the Company may notify any person or entity employing the Participant or evidencing an intention of employing the
Participant of the existence and provisions of this Agreement. 
 12. Transfers to a Related Entity. In the event
the Participant transfers to a Related Entity as a result of actions by PepsiCo, any reference to “Company” in this Paragraph C shall be deemed to refer to such Related Entity in addition to the Company. 

D. Additional Terms and Conditions. 
 1. Adjustment for Change in Common Stock. In the event of any change in the outstanding shares of PepsiCo Common Stock by reason of any stock split, stock dividend, recapitalization,
reorganization, merger, consolidation, combination or exchange of shares, spin-off or other similar corporate change, the Absolute Stock Price Adjustment and the number and type of shares to which the PEPunits held by the Participant relate shall be
adjusted to such extent (if any), determined to be appropriate and equitable by the Committee. 

2. Nontransferability. Unless the Committee specifically determines otherwise: (a) the PEPunits and LTC Award are
personal to the Participant and (b) neither the PEPunits nor the LTC Award shall be transferable or assignable, other than in the case of the Participant’s death by will or the laws of descent and distribution, and any such purported
transfer or assignment shall be null and void. 
 3. Definitions. As used in this Agreement, the following terms
shall have the meanings set forth below: 
 (a) “Covered Products” means any product that falls into one
or more of the following categories, so long as the Company is producing, marketing, selling or licensing such product anywhere in the world: beverages, including without limitation carbonated soft drinks, tea, water, juice drinks, sports drinks,
coffee drinks, energy drinks and value added dairy drinks; juices and juice products; dairy products; snacks, including salty snacks, sweet snacks, meat snacks, granola and cereal bars, and cookies; hot cereals; pancake mixes; value-added rice
products; pancake syrup; value-added pasta products; ready-to-eat cereals; dry pasta products; or any product or service that the Participant had reason to know was under development by the Company during the Participant’s employment with the
Company. 
 (b) “Closing Price” of a share of PepsiCo Common Stock on any date shall mean an amount equal
to the closing sales price for a share of PepsiCo Common Stock as reported on the composite tape for securities listed on the New York Stock Exchange on the date in question (or if no sales of Common Stock were made on said Exchange on such date, on
the immediately preceding day on which sales were made on such Exchange). 
 (c) “Participation” shall be
construed broadly to include, without limitation: (i) serving as a director, officer, employee consultant or contractor with respect to such a business entity; (ii) providing input, advice, guidance or suggestions to such a business
entity; or (iii) providing a recommendation or testimonial on behalf of such a business entity or one or more products it produces. 
 (d) “Prospective Customer” shall mean any individual or entity of which the Participant has gained knowledge as a result of the Participant’s employment with the Company and
with which the Participant dealt with or had contact with during the six (6) months preceding his or her termination of employment with the Company. 

  
 8 

 (e) “Related Entity” shall mean any entity (i) as to which
PepsiCo directly or indirectly owns 20% or more, but less than a majority, of the entity’s voting securities, general partnership interests, or other voting or management rights at the relevant time and (ii) which the Committee or its
delegate deems in its sole discretion to be a related entity at the relevant time. 
 (f) “Retirement”
shall mean (i) early, normal or late retirement as used in the U.S. pension plan of the Company in which the Participant participates (if any) and for which the Participant is eligible pursuant to the terms of such plan or (ii) termination
of employment after attaining at least age 55 and completing at least 10 years of service with the Company (or, if earlier, after attaining at least age 65 and completing at least five years of service with the Company), with the number of
years of service completed by a Participant subject to clause (ii) to be calculated in accordance with administrative procedures established from time to time under the Plan. 

(g) “Total Disability” shall mean being considered totally disabled under the PepsiCo Long-Term Disability Program
(as amended and restated from time to time), with such status having resulted in benefit payments from such plan or another Company-sponsored disability plan and 12 months having elapsed since the Participant was so considered to be disabled
from the cause of the current disability. The effective date of a Participant’s Total Disability shall be the first day that all of the foregoing requirements are met. 
 4. Notices. Any notice to be given to PepsiCo in connection with the terms of this Agreement shall be addressed to PepsiCo at 700 Anderson Hill Road, Purchase, New York 10577, Attention:
Senior Vice President, Total Rewards, or such other address as PepsiCo may hereafter designate to the Participant. Any such notice shall be deemed to have been duly given when personally delivered, addressed as aforesaid, or when enclosed in a
properly sealed envelope or wrapper, addressed as aforesaid, and deposited, postage prepaid, with the federal postal service. 

5. Binding Effect. This Agreement shall be binding upon and inure to the benefit of any assignee or successor in interest to
PepsiCo, whether by merger, consolidation or the sale of all or substantially all of PepsiCo’s assets. PepsiCo will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all
of the business and/or assets of PepsiCo expressly to assume and agree to perform this Agreement in the same manner and to the same extent that PepsiCo would be required to perform it if no such succession had taken place. This Agreement shall be
binding upon and inure to the benefit of the Participant or his or her legal representative and any person to whom the PEPunits and LTC Award may be transferred by will or the applicable laws of descent and distribution. 

6. No Contract of Employment; Agreement’s Survival. This Agreement is not a contract of employment. This Agreement
does not impose on the Company any obligation to retain the Participant in its employ and shall not interfere with the ability of the Company to terminate the Participant’s employment relationship at any time. This Agreement shall survive the
termination of the Participant’s employment for any reason. If an entity ceases to be a majority-owned subsidiary of PepsiCo for purposes of Rule 12b-2 of the Exchange Act or a Related Entity, such cessation shall, for purposes of this
Agreement, be deemed to be a termination of employment with the Company with respect to any Participant employed by such entity, unless the Committee or its delegate determines otherwise in its sole discretion. 

7. Registration, Listing and Qualification of Shares. The Committee may require that the Participant make such
representations and agreements and furnish such information as the Committee deems 

  
 9 

 
appropriate to assure compliance with or exemption from the requirements of any securities exchange, any foreign, federal, state or local law, any governmental regulatory body, or any other
applicable legal requirement, and PepsiCo Common Stock shall not be issued unless and until the Participant makes such representations and agreements and furnished such information as the Committee deems appropriate. 

8. Amendment; Waiver. The terms and conditions of this Agreement may be amended in writing by the chief personnel officer or
chief legal officer of PepsiCo (or either of their delegates); provided, however, that (i) no such amendment shall adversely affect the awards granted hereunder without the Participant’s written consent (except to the extent the Committee
reasonably determines that such amendment is necessary or appropriate to comply with applicable law, including the provisions of Code Section 409A and the regulations thereunder pertaining to the deferral of compensation, or the rules and
regulations of any stock exchange on which PepsiCo Common Stock is listed or quoted); and (ii) the amendment must be permitted under the Plan. The Company’s failure to insist upon strict compliance with any provision of this Agreement or
failure to exercise, or any delay in exercising, any right, power or remedy under this Agreement shall not be deemed to be a waiver of such provision or any such right, power or remedy which the Board (as defined in the Plan), the Committee or the
Company has under this Agreement. 
 9. Severability or Reform by Court. In the event that any provision of this
Agreement is deemed by a court to be broader than permitted by applicable law, then such provision shall be reformed (or otherwise revised or narrowed) so that it is enforceable to the fullest extent permitted by applicable law. If any provision of
this Agreement shall be declared by a court to be invalid or unenforceable to any extent, the validity or enforceability of the remaining provisions of this Agreement shall not be affected. 

10. Plan Controls. The PEPunits, the LTC Award and the terms and conditions set forth herein are subject in all respects to
the terms and conditions of the Plan and any guidelines, policies or regulations which govern administration of the Plan, which shall be controlling. The Committee reserves its rights to amend or terminate the Plan at any time without the consent of
the Participant; provided, however, that PEPunits and LTC Awards outstanding under the Plan at the time of such action shall not, without the Participant’s written consent, be adversely affected thereby (except to the extent the Committee
reasonably determines that such amendment or termination is necessary or appropriate to comply with applicable law, including the provisions of Code Section 409A and the regulations thereunder pertaining to the deferral of compensation, or the
rules and regulations of any stock exchange on which PepsiCo Common Stock is listed or quoted). All interpretations or determinations of the Committee or its delegate shall be final, binding and conclusive upon the Participant (and his or her legal
representatives and any recipient of a transfer of the PEPunits or LTC Award permitted by this Agreement) on any question arising hereunder or under the Plan or other guidelines, policies or regulations which govern administration of the Plan.

 11. Participant Acknowledgements. By entering into this Agreement, the Participant acknowledges and agrees that:

 (a) the PEPunits and the LTC Award will be exclusively governed by the terms of the Plan, including the right reserved
by the Company to amend or cancel the Plan at any time without the Company incurring liability to the Participant (except for PEPunits and LTC Awards already granted under the Plan); 

(b) the Participant has been provided a copy of PepsiCo’s Prospectus relating to the Plan, the PEPunits (and the shares covered
thereby) and the LTC Award; 
 (c) PEPunits and LTC Awards are not a constituent part of the Participant’s salary and
that the Participant is not entitled, under the terms and conditions of his/her employment, or by accepting or being awarded any PEPunits or LTC Awards pursuant to this Agreement, to require options, performance stock units, cash or other awards to
be granted to him/her in the future under the Plan or any other plan; 

  
 10 

 (d) upon payment of PEPunits or LTC Awards, the Participant will arrange for payment to
the Company an estimated amount to cover employee payroll taxes resulting from such payment and/or, to the extent necessary, any balance may be withheld from the Participant’s wages; 

(e) benefits received under the Plan will be excluded from the calculation of termination indemnities or other severance payments;

 (f) in the event of termination of the Participant’s employment, a severance or notice period to which the
Participant may be entitled under local law and which follows the date of termination specified in a notice of termination or other document evidencing the termination of the Participant’s employment will not be treated as active employment for
purposes of this Agreement and, as a result, vesting of unvested PEPunits or LTC Awards will not be extended by any such period; and 
 (g) this Agreement will be interpreted and applied so that the PEPunits and the LTC Award, to the extent possible, will not be subject to Code Section 409A. To the extent such awards are subject
to Code Section 409A because of the Participant’s eligibility for Retirement, then payments limited to the earliest permissible payment date under Code Section 409A shall be made following a Change in Control only (i) upon a
Change in Control if it qualifies under Code Section 409A(a)(2)(A)(v) (a “409A CIC”), and (ii) upon a termination of employment if it occurs after a 409A CIC and it constitutes a Section 409A separation from service
(and in this case, the six-month delay of Code Section 409A(a)(2)(B)(i) shall apply to “specified employees,” determined under the default rules of Section 409A or such other rules as apply generally under the Company’s
Section 409A plans). Notwithstanding any other provision of this Agreement, this Agreement will be modified to the extent the Committee reasonably determines is necessary or appropriate for such PEPunits or LTC Awards to comply with Code
Section 409A. 
 12. Right of Set-Off. The Participant agrees, in the event that the Company in its reasonable
judgment determines that the Participant owes the Company any amount due to any loan, note, obligation or indebtedness, including but not limited to amounts owed to the Company pursuant to the Company’s tax equalization program or the
Company’s policies with respect to travel and business expenses, and if the Participant has not satisfied such obligation(s), then the Company may instruct the plan administrator to withhold and/or sell shares of PepsiCo Common Stock acquired
by the Participant upon settlement of the PEPunits (to the extent such PEPunits are not subject to Code Section 409A), or the Company may deduct funds equal to the amount of such obligation from other funds due to the Participant from the
Company (including with respect to any LTC Award) to the maximum extent permitted by Code Section 409A. 
 13.
Electronic Delivery and Acceptance. The Participant hereby consents and agrees to electronic delivery of any Plan documents, proxy materials, annual reports and other related documents. The Participant hereby consents to any and all
procedures that the Company has established or may establish for an electronic signature system for delivery and acceptance of Plan documents (including documents relating to any programs adopted under the Plan), and agrees that his or her
electronic signature is the same as, and shall have the same force and effect as, his or her manual signature. Participant consents and agrees that any such procedures and delivery may be effected by a third party engaged by the Company to
provide administrative services related to the Plan, including any program adopted under the Plan. 
 14. Data Privacy.
Participant hereby acknowledges and consents to the collection, use, processing and transfer of personal data as described in this Paragraph D.14. Participant is not obliged to consent to such collection, use, processing and transfer of
personal data. However, failure to provide the consent 

  
 11 

 
may affect Participant’s ability to participate in the Plan. The Company and Participant’s employer hold certain personal information about Participant, that may include his/her
name, home address and telephone number, date of birth, social security number or other employee identification number, salary grade, hire data, salary, nationality, job title, any shares of PepsiCo Common Stock, or details of all options,
performance stock units or any other entitlement to shares of stock awarded, cancelled, purchased, vested, or unvested, for the purpose of managing and administering the Plan (“Data”). PepsiCo and/or its subsidiaries will
transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of Participant’s participation in the Plan, and PepsiCo and/or any of its subsidiaries may each further transfer Data to any third
parties assisting PepsiCo in the implementation, administration and management of the Plan. These recipients may be located throughout the world, including the United States. Participant’s authorizes them to receive, possess, use, retain
and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing Participant’s participation in the Plan, including any requisite transfer of such Data as may be required for the administration of
the Plan and/or the subsequent holding of shares of stock on Participant’s behalf to a broker or other third party with whom Participant may elect to deposit any shares of stock acquired pursuant to the Plan. Participant may, at any time,
review Data, require any necessary amendments to it or withdraw the consents herein in writing by contacting the Company; however, withdrawing consent may affect Participant’s ability to participate in the Plan.

15. Stock Ownership/Exercise & Hold Guidelines. The Participant agrees as a condition of this grant that, in the
event that the Participant is or becomes subject to the Company’s Stock Ownership or Exercise & Hold Guidelines, the Participant shall not sell any shares obtained upon settlement of the PEPunits unless such sale complies with the
Stock Ownership and Exercise & Hold Guidelines as in effect from time to time. 
 16. Governing Law.
Notwithstanding the provisions of Paragraphs D.10 and D.11, this Agreement shall be governed, construed and enforced in accordance with the laws of the State of New York, without giving effect to conflict of law rules or principles. 

17. Choice of Venue. Notwithstanding the provisions of Paragraphs D.10 and D.11, any action or proceeding seeking to enforce any
provision of or based on any right arising out of this Agreement may be brought against the Participant or the Company only in the courts of the State of New York or, if it has or can acquire jurisdiction, in the United States District Court for the
Southern District of New York, and the Participant and the Company consents to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid therein. 

18. Entire Agreement. This Agreement contains all the understanding and agreements between the Participant and the Company
regarding the subject matter hereof.
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