Document:

Exhibit 10.14

 

 

 

 

Contract
Number : WLS-20-0054

 

 

Housing
rental contract

 

Lessor: Beijing Century
Changying Investment Management Co., Ltd.

Lessee: Baofeng Biotechnology
(Beijing) Co., Ltd.

 

 

    	 

    	 

    

Housing
rental contract

 

Lessor:
Beijing Century Changying Investment Management Co., Ltd. (hereinafter referred to as Party A)

Mailing
address: 1903c, 19th floor, Building 1, East Shilibao Road, Chaoyang District, Beijing

Contact:
Zhenjun Ren

contact
number:

Lessee:
Baofeng Biotechnology (Beijing) Co., Ltd.

Mailing
address: Room 103, 1st Floor, Tonghang Building, Mafang Industrial Park, Pinggu District, Beijing

Contact:
Tingting Chang

Business
license number or ID card : 9111011705362938X8

Telephone:
13810268726

According
to the "Contract Law of the People's Republic of China", the "Regulations on the Management of Beijing's
Rural Collective Assets" and the spirit of the relevant documents in the urban area, both parties A and B have entered
into this contract through equal consultations on the lease of Party A's collective assets by Party B.

I.
Lease

1.
Location of the lease: Building 1, East Shilipu Road, Chaoyang District, Beijing.

2.
The content of the lease: Room 1002, 10th floor, office building in the future

    	 

    	 

    

 

Leasehold
area: construction area of ​​402 square meters.

3. For the
floor plan and specific location of the leased item, see Annex 1 of this contract; the current status of the leased item is subject
to the "House Delivery Statement" (Annex 2) signed by Party A and Party B. Party B has no right to occupy any place
outside the leased item, including but It is not limited to the public areas and external walls and peripherals other than the
entire floor rented by Party B.

II.
Lease term

1.
The lease term is: 3 years and 3 months. From March 08, 2020 to June 7, 2023. Among them, the renovation
period: a total of [3] months, from [2020] year [03] From [08] day to [2020] year [06] month [07] day, the decoration period is
included in the lease period, and Party B is free of rent during the decoration period, but shall bear the property service fees
and other expenses of the leased object in accordance with this contract , Cannot be used as an office during the decoration period.

2. Party
A has the right to recover the leased property when the lease expires or this contract is terminated early. If Party B needs to
renew the lease, it must notify Party A in writing one month before the lease expires, and re-sign the lease contract after Party
A agrees If Party A still leases out the leased goods, Party B has the priority to continue to lease under the same conditions.

    	 

    	 

    

 

If the lease
expires or the contract is terminated early, Party B shall return the lease as scheduled, unless both parties decide to renew
the lease and have re-signed the lease contract before the lease expires. If Party B returns overdue, Party B shall pay the daily
rent every day after the overdue 3 times the liquidated damages. After more than 10 days, Party A has the right to directly
recover the leased property, and Party B ’s items left in the leased property have the right to be disposed of. Party B
has no right to request Party A to compensate for the loss of the goods.

3. After
the lease expires, if the two parties have not re-signed the lease contract, or this contract is terminated early, Party B will
add the buildings, structures, decoration, equipment and facilities within the scope of the lease as follows:

(1) The attachments
that cannot be removed, or the attachments that will seriously damage their use value, will be owned by Party A free of charge.

(2) Attachments
that can be removed without severely damaging their use value, such as production and operation equipment, office supplies, hanging
decorations, etc., shall be disposed of by Party B. If Party B causes leases due to demolition, relocation, etc. When damage occurs
internally or externally, Party B shall be responsible for restitution or compensation for the corresponding losses.

    	 

    	 

    

 

III.
Rent and security deposit 

		1.	On
                                         the date of signing of this contract, Party B shall pay Party A a rental deposit of RMB
                                         [53434] yuan to ensure that Party B performs this contract. After Party A receives the
                                         deposit, Party B will issue a receipt to Party B. Party B shall properly keep the deposit
                                         receipt, and the deposit does not include interest. During the lease period, Party B
                                         is neglecting to fulfill its contractual obligations, including but not limited to Party
                                         B ’s failure to pay rent, water, electricity, heating, and other expenses and loss
                                         compensation, liquidated damages, and other expenses, Party A has the right to deduct
                                         all For fees, Party B shall make up the deposit within 10 days after receiving the notice
                                         from Party A.

After
the lease term expires, Party B has paid all the rent payable and all expenses due to this lease should be paid to Party A. If
Party B uses the house for company registration, Party B must also return the leased property before returning Within 30 days
after the company's registered address is cancelled or moved, and the leased property is returned to Party A according to the
provisions of this contract, Party A will return the deposit to Party B. If the contract is terminated early due to Party B's
breach of contract, the deposit will not be refunded.

2.
Rental standard: 4.37 yuan / day / building square meter in the first year; increasing method: no increasing. The
rent specified in this article refers only to the consideration of the rent of the house delivered by Party B, not including the
house. Electricity, water, heating, management and other laws and regulations or this contract stipulates the fees that Party
B should pay.

    	 

    	 

    

 

3. The rent
is paid every [half a year]. Party B shall pay the first installment of rent on the [03] month [08], and
thereafter the rent of each installment shall be paid 15 days before the expiry of the previous payment, and so on.

4.
The specific details of the rent collection are as follows:

(1)
Rent collection starts from March 08, 2020 to June 07, 2021;

The rent
standard is: 4.37 yuan per square meter (building area) per day, 53434 yuan per month, 641208 yuan per year, (RMB: six hundred
and forty-one thousand two hundred and eight yuan).

(2) Rent
collection starts from June 08, 2021 to June 07, 2022;

The rental
standard is: 4.37 yuan / day per square meter (building area), 53434 yuan / month, 641208 yuan / year, (RMB: Six hundred and forty-one
thousand two hundred and eight yuan).

(3) Rent
collection from June 08, 2022 to June 07, 2023;

The rental
standard is: 4.37 yuan / day per square meter (building area), 53434 yuan / month, 641208 yuan / year, (RMB: Six hundred and forty-one
thousand two hundred and eight yuan).

The rent
of this contract is tax-included. When this contract is signed, the tax payment method for real estate leasing services held by
Party A is selected to be levied simply. 10 working days after receiving the total amount of tax-included rent payable by Party
B in the above period Party A provides Party B with a value-added tax invoice. Party A and Party B further confirm that during
the lease period, if the country and the relevant administrative authority of the project location or Party A chooses to apply
other tax rates for VAT, both parties agree to pay the new tax rate applicable Tax-included rent, and Party A issues a VAT invoice
to Party B at the new VAT rate.

    	 

    	 

    

 

IV.
Use of Lease::

Leases
are used for office work.

Party B guarantees that it will
not change its use without the written consent of Party A within the lease term.

V.
The rights and obligations of both parties

1.
Party A's rights and obligations

(1)
Supervise Party B's management, protection and reasonable use of the leased goods according to the purposes stipulated in the
contract.If Party B does not use the contract as agreed or other violations of the law occur, Party A has the right to stop until
this contract is terminated.

(2)
According to the contract, Party B will be charged rent and security deposit.

(3)
For the damage caused by the various pipelines attached by the government for public welfare under the scope of the leased object,
Party A does not need to make any engineering repairs or economic compensations.

(4)
In the case that Party B uses the leased goods according to the contract, maintain Party B's right to use.

(5)
Respect Party B's production and operation autonomy, and shall not interfere with Party B's normal production and operation activities
according to law, and shall not illegally change or cancel the contract.

    	 

    	 

    

 

(6)
Party A has the right to record the relevant information of Party B. If Party B leases the leased goods under this contract for
business, Party A shall provide Party A with a copy of the following documents:

(7)
A copy of a copy of a qualified business license within the validity period, an account opening license, and a copy of a copy
of the "National Tax" / "Local Tax" registration certificate that has passed the annual inspection within
the validity period;

(8)
Or Party B provides a copy of the multiple-in-one business license within the validity period;

(9)
Copy of the identity card of the legal representative and contract signer (signed by me) and the original power of attorney (with
the official seal of Party B) obtained the effective authorization;

The
above documents are affixed with the official seal of Party B and signed by the legal representative / person in charge. If the
above documents cannot be provided when both parties sign the contract, Party B shall provide it at the latest before starting
business.

(7).
If Party B's company name, legal representative, address, bank account number, correspondence address, contact person and contact
phone number are changed, it shall notify Party A in writing 3 months before the change, and after the actual change 10 Submit
the changed information to Party A in writing within the day, accompanied by the above-mentioned relevant certification documents.

    	 

    	 

    

 

2
.. Party B's rights and obligations

(1)
The right to use the leased property.

(2)
Manage, protect and use the leased property reasonably according to the contract.

(3) No
illegal buildings shall be built inside or outside the lease.

(4)
Without the written consent of Party A, Party B shall not sublet, lend, or exchange all or part of the leased property with others,
or sublet or lend others in disguise by way of joint venture, change of shareholders, legal representative, etc.

(5)
During the lease, Party B is responsible for repairing and maintaining the leased items, and Party B shall bear the costs.

(6)
Pay the rent, security deposit and other expenses to Party A on time according to the contract;

(7)
Party B guarantees that government management, public security, firefighting, rescue personnel and their emergency equipment,
vehicles, etc. can smoothly enter and leave the leased objects when performing emergency rescue or performing official duties.

(8)
During the lease, Party B shall properly protect the municipal facilities inside and outside the lease and the auxiliary facilities
inside and outside the lease, and shall not be damaged, otherwise it shall bear all the costs required for repairs.

    	 

    	 

    

 

(9)
Party B submits the decoration plan and drawings to Party A and the property company before the decoration project is started,
and construction can be carried out after approval. Party B should pay the decoration management fee and decoration deposit to
the property company [the management fee and deposit are based on the property company's regulations as the standard] Other expenses.
Party B and the contractor hired by Party B shall carry out decoration and reconstruction in accordance with the decoration management
regulations formulated by the property company. During the decoration process, any violation of the decoration management regulations
by Party B or the contractor hired by Party B shall be undertaken by Party B. Party A shall be fully liable for compensation.

(10)
Party B should move the company's registered address into the lease and pay taxes in Changying District, Chaoyang District, Beijing;

(11)
During the lease period, if the contract needs to be changed after the company name is changed, Party A shall pay the one-thousandth
of the stamp tax arising from the changed contract, which shall be borne by Party B within 10 days from the date of signing the
changed contract Pay.

VI.
Special Agreement

1. During
the lease period, Party B shall implement the regulations of relevant departments and assume all responsibilities for fire safety,
three guarantees in front of the door, safety production, comprehensive management and safety, and security.

2. Party
A shall pay the taxes and fees payable by Party A for the rental income obtained from the performance of this contract. If Party
B uses the leased objects to carry out business activities, Party B shall pay the taxes and fees payable.

    	 

    	 

    

 

3. During
the lease period, Party B shall bear the costs of water, electricity, heating, gas, communication, sanitation, fire control and
other expenses arising from the actual use of Party B in accordance with the relevant national and Beijing charging standards.

4.
During the lease, if Party B damages the leased property, it shall compensate at the price.

VII.
Termination of the contract

1.
In one of the following situations, this contract is terminated, and both parties A and B shall not bear the liability for breach
of contract:

(1)
The leased property is included in the scope of demolition due to urban construction needs;

(2)
The leased property is damaged, lost or caused other losses due to force majeure.

2.
If Party B has one of the following circumstances, Party A has the right to unilaterally take measures such as water cut, power
outage, air conditioning, door closure, etc., and terminate the contract to recover the leased property. Party A shall not bear
any compensation liability including but not limited to Party B's decoration Party A also has the right to require Party B to
pay a breach penalty equivalent to the amount of [3] months ’current rent at the same time, and at the same time, the rent
and security deposit that Party A has collected will not be refunded. If Party A takes legal measures After recovery, Party B
shall compensate Party A for all costs

 

 

    	 

    	 

    

incurred in defending its rights (including but not limited to litigation fees, attorney
fees, notarization fees, evaluation (appraisal) fees, guarantee fees, etc.). The loss of the uncovered part of the liquidated
damages shall be compensated to Party B. If Party B's whereabouts are unknown at that time, Party A may terminate this contract
by signing the "Unilateral Termination Contract Notification", and post "Unilateral Termination Contract Notification"
from Party A's location 》 Within
ten days from the date, Party B should return the house to Party A in good condition. If Party B ’s destination is unknown
or ignored, and the house is not returned to Party A within 10 days (as per this contractFixed return home, and return to Party
A receives the B house keys, and can actually control the house as the standard), then, the owner the right to deal with paragraph
2 of this Article in accordance with the contract.

(1) Overdue
payment of rent, security deposit, property fee, water fee and electricity fee exceeds 10 days;

(2)
Party B does not obtain the written consent of Party A and / or the property company to renovate, modify or add to the lease,
change other facilities and equipment, or dismantle, modify, change or damage the main structure of the lease without authorization;

(3)
Using leased objects to engage in illegal and criminal activities;

(4)
Party B violates the use of the leased property as agreed in this contract, or there are other acts that endanger the leased property,
or damage Party A's image, etc., and it is not corrected within 5 days after Party A's urging to correct it;

    	 

    	 

    

 

(5)
arbitrarily subletting the leased object in whole or in part, subletting, lending, subletting in other ways in disguise, mortgage
to a third party, or changing its commercial use;

(6)
Party A fails to accept the leased property within 5 days after the delivery and entry notice of Party A;

(7)
Party B goes bankrupt or enters the liquidation process (except for those who are liquidated due to reorganization or merger)
or any person applies to the court to liquidate Party B. The court accepts these applications or the leased property is sealed
up due to the court's enforcement of its judgment. The occurrence of the situation has a major impact on the project's image;

(8)
If Party B seriously violates the provisions in this contract or service manual and decoration manual that Party B must abide
by or perform, it will not be corrected within five days after being urged to correct by Party A.

VIII.
Liability for breach of contract

1. If
Party A recovers the leased property in advance, it can pay a penalty fee to Party B according to 10% of the current year's
rent, and the lease contract is released.

2. If
Party B is in arrears of rent, fails to make up the deposit or other fees in a timely manner, but fails to meet the
conditions for termination of the contract, it shall pay Party A a penalty of five thousandths of the arrears every day after
the overdue.

    	 

    	 

    

 

3. If Party
B violates the provisions of this contract and cancels the leased property in advance, it shall pay liquidated damages to Party
A in accordance with 10% of the rent in the year of this contract. The rent and security deposits already collected by Party A
will not be refunded.

4.Party
B violates the relevant provisions of the contract.Party A shall take responsibility for the consequences and related losses caused
by party A taking measures such as water cuts, power outages, and door closures.

IX.
Dispute Resolution

If there
is a dispute during the performance of this contract, both parties can negotiate to resolve. If the parties do not want to negotiate,
they can also directly sue to the Chaoyang District People's Court in Beijing. If there is a dispute between the two parties,
the delivery address is the communication address agreed by both parties on the front page of this contract. The contact number
shall prevail, and delivery to this address will be deemed successful.

X.
Supplementary Provisions

1.
Any notices under this contract and requests made to the other party shall be mailed or faxed to the other party in writing at
the address agreed on the front page of this contract.

2.
Parties A and B can agree to change or terminate this contract through consultation; if the contract is not exhaustive, both
parties can enter into a supplementary agreement.

    	 

    	 

    

 

3.
This contract is effective from the date of signature by both parties.This contract is made in five copies, Party A holds
three copies, and Party B holds one copy of the township economic management station for record, which has the same legal
effect.

4.
The annex of this contract is an inseparable part of this contract. Annex 1 floor plan and specific location of the leased property,
Annex 2 "House Delivery Note", Annex 3 copy of Party B ’s business license or copy of ID card, etc. The management
system also serves as an attachment to this contract, and Party B shall comply with it.

 

(The following
is the signature part of this page, no text)

 

Party A
(seal): Party B signs:

Legal representative:
Legal representative:

Guarantor's
signature:

year month
day year month day

 

    	 

    	 

    

 

Appendix 1: Floor plan and
specific location of the lease

Attachment 2: House delivery
note

House
delivery checklist

Housing
accessory furniture, electrical appliances, decoration and other equipment and facilities and damage

	name	Brand	unit	Quantity	unit
    price	Losses	name	Brand	unit	Quantity	unit
    price	Losses
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

 

Other related
expenses

	project	unit	unit
    price	Starting
    time	Base	project	unit	unit
    price	Starting
    time	Base
	Water
    fee	-	-	-	-	Internet
    fee	-	-	-	-
	Electricity
    fee	degree	 	 	-	Parking
    fee	-	-	-	-
	telephone
    fee	-	-	-	-	 	-	-	-	-
	Viewing
    fee	-	-	-	-	 	 	 	 	 
	Heating
    fee	-	-	-	-	 	 	 	 	 
	Gas
    costs	-	-	-	-	 	 	 	 	 
	Property
    costs	-	-	-	-	 	 	 	 	 
	hygiene
    fee	-	-	-	-	 	 	 	 	 

 

	Delivery
    confirmation	For
    the above situation, Party B accepts the experience, believes that it meets the housing inspection requirements, and agrees
    to accept it.
	Delivery
    Date: Year Month Day
	Party
    A (lessor) signature:	Party
    B (lessee) signature:
	Check
    out confirmation	Party A and Party B have
        checked and accepted the house and ancillary items, equipment and facilities, and the use of water and electricity, and
        have gone through the check-out procedures. The relevant costs are borne and the house and its ancillary items, equipment
        and facilities are returned. :

        。

	Check-out
    date:
	Party
    A (lessor) signature:	Party
    B (lessee) signature:

 

Attachment 3: (1)
Provide a copy of the three-in-one business license within the validity period (one copy);

(2)
Copy of the legal representative's ID card (one copy);

(3)
Copy of the signer ’s ID card (signed by me) and the original power of attorney (with the official seal of Party B) (one
copy);Exhibit

        
    

Exhibit 10.1

 2020 PEPSICO ANNUAL LONG-TERM INCENTIVE AWARD
 
PERFORMANCE STOCK UNITS / LONG-TERM CASH AWARD
TERMS AND CONDITIONS 
 
These Terms and Conditions (including the country-specific terms set forth in the attached Addendum), along with the 2020 PepsiCo Annual Long-Term Incentive Award Summary provided to the Participant (the “Award Summary”), and signed by the individual named on the Award Summary (the “Participant”), shall constitute an agreement (this “Agreement”), effective as of the “grant date” indicated on the Award Summary  (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 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. 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 performance stock units (“PSUs”) and a long-term cash award (“LTC Award”) each to be granted on the Grant Date and in the respective amounts set forth on 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 PSUs. These terms and conditions shall apply with respect to the PSUs 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 PSUs as indicated on the Award Summary.  
2. Vesting and Payment. PSUs may only vest while the Participant is actively employed by the Company.  Subject to Paragraphs A.3 and A.4 below, the PSUs earned in accordance with Paragraph A.3 shall vest on the “vesting date” as indicated on the Award Summary (the “PSU Vesting Date”) and be paid as soon as practicable after such date (the “PSU Payment Date”).  PSUs 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 PSU earned.  No fractional shares shall be delivered under this Agreement, and so 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 PSUs and/or the payment of dividend equivalents (see Paragraph A.6 below) 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 or payment of cash. Unless the Participant makes other arrangements to satisfy this withholding obligation 

1

        
    

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 PSUs.
3. Earning and Forfeiture of PSUs.  Subject to the terms and conditions set forth herein, the Participant can earn a specified number of PSUs with respect to the period which shall include the fiscal year in which the Grant Date occurs and the two fiscal years following such year (the “Performance Period”), determined based on the achievement of performance targets established by the Committee.  Any portion of the PSU Award that is not earned in accordance with this Paragraph A.3 shall be forfeited and cancelled.  Subject to the terms and conditions set forth herein, the PSU Award shall be earned as follows: 
(a) One-half of the PSU 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 performance measure.
(b) One-half of the PSU 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 performance measure.
Notwithstanding the level of performance achieved with respect to the performance targets established under Paragraphs A.3(a) and (b) above, the Committee has the discretion to reduce the number of PSUs to be paid.  The Committee’s right to exercise this discretion with respect to the earned portion of the PSU Award shall continue until the date on which the PSUs are delivered to the Participant.  Except in the case of death or Total Disability, the portion of the PSU Award with respect to which a Participant has satisfied the performance criteria will be payable in one payment on the PSU Payment Date. Any PSUs that are not earned in accordance with this Paragraph A.3 shall be forfeited and cancelled.  
4. Effect of Termination of Employment, Retirement, Death and Total Disability. 
(a) Termination of Employment. PSUs 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 PSUs shall automatically be forfeited and cancelled upon the date that the Participant’s active employment with the Company terminates regardless of whether any such PSUs 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 PSUs will not be extended by any such period.
(b) Retirement Prior to Age 62. If the Participant’s employment terminates prior to the PSU Vesting Date by reason of the Participant’s Retirement prior to attaining at least age 62, then a whole number of the PSUs 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 PSU Vesting Date (the “PSU Vesting Period”). All PSUs that vest in accordance with the foregoing sentence shall remain subject to the earning and forfeiture provisions of Paragraph  A.3 and shall be paid on the original PSU Payment Date.    
(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 PSUs granted hereunder shall become 

2

        
    

fully vested on the Participant’s last day of active employment with the Company. All such vested PSUs shall remain subject to the earning and forfeiture provisions of Paragraph  A.3 and shall be paid on the original PSU Payment Date.  
(d) Death or Total Disability. If the Participant’s employment terminates by reason of death or Total Disability, then the target number of PSUs 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 PSUs 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 PSUs shall remain subject to the vesting, earning and forfeiture provisions of Paragraphs A.2 and A.3 and shall be paid on the original PSU Payment Date. 
5. No Rights as Shareholder. The Participant shall have no rights as a holder of PepsiCo Common Stock with respect to the PSUs granted hereunder unless and until such PSUs have been settled in shares of PepsiCo Common Stock that have been registered in the Participant’s name as owner.  
6. Dividend Equivalents. During the PSU Vesting Period, the Participant shall accumulate dividend equivalents with respect to the PSUs, which dividend equivalents shall be paid in cash (without interest) to the Participant only if and when the applicable PSUs vest and become payable. Dividend equivalents shall equal the dividends actually paid with respect to PepsiCo Common Stock during the PSU Vesting Period while (and to the extent) the PSUs remain outstanding and unpaid.  For purposes of determining the dividend equivalents accumulated under this Paragraph A.6, any Performance Stock Units that become payable hereunder shall be considered to have been outstanding from the Grant Date.  Upon the forfeiture of PSUs, any accumulated dividend equivalents attributable to such PSUs shall also be forfeited.
B. Terms and Conditions Applicable to LTC Award. These terms and conditions shall apply with respect to the LTC Award 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. 
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” as indicated on the Award Summary (the “LTC Award Vesting Date”) and be paid in cash as soon as practicable after such date (the “LTC 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. Earning and Forfeiture of LTC Award.

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(a)The Participant can earn a specified percentage of the target amount of the LTC Award granted hereunder, equal to the product of (i) the target amount of the LTC Award set forth in the Award Summary, and (ii) the Relative TSR Performance Factor.  

(b) The Relative TSR Performance Factor 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 and in accordance with a performance scale established by the Committee (“Relative TSR”).  The Relative TSR Performance Factor shall be rounded to the second decimal.  The Relative TSR Performance Factor for Relative TSR performance between the levels identified in the preceding sentence shall be determined by straight-line interpolation.   

(c) Notwithstanding the achievement of the performance target established under Paragraph B.3 (b) above, no LTC Award shall vest or become payable if Relative TSR is less than 25th percentile relative to the index of peer companies selected by the Committee pursuant to Paragraph B.3(b).

(d) Notwithstanding the achievement of the performance target established under Paragraph B.3 (b) above, no LTC Award shall become payable in excess of the target amount of the LTC Award unless PepsiCo’s absolute total shareholder return for the Performance Period is greater than zero.

Notwithstanding the level of performance achieved with respect to such performance measure, the Committee has the discretion to reduce the amount of the LTC Award earned to reflect the level of performance achieved with respect to the performance targets established under Paragraphs B.3(b).  The Committee’s right to exercise this discretion with respect to the amount of the LTC Award earned shall continue until the date on which the LTC Award is paid to the Participant.

Any LTC Award not earned in accordance with this Paragraph B.3 shall be forfeited and cancelled.  Except in the case of death or Total Disability, the LTC Award for which a Participant has satisfied the performance criteria will be payable in one payment on the LTC Payment Date.
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), 4(c) and 4(d), 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.
(b) Retirement Prior to Age 62. If the Participant’s employment terminates prior to the LTC Award 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 period commencing on the Grant Date and ending on the LTC Award Vesting Date. Any portion of an LTC Award that vests in accordance with the foregoing sentence shall remain subject to the earning and forfeiture provisions of Paragraph B.3 and shall be paid on the original LTC Payment Date. 

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(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.  Any such vested LTC Award shall remain subject to the earning and forfeiture provisions of Paragraph B.3 and shall be paid on the original LTC Payment Date. 
(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 vesting, earning and forfeiture provisions of Paragraphs B.2 and B.3 and shall be paid on the original LTC Payment Date. 
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 PSUs 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 (as defined below) in an entity that markets, sells, distributes or produces Covered Products (as defined below), 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 (as defined below) of the Company called on, serviced by, or contacted by the Participant in any capacity during his or her employment; or
 
(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).

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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. 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 or competitors of the Company), without the Company’s prior written consent, any Confidential Information of the Company, except as necessary in his or her position with the Company or as permitted below with respect to Protected Activity.  

Notwithstanding the foregoing, nothing in this Agreement, the Plan, any other Award made under the Plan or in any other confidentiality provision to which the Participant may be subject as a result of the Participant’s employment with the Company shall: (1) limit the Participant’s rights to make truthful statements or disclosures about any facts and circumstances related to any claim or allegation of unlawful discrimination by the Company; (2) bar the Participant from giving testimony pursuant to a compulsory legal process or as otherwise required by law; or (3) prohibit Participant from, without notice to the Company, communicating with government agencies, providing information to government agencies, participating in government agency investigations, filing a complaint or charge with government agencies, or testifying in government agency proceedings concerning any possible legal violations or from receiving a monetary award for information provided to a government agency collectively, “Protected Activity”).  The Company nonetheless asserts and does not waive its attorney-client privilege over any information appropriately protected by the privilege.  Further, notwithstanding any confidentiality provision to which the Participant may be subject, the Participant is hereby advised as follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.”
 
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 

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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 or her 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, provided, however that nothing in this subsection is intended to bar the Participant from engaging in Protected Activity, (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. 
 
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 PSUs 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 PSUs or any LTC Award granted hereunder; and/or 
 
(b)  require the Participant to pay to the Company the value (determined as of the date paid) of any PSUs and any portion of any LTC Award granted hereunder that have been paid out. 

In addition to the provisions of this Paragraph C.6, the Participant agrees that he or she will be bound by the terms of any Company compensation clawback policy applicable to the Participant that the Company may adopt from time to time.
 
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 

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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.
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 PepsiCo 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 number and type of shares to which the PSUs 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 PSUs and LTC Award are personal to the Participant and (b) neither the PSUs 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. 
 

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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: in-home and commercial beverage systems, carbon dioxide gas cylinders, carbon dioxide gas refills, consumables, and ready-to-drink beverages, including without limitation carbonated soft drinks, tea, water, juices, juice drinks, juice products sports drinks, coffee drinks, and energy drinks; dairy products; snacks, including salty snacks, fruit and vegetable snacks, dips and spreads, sweet snacks, meat snacks, granola, nutrition and cereal bars, and cookies; hot cereals and ready-to-eat cereals; pancake mixes and pancake syrup; grain-based food products; pasta products; sports performance nutrition products, including without limitation, energy, protein, carbohydrate, nutrition and meal replacement chews, bars, powders, gels, drinks or drink mixes; 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) “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. 

 (c) “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. 

(d) “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.
  
(e) “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.
 
(f) “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. 

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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 PSUs 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 of PepsiCo Common Stock. The Committee may require that the Participant make such representations and agreements and furnish such information as the Committee deems 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 human resources 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 Internal Revenue Code of 1986, as amended (the “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. 
 

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10. Plan Terms. The PSUs, 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. The Committee reserves its rights to amend or terminate the Plan at any time without the consent of the Participant; provided, however, that PSUs 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). The Committee shall have full power and authority to administer and interpret the Plan and to adopt or establish such rules, regulations, agreements, guidelines, procedures and instruments that are not contrary to the terms of the Plan and that, in its opinion, may be necessary or advisable for the administration and operation of the Plan.  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 PSUs 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 PSUs 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 PSUs 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 PSUs (and the shares covered thereby) and the LTC Award; 
 
(c) the PSUs 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 or her employment, or by accepting or being awarded any PSUs 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; 
 
(d) upon payment of PSUs 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 PSUs or LTC Awards will not be extended by any such period;
(g) for purposes of this Agreement, a Participant will be considered actively employed during (i) the first six months of an authorized leave of absence approved by the Company, in its sole discretion, or (ii) other statutory leaves that have requirements in excess of six months;  
 
 

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(h) the Participant will seek all necessary approval under, make all required notifications under and comply with all laws, rules and regulations applicable to the ownership of stock, including, without limitation, currency and exchange laws, rules and regulations; 

(i) this Agreement will be interpreted and applied so that the PSUs 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 Code 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 Code 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 PSUs or LTC Awards to comply with Code Section 409A; and 

(j) the non-disclosure provisions set forth in Paragraph C.2. supersede and replace in their entirety the non-disclosure provisions set forth in the Plan as in effect on the date hereof, in any agreement evidencing an Award made under the Plan and in any other Awards made under the Plan.
 
 
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 PSUs (to the extent such PSUs 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/or transfer of Personal Data as defined and described in this Paragraph D.14.  Participant is not obliged to consent, however a failure to provide consent, or the withdrawal of consent at any time, may impact Participant’s ability to participate in the Plan.  The Company and/or Participant’s employer collects and maintains certain personal information about Participant that may include name, home address and telephone number, email address, date of birth, social security number or other government or employer-issued identification number, salary grade, hire data, salary, citizenship, job title, any shares of 

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PepsiCo Common Stock, or details of all performance stock units, long-term cash awards or any other entitlement to shares of PepsiCo Common Stock awarded, cancelled, purchased, vested, or unvested (collectively “Personal Data”).  The Company and the Participant’s employer will transfer Personal Data internally as necessary for the purpose of implementation, administration and management of the Participant’s participation in the Plan and the Company and/or the Participant’s employer may further transfer Personal Data to any third parties assisting the Company in the implementation, administration and management of the Plan.   These recipients may be located in the European Economic Area, or elsewhere throughout the world, such as the United States.  The Participant hereby authorizes (where required under applicable law) the recipients to receive, possess, use, retain and transfer Personal Data, in electronic or other form, as may be required for the administration of the Plan and/or the subsequent holding of any shares of PepsiCo Common Stock on the Participant’s behalf, to a broker or other third party with whom the Participant may elect to deposit any shares of PepsiCo Common Stock acquired pursuant to the Plan. Third parties retained by the Company may use the Personal Data as authorized by the Company to provide the requested services. Third parties may be located throughout the world, including but not limited to the United States.  Third parties often maintain their own published policies that describe their privacy and security practices. The Company is not responsible for the privacy or security practices of any third parties. Participant may access, review or amend certain Personal Data by contacting the Company and/or the Plan’s service provider.  The Participant may, at any time, exercise the Participant's rights provided under applicable personal data protection laws, which may include the right to (i) obtain confirmation as to the existence of Personal Data, (ii) verify the content, origin and accuracy of Personal Data, (iii) request the integration, update, amendment, deletion or blockage (for breach of applicable laws) of Personal Data, (iv) oppose, for legal reasons, the collection, processing or transfer of the Personal Data which is not necessary or required for the implementation, administration and/or operation of the Plan and the Participant's participation in the Plan, and (v) withdraw the Participant's consent to the collection, processing or transfer of Personal Data as provided hereunder (in which case, the stock options, restricted stock units, performance stock units or any other entitlement to shares of PepsiCo Common Stock awarded will become null and void).  The Participant may seek to exercise these rights by contacting the Participant's Human Resources manager or the Company's Human Resources Department, who may direct the matter to the applicable Company privacy official. Finally, the Participant understands that the Company may rely on a different legal basis for the processing and/or transfer of Personal Data in the future and/or request the Participant to provide another data privacy consent. If applicable and upon request of the Company, the Participant agrees to provide an executed acknowledgment or data privacy consent (or any other acknowledgments, agreements or consents) to the Company or the employer that the Company and/or the employer may deem necessary to obtain under the data privacy laws in the Participant's country, either now or in the future. The Participant understands that the Participant will not be able to participate in the Plan if the Participant fails to execute any such acknowledgment or consent requested by the Company and/or the employer.
 
15. Stock Ownership Guidelines/Share Retention Policy. 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 Guidelines and/or Share Retention Policy, the Participant shall not sell any shares of PepsiCo Common Stock obtained upon settlement of the PSUs unless such sale complies with the Stock Ownership Guidelines and the Share Retention Policy 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; Attorneys’ Fees. 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 

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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.  In the event that a Participant or the Company brings an action to enforce the terms of the Plan or any Award Agreement and the Company prevails, the Participant shall pay all costs and expenses incurred by the Company in connection with that action, including reasonable attorneys’ fees, and all further costs and fees, including reasonable attorneys’ fees incurred by the Company in connection with the collection.

 18. Addendum to Agreement.  Notwithstanding any provisions of this Agreement to the contrary, the PSUs shall be subject to such special terms and conditions for the Participant's country of residence (and country of employment, if different), as are set forth in the addendum to this Agreement (the “Addendum”).  Further, if the Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the PSUs to the extent the Committee or its duly authorized delegate determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local laws, rules or regulations or to facilitate the operation and administration of the PSUs  and the Plan (or the Committee or its duly authorized delegate may establish alternative terms and conditions as may be necessary or advisable to accommodate the Participant's transfer).  In all circumstances, the Addendum shall constitute part of this Agreement.

19. 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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