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                                                                    EXHIBIT 10.9

                         THE PEPSI BOTTLING GROUP, INC.
                          1999 LONG TERM INCENTIVE PLAN

1.       PURPOSE.

         The purposes of the 1999 Long Term Incentive Plan (the "Plan") are :
(1) to provide long term incentives to those persons with significant
responsibility for the success and growth of The Pepsi Bottling Group, Inc.
("PBG") and its subsidiaries, divisions and affiliated businesses (collectively,
the "Company"); (2) to assist the Company in attracting and retaining key
employees on a competitive basis; and (3) to associate the interests of such
employees with those of PBG shareholders.

2.       ADMINISTRATION OF THE PLAN.

         (a) The Plan shall be administered by a committee (the "Committee"),
which (i) prior to the date on which PBG becomes a separately held public
company, shall be the Compensation Committee of the Board of Directors of
PepsiCo, Inc.; and (ii) after the date on which PBG becomes a separately held
public company, shall be the Compensation and Management Development Committee
(and any subcommittee thereof) of the Board of Directors of PBG (the "Board").
The committee described in the foregoing clause (ii) shall be appointed by the
Board and shall consist of two or more outside members of the Board.

         (b) The Committee shall have all powers vested in it by the terms of
the Plan, such powers to include the authority (within the limitations described
herein) to select the persons to be granted awards under the Plan, to determine
the type, size and terms of awards to be made to each employee selected, to
determine the time when awards will be granted and any conditions which must be
satisfied by employees before an award is made, to establish objectives and
conditions for earning awards, to determine whether such conditions have been
met and whether awards will be paid at the end of the award period, or when the
award is exercised, or deferred, to determine whether payment of an award should
be reduced or eliminated, and to determine whether such awards should qualify,
regardless of their amount, as deductible in their entirety for federal income
tax purposes.

         (c) The Committee shall have full power and authority to administer and
interpret the Plan and to adopt such rules, regulations, agreements, guidelines
and instruments for the administration of the Plan and for the conduct
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of its businesses as the Committee deems necessary or advisable. The Committee's
interpretations of the Plan, and all actions taken and determinations made by
the Committee pursuant to the powers vested in it hereunder, shall be conclusive
and binding on all parties concerned, including the Company, PBG shareholders
and any person receiving an award under the Plan.

         (d) The Committee may delegate to the Chief Executive Officer of PBG
any or all of its authority under Sections 2(b) and 2(c).

3.       ELIGIBILITY.

         Each executive of the Company who is Salary Band I or above (or the
equivalent) may, in the Committee's discretion, be granted any of the awards
available under the Plan.

4.       AWARDS.

         (a) Types. Awards under the Plan include stock options, incentive stock
options, performance units, stock appreciation rights, restricted stock and
share awards.

                  (i) Stock Options. Stock options are rights to purchase shares
of PBG Common Stock ("Common Stock") at a fixed price for a specified period of
time. The purchase price per share of Common Stock covered by a stock option
awarded pursuant to this Plan, including any incentive stock options, shall (A)
for options granted on and after the date PBG becomes a separately held public
company, be equal to or greater than the "Fair Market Value" of a share of PBG
Common Stock on the date the stock option is awarded; and (B) for options
granted prior to the date PBG becomes a separately held public company, be the
price per share at which Common Stock is initially offered for sale to the
public. "Fair Market Value" means an amount equal to the average of the high and
low sales prices for Common Stock as reported on the composite tape for
securities listed on The New York Stock Exchange, Inc. on the date in question
(or, if no sales of Common Stock were made on said Exchange on such date, on the
next preceding day on which sales were made on such Exchange), except that such
average price shall be rounded up to the nearest one-fourth.

                  (ii) Performance Units. Performance units are rights to
receive up to 100% of the value of shares of Common Stock as of the date of
grant, which value may be paid in cash or Common Stock, without payment of any
amounts to PBG. The full and/or partial payment of performance unit awards
granted under this Plan will be made only upon certification by the Committee of
the attainment by PBG, over a performance period established by the Committee,
of any one or more performance targets, which have been established by the
Committee and which are based on objective criteria,

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including (without limitation) one or more of the following: EBITDA, earnings
per share, revenue growth, corporate earnings, return on investment, total
shareholder return, profits, cash flow, market value added, economic value added
or any of the foregoing against industry and peer comparisons. No payment will
be made if the targets are not met.

                  (iii) Stock Appreciation Rights. Stock appreciation rights
("SARs") are rights to receive the difference between (A) for SARs granted on
and after the date PBG becomes a separately held public company, the Fair Market
Value of a share of PBG Common Stock on the grant date, and for SARs granted
prior to the date PBG becomes a separately held public company, the price per
share at which Common Stock is initially offered for sale to the public, and (B)
the Fair Market Value of a share of Common Stock on the date the SAR is
exercised.

                  (iv) Restricted Stock. The full and/or partial vesting of any
restricted stock award made to key employees under this Plan will occur in
accordance with a vesting schedule established by the Committee or upon the
attainment by PBG of primary or secondary targets established by the Committee
at the time the award is made. These targets shall be based on objective
criteria, including (without limitation) one or more of the following: EBITDA,
earnings per share, revenue growth, corporate earnings, return on investment,
total shareholder return, profits, cash flow, market value added, economic value
added or any of the foregoing against industry and peer comparisons.

                  (v) Share Awards. Share awards are grants of shares of Common
Stock. The Committee may grant a share award to any eligible employee on such
terms and conditions as the Committee may determine in its sole discretion.
Share awards may be made as additional compensation for services rendered by the
eligible employee or may be in lieu of cash or other compensation to which the
eligible employee is entitled from the Company.

         (b) Supplemental Awards. Employees who are newly hired or promoted into
eligible status or certain eligible employees who are promoted during the
vesting period may be granted supplemental pro rata grants or supplemental
incremental grants of stock options and/or performance units, as determined by
the Committee in its sole discretion.

         (c) Negative Discretion. Notwithstanding the attainment by PBG of any
target specified under this Plan, the Committee has the discretion, by
participant, to reduce some or all of an award that would otherwise be paid.

         (d) Guidelines. The Committee may, from time to time, adopt written
policies for its implementation of the Plan. Any such policies shall be
consistent

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with the Plan and may include, but need not be limited to, the type, size and
term of awards to be made, and the conditions for payment of such awards.

         (e) Maximum Awards. An eligible employee may be granted multiple awards
under the Plan, but no one employee may be granted awards which would result in
his or her receiving, in the aggregate, during the term of the Plan, more than
25% of the maximum number of shares available for award under the Plan. Solely
for the purposes of determining whether this maximum is met, a performance unit
or SAR shall be treated as entitling the holder thereof to one share of Common
Stock.

         (f) Employment by the Company. To the extent the vesting, exercise, or
term of any stock option award is conditioned on employment by the Company, an
award recipient whose Company employment terminates through a Company-approved
transfer to an allied organization (i) shall vest in and be entitled to exercise
any stock option award immediately prior to the transfer, (ii) shall have
employment with the allied organization treated as employment by the Company in
determining the term of such award and the period for exercise, and (iii) shall
have the allied organization considered part of the Company for purposes of
applying the misconduct provisions of Section 8. The Chief Personnel Officer
shall specify the entities that are considered allied organizations as of any
time.

5.       SHARES OF STOCK SUBJECT TO THE PLAN.

         The shares that may be delivered or purchased under the Plan shall not
exceed an aggregate of 15,000,000 shares of Common Stock, as adjusted, if
appropriate, pursuant to Section 7 hereof.

6.       DEFERRED PAYMENTS.

         The Committee may determine that all or a portion of a payment to a
participant under the Plan, whether it is to be made in cash, shares of Common
Stock or a combination thereof, shall be deferred. Deferrals shall be for such
periods and upon such terms as the Committee may determine in its sole
discretion.

7.       DILUTION AND OTHER ADJUSTMENTS.

         In the event of (i) any change in the outstanding shares of Common
Stock by reason of any split, stock dividend, recapitalization, merger,
reorganization, consolidation, combination or exchange of shares, (ii) any
separation of a corporation (including a spin-off or other distribution of
assets of the Company to its shareholders), (iii) any partial or complete
liquidation, or (iv) other similar corporate change, such equitable adjustments
shall be made in the Plan and the

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awards thereunder as the Committee determines are necessary and appropriate,
including, if necessary, an adjustment in the maximum number or kind of shares
subject to the Plan or which may be or have been awarded to any participant
(including the conversion of shares subject to awards from Common Stock to stock
of another entity). Such adjustment shall be conclusive and binding for all
purposes of the Plan.

8.       MISCONDUCT.

         If the Committee or its delegate determines that a participant has, at
any time prior to, or within twelve months after, the exercise of any option
granted hereunder or the vesting of any other award made hereunder committed
"Misconduct", then the Committee may, in its sole discretion: (i) cancel any
outstanding option or other award granted hereunder and (ii) require the
participant to pay to the Company any and all gains realized from any options or
awards granted hereunder which were exercised, in the case of options, or
vested, in the case of other awards, within the twelve month period immediately
preceding the date of such cancellation (or if there is no cancellation, the
date on which such claim for payment is made). A participant commits Misconduct
if the Committee or its delegate determines that the participant: (a) Competed
(as defined below) with the Company; (b) engaged in any act which is considered
by the Committee to be contrary to the Company's best interests, including, but
not limited to, recruiting or hiring away employees of the Company; (c) violated
the Company's Code of Conduct or engaged in any other activity which constitutes
gross misconduct; (d) engaged in unlawful trading in the securities of PBG or of
any other company based on information gained as a result of his or her
employment with the Company; or (e) disclosed to an unauthorized person or
misused confidential information or trade secrets of the Company. This paragraph
shall also apply in the case of a former Company employee (including, without
limitation, a retired or disabled employee) who commits Misconduct after his or
her employment with the Company terminated.

         "Competed" shall mean (i) worked for, managed, operated, controlled or
participated in the ownership, arrangement, operation, or control of, or be
connected with or served on the board of directors of any company or entity
which engages in the production, marketing or sale of any product or service
produced, marketed or sold by the Company; or (ii) any action or omission which
is injurious to the Company or which diverts customers or suppliers from the
Company.

9.       MISCELLANEOUS PROVISIONS.

         (a) Rights as Shareholder. A participant in the Plan shall have no
rights as a holder of Common Stock with respect to awards hereunder, unless and
until certificates for shares of Common Stock are issued to such participant.

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         (b) Assignment or Transfer. Unless the Committee shall specifically
determine otherwise, no award granted under the Plan or any rights or interests
therein shall be assignable or transferable by a participant, except by will or
the laws of descent and distribution.

         (c) Agreements. All awards granted under the Plan shall be evidenced by
agreements in such form and containing such terms and conditions (not
inconsistent with the Plan) as the Committee shall approve.

         (d) Requirements for Transfer. No share of Common Stock shall be issued
or transferred under the Plan until all legal requirements applicable to the
issuance or transfer of such shares have been complied with to the satisfaction
of the Committee. The Committee shall have the right to condition any issuance
of shares of Common Stock made to any participant upon such participant's
written undertaking to comply with such restrictions on his subsequent
disposition of such shares as the Committee or PBG shall deem necessary or
advisable as a result of any applicable law, regulation or official
interpretation thereof, and certificates representing such shares may be
legended to reflect any such restrictions.

         (e) Withholding Taxes. PBG shall have the right to deduct from all
awards hereunder paid in cash any federal, state, local or foreign taxes
required by law to be withheld with respect to such awards, and with respect to
awards paid in stock or upon exercise of stock options, to require the payment
(through withholding from the participant's salary or otherwise) of any such
taxes. The obligations of PBG to make delivery of awards in cash or Common Stock
shall be subject to currency or other restrictions imposed by any government.

         (f) No Rights to Awards. Except as set forth herein, no employee or
other person shall have any claim or right to be granted an award under the
Plan. Neither the Plan nor any action taken hereunder shall be construed as
giving any employee any right to be retained in the employ of the Company.

         (g) Costs and Expenses. The cost and expenses of administering the Plan
shall be borne by PBG and not charged to any award nor to any employee receiving
an award.

         (h) Funding of Plan. The Plan shall be unfunded. PBG shall not be
required to establish any special or separate fund or to make any other
segregation of assets to assure the payment of any award under the Plan.

10.      EFFECTIVE DATE, AMENDMENTS AND TERMINATION.

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         (a) Effective Date. The Plan was approved by the Board and shall be
effective as of March 30, 1999.

         (b) Amendments. The Committee may at any time terminate or from time to
time amend the Plan in whole or in part, but no such action shall adversely
affect any rights or obligations with respect to any awards theretofore granted
under the Plan.

                  In the event the Plan is approved by shareholders of PBG after
the date PBG becomes a separately held public company (the "initial approval"),
then (unless prior approval by the shareholders of PBG is obtained) no amendment
of the Plan adopted after such initial approval shall be effective which would
(i) increase the maximum number of shares of Common Stock which may be delivered
under the Plan or to any one individual, except to the extent such amendment is
made pursuant to Section 7 hereof, (ii) extend the maximum period during which
awards may be granted under the Plan or (iii) modify the requirements as to
eligibility for participation in the Plan.

                  The Committee may, at any time, amend outstanding agreements
evidencing awards under the Plan in a manner not inconsistent with the terms of
the Plan; provided, however, that if such amendment is adverse to the
participant, the amendment shall not be effective unless and until the
participant consents, in writing, to such amendment.

         (c) Termination. No awards shall be made under the Plan after December
31, 2004.

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                                                                   EXHIBIT 10.10

                          THE PBG DIRECTORS' STOCK PLAN
                        (Effective as of March 30, 1999)

1.       PURPOSES

         The principal purposes of The PBG Directors' Stock Plan (the "Plan")
are to provide compensation to those members of the Board of Directors of The
Pepsi Bottling Group, Inc. ("PBG") who are not also employees of PBG, to assist
PBG in attracting and retaining outside directors with experience and ability on
a basis competitive with industry practices, and to associate more fully the
interests of such directors with those of PBG's shareholders.

2.       EFFECTIVE DATE

         The Plan was unanimously approved by the Board of Directors of PBG and
became effective on March 30, 1999.

3.       ADMINISTRATION

         The Plan shall be administered and interpreted by the Directors of PBG
who are also employed by PBG ("Employee Directors"). The Employee Directors
shall have full power and authority to administer and interpret the Plan and to
adopt such rules, regulations, guidelines and instruments for the administration
of the Plan and for the conduct of its business as the Employee Directors deem
necessary or advisable. The Employee Directors' interpretations of the Plan, and
all actions taken and determinations made by the Employee Directors pursuant to
the powers vested in them hereunder, shall be conclusive and binding on all
parties concerned, including PBG, its Directors and shareholders and any
employee of PBG. The costs and expenses of administering the Plan shall be borne
by PBG and not charged against any award or to any Non-Employee Director.

4.       ELIGIBILITY

         Directors of PBG who are not employees of PBG ("Non-Employee
Directors") are eligible to receive awards under the Plan. The Employee
Directors are not eligible to participate in the Plan, but shall be eligible to
participate in other PBG benefit and compensation plans.

5.       INITIAL AWARD

         Under the Plan, each Non-Employee Director shall, on the first day of
the month after commencing service as a Director of PBG, receive a formula grant
of restricted stock ("Restricted Stock"); provided, however, that individuals
serving as Non-Employee Directors on March 30, 1999 shall receive their initial
award of Restricted Stock on March 30, 1999. The number of shares of Restricted
Stock to be included in each such award shall be determined by dividing $25,000
by the Fair Market Value (as defined below) of a share of PBG Common Stock on
the date of grant (the "Stock Grant Date"), or if such day is not a trading day
on the New York Stock Exchange, on the immediately preceding trading day. The
number of shares so determined shall be rounded to the nearest number of whole
shares. If the recipient of the Restricted Stock continuously remains a Director
of PBG, the Restricted Stock granted hereunder shall vest and any restrictions
thereon shall lapse on the first anniversary of the Stock Grant Date; provided,
however, that, in the event of a Non-Employee Director's death or Disability (as
defined in Section 6(c)), the Restricted Stock granted to such Non-Employee
Director shall vest and any restrictions thereon shall lapse immediately.
Notwithstanding the foregoing, a Non-Employee Director may not sell or otherwise
transfer any Restricted Stock granted to him or her prior to the date such
Non-Employee Director ceases to serve

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as a Director for any reason. The Non-Employee Director shall have all of the
rights of a stockholder with respect to such Restricted Stock, including the
right to receive all dividends or other distributions paid or made with respect
to the stock. Any such dividends or distributions shall be subject to the same
restrictions as the Restricted Stock in respect of which such dividends or
distributions were made. Each Restricted Stock award shall be evidenced by an
agreement setting forth the terms and conditions thereof, which terms and
conditions shall not be inconsistent with those set forth in this Plan.

6.       ANNUAL AWARD

         (a) Under the Plan, each Non-Employee Director shall receive an annual
formula grant of options to purchase shares of PBG Common Stock ("Options") at a
fixed price (the "Exercise Price"). Such grant shall be made annually on April
1; provided, however, that the grant to be made in 1999 grant shall be made on
March 30, 1999 (the "Option Grant Date"); provided further, however, that each
individual who becomes a Non-Employee Director after April 1, 1999 and in a
month other than March shall receive a pro-rated annual formula grant of options
(a "Pro-Rated Grant") on the first day of the month following the date he or she
commences service as a Director of PBG (the "Pro-Rated Option Grant Date"). To
receive a grant of Options, a Non-Employee Director must be actively serving as
a Director of PBG on the Option Grant Date or the Pro-Rated Option Grant Date,
as applicable.

         (b) The number of Options to be included in each option award shall be
determined by dividing the Grant Amount (as defined below) by the Fair Market
Value (as defined below) of a share of PBG Common Stock on the Option Grant Date
or Pro-Rated Option Grant Date, as applicable, or if such day is not a trading
day on the New York Stock Exchange, on the immediately preceding trading day.
Grant Amount shall mean $225,000, except that, in the case of a Pro-Rated Grant,
Grant Amount shall mean the following: (i) $168,750 in the case of an individual
who commences service as a Director on or after April 2 and on or before June
30; (ii) $112,500 in the case of an individual who commences service as a
Director on or after July 1 and on or before September 30; (iii) $56,250 in the
case of an individual who commences service as a Director on or after October 1
and on or before December 31; and (iv) $0 in the case of an individual who
commences service as a Director on or after January 1 and on or before March 31.
The number of Options so determined shall be rounded to the nearest number of
whole Options. "Fair Market Value" shall mean the average of the high and low
per share sale prices for PBG Common Stock on the composite tape for securities
listed on the New York Stock Exchange for the day in question, except that such
average price shall be rounded up to the nearest one-fourth; provided, however,
that "Fair Market Value" on March 30, 1999 shall mean $23.00, the initial
offering price per share of PBG Common Stock.

         (c) Options shall vest and become immediately exercisable on the Option
Grant Date or Pro-Rated Option Grant Date, as applicable; provided, however,
that Options granted on March 30, 1999 shall vest on the earliest of (i) June 1,
1999, (ii) the Non-Employee Director's death, or (iii) the Non-Employee
Director's Disability (as defined below). Each Option shall have an Exercise
Price equal to the Fair Market Value of PBG Common Stock on the Option Grant
Date or Pro-Rated Option Grant Date, as applicable, or if such day is not a
trading day on the New York Stock Exchange, on the immediately preceding trading
day. Each Option shall have a term of ten years; provided, however, in the event
the holder thereof shall cease to be a director of PBG, or its successor, for a
reason other than death or Disability (as defined below), such Options shall
thereupon immediately terminate and expire. A Non-Employee Director has a
"Disability" if he or she is totally and permanently disabled as determined
using the standards PBG applies under its long term disability program.

         (d) Non-Employee Directors may exercise their Options by giving an
exercise notice to PBG in the manner specified from time to time by the Employee
Directors. Options may be exercised by using either a standard cash exercise
procedure or a cashless exercise procedure. From time to time, the Board of
Directors may change or adopt the procedures relating to Option exercises. If,
at any time, a Non-Employee Director suffers a Disability or is otherwise
incapable of exercising his or

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her Options before the expiration thereof, the Employee Directors may take any
steps they deem appropriate to prevent such Options from lapsing prior to being
exercised.

         (e) Each Option award shall be evidenced by a written agreement setting
forth the terms and conditions thereof, which terms and conditions shall not be
inconsistent with those set forth in this Plan.

         (f) With respect to each Option award, Non-Employee Directors may elect
to convert up to one hundred percent (100%) of their Options into shares of PBG
Common Stock at the ratio of three Options for one share. The number of shares
so determined shall be rounded to the nearest number of whole shares. If less
than one hundred percent (100%) of the Options are converted, Options shall be
converted in increments of thirty (30) Options.

7.       SHARE AWARDS

         Each individual who is a Non-Employee Director as of March 30, 1999
shall be granted a share award of one share of PBG Common Stock on that date.
Each individual who becomes a Non-Employee Director thereafter shall be granted
a share award of one share of PBG Common Stock on the first day of the month
following the date on which he or she commences service as a Director of PBG.

8.       SHARES OF STOCK SUBJECT TO THE PLAN

         The shares that may be delivered under this Plan shall not exceed an
aggregate of 200,000 shares of PBG Common Stock, adjusted, if appropriate, in
accordance with Section 10 below. The shares granted or delivered under the Plan
may be newly issued shares of Common Stock or treasury shares.

9.       DEFERRAL

         Non-Employee Directors may elect to defer into PBG phantom stock units
(i) all of the shares of Restricted Stock granted under Section 5 and/or (ii)
all of the shares resulting from an election made under Section 6(f).
Non-Employee Directors who elect to defer receipt of such shares shall be
credited with a number of phantom stock units equal to that number of shares of
Restricted Stock or PBG Common Stock which they would have received had they not
elected to defer. During the deferral period, the value of the phantom stock
units will fluctuate based on the market value of PBG Common Stock. Non-Employee
Directors will be credited with dividends on phantom stock units at the same
rate and time as dividends are declared on PBG Common Stock. Any such dividends
shall be credited as additional phantom stock units. At the end of the deferral
period, Non-Employee Directors will receive the aggregate value of the PBG
phantom stock units credited to them. The value of PBG phantom stock units will
be determined by multiplying the number of PBG phantom stock units by the Fair
Market Value of PBG Common Stock on the last trading day of the deferral period.
All payments of deferred awards shall, in the discretion of the Employee
Directors, be made in cash, shares of PBG Common Stock or any combination
thereof. Unless otherwise determined by the Employee Directors, (i) the deferral
period with respect to shares of Restricted Stock granted under Section 5 shall
equal the Non-Employee Director's period of service as a Director of PBG (i.e.,
such deferral period shall end on the date the Non-Employee Director ceases to
be a Director of PBG), and (ii) the deferral period with respect to shares
resulting from an election made under Section 6(f) shall not be less than two
(2) years.

10.      DILUTION AND OTHER ADJUSTMENTS

         The number and kind of shares of PBG Common Stock issuable under the
Plan, or which may or have been awarded to any Non-Employee Director, may be
adjusted proportionately by the

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Employee Directors to reflect stock dividends, stock splits, recapitalizations,
mergers, consolidations, combinations or exchanges of shares, any spin off or
other distribution of assets of the Company to its shareholders, any partial or
complete liquidation, or other similar corporate changes. Such adjustment shall
be conclusive and binding for all purposes of the Plan.

11.      EFFECT OF MISCONDUCT

         Notwithstanding anything to the contrary herein, if a Non-Employee
Director commits "Misconduct," he or she shall forfeit all rights to any
unexercised Options, Restricted Stock and phantom stock units credited to him or
her under Section 9. For purposes of this Plan, Misconduct occurs if a majority
of the Board of Directors determines that a Non-Employee Director has: (a)
engaged in any act which is considered to be contrary to the Company's best
interests; (b) violated the Company's Code of Conduct or engaged in any other
activity which constitutes gross misconduct; (c) engaged in unlawful trading in
the securities of PBG or of any other company based on information gained as a
result of his or her service as a Director of PBG; or (d) disclosed to an
unauthorized person or misused confidential information or trade secrets of the
Company.

12.      WITHHOLDING TAXES

         PBG shall have the right to require the payment (through withholding
from any amount payable from PBG to the Non-Employee Director or otherwise) of
any withholding taxes required by federal, state, local or foreign law in
respect of any award.

13.      RESALE RESTRICTIONS, ASSIGNMENT AND TRANSFER

         Options (unless the Board of Directors specifically determines
otherwise), Restricted Stock and PBG phantom stock units may not be sold,
transferred or assigned, except in the event of the Non-Employee Director's
death, in which case his or her Options, Restricted Stock or PBG phantom stock
units may be transferred by will or by the laws of descent and distribution. All
restrictions on Restricted Stock granted to a Non-Employee Director shall lapse
upon his or her death. Options may be exercised by the decedent's personal
representative, or by whomever inherits the Options, at any time, through and
including their original expiration date.

         Once awarded, the shares of PBG Common Stock received by Non-Employee
Directors may be freely transferred, assigned, pledged or otherwise subjected to
lien, subject to restrictions imposed by the Securities Act of 1933, as amended,
and subject to the trading restrictions imposed by Section 16 of the Securities
Exchange Act of 1934, as amended. PBG phantom stock units may not be transferred
or assigned except by will or the laws of descent and distribution.

14.      FUNDING

         The Plan shall be unfunded. PBG shall not be required to establish any
special or separate fund or to make any other segregation of assets to assure
the payment of any award under the Plan.

15.      DURATION, AMENDMENTS AND TERMINATIONS

         The Board of Directors may terminate or amend the Plan in whole or in
part; provided, however, that the Plan may not be amended more than once every
six (6) months, other than to comport with changes in the Internal Revenue Code
or the rules and regulations thereunder; provided further, however, that no such
action shall adversely affect any rights or obligations with respect to any
awards theretofore granted under the Plan, unless consented to by the recipients
of such awards. The Plan shall continue until terminated.

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