Document:

Amendments to the PepsiCo, Inc. 2003 Long-Term Incentive Plan

 Exhibit 10.31 
 Amendments to 
 the PepsiCo, Inc. 2003 Long-Term Incentive Plan, 
 the PepsiCo SharePower Stock Option Plan, 
 the PepsiCo, Inc. 1995 Stock Option Incentive Plan, 
 the Quaker Long-Term Incentive Plan of 1999, 
 the Quaker Long Term Incentive Plan of 1990 and 
 the PepsiCo, Inc. Director Stock Plan 
 (effective November 17, 2006) 
  

	 1.
	 Section 10 of the PepsiCo, Inc. 2003 Long-Term Incentive Plan is hereby amended by replacing the current text in its entirety with the following:

 Dilution and Other Adjustments. In the event of any merger, reorganization, consolidation,
recapitalization, stock dividend, stock split, combination or exchange of shares or other change in corporate structure affecting any class of Common Stock, the Committee shall make such adjustments in the class and aggregate number of shares which
may be delivered under this Plan as described in Section 5, the individual award maximums under Section 6, the class, number, and Options Exercise Price of outstanding Options and the class and number of shares subject to any other Awards
granted under this Plan (provided the number of shares of any class subject to any Awards shall always be a whole number), as may be, and to such extent (if any), determined to be appropriate and equitable by the Committee, and any such adjustment
may, in the sole discretion of the Committee, take the form of Options covering more than one class of Common Stock. Such adjustment shall be conclusive and binding for all purposes of the Plan. 
  

	 2.
	 Section 11 of the PepsiCo SharePower Stock Option Plan is hereby amended by replacing the current text in its entirety with the following:

 Adjustment for Change in Stock Subject to Plan. In the event of any change in the outstanding shares of
Common Stock by reason of any stock split, stock dividend, recapitalization, spin-off, merger, consolidation, combination or exchange of shares or other similar corporate change, such equitable adjustments shall be made in the Plan and the Options
granted hereunder as, and to such extent (if any), the Committee determines are necessary or appropriate, including, if necessary, an adjustment in the number of shares and Option Exercise Prices per share applicable to Options then outstanding and
in the number of shares which are reserved for issuance under the Plan. Any such adjustment shall be conclusive and binding for all purposes of the Plan. 
  

	 3.
	 Section 10 of the PepsiCo, Inc. 1995 Stock Option Incentive Plan is hereby amended by replacing the current text in its entirety with the following:

 Dilution and Other Adjustments. In the event of any change in the outstanding shares of Common Stock by
reason of any stock split, stock dividend, recapitalization, merger, consolidation, combination or exchange of shares or other similar corporate change, such equitable adjustments shall be made in the Plan and 

 
the Options granted hereunder as, and to such extent (if any), the Committee determines are necessary or appropriate, including if necessary, an adjustment
in the number of shares and Option Exercise Prices per share applicable to Options then outstanding and in the number of shares which are reserved for issuance under the Plan. Any such adjustment shall be conclusive and binding for all purposes of
the Plan. 
  

	 4.
	 Section 3.3 of the Quaker Long-Term Incentive Plan of 1999 is hereby amended by replacing the current text in its entirety with the following:

 Adjustments. If there is any change in the Common Stock by reason of any stock dividend, spin-off,
split-up, spin-out, recapitalization, merger, consolidation, reorganization, combination or exchange of Shares, the limitations on the number of Shares specified under Section 3.4, the number of Shares then available under Section 3.1 of
the Plan for Options and grants of Restricted Stock, Performance Shares and Other Stock Based Awards, the number of Shares subject to outstanding Options, Restricted Stock, Performance Shares and Other Stock Based Awards, and the price thereof, as
applicable, shall be adjusted by the Committee as may be, and to such extent (if any), determined to be appropriate and equitable by the Committee. Shares issued under the Plan through the settlement, assumption nor substitution of outstanding
awards or obligations to grant future awards as a condition of the Company acquiring another entity shall not reduce the maximum number of Shares available for delivery under the Plan. 
  

	 5.
	 Section 3.3 of the Quaker Long Term Incentive Plan of 1990 is hereby amended by replacing the current text in its entirety with the following:

 Adjustments. If there is any change in the Common Stock of the Company by reason of any stock dividend,
spin-off, split-up, spin-out, recapitalization, merger, consolidation, reorganization, combination or exchange of shares, the number of Stock Appreciation Rights and number and class of shares available for Options and grants of Restricted Stock,
Performance Shares and Other Stock Based Awards and the number of Shares subject to outstanding Options, Stock Appreciation Rights, grants of Restricted Stock and Performance Shares, and Other Stock Based Awards, and the price thereof, as
applicable, shall be adjusted by the Committee as may be, and to such extent (if any), determined to be appropriate and equitable by the Committee. 
  

	 6.
	 Section 7 of the PepsiCo, Inc. Director Stock Plan is hereby amended by replacing the current text in its entirety with the following:

 Dilution and Other Adjustments. The number and kind of shares of PepsiCo Capital Stock issuable under the
Plan, or which may be awarded to any participant, shall be adjusted proportionately by the Employee Directors, as may be, and to such extent (if any), determined to be appropriate and equitable by the Employee Directors, to reflect stock dividends,
stock splits, recapitalizations, mergers, consolidations, combinations or exchanges of shares or other similar corporate changes.Amendments to the PepsiCo Executive Income Deferral Program

 Exhibit 10.34 
 Amendments to the PepsiCo Executive Income Deferral Program 
 (effective December 30, 2006)

  

	 1.
	 Section 5.02(b)(2) of the PepsiCo Executive Income Deferral Program, effective January 1, 2005 (referred to as the “409A Program”) is hereby
amended by replacing the current text in its entirety with the following: 

 Phantom AFR Fund:
Participant Accounts invested in this phantom option accrue a return based upon an interest rate that is 120% of the applicable Federal long-term rate (pursuant to Code Section 1274(d) or any successor provision) applicable for annual
compounding, as published by the U.S. Internal Revenue Service from time to time. Returns accrue for each month based upon 120% of the applicable Federal long-term rate (applicable for annual compounding) in effect on the first business day of each
month and are compounded annually. An amount deferred or transferred into this option is credited with the applicable rate of return beginning with the date as of which the amount is treated as invested in this option by the Plan Administrator.

  

	 2.
	 The occurrence of “Phantom Prime Rate Fund” in Section 5.03 of the 409A Program is hereby replaced with “Phantom AFR Fund.”

  

	 3.
	 Section 4.1(c)(1) of the PepsiCo Executive Income Deferral Program, as amended and restated effective July 1, 1997 (referred to as the “Pre-409A
Program”) is hereby amended by replacing the current text in its entirety with the following: 

 Interest Bearing Account: Participant Accounts invested in this phantom option accrue a return based upon an interest rate that is 120% of the applicable Federal long-term rate (pursuant to Code Section 1274(d) or any successor
provision) applicable for annual compounding, as published by the U.S. Internal Revenue Service from time to time. Returns accrue during the period since the last Valuation Date based upon 120% of the applicable Federal long-term rate (applicable
for annual compounding) in effect on the first business day after such Valuation Date and are compounded annually. An amount deferred or transferred into this option is credited with the applicable rate of return beginning with the date as of which
the amount is treated as invested in this option by the Plan Administrator.Amendment to the PepsiCo, Inc. 1994 Long-Term Incentive Plan

 Exhibit 10.41 
 Amendment to 
 the PepsiCo, Inc. 1994 Long-Term Incentive Plan, 
 the PepsiCo, Inc. 1995 Stock Option Incentive Plan, 
 the PepsiCo SharePower Stock Option Plan and 
 the PepsiCo, Inc. 1987 Incentive Plan 

(effective February 2, 2007) 
 The following text shall replace in its entirety the current text (as previously amended effective December 31, 2005) of Section 8(a) of the PepsiCo, Inc. 1994 Long-Term Incentive Plan, Section 11 of the PepsiCo, Inc. 1995
Stock Option Incentive Plan, Section 6(h) of the PepsiCo SharePower Stock Option Plan and the first paragraph of Section 8 of the PepsiCo, Inc. 1987 Incentive Plan: 
 Effective on the date of such Change in Control, all outstanding and unvested Options granted under the Plan shall immediately vest and become exercisable, and all Options then outstanding under
the Plan shall remain outstanding in accordance with their terms. Notwithstanding anything to the contrary in this Plan, in the event that any Option granted under the Plan becomes unexercisable during its term on or after a Change in Control
because: (i) the individual who holds such Option is involuntarily terminated (other than for cause) within two (2) years after the Change in Control; (ii) such Option is terminated or adversely modified; or (iii) Common Stock is
no longer issued and outstanding, or no longer traded on a national securities exchange, then the holder of such Option shall immediately be entitled to receive a lump sum cash payment equal to (A) the gain on such Option or (B) only if
greater than the gain and only with respect to NQSOs the Black-Scholes value of such Option (as determined by a nationally recognized independent investment banker chosen by PepsiCo), in either case calculated on the date such Option becomes
unexercisable. For purposes of the preceding sentence, the gain on an Option shall be calculated as the difference between the closing price per share of Common Stock as of the date such Option becomes unexercisable less the Option Exercise Price.

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