Document:

PBG Pension Equalization Plan (Plan Document for the Pre-409A Program)

 Exhibit 10.66 
 PBG 
 PENSION EQUALIZATION PLAN 

(PEP) 

Effective as of April 6, 1999 

 PEP PENSION EQUALIZATION PLAN 

Table of Contents 
  

							
	 	  	 	  	Page
No.	 
	 ARTICLE I – FOREWORD
	  	 	4	  
	 ARTICLE II – Definitions and Construction
	  	 	5	  
	 2.1
	  	Definitions	  	 	5	  
	 2.2
	  	Construction	  	 	14	  
	 ARTICLE III – Participation and Service
	  	 	16	  
	 3.1
	  	Participation	  	 	16	  
	 3.2
	  	Service	  	 	16	  
	 3.3
	  	Credited Service	  	 	16	  
	 ARTICLE IV – Requirements for Benefits
	  	 	17	  
	 4.1
	  	Normal Retirement Pension	  	 	17	  
	 4.2
	  	Early Retirement Pension	  	 	17	  
	 4.3
	  	Vested Pension	  	 	17	  
	 4.4
	  	Late Retirement Pension	  	 	17	  
	 4.5
	  	Disability Pension	  	 	17	  
	 4.6
	  	Pre-Retirement Spouse’s Pension	  	 	18	  
	 4.7
	  	Vesting	  	 	19	  
	 4.8
	  	Time of Payment	  	 	19	  
	 4.9
	  	Cashout Distributions	  	 	19	  
	 4.10
	  	Coordination with Long Term Disability Plan	  	 	19	  
	 4.11
	  	Reemployment of Certain Participants	  	 	20	  
	 ARTICLE V – Amount of Retirement Pension
	  	 	21	  
	 5.1
	  	PEP Pension	  	 	21	  
	 5.2
	  	PEP Guarantee	  	 	22	  
	 5.3
	  	Amount of Pre-Retirement Spouse’s Pension	  	 	27	  
	 5.4
	  	Certain Adjustments	  	 	29	  
	 5.5
	  	Excludable Employment	  	 	30	  
	 ARTICLE VI – Distribution Options
	  	 	31	  
	 6.1
	  	Form and Timing of Distributions	  	 	31	  
	 6.2
	  	Available Forms of Payment	  	 	33	  
	 6.3
	  	Procedures for Elections	  	 	37	  
	 6.4
	  	Special Rules for Survivor Options	  	 	40	  
	 6.5
	  	Designation of Beneficiary	  	 	41	  
	 ARTICLE VII – Administration
	  	 	42	  
	 7.1
	  	Authority to Administer Plan	  	 	42	  
	 7.2
	  	Facility of Payment	  	 	42	  
	 7.3
	  	Claims Procedure	  	 	42	  
	 7.4
	  	Effect of Specific References	  	 	44	  
	 ARTICLE VIII – Miscellaneous
	  	 	45	  

  
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	 8.1
	  	Nonguarantee of Employment	  	 	45	  
	 8.2
	  	Nonalienation of Benefits	  	 	45	  
	 8.3
	  	Unfunded Plan	  	 	45	  
	 8.4
	  	Action by the Company	  	 	45	  
	 8.5
	  	Indemnification	  	 	46	  
	ARTICLE IX – Amendment and Termination	  	 	47	  
	 9.1
	  	Continuation of the Plan	  	 	47	  
	 9.2
	  	Amendments	  	 	47	  
	 9.3
	  	Termination	  	 	47	  
	ARTICLE X – ERISA Plan Structure	  	 	48	  
	ARTICLE XI – Applicable Law	  	 	50	  
	ARTICLE XII – Signatures	  	 	51	  
	ARTICLE A – Accruals for 1993 and 1994	  	 	53	  
		
	ARTICLE P98 – PEPSICO Special Early Retirement Benefits	  	 	56	  
		
	ARTICLE IPO – Transferred And Transition Individuals	  	 	58	  

  
 - ii -

 ARTICLE I – Foreword 

The PEP Pension Equalization Plan (“PEP” or “Plan”) has been established by PBG for the benefit of salaried employees
of the PBG Organization who participate in the PBG Salaried Employees Retirement Plan (“Salaried Plan”). PEP provides benefits for eligible employees whose pension benefits under the Salaried Plan are limited by the provisions of the
Internal Revenue Code of 1986, as amended. In addition, PEP provides benefits for certain eligible employees based on the pre-1989 Salaried Plan formula. 
 This Plan is first effective April 6, 1999. The Plan is a successor plan to the PepsiCo Pension Equalization Plan, which was last restated effective as of January 1, 1989. The PepsiCo Pension
Equalization Plan covers eligible employees at the various divisions of PepsiCo, Inc., including eligible employees who are employed at various Pepsi-Cola Company facilities. On April 6, 1999, when this Plan became effective, PBG had its
initial public offering. PBG employs many of the individuals employed at Pepsi-Cola Company facilities who were covered under the PepsiCo Pension Equalization Plan. This initial Plan document closely mirrors the PepsiCo Pension Equalization Plan
document, including its historical provisions which are relevant for eligibility and benefit determinations under this Plan. 

  
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 ARTICLE II – Definitions and Construction 

2.1 Definitions: This section provides definitions for certain words and phrases listed below. These definitions can be
found on the pages indicated. 
  

							
	 (a)
	  	Accrued Benefit	  	 	6	  
	 (b)
	  	Actuarial Equivalent	  	 	6	  
	 (c)
	  	Advance Election	  	 	7	  
	 (d)
	  	Annuity	  	 	7	  
	 (e)
	  	Annuity Starting Date	  	 	7	  
	 (f)
	  	Authorized Leave of Absence	  	 	7	  
	 (g)
	  	Code	  	 	7	  
	 (h)
	  	Company or PBG	  	 	8	  
	 (i)
	  	Covered Compensation	  	 	8	  
	 (j)
	  	Credited Service	  	 	8	  
	 (k)
	  	Disability Retirement Pension	  	 	8	  
	 (l)
	  	Early Retirement Pension	  	 	8	  
	 (m)
	  	Effective Date	  	 	8	  
	 (n)
	  	Eligible Spouse	  	 	8	  
	 (o)
	  	Employee	  	 	8	  
	 (p)
	  	Employer	  	 	8	  
	 (q)
	  	ERISA	  	 	9	  
	 (r)
	  	Highest Average Monthly Earnings	  	 	9	  
	 (s)
	  	Late Retirement Date	  	 	9	  
	 (t)
	  	Late Retirement Pension	  	 	9	  
	 (u)
	  	Normal Retirement Age	  	 	9	  
	 (v)
	  	Normal Retirement Date	  	 	9	  
	 (w)
	  	Normal Retirement Pension	  	 	9	  
	 (x)
	  	Participant	  	 	9	  
	 (y)
	  	PBG Organization	  	 	9	  
	 (z)
	  	PBGC	  	 	10	  
	 (aa)
	  	PBGC Rate	  	 	10	  
	 (bb)
	  	Pension	  	 	10	  
	 (cc)
	  	PEP Election	  	 	10	  
	 (dd)
	  	PepsiCo Prior Plan	  	 	10	  
	 (ee)
	  	Plan	  	 	10	  
	 (ff)
	  	Plan Administrator	  	 	10	  
	 (gg)
	  	Plan Year	  	 	10	  
	 (hh)
	  	Pre-Retirement Spouse’s Pension	  	 	11	  
	 (ii)
	  	Primary Social Security Amount	  	 	11	  
	 (jj)
	  	Qualified Joint and Survivor Annuity	  	 	12	  
	 (kk)
	  	Retirement	  	 	13	  
	 (ll)
	  	Retirement Date	  	 	13	  

  
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	 (mm)
	  	Retirement Pension	  	 	13	  
	 (nn)
	  	Salaried Plan	  	 	13	  
	 (oo)
	  	Service	  	 	13	  
	 (pp)
	  	Severance from Service Date	  	 	13	  
	 (qq)
	  	Single Life Annuity	  	 	13	  
	 (rr)
	  	Single Lump Sum	  	 	14	  
	 (ss)
	  	Social Security Act	  	 	14	  
	 (tt)
	  	Taxable Wage Base	  	 	14	  
	 (uu)
	  	Vested Pension	  	 	14	  

 Where the
following words and phrases, in boldface and underlined, appear in this Plan with initial capitals they shall have the meaning set forth below, unless a different meaning is plainly required by the context. 

(a) Accrued Benefit: The Pension payable at Normal Retirement Date determined in accordance with Article V,
based on the Participant’s Highest Average Monthly Earnings and Credited Service at the date of determination. 
 (b) Actuarial Equivalent: Except as otherwise specifically set forth in the Plan or any Appendix to the Plan with respect to a specific benefit determination, a benefit of equivalent value
computed on the basis of the factors set forth below. The application of the following assumptions to the computation of benefits payable under the Plan shall be done in a uniform and consistent manner. In the event the Plan is amended to provide
new rights, features or benefits, the following actuarial factors shall not apply to these new elements unless specifically adopted by the amendment. 
 (1) Annuities and Inflation Protection: To determine the amount of a Pension payable in the form of a Qualified Joint and Survivor Annuity or optional form of survivor annuity, or as an annuity
with inflation protection, the factors applicable for such purposes under the Salaried Plan shall apply. 

  
 - 6 -

 (2) Lump Sums: To determine the lump sum value of a Pension, or a
Pre-Retirement Spouse’s Pension under Section 4.6, the factors applicable for such purposes under the Salaried Plan shall apply, except that when the term “PBGC Rate” is used in the Salaried Plan in this context it shall mean
“PBGC Rate” as defined in this Plan. 
 (3) Other Cases: To determine the adjustment to be made
in the Pension payable to or on behalf of a Participant in other cases, the factors are those applicable for such purpose under the Salaried Plan. 
 (c) Advance Election: A Participant’s election to receive his PEP Retirement Pension as a Single Lump Sum or an Annuity, made in compliance with the requirements of Section 6.3.

 (d) Annuity: A Pension payable as a series of monthly payments for at least the life of the
Participant. 
 (e) Annuity Starting Date: The Annuity Starting Date shall be the first day of the
first period for which an amount is payable under this Plan as an annuity or in any other form. A Participant who: (1) is reemployed after his initial Annuity Starting Date, and (2) is entitled to benefits hereunder after his reemployment,
shall have a subsequent Annuity Starting Date for such benefits only to the extent provided in Section 6.3(d). 
 (f) Authorized Leave of Absence: Any absence authorized by an Employer under the Employer’s standard personnel practices, whether paid or unpaid. 

(g) Code: The Internal Revenue Code of 1986, as amended from time to time. 

  
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 (h) Company or PBG: The Pepsi Bottling Group, Inc., a
corporation organized and existing under the laws of the State of New York, or its successor or successors. For periods before April 6, 1999, the Company was PepsiCo, Inc., a North Carolina corporation. 

(i) Covered Compensation: “Covered Compensation” as that term is defined in the Salaried Plan.

 (j) Credited Service: The period of a Participant’s employment, calculated in accordance
with Section 3.3, which is counted for purposes of determining the amount of benefits payable to, or on behalf of, the Participant. 
 (k) Disability Retirement Pension: The Retirement Pension available to a Participant under Section 4.5. 

(l) Early Retirement Pension: The Retirement Pension available to a Participant under Section 4.2.

 (m) Effective Date: The date upon which this Plan is effective, which is April 6, 1999
(except as otherwise provided herein). 
 (n) Eligible Spouse: The spouse of a Participant to whom
the Participant is married on the earlier of the Participant’s Annuity Starting Date or the date of the Participant’s death. 
 (o) Employee: An individual who qualifies as an “Employee” as that term is defined in the Salaried Plan. 

(p) Employer: An entity that qualifies as an “Employer” as that term is defined in the Salaried
Plan. 

  
 - 8 -

 (q) ERISA: Public Law No. 93-406, the Employee Retirement
Income Security Act of 1974, as amended from time to time. 
 (r) Highest Average Monthly Earnings:
“Highest Average Monthly Earnings” as that term is defined in the Salaried Plan, but without regard to the limitation imposed by section 401(a)(17) of the Code (as such limitation is interpreted and applied under the Salaried Plan).

 (s) Late Retirement Date: The Late Retirement Date shall be the first day of the month
coincident with or immediately following a Participant’s actual Retirement Date occurring after his Normal Retirement Age. 
 (t) Late Retirement Pension: The Retirement Pension available to a Participant under Section 4.4. 

(u) Normal Retirement Age: The Normal Retirement Age under the Plan is age 65 or, if later, the age at which
a Participant first has 5 Years of Service. 
 (v) Normal Retirement Date: A Participant’s
Normal Retirement Date shall be the first day of the month coincident with or immediately following a Participant’s Normal Retirement Age. 
 (w) Normal Retirement Pension: The Retirement Pension available to a Participant under Section 4.1. 

(x) Participant: An Employee participating in the Plan in accordance with the provisions of
Section 3.1. 
 (y) PBG Organization: The controlled group of organizations of which the
Company is a part, as defined by Code section 414 and regulations issued thereunder. An entity 

  
 - 9 -

 
shall be considered a member of the PBG Organization only during the period it is one of the group of organizations described in the preceding sentence. 

(z) PBGC: The Pension Benefit Guaranty Corporation, a body corporate within the Department of Labor
established under the provisions of Title IV of ERISA. 
 (aa) PBGC Rate: The PBGC Rate is 120
percent of the interest rate, determined on the Participant’s Annuity Starting Date, that would be used by the PBGC for purposes of determining the present value of a lump sum distribution on plan termination. 

(bb) Pension: One or more payments that are payable to a person who is entitled to receive benefits under
the Plan. 
 (cc) PEP Election: A Participant’s election to receive his PEP Retirement Pension
in one of the Annuity forms available under Section 6.2, made in compliance with the requirements of Sections 6.3 and 6.4. 
 (dd) PepsiCo Prior Plan: The PepsiCo Pension Equalization Plan. 
 (ee) Plan: The PBG Pension Equalization Plan, the Plan set forth herein, as it may be amended from time to time. The Plan is also sometimes referred to as PEP. For periods before
April 6, 1999, references to the Plan refer to the PepsiCo Prior Plan. 
 (ff) Plan
Administrator: The Company, which shall have authority to administer the Plan as provided in Article VII. 
 (gg) Plan Year: The initial Plan Year shall be a short Plan Year beginning on the Effective Date and ending on December 31, 1999. Thereafter, the Plan Year shall be the 12-month period
commencing on January 1 and ending on the next December 31. 

  
 - 10 -

 (hh) Pre-Retirement Spouse’s Pension: The Pension
available to an Eligible Spouse under Section 4.6. 
 (ii) Primary Social Security Amount: In
determining Pension amounts, Primary Social Security Amount shall mean: 
 (1) For purposes of determining the
amount of a Retirement, Vested or Pre-Retirement Spouse’s Pension, the Primary Social Security Amount shall be the estimated monthly amount that may be payable to a Participant commencing at age 65 as an old-age insurance benefit under the
provisions of Title II of the Social Security Act, as amended. Such estimates of the old-age insurance benefit to which a Participant would be entitled at age 65 shall be based upon the following assumptions: 

(i) That the Participant’s social security wages in any year prior to Retirement or severance are equal to the
Taxable Wage Base in such year, and 
 (ii) That he will not receive any social security wages after Retirement
or severance. 
 However, in computing a Vested Pension under Formula A of Section 5.2, the estimate of the old-age
insurance benefit to which a Participant would be entitled at age 65 shall be based upon the assumption that he continued to receive social security wages until age 65 at the same rate as the Taxable Wage Base in effect at his severance from
employment. For purposes of this subsection, “social security wages” shall mean wages within the meaning of the Social Security Act. 

  
 - 11 -

 (2) For purposes of determining the amount of a Disability Pension, the
Primary Social Security Amount shall be (except as provided in the next sentence) the initial monthly amount actually received by the disabled Participant as a disability insurance benefit under the provisions of Title II of the Social Security Act,
as amended and in effect at the time of the Participant’s retirement due to disability. Notwithstanding the preceding sentence, for any period that a Participant receives a Disability Pension before receiving a disability insurance benefit
under the provisions of Title II of the Social Security Act, then the Participant’s Primary Social Security Amount for such period shall be determined pursuant to paragraph (1) above. 

(3) For purposes of paragraphs (1) and (2), the Primary Social Security Amount shall exclude amounts that may be
available because of the spouse or any dependent of the Participant or any amounts payable on account of the Participant’s death. Estimates of Primary Social Security Amounts shall be made on the basis of the Social Security Act as in effect at
the Participant’s Severance from Service Date, without regard to any increases in the social security wage base or benefit levels provided by such Act which take effect thereafter. 

(jj) Qualified Joint and Survivor Annuity: An Annuity which is payable to the Participant for life with 50
percent of the amount of such Annuity payable after the Participant’s death to his surviving Eligible Spouse for life. If the Eligible Spouse predeceases the Participant, no survivor benefit under a Qualified Joint and Survivor Annuity shall be
payable to any person. The amount of a Participant’s monthly payment under a Qualified Joint and Survivor Annuity shall be reduced to the extent provided in sections 5.1 and 5.2, as applicable. 

  
 - 12 -

 (kk) Retirement: Termination of employment for reasons other
than death after a Participant has fulfilled the requirements for either a Normal, Early, Late, or Disability Retirement Pension under Article IV. 
 (ll) Retirement Date: The date on which a Participant’s Retirement is considered to commence. Retirement shall be considered to commence on the day immediately following: (i) a
Participant’s last day of employment, or (ii) the last day of an Authorized Leave of Absence, if later. Notwithstanding the preceding sentence, in the case of a Disability Retirement Pension, Retirement shall be considered as commencing on
the Participant’s retirement date applicable for such purpose under the Salaried Plan. 
 (mm)
Retirement Pension: The Pension payable to a Participant upon Retirement under the Plan. 
 (nn)
Salaried Plan: The PBG Salaried Employees Retirement Plan, as it may be amended from time to time. Any references herein to the Salaried Plan for a period that is before the Effective Date shall mean the PepsiCo Salaried Employees
Retirement Plan. 
 (oo) Service: The period of a Participant’s employment calculated in
accordance with Section 3.2 for purposes of determining his entitlement to benefits under the Plan. 
 (pp)
Severance from Service Date: The date on which an Employee’s period of service is deemed to end, determined in accordance with Article III of the Salaried Plan. 

(qq) Single Life Annuity: A level monthly Annuity payable to a Participant for his life only, with no
survivor benefits to his Eligible Spouse or any other person. 

  
 - 13 -

 (rr) Single Lump Sum: The distribution of a Participant’s
total Pension in the form of a single payment. 
 (ss) Social Security Act: The Social Security Act
of the United States, as amended, an enactment providing governmental benefits in connection with events such as old age, death and disability. Any reference herein to the Social Security Act (or any of the benefits provided thereunder) shall be
taken as a reference to any comparable governmental program of another country, as determined by the Plan Administrator, but only to the extent the Plan Administrator judges the computation of those benefits to be administratively feasible.

 (tt) Taxable Wage Base: The contribution and benefit base (as determined under section 230 of
the Social Security Act) in effect for the Plan Year. 
 (uu) Vested Pension: The Pension available
to a Participant under Section 4.3. 
 2.2 Construction: The terms of the Plan shall be construed in
accordance with this section. 
 (a) Gender and Number: The masculine gender, where appearing in
the Plan, shall be deemed to include the feminine gender, and the singular may include the plural, unless the context clearly indicates to the contrary. 
 (b) Compounds of the Word “Here”: The words “hereof”, “hereunder” and other similar compounds of the word “here” shall mean and refer to the entire
Plan, not to any particular provision or section. 
 (c) Examples: Whenever an example is provided
or the text uses the term “including” followed by a specific item or items, or there is a passage having a similar effect, such passages of the Plan shall be construed as if the phrase “without limitation” followed such

  
 - 14 -

 
example or term (or otherwise applied to such passage in a manner that avoids limits on its breadth of application). 

(d) Subdivisions of the Plan Document: This Plan document is divided and subdivided using the following
progression: articles, sections, subsections, paragraphs, subparagraphs, and clauses. Articles are designated by capital roman numerals. Sections are designated by Arabic numerals containing a decimal point. Subsections are designated by lower-case
letters in parentheses. Paragraphs are designated by Arabic numerals in parentheses. Subparagraphs are designated by lower-case roman numerals in parentheses. Clauses are designated by upper-case letters in parentheses. Any reference in a section to
a subsection (with no accompanying section reference) shall be read as a reference to the subsection with the specified designation contained in that same section. A similar rule shall apply with respect to paragraph references within a subsection
and subparagraph references within a paragraph. 

  
 - 15 -

 ARTICLE III – Participation and Service 

3.1 Participation: An Employee shall be a Participant in the Plan during the period: 

(a) When he would be currently entitled to receive a Pension under the Plan if his employment terminated at such time, or

 (b) When he would be so entitled but for the vesting requirement of Section 4.7. 

3.2 Service. A Participant’s entitlement to a Pension and to a Pre-Retirement Spouse’s Pension for his Eligible
Spouse shall be determined under Article IV based upon his period of Service. A Participant’s period of Service shall be determined under Article III of the Salaried Plan. 

3.3 Credited Service. The amount of a Participant’s Pension and a Pre-Retirement Spouse’s Pension shall be based
upon the Participant’s period of Credited Service, as determined under Article III of the Salaried Plan. 

  
 - 16 -

 ARTICLE IV – Requirements for Benefits 

A Participant shall be entitled to receive a Pension and a surviving Eligible Spouse shall be entitled to certain survivor benefits as
provided in this Article. The amount of any such Pension or survivor benefit shall be determined in accordance with Article V. 

4.1 Normal Retirement Pension: A Participant shall be eligible for a Normal Retirement Pension if he meets the requirements
for a Normal Retirement Pension in Section 4.1 of the Salaried Plan. 
 4.2 Early Retirement Pension: A
Participant shall be eligible for an Early Retirement Pension if he meets the requirements for an Early Retirement Pension in Section 4.2 of the Salaried Plan. 
 4.3 Vested Pension: A Participant who is vested under Section 4.7 shall be eligible to receive a Vested Pension if his employment in an eligible classification under the Salaried Plan
is terminated before he is eligible for a Normal Retirement Pension or an Early Retirement Pension. A Participant who terminates employment prior to satisfying the vesting requirement in Section 4.7 shall not be eligible to receive a Pension
under this Plan. 
 4.4 Late Retirement Pension: A Participant who continues employment after his Normal
Retirement Age shall not receive a Pension until his Late Retirement Date. Thereafter, a Participant shall be eligible for a Late Retirement Pension determined in accordance with Section 4.4 of the Salaried Plan (but without regard to any
requirement for notice of suspension under ERISA section 203(a)(3)(B) or any adjustment as under Section 5.5(d) of the Salaried Plan). 
 4.5 Disability Pension: A Participant shall be eligible for a Disability Pension if he meets the requirements for a Disability Pension under the Salaried Plan. 

  
 - 17 -

 4.6 Pre-Retirement Spouse’s Pension. Any Pre-Retirement Spouse’s
Pension payable under this section shall commence as of the same time as the corresponding pre-retirement spouse’s pension under the Salaried Plan and, subject to Section 4.9, shall continue monthly for the life of the Eligible Spouse.

 (a) Active, Disabled and Retired Employees: A Pre-Retirement Spouse’s Pension shall be
payable under this subsection to a Participant’s Eligible Spouse (if any) who is entitled under the Salaried Plan to the special pre-retirement spouse’s pension for survivors of active, disabled and retired employees. The amount of such
Pension shall be determined in accordance with the provisions of Section 5.3. 
 (b) Vested
Employees: A Pre-Retirement Spouse’s Pension shall be payable under this subsection to a Participant’s Eligible Spouse (if any) who is entitled under the Salaried Plan to the pre-retirement spouse’s pension for survivors of
vested terminated Employees. The amount of such Pension shall be determined in accordance with the provisions of Section 5.3. If pursuant to this Section 4.6(b) a Participant has Pre-Retirement Spouse’s coverage in effect for his
Eligible Spouse, any Pension calculated for the Participant under Section 5.2(b) shall be reduced for each year such coverage is in effect by the applicable percentage set forth below (based on the Participant’s age at the time the
coverage is in effect) with a pro rata reduction for any portion of a year. No reduction shall be made for coverage in effect within the 90-day period following a Participant’s termination of employment. 

 

					
	 Attained Age
	  	Annual Charge	 
	 Up to 35
	  	 	0	% 
	 35 – 39
	  	 	.075	% 
	 40 – 44
	  	 	.1	% 
	 45 – 49
	  	 	.175	% 
	 50 – 54
	  	 	.3	% 
	 55 – 59
	  	 	.5	% 
	 60 – 64
	  	 	.5	% 

  
 - 18 -

 4.7 Vesting. A Participant shall be fully vested in, and have a nonforfeitable
right to, his Accrued Benefit at the time he becomes fully vested in his accrued benefit under the Salaried Plan. 
 4.8
Time of Payment. The distribution of a PEP Pension to a Participant shall commence as of the time specified in Section 6.1. 
 4.9 Cashout Distributions. 
 (a) Distribution
of Participant’s Pension: If at a Participant’s Annuity Starting Date the Actuarial Equivalent lump sum value of the Participant’s PEP Pension is equal to or less than $10,000, the Plan Administrator shall distribute to the
Participant such lump sum value of the Participant’s PEP Pension. 
 (b) Distribution of
Pre-Retirement Spouse’s Pension Benefit: If at the time payments under the Salaried Plan commence to an Eligible Spouse the Actuarial Equivalent lump sum value of the PEP Pre-Retirement Spouse’s Pension to be paid is equal to or
less than $10,000, the Plan Administrator shall distribute to the Eligible Spouse such lump sum value of the PEP Pre-Retirement Spouse’s Pension. 
 Any lump sum distributed under this section shall be in lieu of the Pension that otherwise would be distributable to the Participant or Eligible Spouse hereunder. 

4.10 Coordination with Long Term Disability Plan. The terms of this section apply notwithstanding the preceding provisions
of this Article. At any time prior to April 14, 1991, a Participant shall not be eligible to receive a Normal, Early, Vested or Disability Pension for any month or period of time for which he is eligible for, and receiving, benefits under a
long term 

  
 - 19 -

 
disability plan maintained by an Employer. However, a Participant’s Eligible Spouse shall not be ineligible for a Pre-Retirement Spouse’s Pension or benefits under a Qualified Joint and
Survivor Annuity because the Participant was receiving benefits under a long term disability plan at the date of his death. 

4.11 Reemployment of Certain Participants. In the case of a current or former Participant who is reemployed and is eligible
to reparticipate in the Salaried Plan after his Annuity Starting Date, payment of his Pension will be suspended if payment of his Salaried Plan pension is suspended (or would have been if it were already in pay status). Thereafter, his Pension shall
recommence at the time determined under Section 6.1 (even if the suspension of his Salaried Plan pension ceases earlier). 

  
 - 20 -

 ARTICLE V – Amount of Retirement Pension 

When a Pension becomes payable to or on behalf of a Participant under this Plan, the amount of such Pension shall be determined under
Section 5.1, 5.2 or 5.3 (whichever is applicable), subject to any adjustments required under Sections 4.6(b), 5.4 and 5.5. 

5.1 PEP Pension: 
 (a) Same Form as Salaried Plan: If a Participant’s Pension will be paid in the same form and will commence as of the same time as his pension under the Salaried Plan, then his Pension
hereunder shall be the difference between: 
 (1) His Total Pension expressed in such form and payable as of such
time, minus  
 (2) His Salaried Plan Pension expressed in such form and payable as of such time.

 (b) Different Form than Salaried Plan: If a Participant’s Pension will be paid in a
different form (whether in whole or in part) or will commence as of a different time than his pension under the Salaried Plan, his Pension shall be the product of: 

(1) The amount of the Participant’s Total Pension expressed in the form and payable as of such time as applies to his
Pension under this Plan, multiplied by 
 (2) A fraction, the numerator of which is the value of
his Total Pension reduced by the value of his Salaried Plan Pension, and the denominator of which is the value of his Total Pension (with value determined on a reasonable and consistent basis, in the discretion of the Plan
Administrator, with respect to similarly situated employees). 
 (c) Definitions: The following
definitions apply for purposes of this section. 

  
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 (3) A Participant’s “Total Pension” means the greater of:

 (i) The amount of the Participant’s pension determined under the terms of the Salaried Plan, but without
regard to: (A) the limitations imposed by sections 401(a)(17) and 415 of the Code (as such limitations are interpreted and applied under the Salaried Plan), and (B) the actuarial adjustment under Section 5.5(d) of the Salaried Plan;
or 
 (ii) The amount (if any) of the Participant’s PEP Guarantee determined under Section 5.2.

 In making this comparison, the benefits in subparagraphs (i) and (ii) above shall be calculated with
reference to the specific form and time of payment that is applicable. If the applicable form of payment is a lump sum, the Actuarial Equivalent factors in Section 2.1(b)(2) shall apply for purposes of subparagraph (i) in lieu of those in
the Salaried Plan. 
 (4) A Participant’s “Salaried Plan Pension” means the amount of the
Participant’s pension determined under the terms of the Salaried Plan. 
 5.2 PEP Guarantee: A Participant
who is eligible under subsection (a) below shall be entitled to a PEP Guarantee benefit determined under subsection (b) below. In the case of other Participants, the PEP Guarantee shall not apply. 

(a) Eligibility: A Participant shall be covered by this section if the Participant has 1988 pensionable
earnings from an Employer of at least $75,000. For purposes of this section, “1988 pensionable earnings” means the Participant’s remuneration for the 1988 calendar year that was recognized for benefits received under the Salaried Plan
as in effect in 1988. “1988 

  
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pensionable earnings” does not include remuneration from an entity attributable to any period when that entity was not an Employer. 

(b) PEP Guarantee Formula: The amount of a Participant’s PEP Guarantee shall be determined under the
applicable formula in paragraph (1), subject to the special rules in paragraph (2). 
 (1) Formulas: The
amount of a Participant’s Pension under this paragraph shall be determined in accordance with subparagraph (i) below. However, if the Participant was actively employed in a classification eligible for the Salaried Plan prior to
July 1, 1975, the amount of his Pension under this paragraph shall be the greater of the amounts determined under subparagraphs (i) and (ii), provided that subparagraph (ii)(B) shall not apply in determining the amount of a Vested Pension.

 (i) Formula A: The Pension amount under this subparagraph shall be: 

(A) 3 percent of the Participant’s Highest Average Monthly Earnings for the first 10 years of Credited Service,
plus 
 (B) 1 percent of the Participant’s Highest Average Monthly Earnings for each year of
Credited Service in excess of 10 years, less 
 (C) 1-2/3 percent of the Participant’s Primary
Social Security Amount multiplied by years of Credited Service not in excess of 30 years. 

  
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 In determining the amount of a Vested Pension under this Formula A, the
Pension shall first be calculated on the basis of (I) the Credited Service the Participant would have earned had he remained in the employ of the Employer until his Normal Retirement Age, and (II) his Highest Average Monthly Earnings and
Primary Social Security Amount at his Severance from Service Date, and then shall be reduced by multiplying the resulting amount by a fraction, the numerator of which is the Participant’s actual years of Credited Service on his Severance from
Service Date and the denominator of which is the years of Credited Service he would have earned had he remained in the employ of an Employer until his Normal Retirement Age. 

(ii) Formula B: The Pension amount under this subparagraph shall be the greater of (A) or (B) below:

 (A) 1-1/2 percent of Highest Average Monthly Earnings times the number of years of Credited Service, less 50
percent of the Participant’s Primary Social Security Amount, or 
 (B) 3 percent of Highest Average Monthly
Earnings times the number of years of Credited Service up to 15 years, less 50 percent of the Participant’s Primary Social Security Amount. 
 In determining the amount of a Disability Pension under Formula A or B above, the Pension shall be calculated on the basis of the Participant’s Credited Service (determined in accordance with
Section 3.3(d)(3) of the Salaried Plan), and his 

  
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Highest Average Monthly Earnings and Primary Social Security Amount at the date of disability. 
 (2) Calculation: The amount of the PEP Guarantee shall be determined pursuant to paragraph (1) above, subject to the following special rules: 

(i) Surviving Eligible Spouse’s Annuity: Subject to subparagraph (iii) below and the last sentence of
this subparagraph, if the Participant has an Eligible Spouse and has commenced receipt of an Annuity under this section, the Participant’s Eligible Spouse shall be entitled to receive a survivor annuity equal to 50 percent of the
Participant’s Annuity under this section, with no corresponding reduction in such Annuity for the Participant. Annuity payments to a surviving Eligible Spouse shall begin on the first day of the month coincident with or following the
Participant’s death and shall end with the last monthly payment due prior to the Eligible Spouse’s death. If the Eligible Spouse is more than 10 years younger than the Participant, the survivor benefit payable under this subparagraph shall
be adjusted as provided below. 
 (A) For each full year more than 10 but less than 21 that the surviving
Eligible Spouse is younger than the Participant, the survivor benefit payable to such spouse shall be reduced by 0.8 percent. 
 (B) For each full year more than 20 that the surviving Eligible Spouse is younger than the Participant, the survivor benefit payable to such spouse shall be reduced by an additional 0.4 percent.

  
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 (ii) Reductions: The following reductions shall apply in determining
a Participant’s PEP Guarantee. 
 (A) If the Participant will receive an Early Retirement Pension, the
payment amount shall be reduced by 3/12ths of 1 percent for each month by which the benefit commencement date precedes the date the Participant would attain his Normal Retirement Date. 

(B) If the Participant is entitled to a Vested Pension, the payment amount shall be reduced to the Actuarial Equivalent
of the amount payable at his Normal Retirement Date (if payment commences before such date), and the Section 4.6(b) reductions for any Pre-Retirement Spouse’s coverage shall apply. 

(C) This clause applies if the Participant will receive his Pension in a form that provides an Eligible Spouse benefit,
continuing for the life of the surviving spouse, that is greater than that provided under subparagraph (i). In this instance, the Participant’s Pension under this section shall be reduced so that the total value of the benefit payable on the
Participant’s behalf is the Actuarial Equivalent of the Pension otherwise payable under the foregoing provisions of this section. 
 (D) This clause applies if the Participant will receive his Pension in a form that provides a survivor annuity for a beneficiary who is not his Eligible Spouse. In this instance, the Participant’s
Pension under this section shall be reduced so that the total value of the benefit payable 

  
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on the Participant’s behalf is the Actuarial Equivalent of a Single Life Annuity for the Participant’s life. 

(E) This clause applies if the Participant will receive his Pension in a Annuity form that includes inflation protection
described in Section 6.2(b). In this instance, the Participant’s Pension under this section shall be reduced so that the total value of the benefit payable on the Participant’s behalf is the Actuarial Equivalent of the elected Annuity
without such protection. 
 (iii) Lump Sum Conversion: The amount of the Retirement Pension determined
under this section for a Participant whose Retirement Pension will be distributed in the form of a lump sum shall be the Actuarial Equivalent of the Participant’s PEP Guarantee determined under this section, taking into account the value of any
survivor benefit under subparagraph (i) above and any early retirement reductions under subparagraph (ii)(A) above. 
 5.3
Amount of Pre-Retirement Spouse’s Pension: The monthly amount of the Pre-Retirement Spouse’s Pension payable to a surviving Eligible Spouse under Section 4.6 shall be determined under subsection (a) below.

 (a) Calculation: An Eligible Spouse’s Pre-Retirement Spouse’s Pension shall be the
difference between: 
 (1) The Eligible Spouse’s Total Pre-Retirement Spouse’s Pension, minus

  
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 (2) The Eligible Spouse’s Salaried Plan Pre-Retirement Spouse’s
Pension. 
 (b) Definitions: The following definitions apply for purposes of this section. 

(1) An Eligible Spouse’s “Total Pre-Retirement Spouse’s Pension” means the greater of: 

(i) The amount of the Eligible Spouse’s pre-retirement spouse’s pension determined under the terms of the
Salaried Plan, but without regard to: (A) the limitations imposed by sections 401(a)(17) and 415 of the Code (as such limitations are interpreted and applied under the Salaried Plan), and (B) the actuarial adjustment under
Section 5.5(d) of the Salaried Plan; or 
 (ii) The amount (if any) of the Eligible Spouse’s PEP
Guarantee Pre-Retirement Spouse’s Pension determined under subsection (c). 
 In making this comparison, the benefits in
subparagraphs (i) and (ii) above shall be calculated with reference to the specific time of payment applicable to the Eligible Spouse. 
 (c) PEP Guarantee Pre-Retirement Spouse’s Pension: An Eligible Spouse’s PEP Guarantee Pre-Retirement Spouse’s Pension shall be determined in accordance with paragraph
(1) or (2) below, whichever is applicable, with reference to the PEP Guarantee (if any) that would have been available to the Participant under Section 5.2. 

(1) Normal Rule: The Pre-Retirement Spouse’s Pension payable under this paragraph shall be equal to the amount
that would be payable as a survivor annuity, under a Qualified Joint and Survivor Annuity, if the Participant had: 

  
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 (i) Separated from service on the date of death (or, if earlier, his actual
Severance from Service Date); 
 (ii) Commenced a Qualified Joint and Survivor Annuity on the same date payments
of the Qualified Pre-Retirement Spouse’s Pension are to commence; and 
 (iii) Died on the day immediately
following such commencement. 
 If payment of a Pre-Retirement Spouse’s Pension under this paragraph commences prior to the
date which would have been the Participant’s Normal Retirement Date, appropriate reductions for early commencement shall be applied to the Qualified Joint and Survivor Annuity upon which the Pre-Retirement Spouse’s Pension is based.

 (2) Special Rule for Active and Disabled Employees: Notwithstanding paragraph (1) above, the
Pre-Retirement Spouse’s Pension paid on behalf of a Participant described in Section 4.6(a) shall not be less than an amount equal to 25 percent of such Participant’s PEP Guarantee determined under Section 5.2. For this purpose,
Credited Service shall be determined as provided in Section 3.3(d)(2) of the Salaried Plan, and the deceased Participant’s Highest Average Monthly Earnings, Primary Social Security Amount and Covered Compensation shall be determined as of
his date of death. A Pre-Retirement Spouse’s Pension under this paragraph is not reduced for early commencement. 
 5.4
Certain Adjustments: Pensions determined under the foregoing sections of this Article are subject to adjustment as provided in this section. For purposes of this section, 

  
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“specified plan” shall mean the Salaried Plan or a nonqualified pension plan similar to this Plan. A nonqualified pension plan is similar to this Plan if it is sponsored by a member of
the PBG Organization and if its benefits are not based on participant pay deferrals (this category of similar plans includes the PepsiCo Prior Plan). 
 (a) Adjustments for Rehired Participants: This subsection shall apply to a current or former Participant who is reemployed after his Annuity Starting Date and whose benefit under the
Salaried Plan is recalculated based on an additional period of Credited Service. In the event of any such recalculation, the Participant’s PEP Pension shall also be recalculated hereunder. For this purpose, the PEP Guarantee under
Section 5.2 is adjusted for in-service distributions and prior distributions in the same manner as benefits are adjusted under the Salaried Plan, but by taking into account benefits under this Plan and any specified plans. 

(b) Adjustment for Increased Pension Under Other Plans: If the benefit paid under a specified plan on behalf
of a Participant is increased after PEP benefits on his behalf have been determined (whether the increase is by order of a court, by agreement of the plan administrator of the specified plan, or otherwise), the PEP benefit for the Participant shall
be recalculated. If the recalculation identifies an overpayment hereunder, the Plan Administrator shall take such steps as it deems advisable to recover the overpayment. It is specifically intended that there shall be no duplication of payments
under this Plan and any specified plans. 
 5.5 Excludable Employment: Effective for periods of employment on or
after June 30, 1997, an executive classified as level 22 or above whose employment by an Employer is for a limited duration assignment shall not become entitled to a benefit or to any increase in benefits in connection with such employment.

  
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 ARTICLE VI – Distribution Options 

The terms of this Article govern the distribution of benefits to a Participant who becomes entitled to payment of a Pension under the
Plan. 
 6.1 Form and Timing of Distributions: This section shall govern the form and timing of distributions of
PEP Pensions that begin on or after March 1, 1992. Plan distributions that begin before that date shall be governed by Prior Plan as in effect at the time of the distribution. The provisions of this Section 6.1 are in all cases subject to
the cashout rules set forth in Section 4.9. 
 (a) No Advance Election: This subsection shall
apply to a Participant: (i) who does not have an Advance Election in effect as of the close of business on the day before his Retirement Date, or (ii) who terminates employment prior to Retirement. Subject to the next sentence, a
Participant described in this subsection shall be paid his PEP Pension in the same form and at the same time as he is paid his Pension under the Salaried Plan. If a Participant’s Salaried Plan Annuity Starting Date occurs while he is still an
employee of the PBG Organization (because of the time of payment provisions in Code section 401(a)(9)), payment under the Plan shall not begin until the first of the month next following the Participant’s Severance from Service Date. In this
instance, the form of payment under this Plan shall remain that applicable under the Salaried Plan. 
 (b)
Advance Election in Effect: This subsection shall apply to a Participant: (i) who has an Advance Election in effect as of the close of business on the day before his Retirement Date, and (ii) whose Retirement Date is after
1993. To be in effect, an Advance Election must meet the advance receipt and other requirements of Section 6.3(b). 

  
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 (1) Lump Sum Election: If a Participant covered by this subsection
has an Advance Election to receive a Single Lump Sum in effect as of the close of business on the day before his Retirement Date, the Participant’s Retirement Pension under the Plan shall be paid as a Single Lump Sum as of the first of the
month coincident with or next following his Retirement Date. 
 (2) Annuity Election: If a Participant
covered by this subsection has an Advance Election to receive an Annuity in effect as of the close of business on the day before his Retirement Date, the Participant’s Retirement Pension under the Plan shall be paid in an Annuity beginning on
the first of the month coincident with or next following his Retirement Date. The following provisions of this paragraph govern the form of Annuity payable in the case of a Participant described in this paragraph. 

(i) Salaried Plan Election: A Participant who has a qualifying Salaried Plan election shall receive his
distribution in the same form of Annuity the Participant selected in such qualifying Salaried Plan election. For this purpose, a “qualifying Salaried Plan election” is a written election of a form of payment by the Participant that:
(A) is currently in effect under the Salaried Plan as of the close of business on the day before the Participant’s Retirement Date, and (B) specifies an Annuity as the form of payment for all or part of the Participant’s
Retirement Pension under the Salaried Plan. For purposes of the preceding sentence, a Participant who elects a combination lump sum and Annuity under the Salaried Plan is considered to have specified an Annuity for part of his Salaried Plan Pension.

  
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 (ii) PEP Election: A Participant who is not covered by subparagraph
(i) and who has a PEP Election in effect as of the close of business on the day before his Retirement Date shall receive his distribution in the form of Annuity the Participant selects in such PEP Election. 

(iii) No PEP Election: A Participant who is not covered by subparagraph (i) or (ii) above shall receive
his distribution in the form of a Qualified Joint and Survivor Annuity if he is married, or in the form of a Single Life Annuity if he is not married. For purposes of this subparagraph (iii), a Participant shall be considered married if he is
married on the day before his Retirement Date. 
 6.2 Available Forms of Payment: The forms of payment set forth in
subsections (a) and (b) may be provided to any Participant who is entitled to a Retirement Pension. The forms of payment for other Participants are set forth in subsection (c) below. The provisions of this section are effective for
Annuity Starting Dates after 1989 and earlier distributions shall be governed by the Prior Plan as in effect at the time of distribution. 
 (a) Basic Forms of Payment: A Participant’s Retirement Pension shall be distributed in one of the forms of payment listed in this subsection. The particular form of payment applicable
to a Participant shall be determined in accordance with Section 6.1. Payments shall commence on the date specified in Section 6.1 and shall end on the date specified in this subsection. 

  
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 (1) Single Life Annuity Option: A Participant may receive his Pension
in the form of a Single Life Annuity, which provides monthly payments ending with the last payment due prior to his death. 
 (2) Survivor Options: A Participant may receive his Pension in accordance with one of the following survivor options: 

(i) 100 percent Survivor Option: The Participant shall receive a reduced Pension payable for life, ending with the
last monthly payment due prior to his death. Payments in the same reduced amount shall continue after the Participant’s death to his beneficiary for life, beginning on the first day of the month coincident with or following the
Participant’s death and ending with the last monthly payment due prior to the beneficiary’s death. 

(ii) 75 percent Survivor Option: The Participant shall receive a reduced Pension payable for life, ending with the
last monthly payment due prior to his death. Payments in the amount of 75 percent of such reduced Pension shall be continued after the Participant’s death to his beneficiary for life, beginning on the first day of the month coincident with or
following the Participant’s death and ending with the last monthly payment due prior to the beneficiary’s death. 
 (iii) 50 percent Survivor Option: The Participant shall receive a reduced Pension payable for life, ending with the last monthly payment due prior to his death. Payments in the amount of 50 percent
of such reduced Pension shall be continued after the Participant’s death to his beneficiary for life, beginning on the first day of the month coincident with or following the Participant’s death and

  
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ending with the last monthly payment due prior to the beneficiary’s death. A 50 percent survivor option under this paragraph shall be a Qualified Joint and Survivor Annuity if the
Participant’s beneficiary is his Eligible Spouse. 
 (iv) Ten Years Certain and Life Option: The
Participant shall receive a reduced Pension which shall be payable monthly for his lifetime but for not less than 120 months. If the retired Participant dies before 120 payments have been made, the monthly Pension amount shall be paid for the
remainder of the 120 month period to the Participant’s primary beneficiary (or if the primary beneficiary has predeceased the Participant, the Participant’s contingent beneficiary). 

(3) Single Lump Sum Payment Option: A Participant may receive payment of his Pension in the form of a Single Lump
Sum payment. 
 (4) Combination Lump Sum/Monthly Benefit Option: A Participant who does not have an
Advance Election in effect may receive a portion of his Pension in the form of a lump sum payment, and the remaining portion in the form of one of the monthly benefits described in paragraphs (1) and (2) above. The Pension is divided
between the two forms of payment based on the whole number percentages designated by the Participant on a form provided for this purpose by the Plan Administrator. For the election to be effective, the sum of the two percentages designated by the
Participant must equal 100 percent. 
 (i) The amount of the Pension paid in the form of a lump sum is
determined by multiplying: (A) the amount that would be payable to the 

  
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Participant as a Single Lump Sum payment if the Participant’s entire benefit were payable in that form, by (B) the percentage that the Participant has designated for receipt in the form
of a lump sum. 
 (ii) The amount of the Pension paid in the form of a monthly benefit is determined by
multiplying: (A) the amount of the monthly benefit elected by the Participant, determined in accordance with paragraph (1) or (2) above (whichever applies), by (B) the percentage that the Participant has designated for receipt in
the form of a monthly benefit. 
 (b) Inflation Protection: The following levels of inflation
protection may be provided to any Participant who is entitled to a Retirement Pension (except to the extent such Pension is paid as a lump sum). 
 (1) 5 percent Inflation Protection: A Participant’s monthly benefit shall be initially reduced, but thereafter shall be increased if inflation in the prior year exceeds 5 percent. The amount
of the increase shall be the difference between inflation in the prior year and 5 percent. 
 (2) 7 percent
Inflation Protection: A Participant’s monthly benefit shall be initially reduced, but thereafter shall be increased if inflation in the prior year exceeds 7 percent. The amount of the increase shall be the difference between inflation in
the prior year and 7 percent. 
 Benefits shall be subject to increase in accordance with this subsection each January 1, beginning with
the second January 1 following the Participant’s Annuity Starting Date. The amount of inflation in the prior year shall be determined based on inflation in the 12 month period ending

  
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on September 30 of such year, with inflation measured in the same manner as applies on January 1, 1989 for adjusting Social Security benefits for changes in the cost of living.
Inflation protection that is in effect shall carry over to any survivor benefit payable on behalf of a Participant, and shall increase the otherwise applicable survivor benefit as provided above. Any election by a Participant to receive inflation
protection shall be irrevocable by such Participant or his surviving beneficiary. 
 (c) Available Options
for Vested Benefits: The forms of payment available for a Participant with a Vested Pension are a Qualified Joint and Survivor Annuity for married Participants and a Single Life Annuity for both married and unmarried Participants. The
applicable form of payment shall be determined in accordance with Section 6.1(a). 
 6.3 Procedures for
Elections: This section sets forth the procedures for making Advance Elections and PEP Elections. 
 (a)
In General: To qualify as an Advance Election or PEP Election for purposes of Section 6.1, an election must be made in writing, on the form designated by the Plan Administrator, and must be signed by the Participant. These
requirements also apply to any revocations of such elections. Spousal consent is not required for any election (or revocation of election) under the Plan. 
 (b) Advance Election: To qualify as an Advance Election, an election must be made under this Plan on or after July 15, 1993 and meet the following requirements. 

(1) Election: The Participant shall designate on the Advance Election form whether the Participant elects to take
his Pension in the form of an Annuity or a Single Lump Sum. 

  
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 (2) Receipt by Plan Administrator: The Advance Election must be
received by the Plan Administrator before the start of the calendar year containing the Participant’s Retirement Date, and at least 6 months before that Retirement Date. An election that meets the foregoing requirements shall remain
effective until it is changed or revoked. 
 (3) Change or Revocation of Election: A Plan Participant may
change an Advance Election by filing a new Election that meets the foregoing requirements. A Plan Participant may revoke an Advance Election only by filing a revocation that is received by the Plan Administrator before the start of the calendar year
containing the Plan Participant’s Retirement Date, and at least 6 months before that Retirement Date. 
 Any Advance Election by a
Participant shall be void if the Participant is not entitled to a Retirement Pension. 
 (c) PEP
Election: A PEP Election may only be made by a Participant who has an Advance Election to receive an Annuity in effect at the time his PEP Election is received by the Plan Administrator. In determining whether an Advance Election is in
effect for this purpose, the advance receipt requirement of subsection (b)(2) shall be considered met if it will be met by the Participant’s proposed Retirement Date. 

(1) Election: The Participant shall designate on the PEP Election form the Annuity form of benefit the Participant
selects from those described in Section 6.2, including the Participant’s choice of inflation protection, subject to the provisions of this Article VI. The forms of payment described in Section 6.2(a)(3) and (4) are not available
pursuant to a PEP Election. 

  
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 (2) Receipt by the Plan Administrator: The PEP Election must be
received by the Plan Administrator no earlier than 90 days before the Participant’s Retirement Date, and no later than the close of business on the day before the Participant’s Retirement Date. The Participant shall furnish proof of the
age of his beneficiary (including his Eligible Spouse if applicable), to the Plan Administrator by the day before the Participant’s Retirement Date, for any form of payment which is subject to reduction in accordance with subsection 6.2(c)
above. 
 A Participant may change his PEP Election by filing a new Election with the Plan Administrator that meets the foregoing requirements.
The Participant’s PEP Election shall become effective at the close of business on the day before the Participant’s Retirement Date. Any PEP Election by a Participant shall be void if the Participant does not have an Advance Election in
effect at such time. 
 (d) Elections Rules for Annuity Starting Dates: When amounts become payable
to a Participant in accordance with Article IV, they shall be payable as of the Participant’s Annuity Starting Date and the election procedures (in this section and Sections 6.1 and 6.5) shall apply to all of the Participant’s unpaid
accruals as of such Annuity Starting Date, with the following exception. In the case of a Participant who is rehired after his initial Annuity Starting Date and who (i) is currently receiving an Annuity that remained in pay status upon rehire,
or (ii) was previously paid a lump sum distribution (other than a cashout distribution described in Section 4.9(a)), the Participant’s subsequent Annuity Starting Date (as a result of his termination of reemployment), and the election
procedures at such subsequent Annuity Starting Date, shall apply only to the portion of his benefit that accrues after his rehire. Any prior 

  
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accruals that remain to be paid as of the Participant’s subsequent Annuity Starting Date shall continue to be payable in accordance with the elections made at his initial Annuity Starting
Date. 
 For purposes of this section, an election shall be treated as received on a particular day if it is:
(A) postmarked that day, or (B) actually received by the Plan Administrator on that day. Delivery under clause (B) must be made by the close of business, which time is to be determined by the Plan Administrator. 

6.4 Special Rules for Survivor Options: 

(a) Effect of Certain Deaths: If a Participant makes a PEP Election for a form of payment described in
Section 6.2(a)(2) and the Participant or his beneficiary (beneficiaries in the case of Section 6.2(a)(2)(iv)) dies before the PEP Election becomes effective, the election shall be disregarded. If the Participant dies after such PEP
Election becomes effective but before his Retirement Pension actually commences, the election shall be given effect and the amount payable to his surviving Eligible Spouse or other beneficiary shall commence on the first day of the month following
his death (any back payments due the Participant shall be payable to his estate). In the case of a Participant who has elected the form of payment described in Section 6.2(a)(2)(iv), if such Participant dies: (i) after the PEP Election has
become effective, (ii) without a surviving primary or contingent beneficiary, and (iii) before receiving 120 payments under the form of payment, then the remaining payments due under such form of payment shall be paid to the
Participant’s estate. If payments have commenced under such form of payment to a Participant’s primary or contingent beneficiary and such beneficiary dies before payments are completed, then the remaining payments due under such form of
payment shall be paid to such beneficiary’s estate. 

  
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 (b) Nonspouse Beneficiaries: If a Participant’s
beneficiary is not his Eligible Spouse, he may not elect: 
 (1) The 100 percent survivor option described in
Section 6.2(a)(2)(i) if his nonspouse beneficiary is more than 10 years younger than he is, or 
 (2) The 75
percent survivor option described in Section 6.2(a)(2)(ii) if his nonspouse beneficiary is more than 19 years younger than he is. 
 6.5 Designation of Beneficiary: A Participant who has elected to receive all or part of his pension in a form of payment that includes a survivor option shall designate a beneficiary who
will be entitled to any amounts payable on his death. Such designation shall be made on a PEP Election Form or an approved election form filed under the Salaried Plan, whichever is applicable. In the case of the survivor option described in
Section 6.2(a)(2)(iv), the Participant shall be entitled to name both a primary beneficiary and a contingent beneficiary. A Participant (whether active or former) shall have the right to change or revoke his beneficiary designation at any time
prior to when his election is finally effective. The designation of any beneficiary, and any change or revocation thereof, shall be made in accordance with rules adopted by the Plan Administrator. A beneficiary designation shall not be effective
unless and until filed with the Plan Administrator (or for periods before the Effective Date, the Plan Administrator under the Prior Plan). If no beneficiary is properly designated, then a Participant’s election of a survivor’s option
described in Section 6.2(a)(2) shall not be given effect. 

  
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 ARTICLE VII – Administration 

7.1 Authority to Administer Plan: The Plan shall be administered by the Plan Administrator, which shall have the authority
to interpret the Plan and issue such regulations as it deems appropriate. The Plan Administrator shall maintain Plan records and make benefit calculations, and may rely upon information furnished it by the Participant in writing, including the
Participant’s current mailing address, age and marital status. The Plan Administrator’s interpretations, determinations, regulations and calculations shall be final and binding on all persons and parties concerned. The Company, in its
capacity as Plan Administrator or in any other capacity, shall not be a fiduciary of the Plan for purposes of ERISA, and any restrictions that apply to a party in interest under section 406 of ERISA shall not apply to the Company or otherwise under
the Plan. 
 7.2 Facility of Payment: Whenever, in the Plan Administrator’s opinion, a person entitled to
receive any payment of a benefit or installment thereof hereunder is under a legal disability or is incapacitated in any way so as to be unable to manage his financial affairs, the Plan Administrator may make payments to such person or to the legal
representative of such person for his benefit, or the Plan Administrator may apply the payment for the benefit of such person in such manner as it considers advisable. Any payment of a benefit or installment thereof in accordance with the provisions
of this section shall be a complete discharge of any liability for the making of such payment under the provisions of the Plan. 

7.3 Claims Procedure: The Plan Administrator shall have the exclusive discretionary authority to construe and to interpret
the Plan, to decide all questions of eligibility for benefits and to determine the amount of such benefits, and its decisions on such matters are 

  
 - 42 -

 
final and conclusive. This discretionary authority is intended to be absolute, and in any case where the extent of this discretion is in question, the Plan Administrator is to be accorded the
maximum discretion possible. Any exercise of this discretionary authority shall be reviewed by a court, arbitrator or other tribunal under the arbitrary and capricious standard (i.e., the abuse of discretion standard). If, pursuant to this
discretionary authority, an assertion of any right to a benefit by or on behalf of a Participant or beneficiary is wholly or partially denied, the Plan Administrator, or a party designated by the Plan Administrator, will provide such claimant within
the 90-day period following the receipt of the claim by the Plan Administrator, a comprehensible written notice setting forth: 
 (a) The specific reason or reasons for such denial; 
 (b) Specific
reference to pertinent Plan provisions on which the denial is based; 
 (c) A description of any additional
material or information necessary for the claimant to submit to perfect the claim and an explanation of why such material or information is necessary; and 
 (d) A description of the Plan’s claim review procedure. The claim review procedure is available upon written request by the claimant to the Plan Administrator, or the designated party, within 60 days
after receipt by the claimant of written notice of the denial of the claim, and includes the right to examine pertinent documents and submit issues and comments in writing to the Plan Administrator, or the designated party. The decision on review
will be made within 60 days after receipt of the request for review, unless circumstances warrant an extension of time not to exceed an additional 60 days, and shall be in writing and drafted in a manner

  
 - 43 -

 
calculated to be understood by the claimant, and include specific reasons for the decision with references to the specific Plan provisions on which the decision is based. 

If within a reasonable period of time after the Plan receives the claim asserted by the Participant, the Plan
Administrator, or the designated party, fails to provide a comprehensible written notice stating that the claim is wholly or partially denied and setting forth the information described in (a) through (d) above, the claim shall be deemed
denied. Once the claim is deemed denied, the Participant shall be entitled to the claim review procedure described in subsection (d) above. Such review procedure shall be available upon written request by the claimant to the Plan Administrator,
or the designated party, within 60 days after the claim is deemed denied. Any claim under the Plan that is reviewed by a court shall be reviewed solely on the basis of the record before the Plan Administrator at the time it made its determination.

 7.4 Effect of Specific References: Specific references in the Plan to the Plan Administrator’s discretion
shall create no inference that the Plan Administrator’s discretion in any other respect, or in connection with any other provision, is less complete or broad. 

  
 - 44 -

 ARTICLE VIII– Miscellaneous 

8.1 Nonguarantee of Employment: Nothing contained in this Plan shall be construed as a contract of employment between an
Employer and any Employee, or as a right of any Employee to be continued in the employment of an Employer, or as a limitation of the right of an Employer to discharge any of its Employees, with or without cause. 

8.2 Nonalienation of Benefits: Benefits payable under the Plan or the right to receive future benefits under the Plan shall
not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution, or levy of any kind, either voluntary or involuntary, and any attempt to anticipate, alienate, sell, transfer,
assign, pledge, encumber, charge or otherwise dispose of any right to benefits payable hereunder, including any assignment or alienation in connection with a divorce, separation, child support or similar arrangement, shall be null and void and not
binding on the Company. The Company shall not in any manner be liable for, or subject to, the debts, contracts, liabilities, engagements or torts of any person entitled to benefits hereunder. 

8.3 Unfunded Plan: The Company’s obligations under the Plan shall not be funded, but shall constitute liabilities by
the Company payable when due out of the Company’s general funds. To the extent the Participant or any other person acquires a right to receive benefits under this Plan, such right shall be no greater than the rights of any unsecured general
creditor of the Company. 
 8.4 Action by the Company: Any action by the Company under this Plan may be made by
the Board of Directors of the Company or by the Compensation Committee of the Board of Directors, with a report of any actions taken by it to the Board of Directors. In addition, such 

  
 - 45 -

 
action may be made by any other person or persons duly authorized by resolution of said Board to take such action. 
 8.5 Indemnification: Unless the Board of Directors of the Company shall determine otherwise, the Company shall indemnify, to the full extent permitted by law, any employee acting in good
faith within the scope of his employment in carrying out the administration of the Plan. 

  
 - 46 -

 ARTICLE IX – Amendment and Termination 

9.1 Continuation of the Plan: While the Company and the Employers intend to continue the Plan indefinitely, they assume no contractual
obligation as to its continuance. In accordance with Section 8.4, the Company hereby reserves the right, in its sole discretion, to amend, terminate, or partially terminate the Plan at any time provided, however, that no such amendment or
termination shall adversely affect the amount of benefit to which a Participant or his beneficiary is already entitled under Article IV on the date of such amendment or termination, unless the Participant becomes entitled to an amount of equivalent
value to such benefit under another plan or practice adopted by the Company (using such actuarial assumptions as the Company may apply in its discretion). Specific forms of payment are not protected under the preceding sentence. 

9.2 Amendments: The Company may, in its sole discretion, make any amendment or amendments to this Plan from time to time,
with or without retroactive effect, including any amendment or amendments to eliminate available distribution options under Article VI hereof at any time before the earlier of the Participant’s Annuity Starting Date under this Plan or under the
Salaried Plan. An Employer (other than the Company) shall not have the right to amend the Plan. 
 9.3
Termination: The Company may terminate the Plan, either as to its participation or as to the participation of one or more Employers. If the Plan is terminated with respect to fewer than all of the Employers, the Plan shall continue in
effect for the benefit of the Employees of the remaining Employers. 

  
 - 47 -

 ARTICLE X – ERISA Plan Structure 

This Plan document encompasses three separate plans within the meaning of ERISA, as are set forth in subsections (a), (b) and (c).

 (a) Excess Benefit Plan: An excess benefit plan within the meaning of section 3(36) of ERISA,
maintained solely for the purpose of providing benefits for Salaried Plan participants in excess of the limitations on benefits imposed by section 415 of the Code. 

(b) Excess Compensation High Hat Plan: A plan maintained by the Company primarily for the purpose of
providing deferred compensation for a select group of management or highly compensated employees within the meaning of sections 201(2) and 401(a)(1) of ERISA. This plan provides benefits for Salaried Plan participants in excess of the limitations
imposed by section 401(a)(17) of the Code on benefits under the Salaried Plan (after taking into account any benefits under the excess benefit plan). For ERISA reporting purposes, this portion of PEP may be referred to as the PBG Pension
Equalization Plan I. 
 (c) Grandfather High Hat Plan: A plan maintained by the Company primarily
for the purpose of providing deferred compensation for a select group of management or highly compensated employees within the meaning of sections 201(2) and 401(a)(1) of ERISA. This plan provides grandfather benefits to those Salaried Plan
participants described in section 5.2(a) hereof, by preserving for them the level of benefit accrual that was in effect before January 1, 1989 (after taking into account any benefits under the excess benefit plan and excess compensation high
hat plan). For ERISA reporting purposes, this portion of PEP shall be referred to as the PBG Pension Equalization Plan II. 

  
 - 48 -

 Benefits under this Plan shall be allocated first to the excess benefit plan, to the extent
of benefits paid for the purpose indicated in (a) above; then any remaining benefits shall be allocated to the excess compensation high hat plan, to the extent of benefits paid for the purpose indicated in (b) above; then any remaining
benefits shall be allocated to the grandfather high hat plan. These three plans are severable for any and all purposes as directed by the Company. 

  
 - 49 -

 ARTICLE XI – Applicable Law 

All questions pertaining to the construction, validity and effect of the Plan shall be determined in accordance with the provisions of
ERISA. In the event ERISA is not applicable or does not preempt state law, the laws of the state of New York shall govern. 
 If
any provision of this Plan is, or is hereafter declared to be, void, voidable, invalid or otherwise unlawful, the remainder of the Plan shall not be affected thereby. 

  
 - 50 -

 ARTICLE XII – Signature 

The above restated Plan is hereby adopted and approved, to be effective as of January 1, 1989 (except as otherwise provided).

  

			
	The Pepsi Bottling Group, Inc.
		
	By:	 	 
		 	

  

			
	APPROVED
		
	By:	 	 
		 	Law Department

  
 - 51 -

 APPENDIX 
 Foreword 
 This Appendix sets forth additional provisions applicable
to individuals specified in the Articles of this Appendix. In any case where there is a conflict between the Appendix and the main text of the Plan, the Appendix shall govern. 

  
 - 52 -

 ARTICLE A – 1993 Accruals 

This Article A of the Appendix shall be effective on the date the Plan is adopted. 

A.1 1993 Accruals: This section shall apply to any individual: (i) who was a Salaried Plan Participant and employed by
the PBG Organization (as defined below) on December 31, 1993, (ii) whose Salaried Plan Pension was vested during 1993 (or would have become vested in 1994 if his Service after 1993 included the assumed period of continued service specified
in (a)(1) below), and (iii) whose minimum 1993 Pension in subsection (a) below is not derived solely from that portion of the Plan described in (c) of Article X. In determining the amount of the 1993 and 1994 Pension amounts for any
such individual, the provisions set forth in subsections (a) and (b) below shall apply. 
 (a)
Minimum 1993 Pension: Any individual who is covered by this section shall accrue a minimum 1993 Pension as of December 31, 1993. In determining the amount of such individual’s minimum 1993 Pension, the following shall apply.

 (1) An individual’s Service and Credited Service as of the end of 1993 shall be assumed to equal the
respective Service and Credited Service he would have if his Service continued through December 31, 1994. Notwithstanding the preceding sentence, the assumed period of continued Service shall be less to the extent PepsiCo, Inc.’s human
resource records on December 31, 1993 reflected a scheduled termination date in 1994 for such individual. In this case, the individual’s assumed period of continued service shall be the portion of 1994 that ends with such scheduled
termination date. 

  
 - 53 -

 (2) An individual’s Highest Average Monthly Earnings as of the end of
1993 shall be adjusted by the actuary’s salary scale assumption which is used under the Salaried Plan, so that they equal the amount such scale projects for the individual as of the end of 1994. Notwithstanding the preceding sentence, the
following special rules shall apply. 
 (i) A higher salary scale assumption shall be used for anyone whose
projected 1994 earnings as reflected on the “Special PEP Salary Scale” of the PBG Benefits Department on December 31, 1993 were higher than would be assumed under the first sentence of this paragraph. In this case, the
individual’s 1993 earnings shall be adjusted using such higher salary scale. 
 (ii) In the case of an
individual whose assumed period of service under paragraph (1) above is less than all of 1994, the salary adjustment under the preceding provisions of this paragraph shall be reduced to the amount that would apply if the individual had no
earnings after his scheduled termination date. 
 (3) An individual’s attained age as of the end of 1993
shall be assumed to be the age he would have at the end of the assumed period of continued service applicable under paragraph (1) above. 
 Any individual who is covered by this section, and who is not otherwise vested as of December 31, 1993, shall be vested as of such date in both his Pension (determined without regard to this
subsection) and his minimum 1993 Pension. For purposes of this subsection, Code section 401(a)(17) shall be applied in 1993 by giving effect to the 

  
 - 54 -

 
amendments to such Code section made by the Omnibus Budget Reconciliation Amendments of 1993. 
 (b) Determination of Later Accruals: If a participant in the Salaried Plan accrues a minimum 1993 Pension under subsection (a) above, the amount of any PEP Pension that accrues
thereafter shall be only the amount by which the PEP Pension that would otherwise accrue for years after 1993 exceeds his minimum 1993 Pension under subsection (a). 

  
 - 55 -

 ARTICLE P98 – PepsiCo Special Early Retirement Benefit 

P98.1 Scope: This Article supplements the main portion of the Plan document with respect to the rights and benefits of
Covered Employees on and after the Effective Date. 
 P98.2 Definitions: This section provides definitions for the
following words or phrases in boldface and underlined. Where they appear in this Article with initial capitals they shall have the meaning set forth below. Except as otherwise provided in this Article, all defined terms shall have the meaning given
to them in Section 2.1 of the Plan. 
 (a) Article: This Article P98 of the Appendix to the
Plan. 
 (b) Covered Employee: An Employee who does not meet the eligibility requirements for the
Salaried Plan Early Retirement Benefit as of his Severance Date solely because he is a highly compensated employee within the meaning of Article S and Section S.5(c)(1) of the Salaried Plan Appendix. 

(c) Effective Date: The date the provisions of this Article are effective, which shall be February 1,
1998. 
 (d) Salaried Plan Special Early Retirement Benefit: The special early retirement benefit
for certain Company employees referred to in Section S.5(c)(1) of the Salaried Plan Appendix. 
 (e)
Severance Date: The involuntary termination of employment referred to in Section S.5(c)(1) of the Salaried Plan Appendix that qualifies an eligible Employee for status as a Covered Employee. 

P98.3 Amount and Form of Retirement Pension: In lieu of any benefits he would otherwise be entitled to under this Plan, a
Covered Employee shall receive a single lump sum 

  
 - 56 -

 
benefit as soon as administratively practical following his Severance Date. No other benefits under this Plan are payable to a Participant who is entitled to a benefit under this section. The
amount of such lump sum shall be the excess of: 
 (a) The Actuarial Equivalent present value of the Covered
Employee’s Total Pension (as defined in Section 5.1(c)) determined as of his Severance Date, for this purpose treating the Covered Employee as eligible for the Salaried Plan Special Early Retirement Benefit, and treating the benefit as
commencing on his Severance Date; over 
 (b) The Actuarial Equivalent present value of the Covered
Employee’s Salaried Plan Pension (as defined in Section 5.1(c)) determined as of his Severance Date, for this purpose determining the benefit without regard to this Appendix, and treating the benefit as commencing on his Normal Retirement
Date. 
 For purposes of this calculation, amounts shall be determined as of the Participant’s Severance Date,
“Actuarial Equivalent” shall be based on the factors in effect on such date using the definition in Section 2.1(b)(2) for lump sums conversions, and the Participant shall be treated as taking his Total Pension in the form of a Single
Life Annuity. In the case of a Covered Employee who is eligible for a PEP Guarantee (as defined in Section 5.2), and for purposes of subsection (a) only, the reduction factors for early commencement of a PEP Guarantee under
Section 5.2 of this Plan shall apply in lieu of those in the Salaried Plan Special Early Retirement Benefit formula if they provide a greater PEP benefit. 

  
 - 57 -

 Article IPO – Transferred and Transition Individuals 

IPO.1 Scope: This Article supplements the main portion of the Plan document with respect to the rights and benefits of
Transferred and Transition Individuals following the spinoff of this Plan from the PepsiCo Prior Plan. 
 IPO.2
Definitions: This section provides definitions for the following words or phrases in boldface and underlined. Where they appear in this Article with initial capitals they shall have the meaning set forth below. Except as otherwise
provided in this Article, all defined terms shall have the meaning given to them in Section 2.1 of the Plan. 
 (a) Agreement: The 1999 Employee Programs Agreement between PepsiCo, Inc. and The Pepsi Bottling Group, Inc. 

(b) Close of the Distribution Date: This term shall take the definition given it in the Agreement.

 (c) Transferred Individual: This term shall take the definition given it in the Agreement.

 (d) Transition Individual: This term shall take the definition given it in the Agreement.

 IPO.3 Rights of Transferred and Transition Individuals: All Transferred Individuals who participated in the
PepsiCo Prior Plan immediately prior to the Effective Date shall be Participants in this Plan as of the Effective Date. The spinoff of this Plan from the PepsiCo Prior Plan shall not result in a break in the Service or Credited Service of
Transferred Individuals or Transition Individuals. Notwithstanding anything in the Plan to the contrary, and as provided in Section 2.04 of the Agreement, all service, all compensation, and all other benefit-affecting

  
 - 58 -

 
determinations for Transferred Individuals that, as of the Close of the Distribution Date, were recognized under the PepsiCo Prior Plan for periods immediately before such date, shall as of the
Effective Date continue to receive full recognition, credit and validity and shall be taken into account under this Plan as if such items occurred under this Plan, except to the extent that duplication of benefits would result. Similarly,
notwithstanding anything to the contrary in the Plan, the benefits of Transition Individuals shall be determined in accordance with section 8.02 of the Agreement. 

  
 - 59 -

 SENIOR VICE PRESIDENT, HUMAN RESOURCES 

DELEGATION OF AUTHORITY TO 
 ADMINISTER FINANCIAL PLANS 
 WHEREAS, at a meeting of the Compensation and
Management Development Committee of the Board of Directors (the “Committee”) of The Pepsi Bottling Group, Inc. (“PBG”) on April 27 1999, the Committee delegated to the Senior Vice President, Human Resources, the authority to
take any and all action required to administer PBG’s employee benefit plans; and 
 WHEREAS, the Senior Vice President,
Human Resources has determined to delegate authority to take any and all such action required to administer PBG’s tax-qualified pension plans, including the defined benefit pension plans and the 401(k) plans, and the non-qualified benefit plans
related to the defined benefit pension plans and 401(k) plans, all of which were previously approved by the Committee or its delegate pursuant to resolution duly adopted on April 27, 1999 (the “Financial Plans”); and 

THEREFORE, BE IT RESOLVED, that each of the Financial Plans are hereby amended to provide (i) that the Company, by action of its
Senior Vice President, Human Resources, shall appoint a Plan Administrator; (ii) that the Senior Vice President, Human Resources, may remove such person or change such appointment from time to time provided such changes are published to the
extent of enabling interested parties to ascertain the person or persons responsible for operating such plan; and (iii) that in the absence of such an appointment, the Company shall serve as Plan Administrator, and shall designate specified
individuals or other persons to carry out specified fiduciary responsibilities under the Plan; and 
 RESOLVED, that the Senior
Vice President, Human Resources hereby delegates to the Director, Financial Plans, the authority to take any and all action required to administer the Financial Plans and hereby appoints the Director, Financial Plans as Plan Administrator and
“named fiduciary” for purposes of plan administration within the meaning of the Employee Retirement Income Security Act of 1974 as amended from time to time (“ERISA”) for the ERISA-governed Financial Plans; and further

 RESOLVED, that the Senior Vice President, General Counsel and Secretary, and each of his designees, and each designee of the
undersigned, are authorized to execute and deliver all agreements, documents and instruments, and take any further action as he or they deem necessary or appropriate to carry out the intent and purpose of the foregoing resolution.

	
	
	/s/ John L. Berisford
	 John L. Berisford
 Senior
Vice President, Human Resources

	
	Date: 4/17/09

  

	
	APPROVED:
	
	/s/ Christine Morace
	Law Department

 AMENDMENT TO THE 

PBG PENSION EQUALIZATION PLAN 
 EFFECTIVE AS OF APRIL 6, 1999 
 The PBG Pension Equalization Plan effective
as of April 6, 1999 (the “Plan”) is hereby amended as set forth below, effective as of the “Effective Time” (as defined in Amendment No. 5 below) and contingent upon the occurrence of the Effective Time. 

 

	1.	Article I is amended by adding the following new paragraph at the end thereof: 

“PBG now wishes to amend the Plan, effective as of the Effective Time (as defined in Article II), as a result of the
merger of PBG with and into Pepsi-Cola Metropolitan Bottling Company, Inc., a wholly-owned subsidiary of PepsiCo, Inc. (the “Company”), pursuant to the Agreement and Plan of Merger dated as of August 3, 2009 among PBG, the Company and
Pepsi-Cola Metropolitan Company, Inc., and to facilitate the Company’s assumption of PBG’s role as the Plan’s sponsor.” 
  

	2.	The definition of “Company or PBG” in Section 2.1(h) is deleted and replaced with the following: 

“(h) Company. PepsiCo, Inc., a corporation organized and existing under the laws of the State of North Carolina, or its
successor or successors. For periods before the Effective Time and on or after April 6, 1999, the Company was The Pepsi Bottling Group, Inc. For periods before April 6, 1999, the Company was PepsiCo, Inc.” 

 

	3.	The definition of “PBG Organization” in Section 2.1(y) is deleted and replaced with the following: 

“(y) PepsiCo/PBGOrganization. The controlled group of organizations of which the Company is a part, as defined by Code
section 414 and regulations issued thereunder. An entity shall be considered a member of the PepsiCo/PBG Organization only during the period it is one of the group of organizations described in the preceding sentence. The application of this
definition for periods prior to the Effective Time shall take into account the different definition of “Company” that applies prior to the Effective Time.” 

 

	4.	The definition of “Plan Administrator” in Section 2.1(ff) is amended to read as follows: 

“(ff) Plan Administrator. The PepsiCo Administration Committee (PAC), which shall have authority to administer the Plan
as provided in Article VII.” 

  
 1 

	5.	The following new definition is added to Section 2.1: 

 “Effective Time. The meaning applied to that term in the Agreement and Plan of Merger dated as of August 3, 2009, among The Pepsi Bottling Group, Inc., PepsiCo, Inc., and
Pepsi-Cola Metropolitan Bottling Company, Inc.” 
  

	6.	Minor corrections to the Plan necessary to carry forth the above amendments, including re-alphabetizing and renumbering the defined terms in Article II to reflect
changes thereto, and corrections to cross-references affected by these amendments, shall be made as necessary after applying the foregoing amendments. 

 Dated this 19 day of February 2010. 
  

			
	THE PEPSI BOTTLING GROUP, INC.
		
	By:	 	/s/ John Berisford
		 	John Berisford,
	Title:	 	Senior Vice President, Human Resources

  

			
	PBG LAW DEPARTMENT APPROVAL:
		
	By:	 	/s/ Christine Morace
		 	Christine Morace

  

			
	 Consented to and Approved by:
  

PEPSICO, INC.

		
	By:	 	/s/ Cynthia M. Trudell
		 	Cynthia M. Trudell
	Title:	 	 Senior Vice President and

Chief Personnel Officer

		
	Date:	 	2/18/2010

  

			
	PEPSICO LAW DEPARTMENT APPROVAL:
		
	By:	 	/s/ Stacy L. DeWalt
		 	Stacy L. DeWalt

  
 2PBG Executive Income Deferral Program (Plan Document for the 409A Program)

 Exhibit 10.67 

PBG 

EXECUTIVE INCOME 
 DEFERRAL PROGRAM 
 2009 Restatement 

  
  

 

 PBG 
 Executive Income Deferral Program 
 2009 Restatement 

Table of Contents 
  

					
	 	  	Page	 
	 ARTICLE I — HISTORY AND PURPOSE
	  	 	5	  
		
	 1.1 History and Purpose
	  	 	5	  
	 1.2 Type of Plan
	  	 	5	  
	 1.3 Effect of Restatement
	  	 	5	  
		
	 ARTICLE II — DEFINITIONS
	  	 	6	  
		
	 2.1 Account
	  	 	6	  
	 2.2 Act
	  	 	6	  
	 2.3 Base Compensation
	  	 	6	  
	 2.4 Beneficiary
	  	 	6	  
	 2.5 Bonus Compensation
	  	 	6	  
	 2.6 Code
	  	 	6	  
	 2.7 Company
	  	 	6	  
	 2.8 Deferral Subaccount
	  	 	6	  
	 2.9 Distribution Valuation Date
	  	 	6	  
	 2.10 Election Form
	  	 	7	  
	 2.11 Eligible Executive
	  	 	7	  
	 2.12 Employer
	  	 	7	  
	 2.13 Executive
	  	 	7	  
	 2.14 Mandatory Deferral
	  	 	7	  
	 2.15 NAV
	  	 	7	  
	 2.16 Participant
	  	 	7	  
	 2.17 PBG Organization
	  	 	7	  
	 2.18 Performance Period
	  	 	7	  
	 2.19 Plan
	  	 	8	  
	 2.20 Plan Administrator
	  	 	8	  
	 2.21 Plan Year
	  	 	8	  
	 2.22 Recordkeeper
	  	 	8	  
	 2.23 Retirement
	  	 	8	  
	 2.24 Second Look Election
	  	 	8	  
	 2.25 Section 409A
	  	 	8	  
	 2.26 Separation from Service
	  	 	8	  
	 2.27 Specific Payment Date
	  	 	8	  
	 2.28 Specified Employee
	  	 	9	  
	 2.29 Unforeseeable Emergency
	  	 	9	  

  
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 2.30 Valuation Date
	  	 	10	  
		
	 ARTICLE III — ELIGIBILITY AND PARTICIPATION
	  	 	11	  
		
	 3.1 Eligibility to Participate
	  	 	11	  
	 3.2 Termination of Eligibility to Defer
	  	 	11	  
	 3.3 Termination of Participation
	  	 	11	  
		
	 ARTICLE IV — DEFERRAL OF COMPENSATION
	  	 	12	  
		
	 4.1 Deferral Election
	  	 	12	  
	 4.2 Time and Manner of Deferral Election
	  	 	13	  
	 4.3 Period of Deferral
	  	 	14	  
	 4.4 Form of Deferral Payment
	  	 	14	  
	 4.5 Second Look Election
	  	 	14	  
	 4.6 Mandatory Deferrals
	  	 	16	  
		
	 ARTICLE V — INTERESTS OF PARTICIPANTS
	  	 	18	  
		
	 5.1 Accounting for Participants’ Interests
	  	 	18	  
	 5.2 Investment Options
	  	 	18	  
	 5.3 Method of Allocation
	  	 	19	  
	 5.4 Vesting of a Participant’s Account
	  	 	20	  
		
	 ARTICLE VI — DISTRIBUTIONS
	  	 	21	  
		
	 6.1 General Rules
	  	 	21	  
	 6.2 Distributions Based on a Specific Payment Date
	  	 	22	  
	 6.3 Distributions on Account of a Separation from Service
	  	 	22	  
	 6.4 Distributions on Account of Death
	  	 	23	  
	 6.5 Distributions on Account of Retirement
	  	 	24	  
	 6.6 Distributions on Account of Unforeseeable Emergency
	  	 	24	  
	 6.7 Distributions of Mandatory Deferrals
	  	 	25	  
	 6.8 Valuation
	  	 	25	  
	 6.9 Section 162(m) — Automatic Deferral
	  	 	26	  
	 6.10 Impact of Section 16 of the Act on Distributions
	  	 	26	  
	 6.11 Actual Date of Payment
	  	 	27	  
		
	 ARTICLE VII — PLAN ADMINISTRATION
	  	 	28	  
		
	 7.1 Plan Administrator
	  	 	28	  
	 7.2 Action
	  	 	28	  
	 7.3 Powers of the Plan Administrator
	  	 	28	  
	 7.4 Compensation, Indemnity and Liability
	  	 	29	  
	 7.5 Withholding
	  	 	29	  

  
 - ii -

  
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 7.6 Conformance with Section 409A
	  	 	30	  
		
	 ARTICLE VIII — CLAIMS PROCEDURE
	  	 	31	  
		
	 8.1 Claims for Benefits
	  	 	31	  
	 8.2 Appeals of Denied Claims
	  	 	31	  
		
	 ARTICLE IX — AMENDMENT AND TERMINATION
	  	 	32	  
		
	 9.1 Amendment of Plan
	  	 	32	  
	 9.2 Termination of Plan
	  	 	32	  
		
	 ARTICLE X — MISCELLANEOUS
	  	 	33	  
		
	 10.1 Limitation on Participant’s Rights
	  	 	33	  
	 10.2 Unfunded Obligation of Individual Employer
	  	 	33	  
	 10.3 Receipt or Release
	  	 	33	  
	 10.4 Governing Law
	  	 	33	  
	 10.5 Adoption of Plan by Related Employers
	  	 	33	  
	 10.6 Gender, Tense and Examples
	  	 	33	  
	 10.7 Successors and Assigns; Nonalienation of Benefits
	  	 	34	  
	 10.8 Facility of Payment
	  	 	34	  

  
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 ARTICLE I – HISTORY AND PURPOSE 

1.1 History and Purpose. The Pepsi Bottling Group, Inc. (the “Company”) established the PBG Executive Income
Deferral Program (the “Plan”) to permit Eligible Executives to defer base pay and certain other compensation under its executive compensation programs. The Plan was originally adopted effective as of April 7, 1999. Thereafter, the
Plan was amended and restated in its entirety effective as of October 11, 2000 (subject to other specific effective dates set forth therein). 
 The earned and vested account balances in the Plan were frozen as of December 31, 2004, except for adjustments for earnings and losses, because of Section 409A of the Internal Revenue Code
enacted by the American Jobs Creation Act of 2004 (“Section 409A”). Contributions after 2004 and amounts that were not vested as of December 31, 2004, were credited to separate accounts designed to comply with Section 409A.
This 2009 Restatement governs payment of amounts credited to such separate accounts. 
 1.2 Type of Plan. For
federal income tax purposes, the Plan is intended to be a nonqualified unfunded deferred compensation plan. For purposes of the Employee Retirement Income Security Act of 1974 (“ERISA”) the Plan is intended to be a plan described in
Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA providing benefits to a select group of management or highly compensated employees. 
 1.3 Effect of Restatement. This 2009 Restatement is effective January 1, 2009, except as otherwise explicitly provided in this document. 

The Plan document as in effect on October 3, 2004, without regard to this amendment and restatement, is referred to herein as the
Pre-409A Program. Each Participant’s vested account as of December 31, 2004, as adjusted for earnings or losses in accordance with the Pre-409A Program, are referred to as the Grandfathered Accounts. Payment of benefits credited to
Grandfathered Accounts shall be governed by the Pre-409A Program. The preservation of the terms of the Pre-409A Program, without material modification, with respect to the Grandfathered Accounts, is intended to permit the Grandfathered Accounts to
remain exempt from Section 409A, and the administration of the Plan shall be consistent with this intent. 
 Contributions
for periods on or after January 1, 2005, and amounts that became vested on or after January 1, 2005, as adjusted for earnings and losses, are credited to separate accounts. Payment of amounts during the period after 2004 and before 2009
that were credited to such non-grandfathered accounts were administered in accordance with a good faith interpretation of Section 409A, as documented in part in interim Plan restatement drafts, Plan summaries and administration forms.

 On and after January 1, 2009, payment of amounts credited to such non-grandfathered accounts shall be governed by this
2009 Restatement, as amended from time to time. 

  
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 ARTICLE II – DEFINITIONS 

When used in this 2009 Restatement of the Plan, the following terms shall have the meanings set forth below unless a different meaning is
plainly required by the context: 
 2.1 Account. The account maintained for a Participant on the books of his or
her Employer to determine, from time to time, the Participant’s interest under this Plan. The balance in such Account shall be determined by the Recordkeeper pursuant to any guidelines established by the Plan Administrator. Each
Participant’s Account shall consist of at least one Deferral Subaccount for each separate deferral under Section 4.1. The Recordkeeper may also establish such additional Deferral Subaccounts as it deems necessary for the proper
administration of the Plan. The Recordkeeper may also combine Deferral Subaccounts to the extent it deems separate accounts are not needed for sound recordkeeping. Where appropriate, a reference to a Participant’s Account shall include a
reference to each applicable Deferral Subaccount that has been established thereunder. 
 2.2 Act. The Securities
Exchange Act of 1934, as amended. 
 2.3 Base Compensation. An Eligible Executive’s base salary, to the
extent payable in U.S. dollars from an Employer’s U.S. payroll. 
 2.4 Beneficiary. The person or persons
(including a trust or trusts) properly designated by a Participant, as determined by the Plan Administrator, to receive the Participant’s Account in the event of the Participant’s death. 

2.5 Bonus Compensation. An Eligible Executive’s annual incentive award under his or her Employer’s annual
incentive plan or the PBG Executive Incentive Compensation Plan, to the extent payable in U.S. dollars from an Employer’s U.S. payroll. 
 2.6 Code. The Internal Revenue Code of 1986, as amended from time to time. 
 2.7 Company. The Pepsi Bottling Group, Inc. (also referred to herein as “PBG”), a corporation organized and existing under the laws of the State of Delaware, or its successor or
successors. 
 2.8 Deferral Subaccount. A Subaccount of a Participant’s Account maintained to reflect his or
her interest in the Plan attributable to each deferral (or separately tracked portion of a deferral) of Base Compensation and Bonus Compensation, and earnings or losses credited to such Subaccount in accordance with Section 5.1(b). 

2.9 Distribution Valuation Date. Each date as specified by the Plan Administrator from time to time as of which Participant
Accounts are valued for purposes of a distribution from a Participant’s Account. The current Distribution Valuation Dates are March 31, June 30, September 30 and December 31. Any current Distribution Valuation Date may be
changed by the Plan Administrator, provided that such change does not result in a change in the time of 

  
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payment that is impermissible under Section 409A. Values are determined as of the close of a Distribution Valuation Date or, if such date is not a business day, as of the close of the
immediately preceding business day. 
 2.10 Election Form. The form prescribed by the Plan Administrator on which
a Participant specifies the amount of his or her Base Compensation or Bonus Compensation (or both) to be deferred and the time and form of his or her deferral payout, pursuant to the provisions of Article IV. An Election Form need not exist in
a paper format, and it is expressly contemplated that the Plan Administrator may make available for use such technologies, including voice response systems and electronic forms, as it deems appropriate from time to time. 

2.11 Eligible Executive. The term, Eligible Executive, shall have the meaning given to it in Section 3.1. 

2.12 Employer. The Company and each of the Company’s subsidiaries and affiliates (if any) that is currently designated
as an Employer by the Plan Administrator. An entity shall be an Employer hereunder only for the period that it is (i) so designated by the Plan Administrator, and (ii) a member of the PBG Organization. 

2.13 Executive. Any person in an executive classification of an Employer who (i) is receiving remuneration for
personal services rendered in the employment of the Employer, and (ii) is paid in U.S. dollars from the Employer’s U.S. payroll. 
 2.14 Mandatory Deferral. That portion of an Eligible Executive’s Base Compensation that is mandatorily deferred under Section 4.6 pursuant to the requirements established by the
Compensation Committee from time to time. 
 2.15 NAV. The net asset value of a phantom unit in one of the phantom
funds offered for investment under the Plan, determined as of any date in the same manner as applies on that date under the actual fund that is the basis of the phantom fund offered by the Plan. 

2.16 Participant. Any Executive who is qualified to participate in this Plan in accordance with Section 3.1 and who
has an Account. An active Participant is one who is currently deferring under Section 4.1. 
 2.17 PBG
Organization. The controlled group of organizations of which the Company is a part, as defined by Sections 414(b) and (c) of the Code and the regulations issued thereunder. An entity shall be considered a member of the PBG Organization
only during the period it is one of the group of organizations described in the preceding sentence. 
 2.18 Performance
Period. The 52/53 week fiscal year of the Employer for which Bonus Compensation is calculated and determined. A Performance Period shall be deemed to relate to the Plan Year in which the Performance Period ends. 

  
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 2.19 Plan. The PBG Executive Income Deferral Program, the plan set forth
herein and in the Pre-409A Program document, as the plan may be amended and restated from time to time (subject to the limitations on amendment that are applicable hereunder and under the Pre-409A Program). 

2.20 Plan Administrator. The Compensation and Management Development Committee of the Board of Directors of the Company
(the “Compensation Committee”) or its delegate or delegates, which shall have the authority to administer the Plan as provided in Article VII. 
 2.21 Plan Year. The twelve-consecutive month period beginning on January 1 and ending on December 31. 
 2.22 Recordkeeper. For any designated period of time, the party to whom the Plan Administrator delegates the responsibility to maintain the records of Participant Accounts, process
Participant transactions and perform other duties in accordance with any procedures and rules established by the Plan Administrator. 
 2.23 Retirement. Separation from Service after either (i) attainment of age 55 and the tenth anniversary of the Participant’s initial employment date; or (ii) attainment of
age 65 and the fifth anniversary of the Participant’s initial employment date. 
 For purposes of this section, if a
Participant commences employment within the PBG Organization immediately following employment with PepsiCo, Inc., the Participant’s initial employment date shall be the date such Participant first became employed by PepsiCo., Inc. 

2.24 Second Look Election. The term Second Look Election shall have the meaning given to it in Section 4.5.

 2.25 Section 409A. Section 409A of the Code and the applicable regulations and other guidance of
general applicability that are issued thereunder. 
 2.26 Separation from Service. A Participant’s separation
from service as defined in Section 409A; provided that for this purpose, the term “service recipient” shall include PepsiCo, Inc. so long as PepsiCo, Inc. or a member of the PepsiCo, Inc. controlled group maintains an ownership
interest in the Company of at least 20%. The term may also be used as a verb (i.e., “Separates from Service”) with no change in meaning. 
 2.27 Specific Payment Date. A specific date selected by an Eligible Executive that triggers a lump sum payment of a deferral or the start of installment payments for a deferral, as provided
in Section 4.4. The Specific Payment Dates that are available to be selected by Eligible Executives shall be determined by the Plan Administrator, and the currently available Specific Payment Dates shall be reflected on the Election Forms that
are made available from time to time by the authorization of the Plan Administrator. In the event that an Election Form only provides 

  
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for selecting a month and a year as the Specific Payment Date, the first day of the month that is selected shall be the Specific Payment Date. 

2.28 Specified Employee. The individuals identified in accordance with the principles set forth below. 

(a) General. Any Participant who at any time during the applicable year is: 

(1) An officer of any member of the PBG Organization having annual compensation greater than $130,000 (as adjusted
for the applicable year under Section 416(i)(1) of the Code); 
 (2) A 5-percent owner of any member of
the PBG Organization; or 
 (3) A 1-percent owner of any member of the PBG Organization having annual
compensation of more than $150,000. 
 For purposes of (1) above, no more than 50 employees identified in the order of
their annual compensation shall be treated as officers. For purposes of this section, annual compensation means compensation as defined in Treas. Reg. §1.415(c)-2(a), without regard to Treas. Reg. §§1.415(c)-2(d), 1.415(c)-2(e), and
1.415(c)-2(g). The Plan Administrator shall determine who is a Specified Employee in accordance with Section 416(i) of the Code and the applicable regulations and other guidance of general applicability issued thereunder or in connection
therewith, and provided further that the applicable year shall be determined in accordance with Section 409A and that any modification of the foregoing definition that applies under Section 409A shall be taken into account. 

(b) Applicable Year. Except as otherwise required by Section 409A, the Plan Administrator
shall determine Specified Employees as of the last day of each calendar year, based on compensation for such year, and such designation shall be effective for purposes of this Plan for the twelve month period commencing on April 1st of the next following calendar year. 

(c) Rule of Administrative Convenience. In addition to the foregoing, the Plan Administrator
shall treat all other employees classified as E5 and above on the applicable determination date prescribed in subsection (b) (i.e., the last day of each calendar year) as a Specified Employee for purposes of the Plan for the twelve month period
commencing on the applicable April 1st date. However,
if there are at least 200 Specified Employees without regard to this provision, then it shall not apply. If there are less than 200 Specified Employees without regard to this provision, but full application of this provision would cause there to be
more than 200 Specified Employees, then (to the extent necessary to avoid exceeding 200 Specified Employees) those employees classified as E5 and above who have the lowest base salaries on such applicable determination date shall not be Specified
Employees. 
 2.29 Unforeseeable Emergency. A severe financial hardship to the Participant resulting from:

  
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 (a) An illness or accident of the Participant, the Participant’s
spouse or a dependent (as defined in Section 152 of the Code, without regard to Sections 152(b)(1), 152(b)(2) and 152(d)(1)(B) of the Code) of the Participant; 

(b) Loss of the Participant’s property due to casualty; or 

(c) Any other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control
of the Participant. 
 The Recordkeeper shall determine the occurrence of an Unforeseeable Emergency in accordance with Treas.
Reg. §1.409A-3(i)(3) and any guidelines established by the Plan Administrator. 
 2.30 Valuation Date. Each
date, as determined by the Recordkeeper, as of which Participant Accounts are valued in accordance with Plan procedures that are currently in effect. In accordance with procedures that may be adopted by the Plan Administrator, any current Valuation
Date may be changed. 

  
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 ARTICLE III – ELIGIBILITY AND PARTICIPATION 

3.1 Eligibility to Participate. 
 (a) In General. 
 (1) Subject to the election timing
rules of Article IV, an Executive who is classified as salary band E1 or above shall be eligible to defer compensation under the Plan, provided that an Eligible Executive who makes an irrevocable election to participate for a Plan Year shall
remain an Eligible Executive for the remainder of that Plan Year regardless of whether such Executive is subsequently classified in a salary band below E1. An individual who becomes an Eligible Executive during a Plan Year may make a deferral
election for that Plan Year only if such individual satisfies the requirements for newly-eligible status under Section 409A. Any such election shall be subject to the election restrictions set forth in Article IV. 

(2) Notwithstanding Paragraph (1) above, from time to time the Plan Administrator may modify, limit or expand
the class of Executives eligible to defer hereunder, pursuant to criteria for eligibility that need not be uniform among all or any group of Executives; provided that the Plan Administrator may remove an Executive from eligibility to participate
effective only as of the end of a Plan Year. 
 (b) During the period an individual satisfies all of the
eligibility requirements of this section, he or she shall be referred to as an Eligible Executive. 

(c) Each Eligible Executive becomes an active Participant on the date an amount is first withheld from his or her
compensation pursuant to an Election Form submitted by the Executive to the Recordkeeper (or, if authorized, the Plan Administrator) under Section 4.1. 
 3.2 Termination of Eligibility to Defer. An individual’s eligibility to participate actively by making deferrals (or a deferral election) under Article IV shall cease upon the
“Election Termination Date” (as defined below) occurring after the earliest of: 
 (a) Subject to
Section 4.1(b), the date he or she Separates from Service; or 
 (b) The date the Executive ceases to
be eligible under criteria described in Section 3.1(a)(2) above. 
 3.3 Termination of Participation. An
individual, who has been an active Participant under the Plan, ceases to be a Participant on the date his or her Account is fully paid out. 

  
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 ARTICLE IV – DEFERRAL OF COMPENSATION 

4.1 Deferral Election. 
 (a) Deferrals of Base Compensation. Each Eligible Executive may make an election to defer under the Plan any whole percentage (up to 80%) of his or her Base Compensation in the manner described in
Section 4.2. A newly Eligible Executive may only defer the portion of his or her eligible Base Compensation that is earned for services performed after the date of his or her election. Subject to the foregoing sentence, any Base Compensation
deferred by an Eligible Executive for a Plan Year shall will be deducted each pay period during the Plan Year for which he or she has Base Compensation and is an Eligible Executive. Base Compensation paid after the end of a Plan Year for services
performed during the final payroll period of the preceding Plan Year shall be treated as Base Compensation for services in the subsequent Plan Year. 
 (b) Deferrals of Bonus Compensation. 
 (1) General
Rules. Each Eligible Executive may make an election to defer under the Plan any whole percentage (up to 100%) of his or her Bonus Compensation in the manner described in Section 4.2. An Eligible Executive that is hired, transferred or
promoted into a position eligible for the Plan during a Plan Year may not defer any portion of his or her Bonus Compensation earned for the Performance Period relating to the Plan Year in which he or she is hired, transferred or promoted; provided
that a promoted Executive may elect to defer Bonus Compensation if such Executive was eligible for such compensation as of the first day of the Plan Year. The percentage of Bonus Compensation deferred by an Eligible Executive for a Plan Year will be
deducted from his or her payment under the applicable compensation program at the time it would otherwise be paid, provided he or she satisfies all conditions for payment that would apply in the absence of a deferral. 

(2) Performance Criteria. Notwithstanding subsection (b)(1) above, an Eligible Executive shall not be eligible
to defer Bonus Compensation for a Plan Year unless the Bonus Compensation is contingent on the satisfaction of organizational or individual performance criteria for the Performance Period that relates to the Plan Year, such criteria have been
established in writing by not later than 90 days after the beginning of the applicable Performance Period, and the Bonus Compensation satisfies the requirements for performance-based compensation under 409A. 

(c) Election Form Rules. To be effective in deferring Base or Bonus Compensation, an Eligible Executive’s
Election Form must set forth the percentage of Base/Bonus Compensation (whichever applies) to be deferred, and any other information that may be required by the Plan Administrator from time to time. In addition, the Election Form must meet the
requirements of Section 4.2. To avoid the application of certain default choices, the Eligible Executive may also specify the deferral period under Section 4.3, and the form of payment under Section 4.4. It is contemplated that an
Eligible Executive will specify the 

  
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investment choice under Section 5.2 (in multiples of 5%) for the Eligible Executive’s deferral. However, this is not a condition for making an effective election. 

4.2 Time and Manner of Deferral Election. 

(a) Deferrals of Base Compensation. Ordinarily, an Eligible Executive must make a deferral election for a Plan Year
with respect to Base Compensation no later than October 31 of the year prior to the Plan Year in which the Base Compensation would otherwise be paid. However, an individual who newly becomes an Eligible Executive will have 30 days from the
date the individual becomes an Eligible Executive to make a deferral election with respect to Base Compensation that is earned for services performed after the election is received (the “30-Day Election Period”). The 30-Day Election Period
may be used to make an election for Base Compensation that otherwise would be paid in the Plan Year in which the individual becomes an Eligible Executive. In addition, the 30-Day Election Period may be used to make an election for Base Compensation
that would otherwise be paid in the next Plan Year (i.e., the Plan Year following when the individual becomes an Eligible Executive), if the individual becomes an Eligible Executive after October 1 and not later than December 31 of
a Plan Year. Thus, if a Base Compensation deferral election for a Plan Year is made after October 31 of the prior Plan Year in reliance on the 30-day rule, then the Plan Administrator shall apply the restriction that the election may only apply
to Base Compensation earned for services performed after the date the election is received. 
 (b) Deferrals
of Bonus Compensation. An Eligible Executive must make a deferral election with respect to his or her Bonus Compensation at least six months prior to the end of the Performance Period for which the applicable Bonus Compensation is paid, and this
election will be the Eligible Executive’s bonus deferral election for the Plan Year to which the Performance Period relates. 
 (c) General Provisions. A separate deferral election under (a) or (b) above must be made by an Eligible Executive for each category of a Plan Year’s compensation that is eligible for
deferral. If a properly completed and executed Election Form is not actually received by the Recordkeeper (or, if authorized, the Plan Administrator) by the prescribed time in (a) and (b) above, the Eligible Executive will be deemed to
have elected not to defer any Base Compensation or Bonus Compensation, as the case may be, for the applicable Plan Year. Except as provided in the next sentence, an election is irrevocable once received and determined by the Plan Administrator to be
properly completed (and in all cases shall be irrevocable not later than the latest date permitted under Section 409A for the applicable kind of initial election). Increases or decreases in the percentage a Participant elects to defer shall not
be permitted during a Plan Year; provided that if a Participant receives a hardship distribution under a cash or deferred profit sharing plan that is sponsored by a member of the PBG Organization and such plan requires that deferrals be suspended
for a period of time following the hardship distribution, the Plan Administrator shall cancel the Participant’s deferral election so that no deferrals shall be made during such suspension period. If an election is cancelled because of a
hardship distribution, any later deferral elections shall be subject to the provisions governing initial deferral elections. Notwithstanding the preceding three sentences, to the extent necessary

  
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because of circumstances beyond the control of the Executive, the Plan Administrator may grant an extension of any election period and may permit (to the extent deemed necessary for orderly Plan
administration or to avoid undue hardship to an Eligible Executive) the modification of an election. Any such extension or modification shall be available only if (1) it does not extend the time for making an election beyond the latest time
permitted under Section 409A, (2) the Plan Administrator determines that it otherwise meets the minimum requirements of Section 409A and is desirable for Plan administration, and (3) only upon such conditions as may be required
by the Plan Administrator. 
 4.3 Period of Deferral. An Eligible Executive making a deferral election shall
specify a deferral period on his or her Election Form by designating either a Specific Payment Date or the date he or she incurs a Separation from Service. Notwithstanding an Eligible Executive’s actual election of a Specific Payment Date, an
Eligible Executive shall be deemed to have elected a period of deferral of not less than: 
 (a) For Base
Compensation, at least one year after the end of the Plan Year during which the Base Compensation would have been paid absent the deferral; and 
 (b) For Bonus Compensation, at least two years after the date the Bonus Compensation would have been paid absent the deferral. 

In the case of a deferral to a Specific Payment Date, if an Eligible Executive’s Election Form either fails to specify a period of
deferral or specifies a period less than the applicable minimum, the Eligible Executive shall be deemed to have selected a Specific Payment Date equal to the minimum period of deferral as provided in subsections (a) and (b) above.

 4.4 Form of Deferral Payment. An Eligible Executive making a deferral election shall specify a form of payment
on his or her Election Form by designating either a lump sum payment or installment payments to be paid over a period of no more than 20 years. Any election for installment payments shall also specify (a) the frequency for which
installment payments shall be paid, which shall be quarterly, semi-annually and annually and (b) the fixed number of years over which installments are to be paid. If an Eligible Executive fails to make a form of payment election for a deferral
as provided above, he or she shall be deemed to have elected a lump sum payment. 
 4.5 Second Look Election.

 (a) General. Subject to subsection (b) below, a Participant who has made a valid initial deferral
in accordance with the foregoing provisions of this Article that provides for payment on a Specified Payment Date may subsequently make another one-time election regarding the time and/or form of payment of his or her deferral. This opportunity to
modify the Participant’s initial election is referred to as a “Second Look Election.” 
 (b)
Requirements for Second Look Elections. A Second Look Election must comply with all of the following requirements: 

  
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 (1) If a Participant’s initial election specified payment based on
a Specific Payment Date, the Participant may only make a Second Look Election if the election is made at least twelve months before the Participant’s original Specific Payment Date. In addition, in this case the Participant’s Second Look
Election must delay the payment of the Participant’s deferral to a new Specific Payment Date that is at least 5 years after the original Specific Payment Date. 

(2) A Second Look Election will not be effective until twelve months after it is made. 

(3) A Separation from Service may not be specified as the payout date resulting from a Second Look Election.

 (4) A Participant may make only one Second Look Election for each individual deferral, and all Second
Look Elections must comply with all of the requirements of this Section 4.5. 
 (5) A Participant who
changes the form of his or her payment election from lump sum to installments will be subject to the provisions of the Plan regarding installment payment elections in Section 4.4, and such installment payments must begin no earlier than
5 years after when the lump sum payment would have been paid based upon the Participant’s initial election. 
 (6) If a Participant’s initial election specified payment in the form of installments and the Participant wants to elect installment payments over a greater number of years, the election will be
subject to the provisions of the Plan regarding installment payment elections in Section 4.4, and the first payment date of the new installment payment schedule must be no earlier than 5 years after the first payment date that applied
under the Participant’s initial installment election. 
 (7) If a Participant’s initial election
specified payment in the form of installments and the Participant wants to elect instead payment in a lump sum, the earliest payment date of the lump sum must be no earlier than five years after the first payment date that applied under the
Participant’s initial installment election. 
 (8) For purposes of this section, all of a
Participant’s installment payments related to a specific deferral election shall be treated as a single payment. 
 A
Second Look Election will be void and payment will be made based on the Participant’s original election under Sections 4.3 and 4.4 if all of the provisions of the foregoing Paragraphs of this subsection are not satisfied in full. However,
if a Participant’s Second Look Election becomes effective in accordance with the provisions of this subsection, the Participant’s original election shall be superseded (including the Specific Payment Date specified therein), and

  
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 this original election shall not be taken into account with respect to the deferral that is subject to the
Second Look Election. 
 (c) Plan Administrator’s Role. Each Participant has the sole responsibility
to elect a Second Look Election by contacting the Recordkeeper (or, if authorized, the Plan Administrator) and to comply with the requirements of this section. The Plan Administrator or the Recordkeeper may provide a notice of a Second Look Election
opportunity to some or all Participants, but the Recordkeeper and Plan Administrator is under no obligation to provide such notice (or to provide it to all Participants, in the event a notice is provided only to some Participants). The Recordkeeper
and the Plan Administrator have no discretion to waive or otherwise modify any requirement for a Second Look Election set forth in this section or in Section 409A. 
 4.6 Mandatory Deferrals. 
 (a) In General. As
provided in this section, Base Compensation may be deferred under the Plan on a non-elective basis. In the case of an Eligible Executive whose Base Compensation for a Plan Year is determined by the Compensation Committee, the Compensation Committee
may require a portion of the Eligible Executive’s Base Compensation for the Plan Year to be deferred under the Plan. Such portion of the Eligible Executive’s Base Compensation that the Compensation Committee requires to be deferred under
this Section 4.6 on a non-elective basis shall be referred to as a “Mandatory Deferral.” 
 (b) Time for Committee’s Determination. If, prior to the decision by the Compensation Committee with respect a Mandatory Deferral, the Eligible Executive has not earned a binding right to the
portion of his Base Compensation that is to be deferred mandatorily, the Compensation Committee may require the deferral of such Base Compensation not later than when the Eligible Executive earns a binding right to the Base Compensation. However, if
the Eligible Executive has already earned a binding right to some or all of the Base Compensation to be deferred mandatorily, then to be effective hereunder any determination by the Compensation Committee to require deferral of such portion of the
Eligible Executive’s Base Compensation must be made no later than December 31st of the year prior to the Plan Year in which such portion of Base Compensation would otherwise be paid and as of December 31st of such prior year the determination shall be irrevocable. Any Mandatory Deferral for a Plan Year shall be credited to
a separate Deferral Subaccount for such Plan Year. 
 (c) Time and Form of Payment. At the time that the
Compensation Committee provides for the Mandatory Deferral of an Eligible Executive’s Base Compensation, the Compensation Committee shall (1) designate a Specific Payment Date for such Mandatory Deferral within the parameters of
Section 4.3, and (2) designate a form of payment for such Mandatory Deferral (e.g., lump sum or installments) within the parameters of Section 4.4(a). The Compensation Committee may retain the right to change the time and form
of payment of any Mandatory Deferral, but any such change must meet the requirements of Section 4.5 (applied as if the decision by the Compensation Committee were a decision by the Eligible Executive). 

  
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 The Eligible Executive shall be entitled to elect to change the time and form of payment under
Section 4.5 only to the extent expressly permitted by the Compensation Committee. 

  
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 ARTICLE V – INTERESTS OF PARTICIPANTS 

5.1 Accounting for Participants’ Interests. 

(a) Deferral Subaccounts. Each Participant shall have at least one separate Deferral Subaccount for each separate
deferral of Base Compensation or Bonus Compensation made by the Participant under this Plan. A Participant’s deferral shall be credited to his or her Account as soon as practicable following the date the compensation would be paid in the
absence of a deferral. A Participant’s Account is a bookkeeping device to track the value of the Participant’s deferrals (and his or her Employer’s liability therefor). No assets shall be reserved or segregated in connection with any
Account, and no Account shall be insured or otherwise secured. 
 (b) Account Earnings or Losses. As of
each Valuation Date, a Participant’s Account shall be credited with earnings and gains (and shall be debited for expenses and losses) determined as if the amounts credited to his or her Account had actually been invested as directed by the
Participant in accordance with this Article. The Plan provides only for “phantom investments,” and therefore such earnings, gains, expenses and losses are hypothetical and not actual. However, they shall be applied to measure the value of
a Participant’s Account and the amount of his or her Employer’s liability to make deferred payments to or on behalf of the Participant. 
 5.2 Investment Options. 
 (a) General. Each of
a Participant’s Deferral Subaccounts shall be invested on a phantom basis in any combination of phantom investment options specified by the Participant (or following the Participant’s death, by his or her Beneficiary) from those offered by
the Plan Administrator for this purpose from time to time. The Plan Administrator may discontinue any phantom investment option with respect to some or all Accounts, and it may provide rules for transferring a Participant’s phantom investment
from the discontinued option to a specified replacement option (unless the Participant selects another replacement option in accordance with such requirements as the Plan Administrator may apply). 

(b) Phantom Investment Options. The basic phantom investment options offered under the Plan are as follows:

 (1) Phantom PBG Stock Fund. Participant Accounts invested in this phantom option are adjusted to
reflect an investment in the PBG Stock Fund, which is offered under the PBG 401(k) Savings Program. An amount deferred or transferred into this option is converted to phantom units in the PBG Stock Fund by dividing such amount by the NAV of the fund
on the Valuation Date as of which the amount is treated as invested in this option by the Plan Administrator. A Participant’s interest in the Phantom PBG Stock Fund is valued as of a Valuation Date (or a Distribution Valuation Date) by
multiplying the number of phantom units credited to the Participant’s Account on such date by the NAV of a unit in the PBG Stock Fund on such date. If shares of PBG Common Stock change by reason of any stock split, stock

  
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dividend, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other any other corporate change treated as subject to this provision by the Plan Administrator,
such equitable adjustment shall be made in the number and kind of phantom units credited to an Account or Subaccount as the Plan Administrator may determine to be necessary or appropriate. In no event will shares of PBG Common Stock actually be
purchased or held under this Plan, and no Participant shall have any rights as a shareholder of PBG Common Stock on account of an interest in this phantom option. 

(2) Phantom PBG 401(k) Funds. From time to time, the Plan Administrator shall designate which (if any) of the
investment options under the PBG 401(k) Savings Program shall be available as phantom investment options under this Plan. Participant Accounts invested in these phantom options are adjusted to reflect an investment in the corresponding investment
options under the PBG 401(k) Savings Program. An amount deferred or transferred into one of these options is converted to phantom units in the applicable PBG 401(k) Savings Program fund of equivalent value by dividing such amount by the NAV of a
unit in such fund on the date as of which the amount is treated as invested in the option by the Plan Administrator. Thereafter, a Participant’s interest in each such phantom option is valued as of a Valuation Date (or a Distribution Valuation
Date) by multiplying the number of phantom units credited to his or her Account on such date by the NAV of a unit in the applicable PBG 401(k) Savings Program fund on such date. 

(3) Other Funds. From time to time, the Plan Administrator shall designate which (if any) other investment
options shall be available as phantom investment options under this Plan. These may be in addition to those provided for above. They may also be in lieu of some or all of them. Any of these phantom investment options shall be administered under
procedures implemented from time to time by the Plan Administrator. 
 5.3 Method of Allocation. 

(a) Deferral Elections. With respect to any deferral election by a Participant, the Participant must use his or her
Election Form to allocate the deferral in 5% increments among the phantom investment options then offered by the Plan Administrator. If an Election Form related to an original deferral election specifies phantom investment options for less than 100%
of the Participant’s deferral, the Recordkeeper shall allocate the Participant’s deferrals to the Phantom Security Plus Fund to the extent necessary to provide for investment of 100% of the Participant’s deferral. If an Election Form
related to an original deferral election specifies phantom investment options for more than 100% of the Participant’s deferral, the Recordkeeper shall prorate all of the Participant’s investment allocations to the extent necessary to
reduce (after rounding to 5% increments) the Participant’s aggregate investment percentages to 100%. 
 (b)
Fund Transfers. A Participant may reallocate previously deferred amounts in a Deferral Subaccount by properly completing and submitting a fund transfer form provided by the Plan Administrator or Recordkeeper or by following such other
non-paper procedures, such as electronically, that the Plan Administrator may designate, and specifying, in 5% increments, the reallocation of his or her Deferral Subaccounts among the phantom investment

  
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options then offered by the Plan Administrator for this purpose. If a fund transfer form or other designated method provides for investing less than or more than 100% of the Participant’s
Account, it will be void and disregarded. Any fund transfer form that is not void under the preceding sentence shall be effective as of the Valuation Date next occurring after its receipt by the Recordkeeper, but the Plan Administrator or the
Recordkeeper may also specify a minimum number of days in advance of which such transfer form must be received in order for the form to become effective as of such next Valuation Date. If more than one transfer form is received on a timely basis for
a Deferral Subaccount, the transfer form that the Plan Administrator or Recordkeeper determines to be the most recent shall be followed. 
 (c) Phantom PBG Stock Fund Restrictions. Notwithstanding the preceding provisions of this section, to the extent necessary to ensure compliance with Rule 16b-3(f) of the Act, the Company may
arrange for tracking of any such transaction defined in Rule 16b-3(b)(1) of the Act involving the Phantom PBG Stock Fund and the Company may bar or alter the effective date of any such transaction to the extent it would not be exempt under
Rule 16b-3(f). The Company may impose blackout periods pursuant to the requirements of the Sarbanes-Oxley Act of 2002 whenever the Company determines that circumstances warrant. Further, the Company may impose quarterly blackout periods on
insider trading in the Phantom PBG Stock Fund as needed (as determined by the Company), timed to coincide with the release of the Company’s quarterly earnings reports. The commencement and termination of these blackout periods in each quarter,
the parties to which they apply and the activities they restrict shall be as set forth in the official insider trading policy promulgated by the Company from time to time. These provisions shall apply notwithstanding any provision of the Plan to the
contrary except Section 7.6 (relating to compliance with Section 409A). 
 5.4 Vesting of a Participant’s
Account. A participant’s interest in the value of his or her Account shall at all times be 100% vested, which means that it will not forfeit as a result of his or her Separation from Service. 

  
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 ARTICLE VI – DISTRIBUTIONS 

6.1 General Rules. A Participant’s Deferral Subaccount(s) that are governed by the terms of this 2009 Restatement
shall be distributed as provided in this Article, subject in all cases to Sections 5.3(c), 6.10 and 7.3(j) (relating to compliance with securities laws with respect to the Phantom PBG Stock Fund). All Deferral Subaccount balances (including
those hypothetically invested in the Phantom PBG Stock Fund) shall be distributed in cash. In no event shall any portion of a Participant’s Account be distributed earlier or later than is allowed under Section 409A. Subsequent reemployment
of the Participant shall not affect the payment of the Participant’s Deferral Account for which a payment event previously occurred. 
 The following general rules shall apply for purposes of interpreting the provisions of this Article VI. 
 (a) Section 6.2 (Distributions Based on a Specific Payment Date) applies when a Participant has elected to defer until a Specific Payment Date (including pursuant to a Second Look Election) and
the Specific Payment Date is reached before the Participant’s (i) Separation from Service (other than for Retirement); or (ii) death. However, if such a Participant Separates from Service (other than for Retirement or death) prior to
the Specific Payment Date (or prior to an installment payment pursuant to a Specific Payment Date or Second Look Election), Section 6.3 shall apply to the extent it would result in an earlier distribution. If such a Participant dies prior to
the Specific Payment Date (or prior to an installment payment pursuant to a Specific Payment Date), Section 6.4 shall apply to the extent it would result in an earlier distribution of all or part of a Participant’s Account. 

(b) Section 6.3 (Distributions on Account of a Separation from Service) applies (i) when a Participant has
elected to defer until a Separation from Service and then the Participant Separates from Service (other than for Retirement or death); or (ii) when applicable under subsection (a) above. 

(c) Section 6.4 (Distributions on Account of Death) applies when the Participant dies. If a Participant is
entitled to receive or is receiving a distribution under Section 6.2, 6.3 or 6.5 (see below) at the time of his death, Section 6.4 shall take precedence over those sections to the extent Section 6.4 would result in an earlier
distribution of all or part of a Participant’s Account. 
 (d) Section 6.5 (Distributions on
Account of Retirement) applies when a Participant has elected to defer until a Separation from Service and then the Participant Separates from Service on account of his or her Retirement. Subsection (c) of this section provides for when
Section 6.4 takes precedence over Section 6.5. 
 (e) Section 6.6 (Distributions on Account
of Unforeseeable Emergency) applies when the Participant incurs an Unforeseeable Emergency prior to when a Participant’s Account is distributed under Sections 6.2 through 6.5. In this case, the provisions of Section 6.6

  
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shall take precedence over Sections 6.2 through 6.5 to the extent Section 6.6 would result in an earlier distribution of all or part of the Participant’s Account. 

(f) Section 6.7 (Distributions of Mandatory Deferrals) shall apply to all distributions of Mandatory Deferrals,
and the provisions of Section 6.7 shall take precedence over Sections 6.2 through 6.6 with respect to distributions of all Mandatory Deferrals. 
 6.2 Distributions Based on a Specific Payment Date. This Section shall apply to distributions that are to be made upon the occurrence of a Specific Payment Date (including distributions
pursuant to a Second Look Election). In the event a Participant’s Specific Payment Date for a Deferral Subaccount is reached before an amount becomes payable to the Participant on account of (i) the Participant’s Separation from
Service (other than for Retirement), or (ii) the Participant’s death, such Deferral Subaccount shall be distributed based on the occurrence of such Specific Payment Date in accordance with the following terms and conditions: 

(a) If a Participant’s Deferral Subaccount is to be paid in the form of a lump sum pursuant to Section 4.4
or 4.5, whichever is applicable, the Deferral Subaccount shall be valued as of the last Distribution Valuation Date preceding the Participant’s Specific Payment Date, and the resulting amount shall be payable in a single lump sum on the
Specific Payment Date. 
 (b) If a Participant’s Deferral Subaccount is to be paid in the form of
installments pursuant to Section 4.4 or 4.5, whichever is applicable, the Participant’s first installment payment shall be payable on the Specific Payment Date. Thereafter, installment payments shall continue in accordance with the
schedule elected by the Participant, except as provided in Sections 6.3, 6.4 and 6.6 (relating to distributions upon Separation from Service (other than Retirement or death), death or Unforeseeable Emergency). The amount of each installment
shall be determined under Section 6.8 based on the Distribution Valuation Date immediately preceding the date such installment is payable. Notwithstanding the preceding provisions of this subsection, if the Participant Separates from Service
(other than for Retirement) or dies, the Participant’s Deferral Subaccounts that would otherwise be distributed based on such Specific Payment Date shall instead be distributed in accordance with Section 6.3 or 6.4 (relating to
distributions on account of Separation from Service or death), whichever applies, but only to the extent it would result in an earlier distribution of the Participant’s Subaccount. 

6.3 Distributions on Account of a Separation from Service. A Participant’s total Account shall be distributed upon the
occurrence of a Participant’s Separation from Service (other than for Retirement or death) in accordance with the terms and conditions of this section. When used in this section, the phrase “Separation from Service” shall only refer
to a Separation from Service that is not for Retirement or death. 
 (a) Subject to subsection (c), for
those Deferral Subaccounts that have a Specific Payment Date (including a Specific Payment Date resulting from a Second Look Election) that is after the Participant’s Separation from Service, such Deferral Subaccounts shall be payable in a

  
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single lump sum payment on the first day of the month following the end of the calendar quarter following the quarter in which the Participant’s Separation from Service occurs to the extent
such payment would result in an earlier distribution to the Participant. 
 (b) Subject to subsection (c),
if the Participant’s Separation from Service is on or after the Specific Payment Date (including a Specific Payment Date resulting from a Second Look Election) applicable to a Participant’s Deferral Subaccount and the Participant has
selected installment payments as the form of distribution for the Deferral Subaccount, then the remainder of such Deferral Subaccount shall be payable in a single lump sum payment on the first day of the month following the end of the calendar
quarter following the quarter in which the Participant’s Separation from Service occurs to the extent such payment would result in an earlier distribution to the Participant). 

(c) If the Participant is classified as a Specified Employee at the time of the Participant’s Separation from
Service (or at such other time for determining Specified Employee status as may apply under Section 409A), then such Participant’s Account shall be payable, to the extent such payment is due as a result of the Participant’s Separation
from Service, on the first day of the month following the end of the second calendar quarter following the quarter in which the Participant’s Separation from Service occurs, valued as of the immediately preceding Distribution Valuation Date.

 Amounts payable in accordance with this Section 6.3 shall be determined based on the Distribution
Valuation Date immediately preceding the date such amount is payable. 
 6.4 Distributions on Account of Death.

 (a) Upon a Participant’s death, the value of the Participant’s Account under the Plan shall be
payable in a single lump sum payment on the first day of the month following the end of the calendar quarter following the quarter in which the Participant’s death occurs, valued as of the last Distribution Valuation Date preceding the date
such amount becomes payable. If the Participant is receiving installment payments at the time of the Participant’s death, or a Specific Payment Date distribution (including a Specific Payment Date resulting from a Second Look Election) is
payable prior to the date an amount is payable under this Section 6.4, such payment or installment payment shall be made in accordance with the terms of the applicable deferral election that governs such payment until the time that the lump sum
payment is due to be paid under the preceding sentence of this subsection. Immediately prior to the time that such lump sum payment is scheduled to be paid, all installment payments shall cease and the remaining balance of the Participant’s
Account shall be distributed at such scheduled payment time in a single lump sum. Amounts paid following a Participant’s death, whether a lump sum or installments, shall be paid to the Participant’s Beneficiary. 

(b) Each Participant may designate a Beneficiary or Beneficiaries (contingently, consecutively, or successively) of a
death benefit and, from time to time, may change his or her designated Beneficiary. A Beneficiary may be a trust. A beneficiary designation shall be made in writing in a form prescribed by the Plan Administrator and delivered to the Plan
Administrator 

  
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while the Participant is alive. If there is no designated Beneficiary surviving at the death of a Participant, payment of any death benefit of the Participant shall be made to the estate of the
Participant. 
 (c) Any claim to be paid any amounts standing to the credit of a Participant in connection
with the Participant’s death must be received by the Recordkeeper or the Plan Administrator at least 14 days before any such amount is paid out by the Recordkeeper. Any claim received thereafter is untimely, and it shall be unenforceable
against the Plan, the Company, the Plan Administrator, the Recordkeeper or any other party acting for one or more of them. 

6.5 Distributions on Account of Retirement. If a Participant incurs a Separation from Service on account of his or her
Retirement, the Participant’s Account shall be distributed in accordance with the terms and conditions of this section. 
 (a) If the Participant’s Retirement is prior to the Specific Payment Date that is applicable to a Deferral Subaccount, the Participant’s deferral election pursuant to Sections 4.3, 4.4
or 4.5 (i.e., time and form of payment) shall continue to be given effect, and the Deferral Subaccount shall be distributed based upon the provisions of subsections (a) and (b) under Section 6.2, whichever applies (relating to
distribution based on a Specific Payment Date). 
 (b) If the Participant has selected payment of his or her
deferral on account of Separation from Service, distribution of the related Deferral Subaccount shall commence on the first day of the month following the end of the calendar quarter following the quarter in which the Participant’s Retirement
occurs. Such distribution shall be made in either a single lump sum payment (valued as of the immediately preceding Distribution Valuation Date) or in installment payments depending upon the Participant’s deferral election under
Sections 4.4 or 4.5. If the Participant is entitled to installment payments, such payments shall be made in accordance with the Participant’s installment election (but subject to acceleration under Sections 6.4 and 6.6 relating to
distributions on account of death and Unforeseeable Emergency) and with the installment payment amounts determined under Section 6.8. However, if the Participant is classified as a Specified Employee at the time of the Participant’s
Retirement (or at such other time for determining Specified Employee status as may apply under Section 409A), then such Participant’s Account shall not be payable, as a result of the Participant’s Retirement, until the first day of
the first calendar quarter that is at least six months after the Participant’s Retirement. 
 (c) If
the Participant is receiving installment payments in accordance with Section 6.2 (relating to distributions on account of a Specific Payment Date) for one or more Deferral Subaccounts at the time of his or her Retirement, such installment
payments shall continue to be paid based upon the Participant’s deferral election (but subject to acceleration under Sections 6.4 and 6.6 relating to distributions on account of death and Unforeseeable Emergency). 

6.6 Distributions on Account of Unforeseeable Emergency. Prior to the time that an amount would become distributable under
Sections 6.2 through 6.5, a Participant may file a 

  
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written request with the Recordkeeper for accelerated payment of all or a portion of the amount credited to the Participant’s Account based upon an Unforeseeable Emergency. After an
individual has filed a written request pursuant to this section, along with all supporting material that may be required by the Recordkeeper from time to time, the Recordkeeper shall determine within 60 days (or such other number of days that
is necessary if special circumstances warrant additional time) whether the individual meets the criteria for an Unforeseeable Emergency. If the Recordkeeper determines that an Unforeseeable Emergency has occurred, the Participant shall receive a
distribution from his or her Account as soon as administratively practicable thereafter. However, such distribution shall not exceed the dollar amount necessary to satisfy the Unforeseeable Emergency (plus amounts necessary to pay taxes reasonably
anticipated as a result of the distribution) after taking into account the extent to which the Unforeseeable Emergency is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s
assets (to the extent the liquidation of such assets would not itself cause severe financial hardship). 
 6.7
Distributions of Mandatory Deferrals. This Section 6.7 shall govern the distribution of all Mandatory Deferrals under the Plan. Unless the Compensation Committee determines otherwise at the time of the Mandatory Deferral or
afterwards (subject to the provisions of Section 4.5), a Participant’s Deferral Subaccount(s) for a Mandatory Deferral shall be distributed upon the earliest of the following to occur: 

(a) The Specific Payment Date for the Deferral Subaccount pursuant to the distribution rules of Section 6.2;

 (b) The Participant’s Separation from Service (other than account of a death) pursuant to the
distribution rules of Section 6.3; 
 (c) The Participant’s death pursuant to the distribution
rules of Section 6.4; 
 (d) The occurrence of an Unforeseeable Emergency with respect to the
Participant pursuant to the distribution rules of Section 6.6. 
 6.8 Valuation. In determining the amount of
any individual distribution pursuant to this Article, the Participant’s Deferral Subaccount shall continue to be credited with earnings and gains (and debited for expenses and losses) as specified in Article V until the Distribution
Valuation Date that is used in determining the amount of the distribution under this Article. If a particular Section in this Article does not specify a Distribution Valuation Date to be used in calculating the distribution, the Participant’s
Deferral Subaccount shall continue to be credited with earnings and gains (and debited for expenses and losses) as specified in Article V until the Distribution Valuation Date that immediately precedes such distribution. In determining the
value of a Participant’s remaining Deferral Subaccount following an installment distribution from the Deferral Subaccount (or a partial distribution under Section 6.6 relating to an Unforeseeable Emergency), such distribution shall reduce
the value of the Participant’s Deferral Subaccount as of the close of the Distribution Valuation Date immediately preceding the payment date for such installment (or partial distribution). The amount to be distributed in

  
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connection with any installment payment shall be determined by dividing the value of a Participant’s Deferral Subaccount as of such immediately preceding Distribution Valuation Date
(determined before reduction of the Deferral Subaccount as of such Distribution Valuation Date in accordance with the preceding sentence) by the remaining number of installments to be paid with respect to the Deferral Subaccount. 

6.9 Section 162(m) — Automatic Deferral. Notwithstanding any other provision of this Plan to the contrary, and
subject to the requirements of Treas. Reg. §1.409A-2(b)(7)(i), no amount shall be paid to any Participant before the earliest date on which the Employer’s federal income tax deduction for such payment is not precluded by
Section 162(m) of the Code. In the event any payment is delayed solely as a result of the preceding restriction, such payment shall be made as soon as administratively feasible following the first date as of which the Employer reasonably
anticipates that Section 162(m) of the Code no longer precludes the deduction by the Employer. 
 6.10 Impact of
Section 16 of the Act on Distributions. The provisions of Section 5.3(c) and this Section 6.10 shall apply in determining whether a Participant’s distribution shall be delayed beyond the date applicable under the
preceding provisions of this Article VI. 
 (a) In General. This Plan is intended to be a formula
plan for purposes of Section 16 of the Act. Accordingly, in the case of a deferral or other action under the Plan that constitutes a transaction that could be covered by Rule 16b-3(d) or (e) of the Act, if it were approved by the
Company’s Board of Directors or the Compensation Committee (“Board Approval”), it is intended that the Plan shall be administered by delegates of the Compensation Committee, in the case of a Participant who is subject to
Section 16 of the Act, in a manner that will permit the Board Approval of the Plan to avoid any additional Board Approval of specific transactions to the maximum possible extent. 

(b) Approval of Distributions: This Subsection shall govern the distribution of a deferral that (i) is wholly
or partly invested in the Phantom PBG Stock Fund at the time the deferral would be valued to determine the amount of cash to be distributed to a Participant, (ii) either was the subject of a Second Look Election or was not covered by an
agreement, made at the time of the Participant’s original deferral election, that any investments in the Phantom PBG Stock Fund would, once made, remain in that fund until distribution of the deferral, (iii) is made to a Participant who is
subject to Section 16 of the Act at the time the interest in the Phantom PBG Stock Fund would be liquidated in connection with the distribution, and (iv) if paid at the time the distribution would be made without regard to this subsection,
could result in a violation of Section 16 of the Act because there is an opposite way transaction that would be matched with the liquidation of the Participant’s interest in the Phantom PBG Stock Fund (either as a “discretionary
transaction,” within the meaning of Rule 16b-3(b)(1), or as a regular transaction, as applicable) (a “Covered Distribution”). In the case of a Covered Distribution, if the liquidation of the Participant’s interest in the
Phantom PBG Stock Fund in connection with the distribution has not received Board Approval by the time the distribution would be made if it were not a Covered Distribution, or if it is a discretionary transaction, then the actual distribution to the
Participant shall be delayed only until the earlier of: 

  
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 (1) In the case of a transaction that is not a discretionary
transaction, Board Approval of the liquidation of the Participant’s interest in the Phantom PBG Stock Fund in connection with the distribution, and 
 (2) The date the distribution would no longer violate Section 16 of the Act, e.g., when the Participant is no longer subject to Section 16 of the Act, when the Deferral Subaccount
related to the distribution is no longer invested in the Phantom PBG Stock Fund, or when the time between the liquidation and an opposite way transaction is sufficient. 

6.11 Actual Date of Payment. An amount payable on a date specified in this Article VI shall be
paid as soon as administratively feasible after such date; but no later than the later of (a) the end of the calendar year in which the specified date occurs; or (b) the 15 th day of the third calendar month following such specified date and the Participant (or Beneficiary) is not permitted to
designate the taxable year of the payment. The payment date may be postponed further if calculation of the amount of the payment is not administratively practicable due to events beyond the control of the Participant (or Beneficiary), and the
payment is made in the first calendar year in which the calculation of the amount of the payment is administratively practicable. 

  
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 ARTICLE VII – PLAN ADMINISTRATION 

7.1 Plan Administrator. The Plan Administrator is responsible for the administration of the Plan. The Plan Administrator
has the authority to name one or more delegates to carry out certain responsibilities hereunder, as specified in the definition of Plan Administrator. Any such delegation shall state the scope of responsibilities being delegated. 

7.2 Action. Action by the Plan Administrator may be taken in accordance with procedures that the Plan Administrator adopts
from time to time or that the Company’s Law Department determines are legally permissible. 
 7.3 Powers of the Plan
Administrator. The Plan Administrator shall administer and manage the Plan and shall have (and shall be permitted to delegate) all powers necessary to accomplish that purpose, including the following: 

(a) To exercise its discretionary authority to construe, interpret, and administer this Plan; 

(b) To exercise its discretionary authority to make all decisions regarding eligibility, participation and deferrals,
to make allocations and determinations required by this Plan, and to maintain records regarding Participants’ Accounts; 
 (c) To compute and certify to the Employers the amount and kinds of payments to Participants or their Beneficiaries, and to determine the time and manner in which such payments are to be paid;

 (d) To authorize all disbursements by the Employer pursuant to this Plan; 

(e) To maintain (or cause to be maintained) all the necessary records for administration of this Plan; 

(f) To make and publish such rules for the regulation of this Plan as are not inconsistent with the terms hereof;

 (g) To delegate to other individuals or entities from time to time the performance of any of its duties
or responsibilities hereunder; 
 (h) To establish or to change the phantom investment options or
arrangements under Article V; 
 (i) To hire agents, accountants, actuaries, consultants and legal
counsel to assist in operating and administering the Plan; and 
 (j) Notwithstanding any other provision of
this Plan except Section 7.6 (relating to compliance with Section 409A), the Plan Administrator or the Recordkeeper may 

  
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take any action the Plan Administrator deems is necessary to assure compliance with any policy of the Company respecting insider trading as may be in effect from time to time. Such actions may
include altering the effective date of intra-fund transfers or the distribution date of Deferral Subaccounts. Any such actions shall alter the normal operation of the Plan to the minimum extent necessary. 

The Plan Administrator has the exclusive and discretionary authority to construe and to interpret the Plan, to decide all questions of
eligibility for benefits, to determine the amount and manner of payment of such benefits and to make any determinations that are contemplated by (or permissible under) the terms of this Plan, and its decisions on such matters will be final and
conclusive on all parties. Any such decision or determination shall be made in the absolute and unrestricted discretion of the Plan Administrator, even if (1) such discretion is not expressly granted by the Plan provisions in question, or
(2) a determination is not expressly called for by the Plan provisions in question, and even though other Plan provisions expressly grant discretion or call for a determination. As a result, benefits under this Plan will be paid only if the
Plan Administrator decides in its discretion that the applicant is entitled to them. In the event of a review by a court, arbitrator or any other tribunal, any exercise of the Plan Administrator’s discretionary authority shall not be disturbed
unless it is clearly shown to be arbitrary and capricious. 
 7.4 Compensation, Indemnity and Liability. The Plan
Administrator will serve without bond and without compensation for services hereunder. All expenses of the Plan and the Plan Administrator will be paid by the Employers. To the extent deemed appropriate by the Plan Administrator, any such expense
may be charged against specific Participant Accounts, thereby reducing the obligation of the Employers. No member of the Committee (which serves as the Plan Administrator), and no individual acting as the delegate of the Committee, shall be liable
for any act or omission of any other member or individual, nor for any act or omission on his or her own part, excepting his or her own willful misconduct. The Employers will indemnify and hold harmless each member of the Committee and any employee
of the Company (or a Company affiliate, if recognized as an affiliate for this purpose by the Plan Administrator) acting as the delegate of the Committee against any and all expenses and liabilities, including reasonable legal fees and expenses,
arising in connection with this Plan out of his or her membership on the Committee (or his or her serving as the delegate of the Committee), excepting only expenses and liabilities arising out of his or her own willful misconduct or bad faith.

 7.5 Withholding. The Employer shall withhold from amounts due under this Plan any amount necessary to enable
the Employer to remit to the appropriate government entity or entities on behalf of the Participant as may be required by the federal income tax withholding provisions of the Code, by an applicable state’s income tax provisions, or by an
applicable city, county or municipality’s earnings or income tax provisions. The Employer shall withhold from the payroll of, or collect from, a Participant the amount necessary to remit on behalf of the Participant any Social Security or
Medicare taxes which may be required with respect to amounts accrued by a Participant hereunder, as determined by the Company. 

  
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 7.6 Conformance with Section 409A. At all times during each Plan Year,
this Plan shall be operated (i) in accordance with the requirements of Section 409A, and (ii) to preserve the status of deferrals under the Pre-409A Program as being exempt from Section 409A, i.e., to preserve the
grandfathered status of the Pre-409A Program. Any action that may be taken (and, to the extent possible, any action actually taken) by the Plan Administrator, the Recordkeeper or the Company shall not be taken (or shall be void and without effect),
if such action violates the requirements of Section 409A or if such action would adversely affect the grandfather of the Pre-409A Program. If the failure to take an action under the Plan would violate Section 409A, then to the extent it is
possible thereby to avoid a violation of Section 409A, the rights and effects under the Plan shall be altered to avoid such violation. A corresponding rule shall apply with respect to a failure to take an action that would adversely affect the
grandfather of the Pre-409A Program. Any provision in this Plan document that is determined to violate the requirements of Section 409A or to adversely affect the grandfather of the Pre-409A Program shall be void and without effect. In
addition, any provision that is required to appear in this Plan document to satisfy the requirements of Section 409A, but that is not expressly set forth, shall be deemed to be set forth herein, and the Plan shall be administered in all
respects as if such provision were expressly set forth. A corresponding rule shall apply with respect to a provision that is required to preserve the grandfather of the Pre-409A Program. In all cases, the provisions of this section shall apply
notwithstanding any contrary provision of the Plan that is not contained in this section. 

  
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 ARTICLE VIII – CLAIMS PROCEDURE 

8.1 Claims for Benefits. If a Participant, Beneficiary or other person (hereafter, “Claimant”) does not receive
timely payment of any benefits which he or she believes are due and payable under the Plan, he or she may make a claim for benefits to the Plan Administrator. The claim for benefits must be in writing and addressed to the Plan Administrator. If the
claim for benefits is denied, the Plan Administrator will notify the Claimant within 90 days after the Plan Administrator initially received the benefit claim. However, if special circumstances require an extension of time for processing the
claim, the Plan Administrator will furnish notice of the extension to the Claimant prior to the termination of the initial 90-day period and such extension may not exceed one additional, consecutive 90-day period. Any notice of a denial of benefits
shall advise the Claimant of the basis for the denial, any additional material or information necessary for the Claimant to perfect his or her claim, and the steps which the Claimant must take to appeal his or her claim for benefits. 

8.2 Appeals of Denied Claims. Each Claimant whose claim for benefits has been denied may file a written appeal for a review
of his or her claim by the Plan Administrator. The request for review must be filed by the Claimant within 60 days after he or she received the notice denying his or her claim. The decision of the Plan Administrator will be communicated to the
Claimant within 60 days after receipt of a request for appeal. The notice shall set forth the basis for the Plan Administrator’s decision. However, if special circumstances require an extension of time for processing the appeal, the Plan
Administrator will furnish notice of the extension to the Claimant prior to the termination of the initial 60-day period and such extension may not exceed one additional, consecutive 60-day period. 

  
 - 31 -

  
  

 ARTICLE IX – AMENDMENT AND TERMINATION 

9.1 Amendment of Plan. The Compensation and Management Development Committee of the Board of Directors of the Company has
the right in its sole discretion to amend this Plan in whole or in part at any time and in any manner, including the manner of making deferral elections, the terms on which distributions are made, and the form and timing of distributions. However,
except for mere clarifying amendments necessary to avoid an inappropriate windfall, no Plan amendment shall reduce the amount credited to the Account of any Participant as of the date such amendment is adopted. Any amendment shall be in writing and
adopted by the Committee. All Participants and Beneficiaries shall be bound by such amendment. Any amendments made to the Plan shall be subject to any restrictions on amendment that are applicable to ensure continued compliance under
Section 409A. 
 Notwithstanding the preceding, the Company’s Senior Vice President — Human Resources may amend
the Plan without the consent of the Compensation and Management Development Committee for the purposes of (i) conforming the Plan to the requirements of law, (ii) facilitating the administration of the Plan, and (iii) clarifying
provisions based on the Committee’s interpretation of the document; provided that such amendment does not relate to the Plan provisions and restrictions for ensuring compliance with Rule 16b-3 of the Act. 

9.2 Termination of Plan: 
 (a) The Company expects to continue this Plan, but does not obligate itself to do so. The Company, acting by the Compensation and Management Development Committee of the Board of Directors, or
through its entire Board of Directors, reserves the right to discontinue and terminate the Plan at any time, in whole or in part, for any reason (including a change, or an impending change, in the tax laws of the United States or any State).
Termination of the Plan will be binding on all Participants (and a partial termination shall be binding upon all affected Participants) and their Beneficiaries, but in no event may such termination reduce the amounts credited at that time to any
Participant’s Account. If this Plan is terminated (in whole or in part), the termination resolution shall provide for how amounts theretofore credited to affected Participants’ Accounts will be distributed. 

(b) Notwithstanding subsection (a), a termination of the Plan must comply with the provisions of Section 409A
including, but not limited to, aggregation of plans of the same type, restrictions on the timing of final distributions, and the adoption of future deferred compensation arrangements. 

  
 - 32 -

  
  

 ARTICLE X – MISCELLANEOUS 

10.1 Limitation on Participant’s Rights. Participation in this Plan does not give any Participant the right to be
retained in the Employer’s or Company’s employ (or any right or interest in this Plan or any assets of the Company or Employer other than as herein provided). The Company and the Employers reserve the right to terminate the employment of
any Participant without any liability for any claim against the Company or the Employers under this Plan, except for a claim for payment of deferrals as provided herein. 
 10.2 Unfunded Obligation of Individual Employer. The benefits provided by this Plan are unfunded. All amounts payable under this Plan to Participants are paid from the general assets of the
Participant’s individual Employer. Nothing contained in this Plan requires the Company or an Employer to set aside or hold in trust any amounts or assets for the purpose of paying benefits to Participants. Neither a Participant, Beneficiary,
nor any other person shall have any property interest, legal or equitable, in any specific Employer asset. This Plan creates only a contractual obligation on the part of a Participant’s individual Employer, and the Participant has the status of
a general unsecured creditor of the Employer with respect to amounts of compensation deferred hereunder. Such a Participant shall not have any preference or priority over, the rights of any other unsecured general creditor of the Employer. No other
Employer guarantees or shares such obligation, and no other Employer shall have any liability to the Participant or his or her Beneficiary. 
 10.3 Receipt or Release. Any payment to a Participant in accordance with the provisions of this Plan shall, to the extent thereof, be in full satisfaction of all claims against the Plan
Administrator, the Recordkeeper, the Employers and the Company, and the Plan Administrator may require such Participant, as a condition precedent to such payment, to execute a receipt and release to such effect. 

10.4 Governing Law. This Plan shall be construed, administered, and governed in all respects in accordance with applicable
federal law and, to the extent not preempted by federal law, in accordance with the laws of the State of New York. If any provisions of this instrument shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining
provisions hereof shall continue to be fully effective. 
 10.5 Adoption of Plan by Related Employers. The Plan
Administrator may select as an Employer any subsidiary or affiliate related to the Company by ownership (and that is a member of the PBG Organization), and permit or cause such subsidiary or affiliate to adopt the Plan. The selection by the Plan
Administrator shall govern the effective date of the adoption of the Plan by such related Employer. The requirements for Plan adoption are entirely within the discretion of the Plan Administrator and, in any case where the status of an entity as an
Employer is at issue, the determination of the Plan Administrator shall be absolutely conclusive. 
 10.6 Gender, Tense
and Examples. In this Plan, whenever the context so indicates, the singular or plural number and the masculine, feminine, or neuter gender shall be deemed to include the other. Whenever an example is provided or the text uses the term
“including” 

  
 - 33 -

  
  

 
followed by a specific item or items, or there is a passage having a similar effect, such passage of the Plan shall be construed as if the phrase “without limitation” followed such
example or term (or otherwise applied to such passage in a manner that avoids limitation on its breadth of application). 
 10.7
Successors and Assigns; Nonalienation of Benefits. This Plan inures to the benefit of and is binding upon the parties hereto and their successors, heirs and assigns; provided, however, that the amounts credited to the Account of a
Participant are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution or levy of any kind, either voluntary or involuntary, and any attempt to anticipate, alienate,
sell, transfer, assign, pledge, encumber, charge or otherwise dispose of any right to any benefits payable hereunder, including, without limitation, any assignment or alienation in connection with a separation, divorce, child support or similar
arrangement, will be null and void and not binding on the Plan or the Company or any Employer. Notwithstanding the foregoing, the Plan Administrator reserves the right to make payments in accordance with a divorce decree, judgment or other court
order as and when cash payments are made in accordance with the terms of this Plan from the Deferral Subaccount of a Participant. Any such payment shall be charged against and reduce the Participant’s Account. 

10.8 Facility of Payment. Whenever, in the Plan Administrator’s opinion, a Participant or Beneficiary entitled to
receive any payment hereunder is under a legal disability or is incapacitated in any way so as to be unable to manage his or her financial affairs, the Plan Administrator may direct the Employer to make payments to such person or to the legal
representative of such person for his or her benefit, or to apply the payment for the benefit of such person in such manner as the Plan Administrator considers advisable. Any payment in accordance with the provisions of this section shall be a
complete discharge of any liability for the making of such payment to the Participant or Beneficiary under the Plan. 

  
 - 34 -

  
  

 This 2009 Restatement is hereby adopted and approved by the Company’s duly authorized
officer this      day of         , 2008, to be effective as stated herein. 
  

			
	THE PEPSI BOTTLING GROUP, INC.
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  

			
	LAW DEPARTMENT APPROVAL
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  

  
 - 35 -

 AMENDMENT TO THE 

PBG EXECUTIVE INCOME DEFERRAL PROGRAM 
 2009 RESTATEMENT 
 The PBG Executive Income Deferral Program 2009
Restatement (the “Plan”) is hereby amended as set forth below, effective as of the “Effective Time” (as defined in Amendment No. 9 below) and contingent upon the occurrence of the Effective Time. 

 

	1.	Section 1.1 of the Plan is amended in its entirety to read as follows: 

“1.1 History and Purpose. The Pepsi Bottling Group, Inc. established the PBG Executive Income Deferral
Program (the “Plan”) to permit Eligible Executives to defer base pay and certain other compensation under its executive compensation programs. The Plan was originally adopted effective as of April 7, 1999. Thereafter, the Plan was
amended and restated in its entirety effective as of October 11, 2000 (subject to other specific effective dates set forth therein). 
 The earned and vested account balances in the Plan were frozen as of December 31, 2004, except for adjustments for earnings and losses, because of Section 409A of the Internal Revenue Code
enacted by the American Jobs Creation act of 2004 (“Section 409A”). Contributions after 2004 and amounts that were not vested as of December 31, 2004, were credited to separate accounts designed to comply with Section 409A. The
Plan was amended and restated effective January 1, 2009 to comply with Section 409A and was again amended in December 2009 to revise the definition of “Employer,” 

PepsiCo, Inc. (the “Company”) assumed sponsorship of the Plan from PBG as a result of the acquisition of PBG by
Pepsi-Cola Metropolitan Bottling Company, a subsidiary of the Company, effective as of the Effective Time (as defined in Article II). PBG adopted certain amendments to the Plan prior to the Effective Time, contingent upon the occurrence of the
Effective Time, to facilitate PepsiCo’s assumption of the role of the Plan’s sponsor. This amendment also closed the Plan to new Participants as of December 31, 2010 and prohibited the deferral of Base Compensation and Bonus
Compensation otherwise scheduled to be payable after such date.” 
  

	2.	The definition of “Company” in Section 2.7 of the Plan is amended in its entirety to read as follows: 

“2.7 Company. PepsiCo, Inc., a corporation organized and existing under the laws of the State of North
Carolina, or its successor or successors. Prior to the Effective Time, “Company” means The Pepsi Bottling Group, Inc.” 

  
 1 

	3.	The definition of “Employer” in Section 2.12 is amended in its entirety to read as follows: 

“2.12 Employer. The Company and each of the Company’s subsidiaries and affiliates (if any) that is
currently designated as an Employer by the Plan Administrator. An entity shall be an Employer hereunder only for the period that it is (i) so designated by the Plan Administrator, and (ii) a member of the PepsiCo/PBG Organization.
Notwithstanding the preceding, any member of the PepsiCo/PBG Organization which is not otherwise considered an Employer pursuant to the preceding shall be an Employer (i) solely with respect to any individual who becomes an employee of such
member and who, immediately preceding such employee’s date of hire by such member, was an Eligible Executive who made an irrevocable deferral election for the Plan Year in which such employment occurs, and (ii) solely for the remainder of
the Plan Year during which such individual becomes an employee of such member.” 
  

	4.	The definition of “PBG Organization” in Section 2.17 is deleted and replaced with the following: 

“2.17 PepsiCo/PBG Organization. The controlled group of organizations of which the Company is a part,
as defined by Section 414 (b) and (c) of the Code and the regulations issued thereunder. An entity shall be considered a member of the PepsiCo/PBG Organization only during the period it is one of the group of organizations described
in the preceding sentence. The application of this definition for periods prior to the Effective Time shall take into account the different definition of “Company” that applies before the Effective Time.” 

All references in the Plan to “PBG Organization” are deleted and replaced with “PepsiCo/PBG Organization.” 

 

	5.	The definition of “Plan Administrator” in Section 2.20 of the Plan is amended in its entirety to read as follows: 

“2,20 Plan Administrator. The Compensation Committee of the Board of Directors of the Company (the
“Compensation Committee”) or its delegate or delegates, which shall have the authority to administer the Plan as provided in Article VII. As of the Effective Time, the Company’s Senior Vice President, Compensation and Benefits is
delegated the responsibility for the operational administration of the Plan. In turn, the Senior Vice President, Compensation and Benefits, has the authority to re-delegate operational responsibilities to other persons or parties. As of the
Effective Time, the Senior Vice President, Compensation and Benefits, has re-delegated certain operational responsibilities to the Recordkeeper. However, references in this document to the Plan Administrator shall be understood as referring to the
Compensation Committee, the Senior Vice President, Compensation and 

  
 2 

 
Benefits and those delegated by the Senior Vice President, Compensation and Benefits other than the Recordkeeper. All delegations made under the authority granted by this Section are subject to
Section 6.10(a).” 
  

	6.	The second paragraph of Section 2.23 is deleted. 

  

	7.	Section 2.26 is amended in its entirety to read as follows: 

 “2.26 Separation from Service. A Participant’s separation from service as defined in Section 409A. The term may also be used as a verb (i.e., “Separates from
Service”) with no change in meaning.” 
  

	8.	Section 2.28 is amended by adding the following new subsection (d) at the end thereof: 

“(d) Identification of Specified Employees On and After the Effective Time. Notwithstanding the foregoing, for
the periods on after the Effective Time, Specified Employees shall be identified as follows: 
 (1) For the
period that begins on the Effective Time and ends on March 31, 2010, Specified Employees shall be identified by combining the lists of Specified Employees of all members of the PepsiCo/PBG Organization as in effect immediately prior to the
Effective Time. The foregoing method of identifying Specified Employees is intended to comply with Treas. Reg. § 1.409 A-1 (i)(6)(i), which authorizes the use of an alternative method of identifying Specified Employees that complies with Treas.
Reg. §§ 1.409A-l(i)(5) and -l(i)(8), and Section VII.C4.d of the Preamble to the Final Regulations under Section 409A of the Code, which permits “service recipients to simply combine the pre-transaction separate lists of
specified employees where it is determined that such treatment would be administratively less burdensome.” 

(2) For periods beginning on or after April 1, 2010, Specified Employees under any plan or arrangement sponsored by a
member of the PepsiCo/PBG Organization that is subject to Section 409A of the Code shall be identified in accordance with an alternative method of identifying Specified Employees under Treas. Reg. § 1.409A-l(i)(5) adopted on a global basis
by the Company for all such plans and arrangements, or if no such alternative method is adopted, in accordance with the default method for identifying Specified Employees under Treas. Reg. § 1.409A-l(i)(l), (2), (3) and (4).”

  

	9.	The following new definition is added to Article II: 

 “Effective Time. The meaning that applies to that term in the Agreement and Plan of Merger dated as of August 3, 2009, among The Pepsi Bottling Group, Inc., PepsiCo, Inc., and
Pepsi-Cola Metropolitan Bottling Company, Inc.” 

  
 3 

	10.	The first sentence of Section 3.1 (a)(l) is amended in its entirety to read as follows: 

“(1) Subject to the election timing rules of Article IV, an Executive who is classified as salary band El (or its
equivalent) or above shall be eligible to defer compensation under the Plan, provided that an Eligible Executive who makes an irrevocable election to participate for a Plan Year shall remain an Eligible Executive for the remainder of that Plan Year
regardless of whether such Executive: (i) is subsequently classified in a salary band below El (or its equivalent), or (ii) transfers to employment with a member of the PepsiCo/PBG Organization that is not an Employer.” 

 

	11.	New Section 3.4 is added to the Plan to read as follows: 

 “3.4 Acquisitions and Divestitures. A written agreement between an Employer and a party that is not part of the PepsiCo Organization regarding the purchase or sale of a business unit,
division, or subsidiary (“Business”) may provide for the termination or commencement of the participation of Executives in this Plan. Absent specific provision in such agreement to the contrary: 

(a) Each Executive of a Business that is sold shall cease being eligible for this Plan upon such sale; and 

(b) No Executive of a Business that is acquired shall be eligible for this Plan except as otherwise designated in the Plan
or in such documents related to the Plan as the Plan Administrator may designate from time to time. 
 Unless otherwise
specifically provided therein, for purposes of Article IX (amendment and termination of the Plan), approval and execution of a written agreement of acquisition or divestiture by one or more Employers is approval by the Company of the designation of
Plan eligibility under such agreement and authorization from the Company to the Plan Administrator to carry out the provisions and intent of such agreement.” 
  

	12.	New Section 3.5 is added to the Plan to read as follows: 

 “3.5 Plan Closed to New Participants as of December 31, 2010. Notwithstanding any provision of the Plan to the contrary, the Plan is closed to new Participants as of
December 31, 2010.” 
  

	13.	Section 4.1 is amended by adding a new subsection (d) at the end thereof to read as follows: 

“(d) Deferral of Compensation Payable After 2010 Prohibited. Notwithstanding any provision of the Plan
to the contrary, an individual shall not be 

  
 4 

 
eligible to defer Base Compensation or Bonus Compensation under the Plan that otherwise would be scheduled to be payable to him after December 31, 2010.” 

 

	14.	Section 5.2(b)(l) of the Plan is amended in its entirety to read as follows: 

“(1) Phantom PBG Stock Fund. 

(i) Participant Accounts invested in this phantom option are adjusted to reflect an investment in the PBG Stock Fund,
which is offered under the PBG 401(k) Savings Program. An amount deferred or transferred into this option is converted to phantom units in the PBG Stock Fund by dividing such amount by the NAV of the fund on the Valuation Date as of which the amount
is treated as invested in this option by the Plan Administrator. A Participant’s interest in the Phantom PBG Stock Fund is valued as of a Valuation Date (or a Distribution Valuation Date) by multiplying the number of phantom units credited to
the Participant’s Account on such date by the NAV of a unit in the PBG Stock Fund on such date. If shares of PBG Common Stock change by reason of any stock split, stock dividend, recapitalization, merger, consolidation, spin-off, combination or
exchange of shares or any other corporate change treated as subject to this provision by the Plan Administrator, such equitable adjustment shall be made in the number and kind of phantom units credited to an Account or Subaccount as the Plan
Administrator may determine to be necessary or appropriate. In no event will shares of PBG Common Stock actually be purchased or held under this Plan, and no Participant shall have any rights as a shareholder of PBG Common Stock on account of an
interest in this phantom option. 
 (ii) In accordance with subparagraph (i) above, and effective as of the
Effective Time, the portion of a Participant’s Account that is invested in the Phantom PBG Stock Fund immediately prior to the Effective Time shall be converted to reflect a phantom investment in the PepsiCo Common Stock Fund, which is offered
under the PepsiCo 401(k) Plan for Salaried Employees. Such conversion shall be applied by converting the Participant’s phantom units in the PBG Stock Fund into phantom units in the PepsiCo Common Stock Fund in a manner that provides an
equivalent phantom value before and after the conversion. References in the Plan to the Phantom PBG Stock Fund (including Sections 5.3(c), 6.1 and 6.10) shall be applied, on and after the Effective Time, by taking into account this conversion.”

  

	15.	The second paragraph of Section 9.1 is deleted. 

  

	16.	A new Appendix A is added to the Plan to read as set forth in Attachment A of this Amendment. 

  
 5 

	17.	A new Appendix B is added to the Plan to read as set forth in Attachment B of this Amendment. 

 

	18.	Minor corrections to the Plan necessary to carry forth the above amendments, including re-alphabetizing and renumbering the defined terms in Article II to reflect
changes thereto, and corrections to cross-references affected by these amendments, shall be made as necessary after applying the foregoing amendments. 

 

			
	THE PEPSI BOTTLING GROUP, INC.
		
	By:	 	/s/ John L. Berisford
		 	John L. Berisford
	Title:	 	Senior Vice President of Human Resources
		
	Date:	 	2/19/2010

  

			
	LAW DEPARTMENT APPROVAL:
		
	By:	 	/s/ Christine Morace
		 	 The Pepsi Bottling Group, Inc.
 Law Department

  

			
	 Consented to and approved by:
  

PEPSICO, INC.

		
	By:	 	/s/ Cynthia M. Trudell
		 	Cynthia M. Trudell
	Title:	 	 Senior Vice President and

Chief Personnel Officer

		
	Date:	 	2/18/2010

			
	LAW DEPARTMENT APPROVAL:
		
	By:	 	/s/ Christopher Bellanca
		 	PepsiCo, Inc. Law Department

  
 6 

 Attachment A 

“APPENDIX ARTICLE A 
 Participating Employers 
 The following members of the PepsiCo/PBG
Organization have been designated as Employers as of December 31, 2009: 
 Pepsi Bottling Group, Inc. (PBG) 

Bottling Group Holdings, Inc. (BGH) 
 Pepsi Bottling Group Global Finance LLC 
 International Bottlers Management Co LLC

 C&I Leasing, Inc. 
 Woodlands Insurance Co. 
 Gray Bern Holdings, Inc. 

Newbern Transport Corporation 
 Bottling Group LLC (BGLLC) 
 PBG Michigan LLC 

Hillwood Bottling LLC 
 Grayhawk Leasing LLC” 

  
 7 

 Attachment B 

“APPENDIX ARTICLE B 
 Special Provisions Related to the Merger of 
 The Pepsi Bottling Group and
PepsiAmericas, Inc. 
 into the Pepsi-Cola Metropolitan Bottling Company. Inc. 

B.I Purpose and Effect. The purpose of this Article is to provide for a “home plan rules” approach for employees who
move between, or are newly hired by, a “PepsiCo Business,” a “PAS Business” or a “PBG Business” (each as defined below) following the merger of The Pepsi Bottling Group, Inc. and PepsiAmericas, Inc. into the Pepsi-Cola
Metropolitan Bottling Company, Inc., a wholly owned subsidiary of the Company. The provisions of this Article govern over the provisions of the main Plan document that may conflict or be inconsistent with the provisions of this Article, except as
otherwise provided herein. This Article is effective as of the Effective Time (as defined in Article II). 
 B.2
Definitions. The definitions listed below apply for purposes of this Article B. Any other defined term used herein shall have the meaning applied to that term under the main portion of the Plan document. 

(a) “PAS Business” means each Employer, division of an Employer or other organization subdivision of an
Employer that the Company classifies as part of the PepsiAmericas business. 
 (b) “PBG
Business” means each Employer, division of an Employer or other organization subdivision of an Employer that the Company classifies as part of the Pepsi Bottling Group business. 

(c) “PepsiCo Business” means each Employer, division of an Employer or other organization subdivision of
an Employer that the Company classifies as part of the PepsiCo business. 
 B.3 Participating Employers. A PBG Business
shall be a Participating Employer if it is identified as such in Appendix Article A. PepsiCo Businesses and PAS Businesses are not Participating Employers, except with respect to an employee who is hired by a PepsiCo Business or PAS Business on or
after the Effective Time and who is an Executive immediately before such date of hire. 
 B.4 Eligibility to Participate.
An individual who is hired by a PBG Business that is a Participating Employer after the Effective Time shall be eligible to participate in the Plan upon satisfying the Plan’s eligibility requirements (and shall not be eligible to participate in
the non-qualified defined contribution plan of another member of the PepsiCo/PBG Organization), to the same extent that he would have been eligible to participate had his date 

  
 8 

 
of hire occurred prior to the Effective Time, unless he was employed by a member of the PepsiCo/PBG Organization that is not a PBG Business immediately before such date of hire with a PBG
Business. Employees of a PepsiCo Business and PAS Business are ineligible to participate in this Plan, except that an individual who is hired by a PepsiCo Business or PAS Business on or after the Effective Time, and who is an Executive immediately
before such date of hire, shall be eligible to continue participating in this Plan for so long as he is continuously employed by a member of the PepsiCo/PBG Organization, to the same extent as if he had remained an Executive. 

B.5 No Special Rights. Nothing in this Article is intended as an exception to the Plan’s prohibition on new Participants
after December 31, 2010 in Section 3.5, or to the prohibition on deferrals of Base Compensation or Bonus Compensation otherwise payable after December 31, 2010 in Section 4.1(d), or as a conferral of any other rights under the
Plan not specifically authorized herein.” 

  
 9 

 FIRST AMENDMENT 

TO THE 

PBG 

EXECUTIVE INCOME DEFERRAL PROGRAM 
 (2009 RESTATEMENT) 
 The Pepsi Bottling Group, Inc. (the
“Company”) established the PBG Executive Income Deferral Program (the “Plan”) to permit Eligible Executives to defer base pay and certain other compensation under its executive compensation programs. The Plan was originally
adopted effective as of April 7, 1999. Thereafter, the Plan was amended and restated in its entirety effective as of October 11, 2000 (subject to other specific effective dates set forth therein). The Plan was further amended and restated
effective January 1, 2009 (the “2009 Restatement”) to comply with Section 409A of the Internal Revenue Code. The 2009 Restatement governs payment of contributions after 2004 and amounts that were not vested as of
December 31,2004. 
 The Company now desires to amend the 2009 Restatement to clarify that subsequent elections
regarding the time and form of payment are available only to participants who are active employees. 
 NOW, THEREFORE,
Section 4.5(b) of the Plan is hereby amended, effective as of January 1, 2009, to read in its entirety as follows: 
 (b) Requirements for Second Look Elections. A Second Look Election must comply with all of the following requirements: 

(1) If a Participant’s initial election specified payment based on a Specific Payment Date, the Participant may only
make a Second Look Election if the election is made at least twelve months before the Participant’s original Specific Payment Date. In addition, in this case the Participant’s Second Look Election must delay the payment of the
Participant’s deferral to a new Specific Payment Date that is at least 5 years after the original Specific Payment Date. 
 (2) A Second Look Election will not be effective until twelve months after it is made. 
 (3) A Separation from Service may not be specified as the payout date resulting from a Second Look Election. 
 (4) A Participant may make only one Second Look Election for each individual deferral, and all Second Look Elections must comply with all of the requirements of this Section 4.5. 

 (5) A Participant who changes the form of his or her payment election from
lump sum to installments will be subject to the provisions of the Plan regarding installment payment elections in Section 4.4, and such installment payments must begin no earlier than 5 years after when the lump sum payment would have been paid
based upon the Participant’s initial election. 
 (6) If a Participant’s initial election specified
payment in the form of installments and the Participant wants to elect installment payments over a greater number of years, the election will be subject to the provisions of the Plan regarding installment payment elections in Section 4.4, and
the first payment date of the new installment payment schedule must be no earlier than 5 years after the first payment date that applied under the Participant’s initial installment election. 

(7) If a Participant’s initial election specified payment in the form of installments and the Participant wants to
elect instead payment in a lump sum, the earliest payment date of the lump sum must be no earlier than five years after the first payment date that applied under the Participant’s initial installment election. 

(8) For purposes of this section, all of a Participant’s installment payments related to a specific deferral election
shall be treated as a single payment. 
 (9) A Second Look Election may be made only by a Participant who is an
active employee of an Employer. 
 A Second Look Election will be void and payment will be made based on the Participant’s
original election under Sections 4.3 and 4.4 if all of the provisions of the foregoing Paragraphs of this subsection are not satisfied in full. However, if a Participant’s Second Look Election becomes effective in accordance with the provisions
of this subsection, the Participant’s original election shall be superseded (including the Specific Payment Date specified therein), and this original election shall not be taken into account with respect to the deferral that is subject to the
Second Look Election. 

  
 - 2 -

 This First Amendment is hereby adopted and approved by the
Company’s duly authorized officer this 23rd day of
December, 2009. 
  

			
	THE PEPSI BOTTLING GROUP, INC.
		
	By:	 	/s/ John Berisford
	Name:	 	John Berisford
	Title:	 	SVP Human Resources

  

			
	LAW DEPARTMENT APPROVAL
		
	By:	 	/s/ Christine Morace
	Name:	 	Christine Morace
	Title:	 	Senior Counsel

  
 - 3 -

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