Document:

EX-10.13

 Exhibit 10.13 

 
 

 
 185 Berry Street 

Suite 5000 
 San Francisco, CA 94107

 March 13, 2019 

Re: AMENDMENT TO THE EMPLOYMENT AGREEMENT 

Dear Jon McNeill: 

This letter agreement (the “Amendment Agreement”) is entered into between Jon McNeill (“you”)
and Lyft, Inc., a Delaware corporation (the “Company”). This Amendment Agreement is effective as of the date of your signature, as indicated below. This Amendment Agreement amends only the terms and conditions of your employment
with the Company listed specifically below. For the avoidance of any doubt, all terms and conditions of your employment with the Company not specifically mentioned in this Amendment Agreement will remain as agreed upon in the Employment Agreement
(your “Employment Agreement”) (attached hereto as Attachment A). 
 1. Cash and Incentive
Compensation. 
 (a) Base Salary. As of the date you sign the Amendment Agreement, the
Company shall pay you as compensation for your Employment a base salary at a gross annual rate of $450,000. Your annual base salary will be subject to review and adjustment based upon the Company’s normal performance review practices. Your base
salary shall continue to be payable in accordance with the Company’s standard payroll procedures. The annual base salary specified in this subsection, together with any modifications is referred to in this Agreement as “Base Salary.”

 (b) Incentive Bonus. You agree that, in exchange for good consideration as outlined in
Section 1(c) in the Amendment Agreement below, you will no longer be eligible to be considered for the annual Incentive Bonus as outlined in Section 2(b) in the Employment Agreement. 

(c) Equity Compensation. The Company’s Board of Directors (the “Board”) has approved
a grant to you of restricted stock units (“RSUs”) covering 46,463 shares of the Company’s Class A Common Stock, effective as of the business day immediately prior to the effective date of the registration statement on Form
S-1 filed in connection with the Company’s initial public offering (the “Registration Date”) and subject to your continuous service through the date. Subject to Section 2(d) through
(f) of this Employment Agreement (as amended by 

 
this Amendment Agreement), one-sixteenth (1/16th) of the total number of RSUs shall vest on
May 20, 2019 and 1/16th of the total number of RSUs shall vest on each quarterly vesting date (set at February 20, May 20, August 20 and November 20 of each year) thereafter, subject to your continuous service; provided,
however, that no RSU shall vest until the earlier of the date of a “change in control” or the Registration Date (a “Liquidity Event”) and the RSUs will not vest in the event your continuous service terminates before a
Liquidity Event, all as provided in the Company’s 2018 Equity Incentive Plan, as amended and restated and the form of RSU agreement approved by the Board (together with the plan, the “Equity Agreements”). No right to any stock
is earned or accrued until such time that vesting of the RSU occurs, nor does the grant confer any right to continued vesting or employment or right to any future grants of equity from the Company. You should consult with your own financial advisor
concerning the tax and investment risks associated with receiving and accepting an award of RSUs. For the avoidance of doubt, all other terms of any equity awards granted to you by the Company will remain in effect. 

2. Clarifications to Sections 2(e) and (f) of the Employment Agreement. 

(a) Any reference to “combination transaction” under Section 2(e) or Section 2(f) of the Employment
Agreement shall be amended to read: ““combination transaction” (as such term is defined in the Stock Plan) or “change in control” (as such term is defined in the Company equity plan under which the applicable equity
compensation award is granted)”. 
 (b) The reference to “Section 17.1 of the Stock Plan” under
Section 2(f) of the Employment Agreement shall be amended to read: ““Section 17.1 of the Stock Plan or the section under the applicable Company equity plan providing for treatment on a merger or “change in control,” as
applicable”. 
 3. Employment at Will. Nothing in this Amendment Agreement should be interpreted
as changing or modifying the “at will” nature of your employment with the Company. Any contrary representations that may have been made to you, if any, shall be superseded by this Amendment Agreement. 

 To accept this Amendment Agreement, please sign in the space indicated and
return it to the Company. 
 Very truly yours, 
  

			
	 LYFT, INC.

		
	 By:
	 	 /s/ Logan Green

	 Name:
	 	 Logan Green

	 Title:
	 	 Chief Executive Officer

	
	 ACCEPTED AND AGREED:

	
	 /s/ Jon McNeill

	
	 Jon McNeill

	
	 Mar 14, 2019

	 Date

	
	 Attachment A: Employment Agreement

 ATTACHMENT A 

EMPLOYMENT AGREEMENT 

(See Attached) 
  

 

 
 185 Berry Street 

Suite 5000 
 San Francisco, CA 94107

 January 18, 2018 

Re: EMPLOYMENT AGREEMENT 

Dear Jon McNeill: 

On behalf of Lyft, Inc., a Delaware corporation (the “Company”), I am pleased to offer you the position of
Chief Operating Officer at the Company. Your employment by the Company shall be governed by the following terms and conditions (this “Agreement”): 

1. Duties and Scope of Employment. 

(a) Position. For the term of your employment under this Agreement (your
“Employment”), the Company agrees to employ you in the position of Chief Operating Officer. You will report to the Company’s Chief Executive Officer. You will be working out of the Company’s office in San Francisco, CA.
You will perform the duties and have the responsibilities and authority customarily performed and held by an employee in your position and as otherwise may be lawfully assigned or delegated to you by the Company’s Chief Executive Officer. 

(b) Obligations to the Company. During your Employment, you shall devote your full
business efforts and time to the Company. During your Employment, you agree that you will not engage in any other employment, occupation, consulting or other business activity directly related to the business in which the Company is now involved or
becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company. Notwithstanding the foregoing, it is expressly understood that you currently serve as a member of
the board of directors of Lululemon Athletica Inc., TrueMotion and Brigham and Women’s Hospital and may continue to do so during your Employment for so long as such activities do not create a conflict of interest with or impede your other
employment obligations to the Company and are further subject to paragraph (c) below. You shall comply with the Company’s policies and rules, including those policies located in the Company’s Team Member Handbook (and applicable State
Supplement) and in the Company’s Code of Business Conduct, as they may be in effect from time to time during your Employment. 

 (c) No Conflicting Obligations. You
represent and warrant to the Company that you are under no obligations or commitments, whether contractual or otherwise, that are inconsistent with your obligations under this Agreement. In connection with your Employment, you shall not use or
disclose any trade secrets or other proprietary information or intellectual property in which you or any other person has any right, title or interest and your Employment will not infringe or violate the rights of any other person. You represent and
warrant to the Company that you have returned all property and confidential information belonging to any prior employer. 

(d) Commencement Date. You shall commence full-time Employment as soon as reasonably practicable and in
no event later than February 12, 2018. 
 2. Cash and Incentive Compensation. 

(a) Salary. The Company shall pay you as compensation for your services an initial base
salary at a gross annual rate of $500,000. Such salary shall be payable in accordance with the Company’s standard payroll procedures. The annual compensation specified in this subsection, together with any modifications in such compensation
that the Company may make from time to time, is referred to in this Agreement as “Base Salary.” 

(b) Incentive Bonus. You will be eligible to be considered for an annual incentive bonus
each calendar year during the term of your Employment based upon the achievement of certain objective or subjective criteria established by the Company. The target amount for any such annual incentive bonus will be up to $500,000. The determinations
of the Company with respect to such bonus shall be final and binding. You shall not earn an incentive bonus unless you are employed by the Company on the date when such bonus is payable. 

(c) Restricted Stock Units. Subject to the approval by the Board, the Company shall grant
you restricted stock units covering the Quantity of shares of the Company’s Common Stock (the “RSUs”). The “Quantity” shall equal the quotient of $32,000,000 divided by the fair market value per share of the Company’s
Common Stock (as approved by the Board) as of the Commencement Date, rounded to the nearest whole share. One-sixteenth (1/16th) of the total number of RSUs shall vest on May 20, 2018 and, thereafter,
1/16th of the total number of RSUs shall vest on each quarterly vesting date (set at February 20, May 20, August 20 and November 20 of each year) over the next 45 months of your continuous service; provided, however, that no RSU
shall fully vest until the earlier of the date of a “change in control” or the date of the initial public offering of the Company’s securities (a “Liquidity Event”) and the RSUs may not fully vest in the event your
continuous service terminates under certain circumstances before a Liquidity Event as provided in the Company’s 2008 Equity Incentive Plan (as may be amended by the Board, the “Stock Plan”) and the form of RSU agreement
approved by the Board (the “Equity Agreements”). The RSUs and their associated settlement shall be further subject to the terms and conditions of the Equity Agreements. No right to any stock is earned or accrued until such time that
full vesting occurs, nor does the grant confer any right to continued vesting or employment. You should consult with your own financial advisor concerning the tax and investment risks associated with receiving and accepting an award of RSUs. 

  
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 (d) Severance. If you are Involuntarily Terminated by
the Company at any time during the first twenty-four (24) months of your continuous service, then any equity compensation award (including shares subject to the RSUs) that is held by you at the time of your service termination shall become
vested with respect to the Time Based Vesting requirement as of immediately prior to the effective date of termination of your Employment for that number shares underlying that award that would have become vested had you remained continuously
employed by the Company or its successor for an additional twelve (12) months; provided, however, that no restricted stock units shall fully vest unless the Liquidity Event Vesting requirement has also been met and provided further that the
Liquidity Event occurs before the expiration date for the RSUs or any other award of restricted stock units, as applicable. In order to receive any of the foregoing benefits, you must sign a general release of all claims that will be provided to you
by the Company and the release must be returned to the Company and become irrevocable on or before the 60th day after termination of your Employment. Assuming you have satisfied the preceding sentence, the foregoing benefits will be provided on the
61st day after termination of employment, subject to section 7 and the other provisions of this Agreement. 

(e) Double-Trigger Acceleration. If you are Involuntarily Terminated by the Company or a successor
corporation in connection with or within twelve (12) months following the consummation of a “combination transaction” (as such term is defined in the Stock Plan), then (i) any equity compensation award (including shares subject
to the RSUs) assumed or substituted by the successor corporation that is held by you at the time of your service termination shall accelerate such that all shares underlying such award shall become fully vested with respect to the Time Based Vesting
requirement as of immediately prior to the effective date of termination of your Employment, and provided, however, that no restricted stock units shall fully vest unless the Liquidity Event Vesting requirement has also been met and provided further
that the Liquidity Event occurs before the expiration date for the RSUs or any other award of restricted stock units, as applicable. 

(i) “Involuntarily Terminated” shall mean if (1) the Company (or a successor, if
appropriate) terminates your service as an employee or a consultant without Cause (as defined below) other than for death or Disability (as defined in the Equity Agreements), or (2) you resign within sixty (60) days after the notice and
cure period lapses after one of the following events: (A) a material reduction in your job position at the Company or a successor company (which shall include any requirement that you report to any person(s) other than the Company’s Chief
Executive Officer), title, responsibilities or duties; (B) without your prior written consent, the Company requires you to relocate to a facility or location (i) more than fifty (50) miles away from the location at which you were
working immediately prior to the required relocation or (ii) more than twenty-five (25) miles away if less than 25% of the Company’s then-current employees are also relocated to such facility or location; (C) a reduction of more
than ten percent (10%) in your then-current base salary (other than as part of an across-the-board, proportional salary reduction applicable to all employees of a
commensurate level) or (D) the material breach by the Company (or a successor, if appropriate) 

  

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of any of its obligations under any material written agreement or covenant with you. Before resigning under clause (2), you must first provide written notice to the Company of the acts or
omissions constituting the grounds for resignation under clause (2) within ninety (90) days of the initial existence of such event(s) and a reasonable cure period of not less than thirty (30) days following the date of such notice.

 (ii) For purposes of the preceding paragraph only, “Cause” means your: (1) willful
failure to perform your duties and responsibilities to the Company (or a successor, if appropriate); (2) commission of any act of fraud, embezzlement, dishonesty or any other willful misconduct; (3) material unauthorized use or disclosure of
any proprietary information or trade secrets of the Company (or a successor, if appropriate) or any other party to whom you owe an obligation of nondisclosure as a result of your relationship with the Company (or a successor, if appropriate); or
(4) material breach of any of your obligations under any material written agreement or covenant with the Company (or a successor, if appropriate). 

(f) Acceleration if not Assumed. If, in connection with a combination transaction
(as such term is defined in the Stock Plan), any equity compensation award (including shares subject to the RSUs) that is held by you immediately before such combination transaction is not assumed, converted, replaced or substituted by the successor
corporation in accordance with Section 17.1 of the Stock Plan, such award shall accelerate so that all shares underlying such award shall become fully vested with respect to the Time Based Vesting requirement as of immediately prior to the
effective date of the combination transaction, and provided, however, that no restricted stock units shall fully vest unless the Liquidity Event Vesting requirement has also been met and provided further that the Liquidity Event occurs before the
expiration date for the RSUs or any other award of restricted stock units, as applicable. 
 (g) PTO
and Employee Benefits. Exempt team members at Lyft are provided with unlimited Paid Time Off (“PTO”). This means the Company will not track the amount of time you take off, and you can take as much time as you need,
subject to managerial approval, as long as doing so does not interfere with your work. During your Employment, you shall be eligible to participate in the employee benefit plans maintained by the Company and generally available to similarly situated
employees of the Company, subject in each case to the generally applicable terms and conditions of the plan in question and to the determinations of any person or committee administering such plans. Benefits will be available on your Start Date, and
include health, dental and vision insurance. The Company also provides a commute benefit, but please note that, unlike your health, dental, and vision benefits, all or a portion of your commute benefit may not begin until a month or more after your
Start Date. 
 3. Business Expenses/Attorneys’ Fees. The Company will reimburse you for your
necessary and reasonable business expenses incurred in connection with your duties hereunder upon presentation of an itemized account and appropriate supporting documentation, all in accordance with the Company’s generally applicable policies.
The Company will reimburse you for your reasonable attorneys’ fees and costs incurred by you in connection with the review and negotiation of this agreement, in an amount not to exceed $5,000. 

  
 4 

 4. Termination. 

(a) Employment at Will. Your Employment shall be “at will,” meaning that either
you or the Company shall be entitled to terminate your Employment at any time and for any reason, with or without Cause. Any contrary representations that may have been made to you shall be superseded by this Agreement. This Agreement shall
constitute the full and complete agreement between you and the Company on the “at-will” nature of your Employment, which may only be changed in an express written agreement signed by you and a duly
authorized officer of the Company. 
 (b) Rights Upon Termination. Upon the termination
of your Employment, you shall only be entitled to the compensation and benefits earned and the reimbursements described in this Agreement for the period preceding the effective date of the termination. 

5. Pre-Employment Conditions. 

(a) Confidentiality Agreement. Your acceptance of this offer and commencement of
employment with the Company is contingent upon the execution, and delivery to an officer of the Company, of the Company’s Employee Invention Assignment and Confidentiality Agreement, a copy of which is enclosed for your review and execution
(the “Confidentiality Agreement”), prior to or on your Start Date. 
 (b) Right to
Work. For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within
three (3) business days of your Start Date, or our employment relationship with you may be terminated. 

(c) Verification of Information. This offer of employment is also contingent upon the
successful verification of the information you provided to the Company during your application process, as well as a general background check performed by the Company to confirm your suitability for employment. By accepting this offer of employment,
you warrant that all information provided by you is true and correct to the best of your knowledge, you agree to execute any and all documentation necessary for the Company to conduct a background check and you expressly release the Company from any
claim or cause of action arising out of the Company’s verification of such information. 
 6. Successors.

 (a) Company’s Successors. This Agreement shall be binding upon any successor
(whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets. For all purposes under this Agreement, the term
“Company” shall include any successor to the Company’s business or assets that becomes bound by this Agreement. 

  
 5 

 (b) Your Successors. This Agreement and
all of your rights hereunder shall inure to the benefit of, and be enforceable by, your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

7. Section 409A. 

(a) General. It is intended that payments and benefits made or provided under this
Agreement shall not result in penalty taxes or accelerated taxation pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Any payments that qualify for the “short-term deferral”
exception, the separation pay exception or another exception under Section 409A of the Code shall be paid under the applicable exception. For purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code,
each payment of compensation under this Agreement shall be treated as a separate payment of compensation. All payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” under
Section 409A of the Code to the extent necessary in order to avoid the imposition of penalty taxes on you pursuant to Section 409A of the Code. Notwithstanding anything to the contrary contained herein, under no circumstances shall the
Company be required to pay or reimburse you for taxes or other costs incurred or otherwise triggered under Section 409A of the Code. 

(b) Reimbursements and In-Kind Benefits.
Notwithstanding anything to the contrary in this Agreement, all reimbursements and in-kind benefits provided under this Agreement that are subject to Section 409A of the Code shall be made in
accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (A) any reimbursement is for expenses incurred during your lifetime (or during a shorter period of time specified in this
Agreement); (B) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or
in-kind benefits to be provided, in any other calendar year; (C) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the
expense is incurred; and (D) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(c) Delay of Payments. Notwithstanding any other provision of this Agreement to the
contrary, if you are considered a “specified employee” for purposes of Section 409A of the Code (as determined in accordance with the methodology established by the Company and its affiliates as in effect on the date on which you have
a “separation from service”), any payment that constitutes nonqualified deferred compensation within the meaning of Section 409A of the Code that is otherwise due to you under this Agreement during the
six-month period immediately following your separation from service (as determined in accordance with Section 409A of the Code) on account of your separation from service shall be accumulated and paid to
you on the first business day of the seventh month following his separation from service (the “Delayed 

  
 6 

 
Payment Date”), to the extent necessary to prevent the imposition of tax penalties on you under Section 409A of the Code. If you die during the postponement period, the amounts
and entitlements delayed on account of Section 409A of the Code shall be paid to the personal representative of your estate on the first to occur of the Delayed Payment Date or 30 calendar days after the date of your death 

8. Miscellaneous Provisions. 

(a) Notice. Notices and all other communications contemplated by this Agreement shall be
in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In your case, mailed notices shall be addressed to you at the home
address that you most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary. 

(b) Modifications and Waivers. No provision of this Agreement shall be modified, waived or
discharged unless the modification, waiver or discharge is agreed to in writing and signed by you and by an authorized officer of the Company (other than you). No waiver by either party of any breach of, or of compliance with, any condition or
provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(c) Whole Agreement. No other agreements, representations or understandings (whether oral
or written and whether express or implied) which are not expressly set forth in this Agreement have been made or entered into by either party with respect to the subject matter hereof. This Agreement and the Confidentiality Agreement contain the
entire understanding of the parties with respect to the subject matter hereof. 
 (d) Withholding
Taxes. All payments made under this Agreement shall be subject to reduction to reflect taxes or other charges required to be withheld by law. 

(e) Choice of Law and Severability. This Agreement shall be interpreted in accordance with
the laws of the State in which you work/last worked without giving effect to provisions governing the choice of law. If any provision of this Agreement becomes or is deemed invalid, illegal or unenforceable in any applicable jurisdiction by reason
of the scope, extent or duration of its coverage, then such provision shall be deemed amended to the minimum extent necessary to conform to applicable law so as to be valid and enforceable or, if such provision cannot be so amended without
materially altering the intention of the parties, then such provision shall be stricken and the remainder of this Agreement shall continue in full force and effect. If any provision of this Agreement is rendered illegal by any present or future
statute, law, ordinance or regulation (collectively, the “Law”) then that provision shall be curtailed or limited only to the minimum extent necessary to bring the provision into compliance with the Law. All the other terms and
provisions of this Agreement shall continue in full force and effect without impairment or limitation. 

  
 7 

 (f) No Assignment. This Agreement and
all of your rights and obligations hereunder are personal to you and may not be transferred or assigned by you at any time. The Company may assign its rights under this Agreement to any entity that assumes the Company’s obligations hereunder in
connection with any sale or transfer of all or a substantial portion of the Company’s assets to such entity. 

(g) Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 [Signature Page Follows]

  
 8 

 We are all delighted to be able to extend you this offer and look forward to
working with you. To indicate your acceptance of the Company’s offer, please sign and date this letter in the space provided below and return it to me, along with a signed and dated original copy of the Confidentiality Agreement and Arbitration
Agreement, on or before January 19, 2018. The Company requests that you begin work in this new position on or before February 12, 2018. Please indicate the date (either on or before the aforementioned date) on which you expect to begin
work in the space provided below (the “Start Date”). 
  

			
	 Very truly yours,

	
	 LYFT, INC.

		
	 By:
	 	 /s/ Logan Green

	 Name:
	 	 Logan Green

	 Title:
	 	 Chief Executive Officer

  

	
	 ACCEPTED AND AGREED:

	
	 /s/ Jon McNeill

	
	 Jon McNeill

	
	  

	 Date

	
	 Anticipated Start Date: February 12, 2018

	
	
	 Attachment A: Employee Invention Assignment and Confidentiality Agreement

	
	 Attachment B: Arbitration Agreement

  
 9 

 ATTACHMENT A 

EMPLOYEE INVENTION ASSIGNMENT AND 

CONFIDENTIALITY AGREEMENT 

(See Attached) 

  
 2 

 ATTACHMENT B 

ARBITRATION AGREEMENT 

(See Attached) 

  
 - 3 -Exhibit 4.1

 

[Form of 0.750% Senior Note due 2027]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK, S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM (“EUROCLEAR”) AND CLEARSTREAM BANKING, SOCIÉTÉ ANONYME (“CLEARSTREAM,” AND TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, HAS AN INTEREST HEREIN.

 

1

 

	
No. R-
    	
€
    
	
 
    	
CUSIP No. 713448 EJ3
    
	
 
    	
ISIN No. XS1963553919
    
	
 
    	
Common Code 196355391
    

 

PEPSICO, INC.

 

0.750% SENIOR NOTE DUE 2027

 

PEPSICO, INC., a corporation in existence under the laws of the State of North Carolina (herein called the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to The Bank of New York Depository (Nominees) Limited as nominee of The Bank of New York Mellon, London Branch, a common depositary for Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme, the principal sum of €                    on March 18, 2027, and to pay interest on said principal sum annually on March 18 of each year, commencing March 18, 2020, at the rate of 0.750% per annum from March 18, 2019, or from the most recent date in respect of which interest has been paid or duly provided for, until payment of the principal sum has been made or duly provided for. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such Interest Payment Date, which shall be the March 3 (whether or not a Business Day) next preceding such Interest Payment Date. Any such interest that is payable but is not so punctually paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not earlier than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of the Nasdaq Bond Exchange (“Nasdaq”) on which the Notes are expected to be listed and upon such notice as may be required by Nasdaq, if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in the Indenture.

 

Interest will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the date from which interest begins to accrue for the period (or from March 18, 2019 if no interest has been paid on the Notes) to, but excluding, the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Markets Association.

 

“Business Day” means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in the City of New York or the City of London are authorized or required by law or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, operates. If any Interest Payment Date, the maturity date or any Redemption Date is not a Business Day, then the related payment for such Interest Payment Date, maturity date or Redemption Date shall be paid on the next succeeding Business Day with the same force and

 

2

 

effect as if made on such Interest Payment Date, maturity date or Redemption Date, as the case may be, and no further interest shall accrue as a result of such delay.

 

Payment of the principal of and interest on this Note will be made at the Place of Payment; provided, however, that payments of interest may be made at the option of the Company by checks mailed to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register.

 

Principal and interest payments, including payments made upon any redemption, in respect of this Note will be payable in euro. If the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of this Note will be made in U.S. dollars until the euro is again available to the Company and so used. In such circumstances, the amount payable on any date in euro will be converted into U.S. dollars on the basis of the then most recently available market exchange rate for euro, as determined by the Company in its sole discretion. Any payment in respect of this Note so made in U.S. dollars will not constitute an Event of Default under this Note or the Indenture. Neither the Trustee nor the Paying Agent shall be responsible for any calculation or conversion in connection with the foregoing.

 

Initially, The Bank of New York Mellon, London Branch will act as Paying Agent. The Company reserves the right at any time to vary or terminate the appointment of any Paying Agent, to appoint additional or other Paying Agents and to approve any change in the office through which any Paying Agent acts.

 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

3

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by manual or facsimile signature under its corporate seal or a facsimile thereof.

 

	
Dated:               , 2019
    	
PEPSICO, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    	
Hugh   F. Johnston  
    
	
 
    	
 
    	
Title:
    	
Authorized   Officer
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
Kenneth   Smith  
    
	
 
    	
 
    	
 
    	
 
    	
Title:
    	
Authorized   Officer
    
	
[seal]
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Attest:
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

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TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	
 
    	
The   Bank of New York Mellon, as Trustee
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized   Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
Dated:
    	
 
    

 

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[REVERSE OF NOTE]

 

PEPSICO, INC.

 

0.750% SENIOR NOTE DUE 2027

 

This Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of May 21, 2007 (herein called the “Indenture”), between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the Company, the Trustee, and the Holders of the Securities, the terms upon which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein and not otherwise defined herein. The Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at different rates (which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to different sinking, purchase, or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise vary as provided in the Indenture. This Note is one of a series of Securities of the Company designated as set forth on the face hereof (herein called the “Notes”), initially limited in aggregate principal amount to €500,000,000.

 

The Company will have the right, at its option, to redeem any of the Notes in whole or in part, at any time or from time to time prior to December 18, 2026 (three months prior to the maturity date of the Notes) (the “Par Call Date”) at a Redemption Price (calculated by the Company) equal to the greater of (i) 100% of the principal amount of such Notes being redeemed and (ii) the sum of the present values of the Remaining Scheduled Payments (as defined below) of principal and interest thereon (exclusive of interest accrued to the date of redemption), assuming for such purpose that the Notes matured on the Par Call Date, discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate (as defined below) plus 15 basis points, plus, in each case, accrued and unpaid interest thereon to, but not including, the date of redemption. The Company shall make all calculations relating to the Redemption Price.

 

The Company will have the right, at its option, to redeem any of the Notes in whole or in part, at any time or from time to time on or after the Par Call Date, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the date of redemption.

 

Except as otherwise provided herein, redemption of the Notes shall be made in accordance with the terms of Article 11 of the Indenture.

 

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“Comparable Government Bond Rate” means, with respect to any Redemption Date, the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes, if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond (as defined below) on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by an independent investment bank selected by the Company.

 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an independent investment bank selected by the Company, a German government bond whose maturity is closest to the maturity of the Notes, assuming for such purpose that the Notes matured on the Par Call Date, or if such independent investment bank in its discretion considers that such similar bond is not in issue, such other German government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German government bonds selected by the Company, determine to be appropriate for determining the Comparable Government Bond Rate.

 

“Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related Redemption Date but for such redemption, assuming for such purpose that such Note matured on the Par Call Date; provided, however, that, if such Redemption Date is not an Interest Payment Date with respect to such Note, the amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of interest accrued thereon to such Redemption Date.

 

On and after the Redemption Date, interest will cease to accrue on the Notes or any portion thereof called for redemption (unless the Company defaults in the payment of the Redemption Price and accrued interest). On or before the Redemption Date, the Company will deposit with the Trustee or its agent money sufficient to pay the Redemption Price of and (unless the redemption date shall be an Interest Payment Date) accrued and unpaid interest to the Redemption Date on the Notes to be redeemed on such date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected in accordance with applicable Depositary procedures. Additionally, the Company may at any time repurchase Notes in the open market and may hold or surrender such Notes to the Trustee for cancellation.

 

If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after March 11, 2019, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, will become obligated to pay additional amounts as described below with respect to the Notes, then the Company may at any time at its option redeem, in whole,

 

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but not in part, the Notes at a Redemption Price equal to 100% of their principal amount, together with accrued and unpaid interest on those Notes to, but not including, the date fixed for redemption.

 

The Company will, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts as are necessary in order that the net payment by the Company of the principal of and interest on the Notes to a Holder who is not a United States person (as defined below), after withholding or deduction for any present or future tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States, will not be less than the amount provided in the Notes to be then due and payable; provided, however, that the foregoing obligation to pay additional amounts shall not apply:

 

(1)         to any tax, assessment or other governmental charge that is imposed by reason of the Holder (or the beneficial owner for whose benefit such Holder holds such Note), or a fiduciary, settlor, beneficiary, member or shareholder of the Holder if the Holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as:

 

(a)         being or having been engaged in a trade or business in the United States or having or having had a permanent establishment in the United States;

 

(b)         having a current or former connection with the United States (other than a connection arising solely as a result of the ownership of the Notes, the receipt of any payment or the enforcement of any rights hereunder), including being or having been a citizen or resident of the United States;

 

(c)          being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation for United States federal income tax purposes or a corporation that has accumulated earnings to avoid United States federal income tax;

 

(d)         being or having been a “10-percent shareholder” of the Company as defined in Section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”) or any successor provision; or

 

(e)          being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business;

 

(2)         to any Holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficial owner with respect to the Holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the partnership or limited liability company would not have been

 

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entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment;

 

(3)         to any tax, assessment or other governmental charge that would not have been imposed but for the failure of the Holder or any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the Holder or beneficial owner of the Notes, if compliance is required by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge;

 

(4)         to any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Company or a Paying Agent from the payment;

 

(5)         to any tax, assessment or other governmental charge that would not have been imposed but for a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later;

 

(6)         to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or similar tax, assessment or other governmental charge;

 

(7)         to any tax, assessment or other governmental charge required to be withheld by any Paying Agent from any payment of principal of or interest on any Note, if such payment can be made without such withholding by at least one other Paying Agent;

 

(8)         to any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the Holder of any Note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later;

 

(9)         to any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner being a bank (i) purchasing the Notes in the ordinary course of its lending business or (ii) that is neither (A) buying the Notes for investment purposes only nor (B) buying the Notes for resale to a third-party that either is not a bank or holding the Notes for investment purposes only;

 

(10)  to any tax, assessment or other governmental charge imposed under Sections 1471 through 1474 of the Internal Revenue Code (or any amended or successor provisions), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Internal Revenue Code or any fiscal or regulatory legislation, rules or

 

9

 

practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Internal Revenue Code; or

 

(11)  in the case of any combination of items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (10).

 

The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the Notes. Except as noted above, the Company will not be required to make any payment for any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of or in any government or political subdivision.

 

As used above, the term “United States” means the United States of America (including the states of the United States and the District of Columbia and any political subdivision thereof) and the term “United States person” means any individual who is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia (other than a partnership that is not treated as a United States person under any applicable Treasury regulations), or any estate or trust the income of which is subject to United States federal income taxation regardless of its source.

 

Notice of any redemption will be transmitted at least 30 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed. If fewer than all of the Notes are to be redeemed, the particular Notes to be redeemed, in the case of Notes in global form, shall be selected in accordance with the procedures of the Depositary. In the case of physical Notes in definitive form, such selection shall be done by the Trustee by lot. If any Note is to be redeemed only in part, the notice of redemption that relates to such Note shall state the principal amount thereof to be redeemed. A new Note in principal amount equal to and in exchange for the unredeemed portion of the principal of the Note surrendered may be issued in the name of the Holder of the Note upon surrender of the original Note.

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected by such amendment or modification. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon registration of transfer hereof or

 

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in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

The Indenture contains provisions setting forth certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy under the Indenture.

 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated in the manner and with the effect provided in the Indenture.

 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registerable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any Place of Payment duly endorsed, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Notes are issuable only in registered form without coupons in denominations of €100,000 and integral multiples of €1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, this Note is exchangeable for certificated notes in definitive form of like tenor in minimum denominations of €100,000 principal amount and integral multiples of €1,000 in excess thereof if (i) the Depositary provides notification that it is unwilling, unable or no longer qualified to continue as depositary for the global notes and a successor is not appointed within 90 days; (ii) the Company in its discretion at any time determines not to have all the Notes represented by the global note; or (iii) default entitling the Holders of Notes to accelerate the maturity thereof has occurred and is continuing. Any Note that is exchangeable as above is exchangeable for certificated notes issuable in authorized denominations and registered in such names as the common depositary shall direct. Subject to the foregoing, a global note is not exchangeable, except for a global note of the same aggregate denomination to be registered in the name of the common depositary (or its nominee).

 

Payments (including principal, interest and any additional amounts) and transfers with respect to the Notes in certificated form may be executed at the office or agency maintained for such purpose within the City of London (initially the office of the Paying Agent maintained for such purpose) or, at the Company’s option, by check mailed to the Holders thereof at the respective addresses set forth in the register of Holders of the Notes, provided that all payments (including principal, interest and any additional amounts) on certificated notes, for which the Holders thereof have given wire transfer

 

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instructions, will be required to be made by wire transfer of immediately available funds to the accounts specified by the Holders thereof.

 

No service charge shall be made for any such registration or transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to the presentment of this Note for registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the contrary.

 

All terms used in this Note which are defined in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.

 

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FOR   VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and   transfer(s) unto
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    
	
[PLEASE INSERT SOCIAL SECURITY OR OTHER   IDENTIFYING NUMBER OF ASSIGNEE]
    
	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    
	
[PLEASE PRINT OR TYPE NAME AND   ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]
    

 

the within Note and all rights thereunder, hereby irrevocably constituting and appointing                           attorney to transfer such Note on the books of the Issuer, with full power of substitution in the premises.

 

	
Dated:
    	
 
    	
 
    

 

NOTICE:               The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.

 

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