Board Justification

Our executive compensation programs are designed to align the interests of our executive officers with our shareholders, underpinned by the following core principles. Pay for Performance ■ Put the majority of executive officer pay at-risk, where both short-term and long-term incentives depend on performance relative to predetermined goals ■ Annual awards granted to executive officers never vest exclusively on continued employment ■ Payout at target when PepsiCo achieves its internal performance targets Alignment with Business Strategy ■ Tie performance objectives directly to each Faster, Stronger and Better aspiration to drive forward our vision ■ Top-line and market share metrics reinforce our need to be Faster, bottom-line and capital management metrics provide a balance to help us be Stronger, and integrating purpose into strategic business imperatives allows us to be Better Shareholder Value Creation ■ Directly link pay to the achievement of performance goals designed to foster the creation of sustainable long-term shareholder value ■ Maintain stock ownership requirements for senior leadership which extend beyond employment with PepsiCo Market Pay Competitiveness ■ Provide market-competitive programs that enable PepsiCo to attract and retain highly qualified and talented individuals ■ Reward overachievement allowing for differentiation in talent Delivering Individual Objectives ■ Recognize the achievement of individual goals, tailored to each executive officer’s role and responsibilities, that advance PepsiCo’s strategic business imperatives ■ Embed goals into individual objectives which are tied to one or more of sustainability initiatives, people, expanded portfolio offerings, and/or brands with positive impact

Board Justification

N/A

Board Justification

Personal use of company aircraft, car allowance and personal use of ground transportation, global mobility, charitable contributions

Board Justification

PSUs 3/1/2021 paid out on 3/1/2024