PepsiCo Director Michelle Gass Acquires Phantom Shares via Deferral Program & Director Compensation

Executive Summary

On October 5, 2026, PepsiCo, Inc. ($PEP) director Michelle Gass reported acquisitions of common stock equivalents (phantom stock units) totaling 2,060.0573 shares across two transactions:

1. September 30, 2026: Acquisition of 467.7007 phantom units through dividend equivalent reinvestment under the PepsiCo Director Deferral Program at prices between $126.72 and $155.29.
2. October 1, 2026: Grant of 1,592.3566 phantom stock units at an effective price of $125.60 per unit (totaling approximately $200,000), representing compensation for board service.

Following these transactions, Gass holds 14,020.5467 shares/units directly.

Transaction Analysis

• Nature of Acquisition: Both transactions were coded as 'A' (Award/Grant). They stem directly from routine board compensation and dividend reinvestment plans rather than open-market purchases.
• Payment & Vesting Details: The phantom units are payable in shares of PepsiCo common stock on a 1-for-1 basis commencing on the first day of the calendar quarter following the first anniversary of retirement or resignation from the Board.
• Market Significance: Low. These represent standard, non-discretionary equity compensation and dividend reinvestments consistent with standard board retainer practices.