PepsiCo Director Ian M. Cook Receives Annual Phantom Stock Award

Insider Filing Analysis: PepsiCo, Inc. (PEP)

Executive Summary

On October 5, 2026, PepsiCo Director Ian M. Cook filed a Form 4 detailing two acquisitions of phantom stock units under company director compensation and deferral programs. The filing covers an annual director equity award valued at approximately $200,000, along with dividend reinvestment units accrued over the preceding four quarters.

Key Transaction Details

1. Director Service Equity Award (October 1, 2026):

   • Shares Acquired: 1,592.3566 phantom stock units
   • Price: $125.60 per unit
   • Total Value: $199,999.99 (~$200,000)
   • Terms: Payable in PepsiCo common stock on a 1-for-1 basis beginning the calendar quarter after the first anniversary of retirement/resignation from the Board.

2. Dividend Reinvestment Units (September 30, 2026):

   • Shares Acquired: 1,887.6818 phantom stock units
   • Price Range: $126.72 to $155.29
   • Context: Acquired between October 1, 2025, and September 30, 2026, via reinvestment of dividend equivalents pursuant to the PepsiCo Director Deferral Program.

Holdings Post-Transaction

Following these transactions, Ian M. Cook directly holds 51,286.5553 shares/units of PepsiCo Common Stock.

Market Significance

• Trading Significance: Low
• Rationale: These acquisitions reflect standard board compensation and automatic dividend reinvestments rather than open-market purchases or discretionary buying. While they demonstrate alignment with shareholder interests, they do not indicate a directional market signal.