Faster, stronger, better. Annual report 2019 creating more smiles with every sip

Options
(a)
Weighted-
Average 
Exercise
Price
Weighted-
Average 
Contractual
Life 
Remaining
(years)
Aggregate 
Intrinsic
Value
(b)
Outstanding at December 29, 2018
15,589 $
79.94
Granted
1,286 $
118.33
Exercised
(4,882) $
67.34
Forfeited/expired
(368) $
94.30
Outstanding at December 28, 2019
11,625 $
89.03
4.68 $ 563,942
Exercisable at December 28, 2019
7,972 $
78.27
3.13 $ 472,512
Expected to vest as of December 28, 2019
3,364 $
112.25
8.04 $
85,066
(a) Options are in thousands and include options previously granted under the PBG plan. No additional options or shares were granted under 
the PBG plan after 2009.
(b) In thousands.
Restricted Stock Units and Performance Stock Units
Each RSU represents our obligation to deliver to the holder one share of PepsiCo common stock when the 
award vests at the end of the service period. PSUs are awards pursuant to which a number of shares are 
delivered to the holder upon vesting at the end of the service period based on PepsiCo’s performance against 
specified financial and/or operational performance metrics. The number of shares may be increased to the 
maximum or reduced to the minimum threshold based on the results of these performance metrics in 
accordance with the terms established at the time of the award. During the vesting period, RSUs and PSUs 
accrue dividend equivalents that pay out in cash (without interest) if and when the applicable RSU or PSU 
vests and becomes payable.
The fair value of RSUs and PSUs are measured at the market price of the Company’s stock on the date of 
grant. 

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A summary of our RSU and PSU activity for the year ended December 28, 2019 is as follows: