<SEC-DOCUMENT>0001387131-19-002692.txt : 20190417
<SEC-HEADER>0001387131-19-002692.hdr.sgml : 20190417
<ACCEPTANCE-DATETIME>20190417060202
ACCESSION NUMBER:		0001387131-19-002692
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190417
DATE AS OF CHANGE:		20190417
EFFECTIVENESS DATE:		20190417

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEPSICO INC
		CENTRAL INDEX KEY:			0000077476
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-01183
		FILM NUMBER:		19752142

	BUSINESS ADDRESS:	
		STREET 1:		700 ANDERSON HILL RD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		9142532000

	MAIL ADDRESS:	
		STREET 1:		700 ANDERSON HILL ROAD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577-1444

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEPSI COLA CO
		DATE OF NAME CHANGE:	19700903

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SumOfUs
		CENTRAL INDEX KEY:			0001700792
		IRS NUMBER:				452513966
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2443 FILLMORE ST #380-1279
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94115
		BUSINESS PHONE:		347-826-4656

	MAIL ADDRESS:	
		STREET 1:		2443 FILLMORE ST #380-1279
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94115
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>sumofus-px14a6g_050119.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; font: 12pt Times New Roman, Times, Serif"><IMG SRC="sumofus-px14a6g_img001.jpg" ALT="" STYLE="height: 97px; width: 83px"></TD>
    <TD STYLE="width: 56%">
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Vote FOR Proposal #5 to </B></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Require an Independent Chair at </B></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PepsiCo (NYSE: PEP) </B></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Meeting Date: May 1, 2019</B></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dear fellow PepsiCo shareholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">SumOfUs, an institutional shareholder of
PepsiCo, urges you to <B>vote FOR Proposal 5 at the annual meeting of PepsiCo shareholders on May 1, 2019.<SUP>1</SUP> Proposal
5 calls on PepsiCo to have an independent chair of the board of directors. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_gjdgxs"></A>We believe a structure where the CEO runs
the business and is accountable to a board led by an independent chair is in the best interests of PepsiCo shareholders. Except
for occasional brief &#8220;apprenticeship&#8221; periods at the outset of their CEO service, PepsiCo CEOs have also held the role
of Board Chair for over two decades, but this is out of step with modern best practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_xglxrtcu6e1t"></A>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A board led by an independent chair helps ensure that the board
is fully informed and willing to ask difficult questions of corporate management. Relying on a presiding director is insufficient,
in our view, because the ultimate responsibility for board leadership remains with CEO and Board Chair Ramon LaGuarta. We believe
that the CEO should not be his or her own boss, and that the board of directors should have the power to hold the CEO to account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">An independent board chair is a corporate governance best practice
supported by the Council of Institutional Investors, GMI Ratings, Glass Lewis, and other corporate governance advisors. CEOs that
report to a board chaired by an independent director are paid about 20% less than their peers, according to a 2016 study by proxy
advisory firm Institutional Shareholder Services.<SUP>2 </SUP>We view CEO compensation as a visible indicator of the robustness
of board oversight.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investors look to the board to advance a long-term outlook, as a
counterweight to the shorter-term approaches of traders and company management.<SUP>3</SUP> In particular, we think this long term
board oversight is essential for PepsiCo to address a number of sustainability issues related to palm oil in its business model
that could have an adverse effect on PepsiCo&#8217;s brand and income.<SUP>4</SUP> According to leading ESG research firm Sustainalytics,
&#8220;Child labour and substandard working conditions are a systemic issue across the palm oil industry, and PepsiCo has been
considered a laggard in addressing related challenges.&#8221;<SUP>5</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PepsiCo faces reputational risk due to human rights, labor rights,
and child labor abuses committed on palm oil plantations by PepsiCo&#8217;s Indonesian joint venture partner Indofoods.<SUP>6</SUP>
While competitor Nestl&eacute; ended its joint venture with Indofoods in light of the company&#8217;s expulsion from the Roundtable
on Sustainable Palm Oil, the global palm oil standards body, Pepsi has not exited its own joint venture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5in 4pt 0">___________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>1</SUP> For text of shareholder proposal, please see <A HREF="http://www.sec.gov/Archives/edgar/data/77476/000120677419000992/pep3495251-def14a.htm#ShareholderProposalRegardingIndependentBoardChairmanProxyItemNo" STYLE="-sec-extract: exhibit"><FONT STYLE="color: #1155CC"><U>https://www.sec.gov/Archives/edgar/data/77476/000120677419000992/pep3495251-def14a.htm#ShareholderProposalRegardingIndependentBoardChairmanProxyItemNo</U></FONT></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>2</SUP> Francis, Theo, and Joann S. Lublin. &quot;CEO Pay Depends
on Board's Independence.&quot;&nbsp;<I>The Wall Street Journal</I>. Dow Jones &amp; Company, 09 Mar. 2016. Web. 15 June 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>3</SUP> <U>See</U>, <U>e.g</U>., Ronald P. O&#8217;Hanley,
&#8220;Long-Term Value Begins at the Board,&#8221; Speech to the Weinberg Center 2017 Corporate Governance Symposium, 07 Mar.
2017 (available at https://corpgov.law.harvard.edu/2017/03/20/long-term-value-begins-at-the-board/)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>4</SUP> &#8220;PepsiCo urged to cut ties with Indofood over
RSPO fiasco&#8221; <I>The Grocer</I>, February 4, 2019. Available at <U>https://www.thegrocer.co.uk/buying-and-supplying/sourcing/pepsico-urged-to-cut-ties-with-indofood-over-rspo-fiasco/576238.article</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>5</SUP> &#8220;PepsiCo ESG Risk Ratings Report,&#8221; <I>Sustainalytics</I>,
April 1, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>6</SUP> &#8220;PepsiCo supplier Indofood accused of child
labour, violations,&#8221; <I>Eco-Business</I>, June 10, 2016. Available at <U>https://www.eco-business.com/news/pepsico-supplier-indofood-accused-of-child-labour-violations/</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0; background-color: white"><B>This is
not a solicitation of authority to vote your proxy.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Please DO NOT send
us your proxy card as it will not be accepted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">April 17, 2019</FONT></TD>
    <TD STYLE="width: 51%; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">Page 2</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Across the globe, companies are winning customers for taking proactive
stances against conflict palm oil, such as supermarket chain Iceland in the UK. Customers and legislators are turning against unsustainable
palm oil, and are increasingly critical of bad actors. This year, the EU banned palm oil in biodiesel after a huge public campaign
that attracted support from over 650,000 people.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CEO Ramon Laguarta is ignoring PepsiCo&#8217;s ties to conflict
palm oil company Indofood, and right now the board lacks the power to hold him to a higher standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We believe that the issue of sustainability and brand damage related
to Indofoods is only one of many areas where independent oversight of PepsiCo&#8217;s management, by a board of directors chaired
by an independent director, would benefit the long term value of PepsiCo shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We urge you to vote FOR Proposal 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Lisa Lindsley</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">lisa@sumofus.org</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0; background-color: white"><B>This is
not a solicitation of authority to vote your proxy.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; text-indent: 0"><B>Please DO NOT send
us your proxy card as it will not be accepted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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