PEP PepsiCo Inc

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES                                                                                   
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940                       

1. Name and Address of Reporting Person * Johnston Hugh F	2. Issuer Name and Ticker or Trading Symbol PEPSICO INC [ PEP ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director                    _____ 10% Owner __X__ Officer (give title below)    _____ Other (specify below) Vice Chairman, EVP & CFO
(Last)          (First)          (Middle) PEPSICO, INC., 700 ANDERSON HILL ROAD	3. Date of Earliest Transaction (MM/DD/YYYY) 1/1/2022
(Street) PURCHASE, NY 10577 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
PepsiCo, Inc. Common Stock								289.5471 (1)	I	by 401(k)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Units	(2)	1/1/2022		I			5211.8435 (3)	(3)	(3)	PepsiCo, Inc. Common Stock	5211.8435	$173.71	19442.5589 (4)	D

Explanation of Responses:
(1)	Reflects the number of shares held under the reporting person's account in the PepsiCo Savings Plan as of January 1, 2022.
(2)	Represents units under the PepsiCo Executive Income Deferral Program (the "EID"), each of which is the economic equivalent of one share of PepsiCo Common Stock.
(3)	Represents an automatic distribution (required to be settled in cash in accordance with the terms of the EID) pursuant to irrevocable elections made in 1998 and 2004 with respect to 1998 and 2004 bonus, respectively.
(4)	Also reflects a decrease of 16.5295 in the total number of units held, resulting from daily fluctuations in the market value of PepsiCo Common Stock.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Johnston Hugh F PEPSICO, INC., 700 ANDERSON HILL ROAD PURCHASE, NY 10577			Vice Chairman, EVP & CFO

Signatures
/s/ Cynthia A. Nastanski, Attorney-in-Fact		1/4/2022
**Signature of Reporting Person		Date