[Form 4] Keurig Dr Pepper Inc. Insider Trading Activity

Rhea-AI Filing Summary

Keurig Dr Pepper insider Anthony Shoemaker reported stock transactions tied to vesting of restricted stock units (RSUs). On 09/15/2025 Mr. Shoemaker had RSUs convert into common stock and recorded net acquisitions of common shares: 785 shares from a 2021 grant and 1,475 shares from a 2020 grant, resulting in an increase in his beneficial ownership to 125,432 shares following the largest conversion. To cover tax obligations, the issuer withheld 309 and 581 shares at $26.75 per share, recorded as dispositions, leaving reported direct ownership figures shown in the filing. The transactions reflect routine vesting and tax withholding under the company's Omnibus Stock Incentive Plan.

Positive

• RSU vesting increased direct beneficial ownership by 2,260 shares through scheduled conversions
• Tax withholding for vested shares was executed and disclosed transparently at $26.75 per share

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine RSU vesting increased direct holdings modestly; no cash purchases or option exercises reported.

The Form 4 discloses scheduled vesting conversions of RSUs into common stock and corresponding shares withheld for taxes. Total newly issued shares from vesting on 09/15/2025 amounted to 2,260 shares (785 + 1,475), with 890 shares withheld (309 + 581) to satisfy tax obligations at a recorded withholding price of $26.75 per share. The filing shows direct beneficial ownership adjustments consistent with grant schedules rather than open-market transactions, indicating no additional cash investment or opportunistic trading by the reporting officer.

Corporate Governance Expert

TL;DR: Disclosure aligns with standard equity compensation administration and Rule 16 reporting requirements.

The report details RSU grants from 2020 and 2021 vesting according to pre-specified schedules under the Omnibus Stock Incentive Plan, with conversions recorded one-for-one into common stock. Withholding of shares to cover tax liabilities is documented and the filing is signed by an attorney-in-fact, meeting procedural formality. There are no indicia of unusual insider activity or departures from standard equity-plan practices in this filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Shoemaker Anthony

(Last) (First) (Middle)

6425 HALL OF FAME LANE

(Street)

FRISCO TX 75034

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Keurig Dr Pepper Inc. [ KDP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

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. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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
Common Stock	09/15/2025		M		785	A	$0(1)	124,266	D
Common Stock	09/15/2025		F		309(2)	D	$26.75	123,957	D
Common Stock	09/15/2025		M		1,475	A	$0(1)	125,432	D
Common Stock	09/15/2025		F		581(2)	D	$26.75	124,851	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction 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 (Month/Day/Year)		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: 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
Restricted Stock Unit	(3)	09/15/2025		M			785	(3)	(3)	Common Stock	785	$0	785	D
Restricted Stock Unit	(4)	09/15/2025		M			1,475	(4)	(4)	Common Stock	1,475	$0	0	D

Explanation of Responses:

1. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

2. Shares of common stock withheld for payment of applicable taxes upon vesting of RSUs in accordance with Rule 16b-3.

3. RSUs were granted September 14, 2021 and vest in three installments as follows: 60% on September 14, 2024; 20% on September 14, 2025, and 20% on September 14, 2026. Tweny percent of the RSUs vested on September 15, 2025, the first trading day following September 14, 2025. The RSUs converted into common stock on a one-for one basis pursuant to the Issuer's Ombinus Stock Incentive Plan of 2019.

4. RSUs were granted on September 15, 2020 and vest in three installments as follows: 60% on September 15, 2023; 20% on September 15, 2024, and 20% on September 15, 2025. Twenty percent of the RSUs vested on September 15, 2025. The RSUs converted into common stock on a one-for-one basis pursuant to the Issuer's Omnibus Stock Incentive Plan of 2019.

Remarks:

	/s/ Mark Jackson, attorney in fact	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Anthony Shoemaker report on the KDP Form 4?

The filing reports RSU conversions on 09/15/2025: 785 shares from a 2021 grant and 1,475 shares from a 2020 grant, with share withholding of 309 and 581 shares for taxes.

How many shares does Anthony Shoemaker beneficially own after the reported transactions?

The filing shows beneficial ownership figures of up to 125,432 shares following the reported conversions.

Were any shares purchased on the open market in this Form 4 for KDP?

No open-market purchases are reported; the acquisitions were one-for-one RSU conversions under the company's incentive plan.

Why were some shares marked as dispositions at $26.75 on the Form 4?

Those entries reflect shares withheld to cover applicable taxes upon RSU vesting, recorded at a withholding price of $26.75 per share.

What grant schedules governed the vested RSUs reported?

The 2021 RSUs vest 60%/20%/20% (with 20% vesting reported here) and the 2020 RSUs likewise vest 60%/20%/20%, with the reported 20% installments vesting on 09/15/2025.