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

Rhea-AI Filing Summary

Insider filing summary: This Form 4 shows transactions by Olivier Lemire, identified as President, U.S. Coffee at Keurig Dr Pepper Inc. (KDP). On 09/15/2025 certain restricted stock units (RSUs) vested and converted into common stock on a one-for-one basis, resulting in acquisitions of 643 and 3,294 shares. In connection with vesting, 304 and 1,718 shares were withheld to satisfy tax withholding at a reported price of $26.75 per share.

The filing lists post-transaction beneficial ownership totals on individual lines and notes the RSU vesting schedule, including that half of a grant vested on the first trading day after 09/14/2025 and another grant vested in full on 09/15/2025. The Form 4 was signed on behalf of the reporting person by an attorney-in-fact on 09/17/2025.

Positive

• RSUs converted to common stock, reflecting compensation realization under the company plan
• Disclosure references company Omnibus Stock Incentive Plan of 2019, indicating plan-based, documented vesting

Negative

• None.

Insights

Financial Analyst

TL;DR Routine executive RSU vesting produced modest share acquisitions and tax-withheld dispositions; no material change to control or holdings.

The filing documents standard equity compensation mechanics: conversion of RSUs into common stock and share withholding to satisfy taxes at $26.75 per share. The transactions appear to be vesting-related rather than open-market trades, indicating compensation realization rather than active buying or selling. Reported post-transaction beneficial ownership figures are provided line-by-line but do not indicate large shifts in ownership percentage.

Corporate Governance Expert

TL;DR Vesting and withholding are consistent with company equity plan terms and Rule 16b-3 mechanics.

The disclosure cites the Issuer's Omnibus Stock Incentive Plan of 2019 and Rule 16b-3 treatment for tax withholding, showing compliance with standard governance and insider reporting requirements. Vesting schedule details and conversion terms are included, and the form was properly executed by an attorney-in-fact, meeting filing formalities.

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

OMB APPROVAL

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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^*

Lemire Olivier

(Last) (First) (Middle)

53 SOUTH AVENUE

(Street)

BURLINGTON MA 01803

(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)
	President, U.S. Coffee

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		643	A	$0(1)	34,980	D
Common Stock	09/15/2025		F		304(2)	D	$26.75	34,676	D
Common Stock	09/15/2025		M		3,294	A	$0(1)	37,970	D
Common Stock	09/15/2025		F		1,718(2)	D	$26.75	36,252	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			643	(3)	(3)	Common Stock	643	$0	642	D
Restricted Stock Unit	(4)	09/15/2025		M			3,294	(4)	(4)	Common Stock	3,294	$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 vest in two equal installments as follows: 50% on September 14, 2025 and 50% of September 14, 2026. Fifty 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 Omnibus Stock Incentive Plan of 2019.

4. The RSUs vested in full on September 15, 2025. The RSUs converted into common stock on a one-for-one basis pursuant to the Issuer's Ombinus 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 Olivier Lemire report on Form 4 for KDP?

He reported vesting-related conversions of RSUs into 643 and 3,294 shares on 09/15/2025, and withholding of 304 and 1,718 shares for taxes at $26.75 per share.

Why were shares withheld in the Form 4 filing for KDP (symbol KDP)?

Shares were withheld to satisfy applicable tax withholding upon RSU vesting, described as done in accordance with Rule 16b-3.

What RSU vesting schedule is disclosed in the filing?

One grant vested 50% on September 14, 2025 (recorded on the first trading day, 09/15/2025) and the remainder on September 14, 2026; another grant vested in full on 09/15/2025.

Does the Form 4 indicate any open-market purchases or sales by the insider?

No. The transactions are marked as RSU conversions and tax-withholding dispositions related to vesting, not open-market trades.

Who signed the Form 4 and when was it dated?

The form was signed on behalf of the reporting person by Mark Jackson, attorney-in-fact and dated 09/17/2025.