Stephens Angela A. 4

What Happened
Angela A. Stephens, Senior Vice President & Controller of Keurig Dr Pepper, had RSU activity in early March 2026. RSUs that vested converted into 2,394 shares on March 5, 2026; of those, 900 shares were withheld/surrendered to cover tax withholding at $28.05 per share (generating ~$25,245). Separately, on March 4, 2026 she was recorded as receiving a new award of 11,041 restricted stock units (RSUs) that are derivative awards.

Key Details

• Transaction dates: March 4, 2026 (grant of 11,041 RSUs); March 5, 2026 (conversion/exercise of 2,394 RSUs; 900 shares withheld for taxes).
• Prices/values: Withheld shares: 900 shares × $28.05 = $25,245 (used to satisfy tax liabilities). Converted/issued shares are recorded at $0 per share for the derivative conversion.
• Shares owned after transaction: Not specified in this Form 4 filing.
• Footnotes:
  • F1/F4: RSUs convert one-for-one into common stock; the converted RSUs on March 5, 2026 relate to a March 5, 2025 grant.
  • F2: 900 shares were withheld to pay applicable taxes upon vesting (routine tax withholding under Rule 16b‑3).
  • F3: The new 11,041 RSUs (granted March 4, 2026) vest in four annual installments (25% each year beginning March 4, 2027) and represent contingent rights to receive shares on vesting.
• Timeliness: Form filed March 6, 2026 for transactions on March 4–5, 2026; filing appears timely.

Context
This activity combines a routine tax-withholding event for vested RSUs (selling/withholding some shares to cover taxes) with a new RSU grant. The conversion/withholding is an administrative, non-discretionary event and is common when equity awards vest; it is not by itself a clear buy/sell signal about the insider’s market view.