Keurig Dr Pepper : 2021 Notice of Annual Meeting and Proxy Statement

A MODERN BEVERAGE COMPANY

2 0 2 1 N O T I C E O F A N N U A L M E E T I N G A N D P R O X Y S T A T E M E N T

KEEP employees safe & healthy

DELIVERfor our customers & consumers

PROVIDEfor our communities

April 30, 2021

Dear Fellow Stockholder,

When I wrote to you this time last year, we were in the early days of the COVID-19 pandemic in North America, navigating KDP through tremendous uncertainty. We moved quickly to refocus our Company mission under the banner of ONE KDP and prioritized the health and safety of our nearly 27,000 employees-particularly our frontline workers in manufacturing and warehousing locations or in the retail trade. We instituted robust safety protocols across the organization and provided frontline employees with increased pay and incentives to recognize their critical role as essential workers during the crisis. We successfully leveraged our broad portfolio and unmatched distribution network to drive performance in segments of our business that had the potential to perform well in an at-home environment, in order to offset the segments that were structurally challenged by the pandemic.

I am pleased to report that these efforts, combined with the outstanding execution of our team members, enabled us to outperform in the market, delivering market share growth and strong financial performance for the year.

Despite the challenges faced in 2020, we also accelerated our Environmental, Social and Governance initiatives. Select highlights include:

• We converted 100% of the K-Cup pods we manufacture to be recyclable and we initiated the transition of all CORE bottles and 16-ounce Snapple bottles to 100% recycled PET plastic. Further, we were a founding sponsor and the largest funding member of The Recycling Partnership's Polypropylene Coalition.
• We increased our focus on Diversity & Inclusion as a strategic priority for the Company, affirming our internal and external commitment to equality and initiating actions within the organization to support an inclusive culture and a diverse workforce.
• Because we are no longer a controlled company, we evolved the composition of our Board of Directors toward new levels of independence and diversity, including the addition of four new female directors, each of whom brings us fresh perspectives and vast expertise.

There is still work to be done on all of these fronts, but I am very pleased with the progress we made in 2020 and look forward to sharing additional details on all of our ESG efforts when we publish our annual Corporate Responsibility Report later this year.

We are pleased to invite you to attend our annual meeting of stockholders, which will take place online on June 18, 2021, at 11:00 a.m., Eastern Time. You may attend, vote, and submit questions during the meeting via the Internet at www.virtualshareholdermeeting.com/KDP2021. Details regarding how to attend the meeting online and the business to be conducted at the annual meeting are more fully described in the accompanying Notice of Annual Meeting of Stockholders and Proxy Statement.

Your vote is very important, regardless of the number of shares you own. Whether or not you plan to attend the virtual annual meeting, we hope you will vote as soon as possible.

On behalf of our Board of Directors, thank you for your ongoing support of

Keurig Dr Pepper.

Sincerely,

Robert J. Gamgort

Chairman and Chief Executive Officer

NOTICE OF 2021 ANNUAL MEETING OF STOCKHOLDERS

Date and Time	Location	Record Date
Friday, June 18, 2021	Virtual Annual Meeting	April 19, 2021
11:00 a.m. ET	www.virtualshareholdermeeting.com/KDP2021

Notice is hereby given that the virtual annual meeting of stockholders (the "Annual Meeting") of Keurig Dr Pepper Inc., a Delaware corporation ("KDP"), will be held on June 18, 2021, at 11:00 a.m. ET. You can attend the Annual Meeting online, vote your shares electronically and submit questions online during the meeting by visiting www.virtualshareholdermeeting.com/KDP2021 and entering the control number provided on your proxy card, voting instruction form or Notice of Internet Availability of Proxy Materials.

Items Of Business:

1.

2.

3.

4.

To elect 14 directors to hold office for a one-year term and until their respective successors shall have been duly elected and qualified;

To approve an advisory resolution regarding KDP's executive compensation;

To ratify the appointment of Deloitte & Touche LLP as KDP's independent registered public accounting firm for fiscal year 2021; and

To transact such other business as may properly come before the Annual Meeting or any adjournment thereof.

Who May Vote: Stockholders of KDP common stock at the close of business on April 19, 2021. A list of stockholders will be accessible prior to the Annual Meeting upon request from the Corporate Secretary and during the Annual Meeting by visiting the meeting website referenced above.

Distribution Date: A Notice of Internet Availability of Proxy Materials or the Proxy Statement is first being sent to stockholders on or about April 30, 2021.

How You May Vote: (i) VIA THE INTERNET, (ii) BY TELEPHONE, or (iii) BY MAIL

If your shares are held in the name of a bank, broker or other nominee, follow the instructions you receive from your bank, broker or other nominee on how to vote your shares.

Your vote is very important. To ensure your representation at the Annual Meeting, please complete and return the enclosed proxy card or submit your vote through the Internet or by telephone. Whether or not you plan to attend the meeting, we urge you to vote.

James L. Baldwin

Corporate Secretary

WHETHER OR NOT YOU PLAN TO VIRTUALLY ATTEND THE ANNUAL MEETING, YOU MAY VOTE AND SUBMIT YOUR PROXY ELECTRONICALLY, BY TELEPHONE OR BY REQUESTING A PRINTED COPY OF THE PROXY MATERIALS AND COMPLETING AND RETURNING BY MAIL THE PROXY CARD YOU WILL RECEIVE IN RESPONSE TO YOUR REQUEST.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING TO BE HELD ON JUNE 18, 2021:

The Company's Proxy Statement for the Annual Meeting and the Annual Report on Form 10-K for the year ended December 31, 2020 are available at www.proxyvote.com by entering the control number provided on your proxy card, voting instruction form or Notice of Internet Availability of Proxy Materials.