Right. That's the type of lock this is. The actual lock is in the center of the 1"x4" thingy. The type of lock with the round hole is called a tubular lock. It usually has 7 or 8 pins exposed to the outside and is vulnerable to impressioning techniques. Additionally, Ace-II locks (found on many vending machines including mine) have added security features such as a hard face to prevent drilling and differing tensions on the pins and mushroom or spool pins to prevent picking.

I'm still in the process of exhausting the people I know that work at Pepsi. If none of them can get a key for it, I'll try something more drastic.