Preheat the oven to 350°F. Grease a 9 x 13-inch baking dish with nonstick cooking spray; set aside. In a large bowl, combine the cake mix, oil, pudding mix, eggs, and soda. Using an electric mixer, beat on low speed for about 30 seconds, and then on medium speed for about 3-4 minutes (scraping the sides of the bowl regularly).
Fold in the pecans and coconut.
Pour the batter into the prepared baking dish.
Bake the cake for about 35-40 minutes, or until a toothpick inserted in the center comes out clean. Place on a wire rack to cool completely.
Once the cake is cool, prepare the frosting. To make the frosting, whisk together the pudding mix and milk until combined and slightly thickened, about 1-2 minutes. Carefully fold the whipped topping into the pudding until combined.
Spread on the cake and sprinkle the coconut and pecans over top. Garnish with maraschino cherries.