Amended and Restated Supplemental Executive Retirement Plan No. 2



 Exhibit 10(b) 
 WENDY’S INTERNATIONAL, INC. 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN NO. 2 
 (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2005) 







 WENDY’S INTERNATIONAL, INC. 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN NO. 2 
  

			
	 Preamble
	  	1
		
	 Article I – Definitions
	  	1
		
	 1.1 Account
	  	1
	 1.2 Active Participant
	  	1
	 1.3 Beneficiary
	  	1
	 1.4 Board
	  	1
	 1.5 Cause
	  	1
	 1.6 Change in Control
	  	2
	 1.7 Code
	  	4
	 1.8 Committee
	  	4
	 1.9 Company
	  	4
	 1.10 Compensation
	  	4
	 1.11 Contributions
	  	4
	 1.12 Covered Employee
	  	4
	 1.13 Effective Date
	  	4
	 1.14 Employee
	  	5
	 1.15 Final Average Compensation
	  	5
	 1.16 Good Reason
	  	5
	 1.17 Grandfather Eligible Participant
	  	5
	 1.18 Inactive Participant
	  	5
	 1.19 Normal Retirement Date / Age
	  	5
	 1.20 Participant
	  	5
	 1.21 Participating Employer
	  	5
	 1.22 Pension Plan
	  	5
	 1.23 Profit Sharing and Savings Plan
	  	6
	 1.24 Plan Year
	  	6
	 1.25 SERP
	  	6
	 1.26 Total and Permanent Disability
	  	6
	 1.27 Year of Service
	  	6
		
	 Article II – Eligibility and Participation
	  	6
		
	 2.1 Eligibility
	  	6
	 2.2 Reemployment Following Qualified Military Service
	  	6
		
	 Article III – Amount of Benefit
	  	7
		
	 3.1 Credits to Supplemental Account
	  	7









			
	 3.2 Target Credit for Grandfather Eligible Participants
	  	9
	 3.3 Termination Benefit
	  	11
		
	 Article IV – Forms of Payment
	  	11
		
	 4.1 Distribution of Benefits
	  	11
	 4.2 Distributions on Total and Permanent Disability or Death
	  	12
	 4.3 Distributions on Change in Control
	  	12
	 4.4 Designation of Beneficiary
	  	13
		
	 Article V – Plan Administration
	  	13
		
	 5.1 Plan Administrator
	  	13
	 5.2 Powers of the Plan Administrator
	  	14
	 5.3 Committee
	  	14
	 5.4 Indemnification
	  	14
		
	 Article VI – Claims Procedure
	  	15
		
	 6.1 Claims Review
	  	15
	 6.2 Appeals Procedure
	  	15
	 6.3 Discretion Regarding Claims and Appeals
	  	16
		
	 Article VII – Miscellaneous
	  	16
		
	 7.1 Amendment and Termination
	  	16
	 7.2 No Contract Of Employment
	  	16
	 7.3 Unfunded Plan
	  	16
	 7.4 Restrictions Upon Assignments and Creditors’ Claims
	  	17
	 7.5 Payment Constitutes Release
	  	17
	 7.6 Applicable Law
	  	17
		
	 Exhibit I
	  	18

  

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 WENDY’S INTERNATIONAL, INC. 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN NO. 2 
 Wendy’s International, Inc. maintains the
Wendy’s International, Inc. Pension Plan and the Wendy’s International, Inc. Profit Sharing and Savings Plan for the benefit of its non-crew employees. From 1984 to 2004, the Company also maintained the Supplemental Executive Retirement
Plan to provide benefits in excess of those permitted in the Pension and Profit Sharing and Savings Plans under the Internal Revenue Code. Following the enactment of Code section 409A, the Company froze contributions credited under the Supplemental
Executive Retirement Plan to maintain the grandfathered status of that plan under Code section 409A. The Company has adopted this Supplemental Executive Retirement Plan No. 2 (the “SERP”) to provide benefits in compliance with the
provisions of Code section 409A. This SERP shall be interpreted in conformity with the requirements of Code section 409A. 
 ARTICLE I -
DEFINITIONS 
 Whenever used herein with the initial letter capitalized and unless a different meaning is plainly required by the context, words and
phrases shall have (a) the meanings stated below, (b) if not stated below, the meanings given to them in the Profit Sharing and Savings Plan, if defined under that plan, or (c) if not defined in either the SERP or the Profit Sharing
and Savings Plan, the meanings given to them in the Pension Plan. All masculine terms shall include the feminine and all singular terms shall include the plural, unless the context clearly indicates the gender or the number. 
  

	 	1.1	ACCOUNT means a notional account established for each Participant equal to all supplemental contributions and interest credited under Section 3.1.


  

	 	1.2	ACTIVE PARTICIPANT means a Covered Employee who becomes a Participant and continues to participate in the SERP pursuant to Article II. 

  

	 	1.3	BENEFICIARY means any person or persons designated by a Participant to receive any death benefits that may become payable under Article IV after the death of such
Participant. 

  

	 	1.4	BOARD means the Board of Directors of the Company. 

  

	 	1.5	 CAUSE means the termination of a Participant’s employment by reason of the Board’s good faith determination that the Participant (a) willfully
and continually failed to substantially perform his or her duties with the Company 











	 	 
or Participating Employer (other than a failure resulting from the Participant’s incapacity due to physical or mental illness) after a written demand
for substantial performance is delivered to the Participant by the Board which specifically identifies the manner in which the Board believes that the Participant has not substantially performed his or her duties and such failure substantially to
perform continues for at least fourteen (14) days, or (b) has willfully engaged in conduct which is demonstrably and materially injurious to the Company or Participating Employer, monetarily or otherwise, or (c) has otherwise
materially breached the terms of his or her employment agreement with the Company or Participating Employer, if applicable (each, an “Employment Agreement”) (including, without limitation, a voluntary termination of the
Participant’s employment by the Participant during the term of such Employment Agreement). No act, nor failure to act, on the Participant’s part, shall be considered “willful” unless he or she has acted, or failed to act, with an
absence of good faith and without a reasonable belief that his or her action or failure to act was in the best interest of the Company. Notwithstanding the foregoing, the Participant’s employment shall not be deemed to have been
terminated for Cause unless and until (1) there shall have been delivered to the Participant a copy of a written notice setting forth that the Participant was guilty of conduct set forth above in clause (a), (b) or (c) of the first
sentence of this definition and specifying the particulars thereof in detail, and (2) the Participant shall have been provided an opportunity to be heard by the Board (with the assistance of Participant’s counsel).



  

	 	1.6	CHANGE IN CONTROL means the occurrence during the Plan Year of: 

  

	 	a)	An acquisition (other than directly from the Company) of any common stock or other voting securities of the Company entitled to vote generally for the election of directors
(the “Voting Securities”) by any “Person” (as the term person is used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), immediately after which such
Person has “Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of thirty percent (30%) or more of the then outstanding shares of the Company’s common stock or the combined voting
power of the Company’s then outstanding Voting Securities; provided, however, in determining whether a Change in Control has occurred, Voting Securities which are acquired in a “Non-Control Acquisition” (as hereinafter
defined) shall not constitute an acquisition which would cause a Change in Control. A “Non-Control Acquisition” shall mean an acquisition by (1) an employee benefit plan (or a trust forming a part thereof) maintained by
(A) the Company or (B) any corporation or other Person of which a majority of its voting power or its voting equity securities or equity interest is owned, directly or indirectly, by the Company (for purposes of this definition, a
“Subsidiary”) (2) the Company or its Subsidiaries, or (3) any Person in connection with a “Non-Control Transaction” (as hereinafter defined); 

  

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	 	b)	The individuals who, as of January 1, 2003, are members of the Board (the “Incumbent Board”), cease for any reason to constitute at least seventy percent
(70%) of the members of the Board; provided, however, that if the election, or nomination for election by the Company’s common stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent
Board, such new director shall, for purposes of this SERP, be considered as a member of the Incumbent Board; provided further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially
assumed office as a result of an actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Proxy
Contest; or 

  

	 	c)	The consummation of: 

  

	 	1)	A merger, consolidation or reorganization with or into the Company, or in which securities of the Company are issued (a “Merger”), unless such Merger is a
“Non-Control Transaction.” A “Non-Control Transaction” shall mean a Merger if: 

  

	 	A)	the stockholders of the Company, immediately before such Merger own directly or indirectly immediately following such Merger at least seventy percent (70%) of the combined
voting power of the outstanding voting securities of the corporation resulting from such Merger (the “Surviving Company”) in substantially the same proportion as their ownership of the Voting Securities immediately before such Merger,


  

	 	B)	the individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such Merger constitute at least two-thirds of the members
of the board of directors of the Surviving Company, or a corporation beneficially directly or indirectly owning a majority of the Voting Securities of the Surviving Company, and 

  

	 	C)	no Person other than (i) the Company, (ii) any Subsidiary, (iii) any employee benefit plan (or any trust forming a part thereof) that, immediately prior to such
Merger was maintained by the Company or any Subsidiary, or (iv) any Person who, immediately prior to such Merger had Beneficial Ownership of thirty percent (30%) or more of the then outstanding Voting Securities or common stock of the
Company, has Beneficial Ownership of thirty percent (30%) or more of the combined voting power of the Surviving Company then outstanding voting securities or its common stock; 

  

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	 	2)	A complete liquidation or dissolution of the Company; or 

  

	 	3)	The sale or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer to a Subsidiary). 

 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership
of more than the permitted amount of the then outstanding common stock or Voting Securities as a result of the acquisition of common stock or Voting Securities by the Company which, by reducing the number of shares of common stock or Voting
Securities then outstanding, increases the proportional number of shares Beneficially Owned by the Subject Persons, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of common
stock or Voting Securities by the Company, and after such share acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional common stock or Voting Securities which increase the percentage of the then outstanding
Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur. 
  

	 	1.7	CODE means the Internal Revenue Code of 1986, as amended from time to time. 

  

	 	1.8	COMMITTEE means the Administrative Committee established in Article V. 

  

	 	1.9	COMPANY means Wendy’s International, Inc., an Ohio corporation. 

  

	 	1.10	COMPENSATION means a Participant’s annual Compensation, as that term is defined in the Profit Sharing and Savings Plan, except that there shall be no maximum amount of
Compensation considered. 

  

	 	1.11	CONTRIBUTIONS means the amounts credited to a Participant’s Account during a Plan Year, other than interest, pursuant to Article III. 

  

	 	1.12	COVERED EMPLOYEE means an Employee who, on or before October 26, 2006, has been appointed to serve as an officer: 

  

	 	a)	For the Company, with the title of “Vice President” or above; or 

  

	 	b)	For any Participating Employer, with such titles as may be designated for that Participating Employer by the Board or a committee thereof. 

  

	 	1.13	EFFECTIVE DATE means January 1, 2005, the effective date of this SERP. 

  

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	 	1.14	EMPLOYEE means a person employed by the Company or a Participating Employer who is a United States citizen or resident alien. 

  

	 	1.15	FINAL AVERAGE COMPENSATION shall mean a Participant’s average annual Compensation over the five (5) consecutive calendar years while a Covered Employee (or the
total number of completed calendar years while a Covered Employee if less than five (5)) out of the last ten (10) completed calendar years while a Covered Employee preceding the Participant’s attainment of age sixty (60) which
will provide him with the highest annual average Compensation. 

  

	 	1.16	GOOD REASON shall mean: 

  

	 	a)	in the case of an employee whose employment with the Company or one of its subsidiaries is subject to the terms of an employment agreement between such individual and the Company or
such subsidiary, which employment agreement includes a definition of “Good Reason,” shall have the meaning set forth in such employment agreement during the period that such employment agreement remains in effect following a Change in
Control, and 

  

	 	b)	in all other cases, means (1) a material diminution in position or responsibilities, (2) a material reduction of salary or aggregate incentive compensation opportunities
or (3) a required relocation beyond fifty miles from the present work location. 

  

	 	1.17	GRANDFATHER ELIGIBLE PARTICIPANT shall mean a Participant who was an Active Participant in the Wendy’s International, Inc. Supplemental Executive Retirement Plan on
January 1, 2003, who had attained age 55 and completed at least five (5) Years of Service as of that date, and who has been continuously employed by the Company or an Affiliate since that date. 

  

	 	1.18	INACTIVE PARTICIPANT means a former Active Participant who is no longer a Covered Employee but who has an Account remaining in the SERP. 

  

	 	1.19	NORMAL RETIREMENT DATE and NORMAL RETIREMENT AGE both mean the first of the month coincident with or next following a Participant’s sixty-fifth birthday.


  

	 	1.20	PARTICIPANT means an Active Participant or an Inactive Participant. 

  

	 	1.21	PARTICIPATING EMPLOYER means an Affiliate, as defined in the Profit Sharing and Savings Plan, that has been authorized to participate in the SERP by the Board or a committee
thereof. 

  

	 	1.22	PENSION PLAN means the Wendy’s International, Inc. Pension Plan. 

  

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	 	1.23	PROFIT SHARING AND SAVINGS PLAN means the Wendy’s International, Inc. Profit Sharing and Savings Plan. 

  

	 	1.24	PLAN YEAR means the calendar year. 

  

	 	1.25	SERP means the Wendy’s International, Inc. Supplemental Executive Retirement Plan No. 2. 

  

	 	1.26	TOTAL AND PERMANENT DISABILITY means a physical or mental condition which qualifies a Participant for Social Security disability benefits or which qualifies such Participant
to continue to receive benefits under the Company’s disability plan, after having received such benefits for twelve (12) months. 

  

	 	1.27	YEAR OF SERVICE means any Plan Year during which an Employee is credited with a Year of Service under the Profit Sharing and Savings Plan. 

 ARTICLE II - ELIGIBILITY AND PARTICIPATION 
  

	 	2.1	ELIGIBILITY 

 Each Covered Employee who was an
Active Participant in the Wendy’s International, Inc. Supplemental Executive Retirement Plan on the day prior to the Effective Date shall be an Active Participant in the SERP on the Effective Date if still a Covered Employee on that date.

 Any other Covered Employee shall become a Participant in the SERP on the latest of the Effective Date, the first day of the Plan Year
following the date the Employee became a Covered Employee (the Covered Employee’s date of hire or promotion into eligible employment), or the Entry Date upon which the Covered Employee becomes a Match Eligible Participant in the Profit Sharing
and Savings Plan. 
  

	 	2.2	REEMPLOYMENT FOLLOWING QUALIFIED MILITARY SERVICE 

 Notwithstanding any provision of this SERP to the contrary, a Covered Employee who returns to employment following qualified military service shall be credited with such Contributions and Years of Service as required under Chapter 43 of
Title 38 of the United States Code. 
  

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 ARTICLE III - AMOUNT OF BENEFIT 
  

	 	3.1	CREDITS TO SUPPLEMENTAL ACCOUNT 

  

	 	a)	On the last day of each Plan Year commencing after December 31, 2004, for each Active Participant who remains employed as a Covered Employee by the Company or a Participating
Employer on the last day of the Plan Year, or who dies, becomes disabled or attains Normal Retirement Age during the Plan Year while actively employed, the Company shall credit to the Supplemental Account of such Active Participant an amount
determined as follows: 

  

	 	1)	For each Active Participant described above who is not a Grandfather Eligible Participant, on the last day of each Plan Year commencing after December 31, 2004 but before
January 1, 2007, an amount equal to the net supplemental credit described in (b) below. 

  

	 	2)	For each Active Participant described above who is not a Grandfather Eligible Participant, on the last day of each Plan Year commencing after December 31, 2006, an amount equal
to the net supplemental credit described in (c) below. 

  

	 	3)	For each Grandfather Eligible Participant described above, an amount equal to the greater of the net supplemental credit described in (b) or (c) below, as applicable, and
the target credit for such Participant for such Plan Year described in Section 3.2. 

  

	 	4)	For each Active Participant who was a participant in the Wendy’s International, Inc. Supplemental Executive Retirement Plan on December 31, 2004 but who was not vested in
the benefits under that plan as of that date, an amount listed on Exhibit I which represents the amount not vested in, and agreed to be forfeited under, the Wendy’s International, Inc. Supplemental Executive Retirement Plan as of
December 31, 2004. 

  

	 	b)	Net Supplemental Credit. For Plan Years beginning after December 31, 2004 but before December 31, 2006, the difference between the gross supplemental credit amount
determined under the table in paragraph (1) below and the offsets set forth in paragraph (2) below. 

  

	 	1)	Gross Supplemental Credit. 

  

			
	Participant’s Age Plus Years
of Service as of the first day
of the Plan Year	  	Supplemental Credits as a
percentage of prior year
Compensation
	Less than 40	  	  5%
	40-49	  	  8%
	50-59	  	11%
	60-69	  	14%
	70 or more	  	18%

  

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	 	2)	Offsets. The aggregate of (A) the amounts credited during the prior Plan Year to such Participant pursuant to Section 1.1(c) of the Pension Plan, (B) the
amounts that would have been credited during the prior Plan Year to such Participant pursuant to Section 3.5 of the Profit Sharing and Savings Plan had the Participant elected to make Deferred Income Contributions to receive the maximum
available Company Safe Harbor Matching Contribution, (C) any Company Contributions credited to such Participant during the prior Plan Year pursuant to Section 3.1 of the Profit Sharing and Savings Plan, and (D) that portion of all
“social security” employment (FICA) taxes paid during the prior Plan Year by the Company or Participating Employer pursuant to Code section 3111(a). 

  

	 	c)	Net Supplemental Credit. For Plan Years commencing on or after January 1, 2007, the difference between the gross supplemental credit amount determined under the table in
paragraph (1) below and the offsets set forth in paragraph (2) below. 

  

	 	1)	Gross Supplemental Credit. 

  

			
	Participant’s Age Plus Years
of Service as of the first day
of the Plan Year	  	Supplemental Credits as a
percentage of prior year
Compensation
	Less than 40	  	2.5%
	40-49	  	   5%
	50-59	  	7.5%
	60 or more	  	  10%

  

	 	2)	Offsets. The aggregate of (A) the amounts that would have been credited during the prior Plan Year to such Participant pursuant to Section 3.5 of the Profit Sharing
and Savings Plan had the Participant elected to make Deferred Income Contributions to receive the maximum available Company Safe Harbor Matching Contribution, (B) any Company Profit Sharing Contributions credited to such Participant during the
prior Plan Year pursuant to Section 3.6 of the Profit Sharing and Savings Plan, and (C) that portion of all “social security” employment (FICA) taxes paid during the prior Plan Year by the Company or Participating Employer
pursuant to Code section 3111(a). 

  

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	 	d)	Interest. On the last day of each Plan Year, interest shall be credited to the Supplemental Account as of that date but before crediting the allocation for that Plan Year (if
any) under this Section, for each Participant at a rate equal to: 

  

	 	1)	From the Effective Date to December 31, 2007, the interest rate applied for that Plan Year to the Account Balance Benefit under the Pension Plan. 

  

	 	 2)
	 From January 1, 2008, the 30 year Constant Maturity Treasury Rate (or the next longest US government bond rate then
available) as of November 30th. 


  

	 	3.2	TARGET CREDIT FOR GRANDFATHER ELIGIBLE PARTICIPANTS 

  

	 	a)	An amount which will provide a Grandfather Eligible Participant with a targeted annual benefit payable as a life annuity at his Normal Retirement Date equal to the amount obtained,
if any, when the sum of (2), (3), (4) and (5) below is subtracted from (1) below: 

  

	 	(1)	Fifty percent (50%) of the Participant’s Final Average Compensation (determined without salary projection) multiplied by a fraction, not exceeding one (1), the numerator
of which is the number of the Participant’s expected Years of Service at his Normal Retirement Date and the denominator of which is fifteen (15). 

  

	 	(2)	The Participant’s expected Accrued Benefit Derived from Company Contributions at his Normal Retirement Date under the Pension Plan, assuming that the Participant had elected to
make Participant Contributions to the Plan in each Plan Year such contributions as were permitted and that interest credited to the Account Balance Benefit for future years will be at the rate of 7.5%, including the Prior Plan Benefit and the
Minimum Benefit. 

 In the event that such Pension Plan benefits are distributed to the Participant, the lump sum value of such
distribution shall be credited with deemed interest at the rate of 7.5% and converted into a life annuity payable at his Normal Retirement Date in the same manner as the Profit Sharing and Savings Plan Accounts in (3) below. 
  

	 	(3)	With regard to the Profit Sharing and Savings Plan, the sum of the Participant’s: 

  


	 	(i)	Company Matched Contribution Account; 

  

	 	(ii)	Company Contribution Account; 

  

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	 	(iii)	Company Safe Harbor Matching Contribution Account calculated as if the Participant had elected to make Deferred Income Contributions to receive the maximum available Company Safe
Harbor Matching Contribution and as if such contributions had earned interest at an annual rate of 7.5%; 

  

	 	(iv)	Company Profit Sharing Contribution Account; 

  

	 	(v)	any prior distributions from such Accounts; 

  

	 	(vi)	future expected Company Safe Harbor Matching Contributions for each Plan Year until the Participant’s Normal Retirement Date equal to the Company Safe Harbor Matching
Contribution deemed to have been received by the Participant for that Plan Year; and 

  

	 	(vi)	future expected Company Profit Sharing Contributions for each Plan Year until the Participant’s Normal Retirement Date equal to the Company Profit Sharing Contribution for that
Plan Year. 

 Such amount shall be projected for the number of years from the earlier of the distribution of such Accounts to
the Participant or the date of this calculation to the Participant’s Normal Retirement Date at an interest rate of seven and one-half percent (7.5%) compounded annually. In the event that such Profit Sharing and Savings Plan Accounts are
distributed to the Participant on different dates, then this projection shall be applied separately to each distribution based upon the specific dates of distribution. 
 The total projected value shall be converted to a life annuity payable at the Participant’s Normal Retirement Date, using the interest rate published by the Pension Benefit Guaranty Corporation for use in
calculating immediate annuities which is in effect on the first day of the Plan Year to the extent that such rate continues to be published. In the event that such rate is no longer published, the total projected value shall be converted using the
applicable interest rate as defined in Code section 417(e)(3) for the lookback month of November preceding the first day of the Plan Year. 
  

	 	(4)	The Participant’s Accounts in the Wendy’s International Inc. Supplemental Executive Retirement Plan projected and converted to a life annuity payable at his Normal
Retirement Date in the same manner as the Profit Sharing and Savings Plan Accounts in (3) above. 

  

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	 	(5)	The Participant’s Accounts in this SERP projected and converted to a life annuity payable at his Normal Retirement Date in the same manner as the Profit Sharing and Savings
Plan Accounts in (3) above. 

  

	 	3.3	TERMINATION BENEFIT 

 If a Participant’s
employment terminates for any reason on or after his Normal Retirement Age, after incurring a Total and Permanent Disability, as a result of death or after completing five (5) Years of Service, such Participant (or his Beneficiary in the event
of the Participant’s death) shall be entitled to receive a benefit, payable in accordance with Article IV, equal to the balance of the Participant’s Account. If a Participant’s employment is terminated for any reason prior to the
earliest of attaining his Normal Retirement Age, incurring a Total and Permanent Disability, the date of his death or completing five (5) Years of Service, then notwithstanding any contrary provision in this SERP, neither the Participant nor
his Beneficiary shall be entitled to any benefits under this SERP. 
 Notwithstanding the foregoing, the Participant shall be entitled to
receive a benefit payable in accordance with Article IV, equal to the balance of the Participant’s Account, if the Participant’s employment is terminated by the Company without Cause (a) within two years following a Change in Control
or (b) prior to the date of a Change in Control if the Participant reasonably demonstrates that the termination (1) was at the request of a third party who has indicated an intention or taken steps reasonably calculated to effect a Change
in Control or (2) otherwise arose in connection with, or in anticipation of, a Change in Control which has been threatened or proposed, such termination shall be deemed to have occurred after a Change in Control for purposes of this Agreement
provided a Change in Control shall actually have occurred. 
 ARTICLE IV - FORMS OF PAYMENT 
  

	 	4.1	DISTRIBUTION OF BENEFITS 

  

	 	a)	Normal Form. Unless a Participant elects one of the distribution alternatives described in Section 4.1(b) in the manner set forth in Section 4.1(c), upon the
Participant’s Termination (other than for death, Total and Permanent Disability or a Termination described in Section 4.3), the Participant will receive the distribution of his or her Accounts in a single lump sum payable within 60 days
after the first day of the calendar quarter following the six month anniversary of the date of such Termination. 

  

	 	b)	 Alternative Form. In the alternative, a Participant may elect to receive his or her Accounts in quarterly installments payable over no less than two years
and no more than fifteen (15) years commencing within 60 days after 



  

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the first day of the calendar quarter following the six-month anniversary of the date of such Termination, with the amount of each installment equal to the
amount of the Account on the Valuation Date immediately prior to the payment of such installment divided by the number of installments remaining to be paid. 


  

	 	c)	Timing and Manner of Distribution Elections. Distribution elections shall be made in such manner as may be designated by the Plan Administrator and communicated to
Participants. Any election made within twelve months of the date payment would otherwise commence (unless made no later than 30 days after becoming a Participant) shall be disregarded and benefits shall be paid in accordance with the preceding
distribution election, if any, selected by such Participant or, if no such distribution election has been made, in accordance with Section 4.1(a). Effective January 1, 2006, any distribution election made more than 30 days after the
Participant became a Covered Employee shall delay the commencement of distributions to such Participant by five years from the date payments would have commenced in accordance with the preceding distribution election, if any, selected by such
Participant or, if no such distribution election has been made, in accordance with Section 4.1(a). 

  

	 	4.2	DISTRIBUTIONS ON TOTAL AND PERMANENT DISABILITY OR DEATH 

 Notwithstanding the foregoing, in the event: (a) a Participant incurs a Total and Permanent Disability or (b) a Participant dies, whether before or after the payment of benefits has commenced hereunder, the Participant’s
total Account Balance shall be paid in a single lump sum as soon as practicable after such occurrence (but not later than the later of (1) the last day of the calendar year in which the event occurs, or (2) 60 days after the date the event
occurs). 
  

	 	4.3	DISTRIBUTIONS ON CHANGE IN CONTROL 

 Notwithstanding
the foregoing, if a Participant’s employment with the Company and its Affiliates is involuntarily terminated without Cause or is terminated by the Participant for Good Reason: 
  

	 	(a)	If the termination of employment occurs within two years following a Change in Control and the Change in Control constitutes “a change in ownership or effective control of the
Company” or a “change in the ownership of a substantial portion of the Company’s assets,” in each case within the meaning of Code section 409A, the Participant’s Total Account Balance shall be paid in a single lump sum
payable within 60 days after the first day of the calendar quarter following the six month anniversary of the date of such termination. 

  

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	 	(b)	If the termination of employment occurs within two years following a Change in Control but the Change in Control does not constitute either “a change in ownership or effective
control of the Company” or a “change in the ownership of a substantial portion of the Company’s assets,” in each case within the meaning of Code section 409A, the Participant’s total Account Balance shall be paid at the time
and in the manner elected by the Participant pursuant to Section 4.1. 

  

	 	(c)	If the Plan Administrator determines that a Participant has demonstrated that a termination prior to a Change in Control met the requirements for accelerated vesting under
Section 3.3(b), the Participant’s total Account Balance shall be paid at the time and in the manner elected by the Participant pursuant to Section 4.1, with the date of the Change in Control treated as the date of Termination when
determining the timing of the distribution. 

  

	 	4.4	DESIGNATION OF BENEFICIARY 

 Each Participant shall
designate, by giving a designation in approved form to the Plan Administrator, a Beneficiary to receive any benefits which may become or continue to be payable upon or after his death under this Plan. Successive designations may be made and the last
designation received by the Plan Administrator prior to the death of the Participant shall be effective and shall revoke all prior designations. 
 If a Participant shall fail to designate a Beneficiary, if such designation shall for any reason be illegal or ineffective or if no Beneficiary so designated survives the Participant, then his benefits shall be paid to: 
  

	 	a)	His surviving spouse; or 

  

	 	b)	If there is no surviving spouse, to the executor or other personal representative of the Participant to be distributed in accordance with the Participant’s will, or if he has
no valid will, in accordance with applicable state law. 

 ARTICLE V - PLAN ADMINISTRATION 
  

	 	5.1	PLAN ADMINISTRATOR 

  

	 	a)	The Company shall be the Plan Administrator. The Company shall appoint a Committee to act as its agent or delegate in carrying out its administrative duties.


  

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	 	b)	The Committee shall consist of not fewer than three (3) members who shall be appointed by the Company and may include individuals who are not Participants in the Plan. The
Company may remove or replace any member at any time in its sole discretion, and any member may resign by delivering a written resignation to the Company, which resignation shall become effective at its delivery or at any later date specified
therein. 

  

	 	5.2	POWERS OF THE PLAN ADMINISTRATOR 

 The Plan
Administrator shall be charged with the operation and administration of the SERP in accordance with the terms hereof and shall have all the powers necessary to carry out the provisions of the SERP. Any and all determinations, actions or
decisions of the Plan Administrator and Committee with respect to the administration of the SERP, including without limitation the determination of benefit eligibility and interpretation of SERP provisions, shall be final and conclusive and binding
upon all parties having an interest in the SERP. 
  

	 	5.3	COMMITTEE 

  

	 	a)	The Committee shall hold meetings upon such notice and at such times and places as its members may from time to time deem appropriate, and may adopt from time to time such bylaws
and regulations for the conduct and transaction of its business and affairs consistent with the terms of the Plan and the delegation of duties and powers by the Company. A majority of its members at the relevant time shall constitute a quorum for
the transaction of business. All action taken by the Committee shall be by vote of the majority of its members present at such meeting, except that the Committee also may act without a meeting by a written consent signed by a majority of its
members. A member shall not be disqualified from acting because of any personal interest, benefit or advantage, inasmuch as a member may be a director of the Company, an Employee or a Participant, but no member shall vote or act in connection
with an action of the Committee relating exclusively to himself. 

  

	 	b)	The Committee may allocate among its members such specific responsibilities, obligations, powers or duties as shall be deemed appropriate. 

  

	 	5.4	INDEMNIFICATION 

 The Company shall indemnify and
defend each member of the Committee and all officers or representatives of the Company and Employees assigned fiduciary responsibility under Federal law to the greatest extent permitted by applicable law against any and all claims, losses, damages,
expenses (including reasonable attorneys’ fees) and liability arising from any action or failure to act in connection with the SERP. 
  

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 ARTICLE VI - CLAIMS PROCEDURES 
  

	 	6.1	CLAIMS REVIEW 

 Any Participant, former Participant
or Beneficiary who wishes to request a review of a claim for benefits or who wishes an explanation of a benefit or its denial may direct to the Plan Administrator a written request for such review within one hundred twenty (120) days of the
denial. The Plan Administrator shall respond to the request by issuing a notice to the claimant as soon as possible, but in no event later than ninety (90) days (one hundred eighty (180) days in special cases) from the date of receipt of
the request. This notice furnished by the Plan Administrator shall be written in a manner calculated to be understood by the claimant and shall include the following: 
  

	 	a)	The specific reason or reasons for any denial of benefits; 

  

	 	b)	The specific SERP provisions on which any denial is based; 

  

	 	c)	A description of any further material or information which is necessary for the claimant to perfect his claim and an explanation of why the material or information is needed; and


  

	 	d)	An explanation of the SERP’s claim appeals procedure. 

 If the Plan Administrator denies the claim or fails to respond to the claimant’s written request for a review within one hundred eighty (180) days of its receipt, the claimant shall be entitled to proceed to the claim appeals
procedure described in Section 6.2. If the claimant does not respond to the notice, posted by first-class mail to the address of record of the claimant, within sixty (60) days from receipt of the notice, the claimant shall be considered
satisfied in all respects. 
  

	 	6.2	APPEALS PROCEDURE 

 In the event that the claimant
wishes to appeal the claim review denial, the claimant or his duly authorized representative may submit to the Plan Administrator, within sixty (60) days of his receipt of the notice, a written notification of appeal of the claim denial. The
notification of appeal of the claim denial shall permit the claimant or his duly authorized representative to utilize the following claim appeals procedures: 
  

	 	a)	To review pertinent documents; and 

  

	 	b)	To submit issues and comments in writing to which the Plan Administrator shall respond. 

  


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 The Plan Administrator shall furnish a final written decision on formal review not later than sixty
(60) days after receipt of the notification of appeal, unless special circumstances require an extension of the time for processing the appeal. In no event, however, shall the Plan Administrator respond later than one hundred twenty
(120) days after a request for an appeal. The decision on the appeal shall be written in a manner calculated to be understood by the claimant, shall include specific reasons for the decision, and shall contain specific references to the
pertinent SERP provisions on which the decision is based. 
  

	 	6.3	DISCRETION REGARDING CLAIMS AND APPEALS 

 The Plan
Administrator, or any individual or committee to whom responsibility for claims and appeals has been delegated, shall have complete discretion in deciding such claims and appeals and any such decision shall be final, conclusive and binding upon the
claimant. 
 ARTICLE VII - MISCELLANEOUS 
  

	 	7.1	AMENDMENT AND TERMINATION 

 The SERP may be amended
by the Company, by action of its Board or a committee thereof, at any time in its discretion and without the consent of any Participant. However, in the event of the amendment or termination of the SERP, any benefit accrued to such date shall not be
reduced or forfeited without the consent of each affected Participant. Further, the SERP may not be amended or terminated for two years following the end of the Plan Year in which a Change in Control occurs or, prior to the date of a Change in
Control, if an affected Participant reasonably demonstrates that the amendment or termination had been adopted (a) at the request of a third party who has indicated an intention or taken steps reasonably calculated to effect a Change in Control
or (b) otherwise in connection with, or in anticipation of, a Change in Control which has been threatened or proposed, in either case provided a Change in Control shall actually have occurred. 
  

	 	7.2	NO CONTRACT OF EMPLOYMENT 

 Nothing herein contained
shall be construed to constitute a contract of employment between the Company and any Participant. 
  

	 	7.3	UNFUNDED PLAN 

 The SERP at all times shall be
considered entirely unfunded both for tax purposes and for purposes of the Employee Retirement Income Security Act of 1974 (ERISA). Notwithstanding the foregoing, the Company may establish a benefits protection trust for the benefit of Participants
with an independent bank as trustee. 

  

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Prior to a Change in Control, the Company shall transfer to such trust assets equal to the Accounts of all Participants. Any benefits protection trust
established to provide benefits under this SERP shall at all times remain subject to the claims of the Company’s general creditors in the event of insolvency. 
  

	 	7.4	RESTRICTIONS UPON ASSIGNMENTS AND CREDITORS’ CLAIMS 

 No benefit payable under this SERP shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge prior to actual receipt thereof by the Participant or Beneficiary and any attempt to
anticipate, alienate, sell, transfer, assign, pledge, encumber or charge prior to such receipt shall be void. No benefit payable under this SERP shall be subject to attachment, garnishment, execution, levy or other legal or equitable proceeding or
process, and any attempt to do so shall be void. The Company shall not be in any manner liable for or subject to the debts, contracts, liabilities, engagements or torts of any Participant or Beneficiary except as may be required by the tax
withholding provisions of the Code or any state’s income tax laws. 
  

	 	7.5	PAYMENT CONSTITUTES RELEASE 

 Payment to the
Participant or Beneficiary as set forth in Article IV shall completely discharge the Company’s obligations under this SERP, whether paid by a benefits protection trust established under Section 7.3 or directly by the Company. 

 

	 	7.6	APPLICABLE LAW 

 To the extent not preempted by
Federal law, the SERP shall be construed and administered in accordance with the laws of the State of Ohio. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly authorized officer this 26th day of October, 2007. 

  

			
	WENDY’S INTERNATIONAL, INC.
		
	By:	 	/s/ Kerrii B. Anderson
		 	Kerrii B. Anderson
	Its:	 	President & CEO


  

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 Exhibit I 
  

			
	 Name
	  	 Initial Account Balance

		  	

  

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