Document:

AFL 2004 10-K Exhibit 10.29 Smith J. EA

Aflac Incorporated 2004 Form 10-K

EXHIBIT 10.29

STATE OF GEORGIA,

COUNTY OF MUSCOGEE:

	
EMPLOYMENT AGREEMENT

	 	 	 	 
	 	
THIS AGREEMENT, made and entered into as of the 1st day of January, 1998, by and between

	
American Family Life Assurance Company of Columbus (AFLAC), a Georgia corporation, hereinafter referred to as "Corporation," and JOSEPH W. SMITH, a resident of said State and County, hereinafter referred to as "Employee;"

	 	 	 	 
	
W I T N E S S E T H    T H A T:

	 	 	 	 
	 	
WHEREAS, Corporation and Employee desire to enter into an Employment Agreement and to set 

	
forth the terms and conditions of Employee's employment as an executive employee by Corporation as its Senior Vice President, Chief Investment Officer; 

	 	 	 	 
	 	
NOW, THEREFORE, the parties, for and in consideration of the mutual covenants and 

	
agreements hereinafter contained, do contract and agree as follows, to-wit:

	 	 	 	 
	 	
1.  Purpose and employment.  The purpose of this Agreement is to define the relationship between 

	
Corporation as an employer and Employee as an employee and Senior Vice President, Chief Investment Officer of the Corporation.

	 	 	 	 
	 	
2.  Duties.  Employee agrees to provide executive management services as Senior Vice President, 

	
Chief Investment Officer of Corporation to Corporation and its subsidiaries and affiliates on a full-time and exclusive basis; provided, however, nothing shall preclude Employee from engaging in charitable and community affairs or managing his own or his family's personal investments.

	 	 	 	 
	 	
3.  Performance.  Employee agrees to devote all necessary time and his best efforts in the 

	
performance of his duties as Senior Vice President, Chief Investment Officer of Corporation on behalf of Corporation and its subsidiaries and affiliates.

	 	 	 	 
	 	
4.  Term.  The term of employment under this Agreement shall begin January 1, 1998, and shall 

	
continue for a period of three (3) years until December 31, 2000, unless extended or sooner terminated as hereinafter provided.  On an annual basis beginning effective January 1, 1999 the scheduled term of this Agreement shall be extended for successive one year periods unless written notice of termination is given prior to such annual date by one party to the other party that the Agreement will not be extended by its terms.

	 	 	 	 
	 	
5.  Base salary.  For all the services rendered by Employee, Corporation shall continue to pay 

	
Employee a base salary of $300,000 per year commencing January 1, 1998 said salary to be payable in accordance with Corporation's normal payroll procedures.  Employee's base salary may be increased annually during the term of this Agreement and any extensions hereof as determined by the Chief Executive Officer.

	 	 	 	 
	
EXH 10.29-1

 

	 	
6.  Adjustments to base salary.  Corporation and Employee shall, from time to time, reflect 

	
increases in Employee's base salary as provided for in Paragraph 5 by entering the change on the "Schedule of Compensation," as shown by the form attached hereto as Exhibit "A" and made a part hereof.  If an increase in compensation is entered on said Schedule and duly signed by the proper officers of Corporation and by Employee, said entry shall constitute an amendment to this Employment Agreement as of the date of said entry and shall supersede the base salary provided for in Paragraph 5 and any other increases in Employee's base salary previously entered on said Schedule.

	 	 	 	 
	 	
7.  Management Incentive Plan.  In addition to the base salary paid to Employee in accordance 

	
with Paragraph 5, Corporation shall, for each calendar year of Employee's employment by Corporation, beginning with the calendar year 1998, continue to pay Employee, as performance bonus compensation, an amount determined each year under Corporation's current Management Incentive Plan (short-term Incentive Program) with a target level based on at least sixty percent (60%) of base salary.  Nothing in this paragraph shall preclude Employee from receiving additional discretionary bonuses approved by the Chief Executive Officer or the Board.

	 	 	 	 
	 	
8.  Employee benefits.  Employee shall be eligible to participate with other employees of the 

	
Corporation in all fringe benefit programs applicable to employees generally which may be authorized and adopted from time to time by the Board, including without limitation:  a qualified pension plan, a profit sharing plan, a disability income or sick pay plan, a thrift and savings plan, an accident and health plan (including medical reimbursement and hospitalization and major medical benefits), and a group life insurance plan.  In addition, Corporation shall furnish to Employee such other "fringe" or employee benefits as are provided to key executive employees of Corporation and such additional employee benefits which the Chief Executive Officer shall determine to be appropriate to Employee's duties and responsibilities as Chief Investment Officer of Corporation, including, without limitation, reimbursement of legal and accounting expenses incurred by Employee in connection with the preparation of his employment or other agreements with Corporation and any expenses for legal, accounting or financial services incurred by Employee in connection with his employment.

	 	 	 	 
	 	
9.  Stock option plans.  Employee shall be eligible to be awarded stock options to purchase 

	
AFLAC Incorporated's common stock under its Stock Option Plans for selected key employees and directors during the term of this Agreement.

	 	 	 	 
	 	
10.  Working facilities and expenses.  Employee shall be provided with an office, books, 

	
periodicals, stenographic and technical help, ground and air transportation, and such other facilities, equipment, supplies and services suitable to his position and adequate for the performance of his duties.  The Corporation shall pay Employee's fees and dues in such social and country clubs, civic clubs and business societies and associations as shall be appropriate in facilitating Employee's job performance and in the best interest of Corporation.  The Corporation shall also pay all appropriate business liability insurance and any business licenses and fees pertaining to the services rendered by Employee hereunder.

	 	 	 	 
	 	
Employee is encouraged and is expected, from time to time to incur reasonable expenses for 

	
promoting the business of Corporation, including expenses for social and civic club memberships and participation, entertainment, travel and other activities associated with Employee's duties.  The cost of all such activities shall be the expenses of Corporation unless the Chief Executive Officer shall determine in advance that any such expense of Employee should be paid by Employee.

	 	 	 	 
	
EXH 10.29-2

 

	 	
11.  Vacation.  Employee shall continue to be entitled to his vacation time with pay during each 

	
calendar year in accordance with Corporation's vacation policy for senior executive employees.  In addition, Employee shall be entitled to such holidays as Corporation shall recognize for its employees generally.

	 	 	 	 
	 	
12.  Sickness and total disability.  Employee's absence from work because of sickness or accident 

	
(not resulting in Employee becoming "totally disabled," as that term is hereinafter defined) shall not result in any adjustment in Employee's compensation or other benefits under this Agreement.

	 	 	 	 
	 	
Should Employee become totally disabled as a result of sickness or accident and unable to 

	
adequately perform his regular duties prescribed under this Agreement, his base salary (which shall continue to be adjusted as provided for in Paragraph 5), together with incentive bonuses under the Corporation's Management Incentive Plan and his participation in Corporation's employee benefit programs and retirement plan shall continue without reduction except as hereinafter provided, during the continuance of such disability of a period not exceeding the earlier of (1) the end of the term of this Agreement or any extension hereof or (2) a period of one and one-half (1-1/2) years (547 calendar days) for each continuous disability.  Payments pursuant to this paragraph 12 shall be reduced by any amounts paid to Employee during any such period of disability from time to time under any disability programs, plans or policies maintained by Corporation, its subsidiaries or affiliates.

	 	 	 	 
	 	
Should Employee's total disability continue for a period beyond the end of the term of this 

	
Agreement or in excess of 547 calendar days, this Agreement shall, at the end of such period which first occurs, be automatically terminated.  If, however, prior to such time, Employee's total disability shall have ceased and he shall have resumed the adequate performance of his duties hereunder, this Agreement shall continue in full force and effect and Employee shall be entitled to continue his employment hereunder and to receive his full compensation and other benefits as though he had not been disabled; provided, however, unless Employee shall adequately perform his duties hereunder for a continuous period of at least sixty (60) calendar days following a period of total disability before Employee again becomes totally disabled, he shall not be entitled to start a new 547-day period under this paragraph, but instead may only continue under the remaining portion of the original 547-day period of total disability.  In the event Employee shall not adequately perform his duties hereunder for a continuous period of at least sixty (60) calendar days following a period of total disability, the running of the original 547-day period shall cease during the time of Employee's adequate performance of his duties hereunder before Employee again becomes totally disabled.

	 	 	 	 
	 	
It is understood that for purposes of this Paragraph 12, Employee shall, upon his becoming totally 

	
disabled, be given such additional "credited service" if necessary to fully qualify Employee under Corporation's Supplemental Executive Retirement Plan (SERP) and to provide a survivor annuity to Employee's spouse under the Plan.

	 	 	 	 
	 	
For the purpose of this Agreement, the term "totally disabled" or "total disability" shall mean 

	
Employee's inability to adequately perform his executive and management duties hereunder on account of accident or illness.  It is understood that Employee's occasional sickness or other incapacity of short duration may not result in his being or becoming "totally disabled;" however, such illness or incapacity could constitute Employee's being or becoming "totally disabled" if such illness or incapacity is prolonged or recurring.

	 
	
EXH 10.29-3

 

	 	
13.  Termination of employment.

	 	 	 	 
	 	 	
A.  Termination by Corporation.  The Corporation's Chief Executive Officer may terminate this Agreement, at any time, with or without "good cause" ("good cause" being hereinafter defined), by giving at least sixty (60) days' written notice to Employee of its intention to terminate Employee's employment without "good cause" or at least five (5) days' written notice to Employee of its intention to terminate Employee's employment for "good cause;" provided, however, Corporation may, at its selection, terminate Employee's actual employment (so that Employee no longer renders services on behalf of Corporation) at any time during said sixty (60) day or five (5) day period; and,

	 	 	 	 
	 	 	 	
(1)  In the event such termination is for "good cause," Corporation shall be obligated

	
only to:

	 	 	 	 
	 	 	
(a)  pay Employee his base salary as provided for in Paragraph 5 of this Agreement up to the termination date stated in said written notice; provided, however, if Corporation does not elect to terminate Employee's employment during said five (5) day period, but Employee, after receiving such notice of termination from Corporation, elects to leave the employ of Corporation prior to the end of said five (5) day period without the approval of Corporation, then Corporation shall pay said base salary only up to the date on which Employee actually terminates his employment;

	 	 	 	 
	 	 	
(b)  pay Employee any performance bonus due Employee under Paragraph 7 of this Agreement for the period ending on the termination date stated in said written notice or on such earlier date of Employee's actual termination of his employment prior to the end of said (5) day period if such termination is without the approval of Corporation.  The amount of said bonus, if any, shall be calculated on a prorata basis, using the number of days Employee was actually employed during such period, and the amount so calculated shall be paid to Employee within a reasonable time after the end of Corporation's fiscal year in which written notice of Employee's termination is given;

	 	 	 	 
	 	 	
(c)  continue to honor all fully vested stock options, subject to the terms thereof, granted to Employee prior to the termination date stated in said written notice or prior to such earlier date of Employee's actual termination of his employment prior to the end of said five (5) day period if such termination is without the approval of the Corporation;

	 	 	 	 
	 	 	
(d)  continue to pay all of Employee's fringe and other employee benefits as provided for in this Agreement up to the termination date stated in said written notice or up to such earlier date of Employee's actual termination of his employment prior to the end of said five (5) day period if such termination is without the approval of the Corporation.

	 	 	 	 
	 	 	
(e) For purposes of this subparagraph (1) and paragraph 18 hereof, "good cause" shall mean:  (i) the willful and deliberate failure of Employee to substantially perform his executive and management duties hereunder for a continuous period of more than sixty (60) days for reasons other than Employee's sickness, injury or disability; (ii) the willful and deliberate conduct by Employee which is intended by Employee to cause, and which does in fact result in substantial injury or damage to Corporation; or (iii) the conviction or plea of guilty by Employee of a felony crime involving moral turpitude.

	 
	
EXH 10.29-4

 

	 	 	
(2)  In the event such termination is without "good cause," as defined in subparagraph 

	
(1)(e) of this paragraph and, if applicable, subject to the terms of paragraph 18, Corporation shall be obligated to:

	 	 	 	 
	 	 	
(a)  pay employee his base salary as provided for in paragraph 5 of this Agreement up to the end of the scheduled term of this Agreement;

	 	 	 	 
	 	 	
(b)  pay employee his performance bonus compensation as provided for in paragraph 7 of this Agreement up to the end of the scheduled term of this Agreement;

	 	 	 	 
	 	 	
(c) continue to honor all stock options, subject to the terms thereof, granted to Employee prior to the termination date stated in said written notice, all of said options to be or become fully vested as of the termination date stated in said written notice;

	 	 	 	 
	 	 	
(d)  continue to pay or provide to Employee all of the retirement, health, life and disability benefits, as are provided for in this Agreement or under any programs, plans or policies covering Employee at the time of any such notice of termination, up to the end of the scheduled term of this Agreement.

	 	 	 	 
	 	 	
B.  Termination by Employee.  Employee may terminate this Agreement, at any time by 

	
giving at least sixty (60) days' written notice to Corporation of his intention to terminate his employment;

	 	 	 	 
	 	 	 	
(1)  in the event such termination by Employee shall be without "good reason" (as 

	
defined in paragraph 18 hereof) and with a bona fide intent to retire or to work or engage in a business or activity which is not in competition with Corporation or any of its subsidiaries or affiliates, Corporation shall be obligated to:

	 	 	 	 
	 	 	
(a)  pay Employee his base salary due him under paragraph 5 of this Agreement up to the termination date stated in said written notice;

	 	 	 	 
	 	 	
(b) pay Employee any performance bonus compensation due him under paragraph 7 of this Agreement for the period ending on the termination date stated in said written notice.  The amount of such performance bonus, if any shall be calculated on a prorata basis, using the number of days Employee was actually employed by Corporation during such year of termination; and the amount so calculated shall be paid to Employee within a reasonable time after the end of Corporation's fiscal year in which Employee's notice of termination is given;

	 	 	 	 
	 	 	
(c) continue to honor all stock options, subject to the terms thereof, granted to Employee which are fully vested prior to the termination date stated in said written notice;

	 	 	 	 
	 	 	
(d) pay Employee, and if elected by Employee, his spouse such retirement benefits as are provided for in the Supplemental Executive Retirement Plan (SERP) under paragraph 9 hereof, said benefits to commence at such time as provided for under the Retirement Plan.  For purposes of this subparagraph, Employee shall continue to accrue "credited service" as Employee under the Supplemental Executive Retirement Plan (SERP) up through the termination date stated in said notice.

	 	 	 	 
	
EXH 10.29-5

 

	 	 	 	
(2)  In the event such termination by Employee shall be for "good reason"  (as 

	
defined in paragraph 18 hereof), the Corporation shall be obligated to provide Employee with the payments, benefits and rights specified in subparagraphs A.(2)(a)-(d) of this paragraph 13 hereof.  

	 	 	 	 
	 	 	 	
(3)  In the event such termination by Employee shall be without "good reason" (as 

	
defined in paragraph 18 hereof) and with the intention or purpose to work or invest, directly or indirectly, in a business or activity which is in competition, directly or indirectly, with Corporation or any of its subsidiaries or affiliates or, irrespective of Employee's intention at the time of his termination, if Employee shall violate his covenant not to compete under paragraph 15 or the requirements of paragraph 16, then Corporation shall not be obligated to make or provide any further payments or benefits to Employee under this Agreement except as herein provided in this subparagraph.

	 	 	 	 
	 	 	
(a) Subject to Corporation's rights under paragraphs 15 and 16, Corporation shall pay Employee his base salary due him under paragraph 5 of this Agreement up to the termination date stated in said written notice;

	 	 	 	 
	 	 	
(b) Subject to Corporation's rights under paragraphs 15 and 16 hereof, Corporation shall continue to honor all stock options, subject to the terms thereof, granted to Employee which are fully vested prior to the termination date stated in said written notice;

	 	 	 	 
	 	 	
C.   Termination while disabled.  If Employee is totally disabled at the time any such notice 

	
of termination is given, then notwithstanding the provisions of this paragraph 13, Corporation shall nevertheless continue to pay Employee, as his sole compensation hereunder, the compensation and other benefits for the remaining period of Employee's total disability as provided for in paragraph 12 hereinabove.  It is understood that in no event shall such disabled Employee be entitled to compensation under this paragraph 13 in addition to the continuation of his compensation under paragraph 12.

	 	 	 	 
	 	 	
D.   Cooperation after notice of termination.  Following any such notice of termination, 

	
Employee shall fully cooperate with Corporation in all matters relating to the winding up of his pending work on behalf of Corporation and the orderly transfer of any such pending work to other employees of Corporation as may be designated by the Chief Executive Officer; and to that end, Corporation shall be entitled to such full-time or part-time services of Employee as Corporation may reasonably require during all or any part of the sixty (60) day period following any such notice of termination.

	 	 	 	 
	 	
14.  Death of Employee.  In the event of Employee's death during the term of this agreement or 

	
any extension hereof, this Agreement shall terminate immediately, and Employee's estate shall be entitled to receive terminal pay in an amount equal to the amount of Employee's base salary and any performance bonus compensation actually paid by Corporation to Employee during the last thirty-six (36) months of his life, said terminal pay to be paid in thirty-six (36) equal monthly installments beginning on the first day of the month next following the month during which Employee's death occurs.  Terminal pay as herein provided for in this paragraph shall be in addition to amounts otherwise receivable by Employee or his estate under this or any other agreements with Corporation or under any employee benefits or retirement plans established by Corporation and in which Employee is participating at the time of his death.  In addition, Corporation shall honor all stock options, subject to the terms thereof, granted to Employee prior to his death and Employee or his Estate shall, if not otherwise vested, become fully vested in said options as of the date of Employee's death.  For purposes of this paragraph, Employee shall, upon his death, be given such additional "credited service" as necessary to fully qualify Employee under Corporation's Supplemental Executive Retirement Plan (SERP) and to provide a survivor annuity to Employee's spouse under the Plan.

	
EXH 10.29-6

 

	 	
15.  Agreement not to compete.  

	 	 	 	 
	 	 	
It is specifically agreed that, in the event Employee shall voluntarily terminate his 

	
employment without "good reason" (as defined in Paragraph 18) or be terminated by Corporation for "good cause" (as defined in Paragraph 13) Employee shall not work for a period of two (2) years from the date of such termination, as a manager, officer, owner, partner or employee or render any services as a consultant or advisor or engage or invest, directly or indirectly, in any activity which is in competition with the business of the Corporation, its subsidiaries or affiliates within the States of Georgia or Alabama.  Provided, however it is agreed that Employee may invest in the publicly traded securities of any corporation, partnership or trust which is in competition with Corporation so long as such investment does not exceed three percent (3%) of such securities at any time.  It is specifically agreed that if, after Employee's termination of employment, Employee engages in any such prohibited activity at any time during said two year period, Corporation shall, in addition to any other rights it may have under this contract and applicable law be entitled to injunctive relief or, if the Corporation shall so elect, (due to the difficulty of determining damages) be entitled to liquidated damages in the amount of Two Hundred and Fifty Thousand Dollars ($250,000.00) which Employee agrees to promptly pay to Corporation upon demand.  

	 	 	 	 
	 	
16.  Nondisclosure of trade secrets and confidential information.  Employee agrees to protect the 

	
business interest of Corporation, its subsidiaries and affiliates, and not to disclose any trade secrets, confidential information or any organizational, operating, marketing, product design, or business know-how which Employee has access to or knowledge of as a result of his employment by Corporation.  It is specifically agreed that if, at any time during the term of this Agreement and for a period of two (2) years after the date of employee's termination of employment with Corporation for any reason, Employee shall violate the provisions of this paragraph 16, Corporation shall, in addition to any rights it may have under this contract and applicable law, be entitled to liquidated damages of Two Hundred and Fifty Thousand Dollars ($250,000.00) which Employee agrees to promptly pay Corporation upon demand.  It is understood and agreed that Corporation's remedies under this paragraph 16 shall be separate and in addition to the remedies provided to Corporation under paragraph 15 hereof.  It is also understood and agreed that, notwithstanding the foregoing two (2) year period, Employee shall not use or disclose any written confidential information or any policyholder lists at any time or times hereafter, except in the performance of Employee's obligations to the Corporation.

	 	 	 	 
	 	
17.  Right to acquire insurance.  If Employee shall terminate his employment hereunder for any 

	
reason other than death, he may, at his election, acquire any insurance policies upon his life owned by the Corporation by giving written notice of his election to Corporation within ninety (90) days after his termination of employment.  Such policies shall be transferred to the Employee upon his payment to Corporation of the then interpolated terminal reserve value of said insurance.  In the event any policies transferred to Employee as herein provided shall not have an interpolated terminal reserve value, then the amount to be paid by Employee shall be its then fair market value.

	 	 	 	 
	 	
18.  Change in control.

	 	 	 	 
	 	
 
	
A.   In general.  In the event there is a Change in Control (as defined in this paragraph) of 

	
Corporation, this Agreement shall, in order to help eliminate the uncertainties and concerns which may arise at such time, be automatically extended upon all of the same terms and provisions contained herein, for an additional period of three (3) years, beginning on the first day of the month during which such Change in Control shall occur.

	 	 	 	 
	
EXH 10.29-7

 

	 	
 
	
B.   Notwithstanding the term of subparagraph A(2) and (B)(2) of Paragraph 13, and in lieu 

	
of the obligations of the Corporation under such paragraph, if, after a Change in Control Employee's employment is terminated by Corporation without "good cause" (as defined in paragraph 13), or is terminated by Employee for "good reason" (as defined in paragraph 18), any such termination by Corporation to be made only in accordance with the requirements specified by paragraph 13.A, Employee shall be entitled to the following:

	 	 	 	 
	 	 	 	
(1)  The Corporation shall pay Employee's full base salary to Employee through the 

	
date of termination stated in Corporation's written notice required pursuant to paragraph 13.A hereof (hereinafter in this paragraph the "Termination Date") at the rate in effect on the date such notice is given and, additionally, shall pay Employee all compensation and benefits payable to Employee under the terms of any compensation or benefit plan, program or arrangement maintained by the Corporation during such period through the Termination Date.

	 	 	 	 
	 	 	 	
(2)  The Corporation shall pay Employee all compensation and benefits due 

	
Employee under Corporation's retirement, insurance and other compensation or benefit plans, programs of arrangements as such payments become due.  The amount of such compensation and benefits shall be determined under, and paid in accordance with, Corporation's retirement, insurance and other compensation or benefit plans, programs and arrangements.

	 	 	 	 
	 	 	 	
(3)  In lieu of any further salary payments to Employee for periods subsequent to the 

	
Termination Date, the Corporation shall pay to Employee, immediately after the Termination Date, a lump sum severance payment, in cash, equal to three times the sum of (i) Employee's annual base salary in effect immediately prior to the Change in Control and (ii) the higher of the amount paid to Employee pursuant to the Corporation's Management Incentive Plan (or any successor plan thereto) for the year preceding the year in which the Termination Date occurs or paid in the year preceding the year in which the Change in Control occurs.

	 	 	 	 
	 	 	 	
(4)  The Corporation shall pay to Employee, immediately after the Termination Date, 

	
a lump sum amount, in cash, equal to a prorata portion (based on the number of days Employee is an employee during the year in which the Termination Date occurs) of the aggregate value of the maximum annual target amount of all contingent incentive compensation awards to Employee for all uncompleted periods under the Corporation's Management Incentive Plan (or successor plan thereto).

	 	 	 	 
	 	 	 	
(5)  For a thirty-six (36) month period after the termination date, the Corporation 

	
shall provide Employee with life, disability, accident and health insurance benefits substantially similar to an equal or greater in economic value than such benefits which Employee is receiving immediately prior to the Termination Date (without giving effect to any reduction in such benefits subsequent to a Change in Control which reduction in benefits would constitute "good reason" as defined in this paragraph).  Benefits required to be provided to Employee pursuant to this subparagraph B(5) shall be reduced to the extent comparable benefits are actually received by or made available to Employee without cost during such thirty-six (36) month period and any such benefit actually received by Employee shall be reported to the Corporation by Employee.

	 	 	 	 
	
EXH 10.29-8

 

	 	 	
C.   In addition to the payments provided for in subparagraph B of this paragraph 18, in the 

	
event that after a Change in Control Employee's employment by the Corporation is terminated by the Corporation without "good cause" or by Employee for "good reason," the Corporation shall continue to honor all stock options granted to Employee (subject to the terms of such options) prior to the Termination Date, and all stock options granted to Employee prior to the Termination Date shall become fully vested and exercisable as of the Termination Date.

	 	 	 	 
	 	 	
D.   Notwithstanding any other provisions of this Agreement in the event that any payment 

	
or benefit received or to be received by Employee in connection with a Change in Control or the termination of Employee's employment (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement with the Corporation, any person whose actions result in a Change in Control or any person affiliated with the Corporation or such person) (all such payment and benefits being hereinafter called "Total Payments") would not be deductible (in whole or in part) by the Corporation, an affiliate or person making such payment or providing such benefit as a result of section 280G of the Internal Revenue Code of 1986 (the "Code") then, to the extent necessary to make such portion of the Total Payments deductible (and after taking into account any reduction in the Total Payment provided by reason of Section 280G of the Code in such other plan, arrangement or agreement), adjustments in such payments shall be made as follows:  (1) the cash payments provided pursuant to subparagraph B(3) and B(4) of this paragraph 18 shall first be reduced (if necessary, to zero), and (2) benefits provided under subparagraph B(5) of this paragraph 18 shall next be reduced.  For purposes of this limitation (i) no portion of the Total Payments the receipt or enjoyment of which Employee shall have effectively waived in writing prior to the date of termination of employment shall be taken into account, (ii) no portion of the Total Payments shall be taken into account which in the opinion of tax counsel selected by the Corporation's independent auditors and reasonably acceptable to Employee does not constitute a "parachute payment" within the meaning of Section 280G(b) (2) of the Code, including by reason of Section 280G(b) (4) (A) of the Code, (iii) the payments and benefits be reduced only to the extent necessary so that the Total Payments (other than those referred to in clauses (i) or (ii) in their entirety constitute reasonable compensation for services actually rendered within the meaning of Section 280G(b) (4) (B) of the Code or are otherwise not subject to disallowance as deductions, (iv) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Corporation's independent auditors in accordance with the principles of Section 280G(d) (3) (4) of the Code.  In no event shall the Corporation's obligation to continue to honor all stock options granted to Employee prior to the Termination Date nor the vesting of stock options in accordance with Paragraph 18.C. hereof be affected by this Paragraph 18.D.

	 	 	 	 
	 	 	
E.   Definitions.

	 	 	 	 
	 	 	 	
(1)  "Beneficial Owner" has the meaning provided in Rule 13d-3 under the Exchange Act.

	 	 	 	 
	 	 	 	
(2)  "Change in Control" means the occurrence of either (a), (b), (c) or (d), as 

	
hereinafter set forth:

	 	 	 	 
	 	 	
(a)  any person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation (not including in the securities beneficially owned by such person any securities acquired directly from the Corporation, subsidiaries or its affiliates) representing 30% or more of the combined voting power of the Corporation's then outstanding securities; or

	 	 	 	 
	
EXH 10.29-9

 

	 	 	
(b)  during any period of two consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board and any director (other than a director designated by a person who has entered into an agreement with the Corporation to effect a transaction described in clause (a), (c) or (d) of this subparagraph) whose election by the Board or nomination for election by the Corporation's stockholders was approved by a vote of at least two-thirds (2/3) of the members of the Board (or, if Board nominations are not voted on by the full Board, members of the Board Committee voting on such nominations) then still in office who either were members of the Board at the beginning of the period or whose election or nomination for elections was previously so approved, cease for any reason to constitute a majority of the Board; or

	 	 	 	 
	 	 	
(c) the shareholders of the Corporation approve a merger or consolidation of the Corporation with any other corporation, other than (i) a merger or consolidation which would result in the voting securities of the Corporation outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities or the surviving trustee or other fiduciary holding securities under an employee benefit plan of the Corporation, at least 75% of the combined voting power of the voting securities of the Corporation or such surviving entity outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Corporation (or similar transaction) in which no person acquires more than 30% of the combined voting power of the Corporation's then outstanding securities; or

	 	 	 	 
	 	 	
(d) the shareholders of the Corporation approve a plan of complete liquidation of the Corporation or an agreement for the sale or disposition by the Corporation of all or substantially all the Corporation's assets.

	 	 	 	 
	 	 	 	
(3)  "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

	 	 	 	 
	 	 	 	
(4)  "Person" shall have the meaning given in Section 3(a)(9) of the Exchange Act, 

	
as modified and used in Section 13(d) and 14(d) of the Exchange Act; however, a person shall not include (a) the Corporation or any of its subsidiaries, (b) a trustee or other fiduciary holding securities under an employee benefit plan of the corporation or any of its subsidiaries, (c) an underwriter temporarily holding securities pursuant to an offering of such securities, or (d) a corporation owned, directly or indirectly, by the stockholders of the Corporation in substantially the same proportions as their ownership of stock of the Corporation.

	 	 	 	 
	 	 	 	
(5)  "Good reason" shall mean the termination of employment by Employee upon the 

	
occurrence of any one or more of the following events:

	 	 	 	 
	 	 	
(a)  Any breach by Corporation of the terms and conditions of this Agreement affecting Employee's salary and bonus compensation, any employee benefit, stock options or the loss of any of Employee's titles or positions with Corporation;

	 	 	 	 
	 	 	
(b)  A significant diminution of Employee's duties and responsibilities;

	 	 	 	 
	 	 	
(c)  the assignment to Employee of any duties inconsistent with or significantly different from his duties and responsibilities existing at the time of a Change in Control.

	 	 	 	 
	
EXH 10.29-10

 

	 	 	
(d)  Any purported termination of Employee's employment by Corporation other than as permitted by this Agreement;

	 	 	 	 
	 	 	
(e) The relocation of Corporation's principal office or of Employee's own office to any place beyond twenty-five (25) miles from the current principal office of Corporation in Columbus, Georgia;

	 	 	 	 
	 	 	
(f) The failure of any successor to Corporation to expressly assume and agree to discharge Corporation's obligations to Employee under this Agreement as extended under this paragraph, in form and substance satisfactory to Employee.

	 	 	 	 
	 	 	
F.   Continuation of compensation and benefits.  If Corporation shall attempt to terminate 

	
Employee's employment at any time after a change in Control and such termination is in good faith disputed by Employee, Corporation shall continue to pay Employee all of his compensation and benefits provided for in this Agreement until the dispute is finally resolved, either by mutual written agreement or by final judgment, order or decree of a court of competent jurisdiction.

	 	 	 	 
	 	
19.  No requirement to seek employment and no offset.  Corporation agrees that, if Employee's 

	
employment is terminated by Corporation during the term of this Agreement or by Employee for "good reason" during the term of this Agreement, Employee is not required to seek other employment or attempt in any way to reduce the amounts payable to Employee by Corporation pursuant to the applicable terms of this Agreement; it being understood and agreed that the amount of any payment or benefit to Employee provided for hereunder shall not be reduced by any compensation or other benefits earned by Employee as a result of his employment by another employer or, after a Change in Control, by Corporation's attempt to offset any amount claimed to be owed by Employee to Corporation or otherwise.

	 	 	 	 
	 	
20.  Waiver of breach or violation not deemed continuing.  The waiver by either party of a breach 

	
or violation of any provision of this Agreement shall not operate as or be construed to be a waiver of any subsequent breach hereof.

	 	 	 	 
	 	
21.  Notices.  Any and all notices required or permitted to be given under this Agreement will be 

	
sufficient if furnished in writing, sent by registered or certified mail to his last known residence in the case of Employee or to its principal office in Columbus, Georgia, in the case of the Corporation.

	 	 	 	 
	
EXH 10.29-11

 

	 	
22.  Arbitration.  Except for any dispute or matter arising after a Change in Control, as defined in 

	
paragraph 18, any dispute arising under this Agreement, to the maximum extent allowed by applicable law, shall be subject to arbitration and prior to commencing any court action, the parties agree that they shall arbitrate all controversies.  The arbitration shall be pursuant to the terms of the Federal Arbitration Act.  The parties shall notify each other of the existence of an arbitrable controversy by certified mail and shall attempt in good faith to resolve their differences within fifteen (15) days after the receipt of such notice.  Notice to Employee shall be sent to Employee's address as it appears in Corporation's records and notice to Corporation shall be sent to:  Arbitration Officer, AFLAC Incorporated, AFLAC Worldwide Headquarters, Columbus, Georgia, 31999.  If the dispute cannot be resolved within said fifteen (15) day period, either party may file a written demand for arbitration with the other party.  The party filing such demand shall simultaneously specify his or its arbitrator, giving the name, address and telephone number of said arbitrator.  The party receiving such notice shall notify the party demanding the arbitration of his or its arbitrator giving the name, address, and telephone number of said arbitrator within five (5) days of the receipt of such demand.  The arbitrator named by the respective parties need not be neutral. The Senior Judge of the Superior court of Muscogee County, Georgia, on request by either party, shall appoint a neutral person to serve as the third arbitrator and shall also appoint an arbitrator for any party failing or refusing to name his arbitrator within the time herein specified.  The arbitrators thus constituted shall promptly meet, select a chairperson, fix the time and place of the hearing, and notify the parties.  The majority of the panel shall render an award within ten (10) days of the completion of the hearing, and shall promptly transmit an executed copy of the award to the respective parties.  Such an award shall be binding and conclusive upon the parties hereto, in the absence of fraud or corruption.  Each party shall have the right to have the award made the judgment of the court of competent jurisdiction.

	 	 	 	 
	 	
23.  Governing Law.  This Agreement shall be interpreted, construed and governed according to 

	
the laws of the State of Georgia.

	 	 	 	 
	 	
24.  Paragraph Headings.  The paragraph headings contained in this Agreement are for 

	
convenience only and shall in no manner be construed as part of this Agreement.

	 	 	 	 
	 	
25.  Two originals.  This Agreement is executed in two (2) originals, each of which shall be 

	
deemed an original and together shall constitute one and the same Agreement, with one original being delivered to each party hereto.

	 	 	 	 
	 	
IN WITNESS WHEREOF, Corporation has hereunto caused its name to be signed and its seal to be 

	
affixed by its duly authorized officers, and Employee has hereunto set his hand and seal, all being done in duplicate originals, with one original being delivered to each party as of the   18th   day of December, 1997.

	
  /s/ Joseph W. Smith
	
(L.S.)
	
AMERICAN FAMILY LIFE

	
	
	

	
JOSEPH W. SMITH
	 	
ASSURANCE COMPANY OF 

	
EMPLOYEE 
	 	
COLUMBUS (AFLAC)

	 	 	 	 
	 	
BY:
	
  /s/ Daniel P. Amos

	
	
	

	 	 	
DANIEL P. AMOS

	 	 	
CHIEF EXECUTIVE OFFICER

	 	 	 	 
	 	
ATTEST:
	
  /s/ Joey M. Loudermilk

	
	
	

	 	 	
JOEY M. LOUDERMILK

	 	 	
CORPORATE SECRETARY

	
EXH 10.29-12

	
SCHEDULE OF COMPENSATION

	 
	 
	
AMENDMENT TO BASE SALARY

	 	 
	 	 
	 	
The undersigned hereby agree that Employee's base salary due under Paragraph 5 of the 

	
foregoing Employment Agreement shall be $________________ per year, beginning January 1, 1999, and for each successive year thereafter during the term of said Agreement and any extensions thereof unless hereafter changed by mutual agreement.

	 	 
	 	
This ___ day of December, 1998.

 

	 	
(L.S.)
	
AMERICAN FAMILY LIFE

	
	
	

	
JOSEPH W. SMITH
	 	
ASSURANCE COMPANY OF 

	
EMPLOYEE 
	 	
COLUMBUS (AFLAC)

	 	 	 	 
	 	 	 	 
	 	
BY:
	 
	
	
	

	 	 	
DANIEL P. AMOS

	 	 	
CHIEF EXECUTIVE OFFICER

	 	 	 	 
	 	 	 	 
	 	
ATTEST:
	 
	
	
	

	 	 	
JOEY M. LOUDERMILK

	 	 	
CORPORATE SECRETARY

 

	
EXH 10.29-13Exhibit 10.1
                                                                [Class A Stock]
                        RESTRICTED STOCK AWARD AGREEMENT
                                    UNDER THE
            TRIARC COMPANIES, INC. 2002 EQUITY PARTICIPATION PLAN

               RESTRICTED STOCK AWARD AGREEMENT (this "Agreement"), made as of
 ________ , 200_, by and between Triarc Companies, Inc. (the "Company") and
_________ ("Award Recipient"):

     WHEREAS,  the Company  maintains  the 2002 Equity  Participation  Plan (the
"Plan") under which the Performance  Compensation  Subcommittee of the Company's
Board of Directors (the  "Committee")  may, among other things,  award shares of
the Company's Class A Common Stock, $.10 par value (the "Class A Common Stock"),
to such eligible persons under the Plan as the Committee may determine,  subject
to terms, conditions, or restrictions as it may deem appropriate;

     WHEREAS,  pursuant  to the Plan,  the  Committee  has  awarded to the Award
Recipient a restricted stock award conditioned upon the execution by the Company
and the Award Recipient of a Restricted  Stock  Agreement  setting forth all the
terms and conditions applicable to such award in accordance with Delaware law;

     NOW, THEREFORE, in consideration of the mutual promises(s) and covenants(s)
contained herein, it is hereby agreed as follows:

     1.  DEFINED  TERMS:  Except  as  otherwise  specifically  provided  herein,
capitalized terms used herein shall have the meanings  attributed thereto in the
Plan.

     2. AWARD OF  RESTRICTED  SHARES:  Subject to the terms of the Plan and this
Agreement, the Committee hereby awards to the Award Recipient a restricted stock
award (the  "Restricted  Stock  Award") on _________,  200_ (the "Award  Date"),
covering _____ shares of Class A Common Stock (the "Restricted Shares").

     3. VESTING:  Subject to the Award Recipient's continued employment with the
Company (other than as set forth in Paragraph 6),

     3.1  ______(1) Restricted  Shares  (the "First  Tranche  Shares")  shall be
eligible to vest and become nonforfeitable on the first anniversary of the Award
Date (the "First Vesting Date") as follows:

3.1.1                 if the closing price per share of Class B Common Stock,
                      $.10 par value (the "Class B Common Stock") (for purposes
                      of this Agreement, the "fair market value") on the First
                      Vesting Date is at least $14.09, then 100% of the First
                      Tranche Shares shall vest and become nonforfeitable;

3.1.2                 if the fair market value of the Class B Common Stock on
                      the First Vesting Date is less than $14.09 but greater
                      than $12.09, then that number of Restricted Shares equal
                      to the product of (a) the number of First Tranche Shares
                      multiplied by (b) a fraction, the numerator of which is
                      the excess of the fair market value on the First Vesting
                      Date over $12.09 and the denominator of which is 2, shall
                      vest and become nonforfeitable and any remaining
                      Restricted Shares that are First Tranche Shares shall
                      continue to be unvested; and

3.1.3                 if the fair market value of the Class B Common Stock on
                      the First Vesting Date is less than $12.09, then all of
                      the First Tranche Shares shall continue to be unvested.

3.2 _______(2) Restricted Shares plus any of the First Tranche Shares that
continue to be unvested following the First Vesting Date (the total, the "Second
Tranche Shares") shall be eligible to vest and become nonforfeitable on the
second anniversary of the Award Date (the "Second Vesting Date") as follows:

3.2.1                 if the fair market value of the Class B Common Stock on
                      the Second Vesting Date is at least $15.09, then 100% of
                      the Second Tranche Shares shall vest and become
                      nonforfeitable;

3.2.2                 if the fair market value of the Class B Common Stock on
                      the Second Vesting Date is less than $15.09 but greater
                      than $12.09, then that number of Restricted Shares equal
                      to the product of (a) the number of Second Tranche Shares
                      multiplied by (b) a fraction, the numerator of which is
                      the excess of the fair market value on the Second Vesting
                      Date over $12.09 and the denominator of which is 3, shall
                      vest and become nonforfeitable and any remaining
                      Restricted Shares that are Second Tranche Shares shall
                      continue to be unvested; and

3.2.3                 if the fair market value of the Class B Common Stock on
                      the Second Vesting Date is less than $12.09, then all of
                      the Second Tranche Shares shall continue to be unvested.

3.3 _______(3) Restricted Shares plus any of the Second Tranche Shares that
remain unvested following the Second Vesting Date (the total, the "Third Tranche
Shares") shall be eligible to vest and become nonforfeitable on the third
anniversary of the Award Date (the "Third Vesting Date") as follows:

3.3.1                 if the fair market value of the Class B Common Stock on
                      the Third Vesting Date is at least $16.09, then 100% of
                      the Third Tranche Shares shall vest and become
                      nonforfeitable;

3.3.2                 if the fair market value of the Class B Common Stock on
                      the Third Vesting Date is less than $16.09 but greater
                      than $12.09, then that number of Restricted Shares equal
                      to the product of (a) the number of Third Tranche Shares
                      multiplied by (b) a fraction, (i) the numerator of which
                      is the excess of the fair market value on the Third
                      Vesting Date over $12.09 and (ii) the denominator of which
                      is 4, shall vest and become nonforfeitable and any
                      remaining Restricted Shares that are Third Tranche Shares
                      shall continue to be unvested; and

3.3.3                 if the fair market value of the Class B Common Stock on
                      the Third Vesting Date is less than $12.09, then all of
                      the Third Tranche Shares shall remain unvested.

3.4 Any of the Third Tranche Shares that remain unvested following the Third
Vesting Date shall (and to the extent not inconsistent with Section 6 hereof)
vest and become nonforfeitable on the fifth anniversary of the Award Date (the
"Final Vesting Date") if the fair market value of the Class B Common Stock on
the Final Vesting Date is at least $18.50. If the fair market value of the Class
B Common Stock on the Final Vesting Date is less than $18.50, all remaining
unvested Third Tranche Shares shall be automatically forfeited.

3.5 Each of the First Vesting Date, Second Vesting Date, Third Vesting Date and
Final Vesting Date may be referred to herein as a "Vesting Date."

3.6 In the event that a partial Restricted Share would vest on any Vesting Date,
the total number of Restricted Shares vesting on such Vesting Date shall be
rounded up to the nearest whole Restricted Share.

4. STOCK CERTIFICATES: Certificates evidencing the Restricted Shares shall be
issued by the Company and shall be registered in the Award Recipient's name on
the stock transfer books of the Company promptly after the date hereof, but
shall remain in the physical custody of the Company or its designee at all times
prior to, in the case of any particular Restricted Shares, the applicable
Vesting Date. As a condition to the receipt of this Restricted Stock Award, the
Participant shall deliver to the Company a stock power, duly endorsed in blank,
relating to the Restricted Shares.

5. TRANSFERABILITY; RIGHTS AS STOCKHOLDER. Prior to the vesting of a Restricted
Share, (i) such Restricted Share shall not be transferable by the Award
Recipient by means of sale, assignment, exchange, pledge, or otherwise;
provided, however, that the Award Recipient shall have the right to tender the
Restricted Share for sale or exchange with the Company's written consent in the
event of any tender offer within the meaning of Section 14(d) of the Securities
Exchange Act of 1934 and (ii) unless and until such Restricted Share is
forfeited pursuant to Paragraph 3 or Paragraph 6, the Award Recipient shall be
entitled to all rights of a stockholder of the Company, including the right to
vote the Restricted Share; provided that (i) non-cash dividends and
distributions in respect of such Restricted Share shall be held by the Company
in escrow and paid to the Award Recipient if and when the Restricted Share vests
(and forfeited back to the Company if it does not) and (ii) cash dividends paid
in respect of such Restricted Share shall be withheld by the Company and
credited to an account on the books of the Company (the "Dividend Account"), and
paid to the Award Recipient, along with interest thereon as described in the
following sentence, if and when the Restricted Share vests (and forfeited back
to the Company if it does not). Each cash dividend credited to the Dividend
Account shall earn interest at a floating rate equal to five percent (5%) plus
the Base Rate (the aggregate rate referred to as the "Interest Rate"), with the
initial Interest Rate being established on the date of the first dividend
payment in respect of an unvested Restricted Share following the date hereof,
and then subsequently adjusted on the first day of each January, April, July and
October thereafter. "Base Rate" shall mean the rate published on the applicable
day (or the preceding business day, if such day is not a business day) in the
Wall Street Journal for notes maturing three (3) months after issuance under the
caption "Money Rates, London Interbank Offered Rates (LIBOR)". Interest shall be
calculated based on a 360 day year and charged for the actual number of days
elapsed.

6. EFFECT OF TERMINATION OF EMPLOYMENT: If the Award Recipient's employment with
the Company terminates on account of termination by the Company without cause,
or on account of the Award Recipient's death or permanent disability, the
Restricted Stock Award, to the extent not already not already vested, shall
continue to be outstanding and be subject to the vesting and forfeiture
provisions of this Agreement, as if such termination had not occurred. Upon
termination of the Award Recipient's employment with the Company for any other
reason, the Restricted Stock Award, to the extent not already vested, shall be
forfeited, unless otherwise determined by the Committee in its sole discretion.
For purposes of this Agreement, "cause" shall mean "cause" or any like term, as
defined in any written employment contract or similar agreement between the
Company and the Award Recipient or, if not so defined, "cause" shall mean (i)
fraud, embezzlement or other unlawful or tortious conduct, whether or not
involving or against the Company or any affiliate, (ii) violation of a policy of
the Company of any affiliate, or (iii) serious and willful acts or misconduct
detrimental to the business or reputation of the Company or any affiliate.

7. BENEFICIARY: The Award Recipient may designate a beneficiary(ies) to receive
the stock certificates representing those Restricted Shares that become vested
and non-forfeitable upon the Award Recipient's death. The Award Recipient has
the right to change such beneficiary designation at will.

8. EFFECT OF CHANGE OF CONTROL: Upon the occurrence of a Change of Control, any
unvested Restricted Shares shall be deemed to have become vested and
non-forfeitable as of immediately prior to the Change of Control.

9. 162(m) PERFORMANCE-BASED AWARD: The Restricted Stock Award is intended to be
a 162(m) Performance-Based Award subject to the terms and conditions set forth
in Section 23 of the Plan (as such Section may be revised or renumbered
following the date hereof), and shall be construed and interpreted accordingly.

10. EFFECT OF CHANGES IN SHARES: In the event of (i) any split, reverse split,
combination of shares, reclassification, recapitalization or similar event which
involves, affects or is made with regard to any class or series of Capital Stock
which may be delivered pursuant to the Plan ("Plan Shares"), (ii) any dividend
or distribution on Plan Shares payable in Capital Stock, or extraordinary
dividend payable in cash, or (iii) a merger, consolidation or other
reorganization as a result of which Plan Shares shall be increased, reduced or
otherwise changed or affected, then in each such event the Committee shall, to
the extent it deems it to be necessary in order to prevent the dilution or
enlargement of the rights of the Award Recipient, appropriately adjust the stock
price targets contained in Section 3 of this Agreement. The Committee may
exercise such authority to the extent the exercise of such authority after the
Performance Goals Date in respect of the Restricted Stock Award would not cause
the Restricted Stock Award to fail to be a 162(m) Performance-Based Award.

11. WITHHOLDING TAXES; 83(b) ELECTION: The Award Recipient hereby agrees to make
appropriate arrangements with the Company for satisfaction of any applicable
federal, state or local income tax withholding requirements or like
requirements, including the payment to the Company upon each Vesting Date (or
such later date as may be applicable under Section 83 of the Code), or other
settlement in respect of, the Restricted Shares of all such taxes and
requirements and the Company shall be authorized to take such action as may be
necessary in the opinion of the Company's counsel (including, without
limitation, withholding Restricted Shares or other amounts from any compensation
or other amount owing from the Company to the Award Recipient) to satisfy all
obligations for the payment of such taxes. Notwithstanding the foregoing, the
Award Recipient may make an election pursuant to Section 83(b) of the Code in
respect of the Restricted Shares and, if the Award Recipient does so, the Award
Recipient shall timely notify the Company of such election and send the Company
a copy thereof. The Award Recipient shall be solely responsible for properly and
timely completing and filing any such election.

12. IMPACT ON OTHER BENEFITS: The value of the Restricted Stock Award (either on
the Award Date or at the time any Restricted Shares become vested and
non-forfeitable) shall not be includable as compensation or earnings for
purposes of any benefit or incentive plan offered by the Company.

<PAGE>

13. ADMINISTRATION: The Committee shall have full authority and discretion
(subject only to the express provisions of the Plan) to decide all matters
relating to the administration and interpretation of this Agreement. All such
Committee determinations shall be final, conclusive, and binding upon the
Company, the Award Recipient, and any and all interested parties.

14. RIGHT TO CONTINUED EMPLOYMENT: Nothing in the Plan or this Agreement shall
confer on an Award Recipient any right to continue in the employ of the Company
or in any way affect the Company's right to terminate the Award Recipient's
employment without prior notice at any time for any reason.

15. BOUND BY PLAN: The Agreement shall be subject to the terms of the Plan, as
amended. This Agreement may not in any way be amended, revised or superceded
without the Award Recipient's written consent.

16. FORCE AND EFFECT: The various provisions of this Agreement are severable in
their entirety. Any determination of invalidity or unenforceability of any on
provision shall have no effect on the continuing force and effect of the
remaining provisions.

17. GOVERNING LAW: This Agreement shall be construed and enforced in accordance
with and governed by the laws of the State of Delaware, without giving effect to
its conflict of laws principles.

18. SUCCESSORS: This Agreement shall be binding and inure to the benefit of the
successors, assigns and heirs of the respective parties.

19. NOTICE: Unless waived by the Company, any notice to the Company required
under or relating to this Agreement shall be in writing and addressed to the
Secretary of the Company.

20. ENTIRE AGREEMENT: This Agreement contains the entire understanding of the
parties and shall not be modified or amended except in writing and duly signed
by the parties. No waiver by either party of any default under this Agreement
shall be deemed a waiver of any later default.

               IN WITNESS WHEREOF, the parties have signed this Agreement as of
the date hereof.

                                                         TRIARC COMPANIES, INC.

                                                        By:_____________________
                                                           Name:
                                                           Title:

                                                        ------------------------
                                                         [Award Recipient]

--------
1 One-third of the Restricted Shares

2 One-third of the Restricted Shares

3 One-third of the Restricted Shares

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}]]