Document:

EXHIBIT
10.3

CO-INVESTMENT
UNIT

SUBSCRIPTION AGREEMENT

by
and between

TRIAN
ACQUISITION I CORP.

and

TRIAN
FUND MANAGEMENT, L.P.

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
Dated as of January 29,
  2008

	
 

	
 

	
 

	
 

	
 

	

	
 

TABLE
OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
ARTICLE I

	
COMMITMENT TO PURCHASE CO-INVESTMENT UNITS

	
 

	
1

	
 

	
 

	
 

	
 

	
 

	
ARTICLE II

	
PAYMENT OF PURCHASE PRICE

	
 

	
2

	
 

	
 

	
 

	
 

	
 

	
ARTICLE III

	
LIMITATIONS ON TRANSFER

	
 

	
2

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IV

	
RESTRICTIVE LEGENDS

	
 

	
3

	
 

	
 

	
 

	
 

	
 

	
ARTICLE V

	
INVESTMENT REPRESENTATIONS

	
 

	
3

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VI

	
COMPANY REPRESENTATIONS
  AND WARRANTIES

	
 

	
5

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VII

	
MISCELLANEOUS

	
 

	
6

	
 

	
7.1

	
Successors and Assigns

	
 

	
6

	
 

	
7.2

	
Governing Law; Venue

	
 

	
6

	
 

	
7.3

	
Further Execution

	
 

	
6

	
 

	
7.4

	
Entire Agreement;
  Amendment

	
 

	
6

	
 

	
7.5

	
Severability

	
 

	
6

	
 

	
7.6

	
Counterparts

	
 

	
7

	
 

	
7.7

	
Survival

	
 

	
7

	
 

	
7.8

	
Waiver of Jury Trial

	
 

	
7

CO-INVESTMENT
UNIT SUBSCRIPTION AGREEMENT

                    This
CO-INVESTMENT UNIT SUBSCRIPTION AGREEMENT (this “Agreement”) is made as
of January 29, 2008, by and between Trian Acquisition I Corp., a Delaware
corporation (the “Company”), and Trian Fund Management, L.P., a Delaware
limited partnership (the “Purchaser”).

                    WHEREAS,
the Company has filed a registration statement on Form S-1 under the Securities
Act of 1933, as amended (the “Securities Act”), with the Securities and
Exchange Commission in connection with a proposed initial public offering (the
“Initial Public Offering”) of 80,000,000 units (“Units”), each
consisting of one share of common stock of the Company, par value $0.0001 per
share (“Common Stock”), and one warrant (a “Warrant”) to purchase
one additional share of Common Stock for $7.00; 

                    WHEREAS,
in connection with the Initial Public Offering, the Purchaser has entered into
an agreement dated as of the date hereof with Deutsche Bank Securities Inc. and
Merrill Lynch & Co., as representatives of the underwriters (the “Representatives”),
pursuant to which the Purchaser has agreed to place limit orders (or to cause
one or more other Trian Partners entities to place limit orders) for up to
$75,000,000 of shares of Common Stock (the “Aftermarket Shares”) for a
period commencing two business days after the Company files a preliminary proxy
statement relating to its Business Combination (as defined in the Company’s
Amended and Restated Certificate of Incorporation) and ending on the business
day immediately preceding the record date for the meeting of stockholders at
which the Business Combination is to be approved (for purposes of this
Agreement, “Trian Partners” means the Purchaser and its Affiliates (as
defined below), together with the funds and accounts the Purchaser and its
Affiliates manage); and 

                    WHEREAS,
the Company desires to commit to issue and sell, and the Purchaser desires to
purchase and acquire (or to cause one or more other Trian Partners entities to
purchase and acquire), Co-Investment Units (as defined herein), to the extent
that Trian Partners does not purchase in full $75,000,000 of the Aftermarket
Shares, on the terms and conditions hereinafter set forth; 

                    NOW,
THEREFORE, for and in consideration of the promises and mutual covenants set
forth herein, the parties hereto agree as follows: 

ARTICLE
I

COMMITMENT TO PURCHASE CO-INVESTMENT UNITS

                    1.1
Subject to and immediately prior to the consummation of a Business Combination,
the Purchaser hereby agrees to purchase, or to cause one or more other Trian
Partners entities to purchase, from the Company, and the Company hereby agrees
to issue and sell to the Purchaser and/or such other Trian Partners entities,
the Applicable Number of units in the form attached hereto as Exhibit A (each a
“Co-Investment Unit”) at a cash purchase price of $10.00 per
Co-Investment Unit. The “Applicable Number” means a number (rounded up
to the nearest whole number) equal

to (x) the difference between $75,000,000 and the
aggregate purchase price paid by Trian Partners for the Aftermarket Shares
divided by (y) 10. Each Co-Investment Unit shall consist of one share of Common
Stock and one Warrant. The terms of the Warrants are set forth in the Second
Amended and Restated Warrant Agreement dated as of the date hereof (the “Warrant
Agreement”), between the Company and American Stock Transfer and Trust
Company, as warrant agent. With the exception of the transfer restrictions set
forth in Article III hereof and in the Warrant Agreement, the
Co-Investment Units shall be identical to the Units sold in the Initial Public
Offering. The closing of the purchase and sale of the Co-Investment Units
hereunder, including payment for and delivery of the Co-Investment Units, shall
occur at the offices of the Company immediately prior to, and subject to
consummation of, the Business Combination. 

                    1.2
The Purchaser hereby agrees to cause any Trian Partners entity that purchases
Co-Investment Units from the Company hereunder to become a party to this
Agreement and to be bound by its terms and conditions, including the transfer
restrictions set forth in Article III and the investment representations
set forth in Article V.

ARTICLE
II

PAYMENT OF PURCHASE PRICE

                    The
purchase price for the Co-Investment Units shall be tendered in full at the
closing by one or a combination of the following means: (a) wiring of immediately
available United States funds to an account for the benefit of the Company,
pursuant to wire instructions provided by the Company in advance of the closing
or (b) by delivery of a cashiers check to the Company of immediately available
United States funds. 

ARTICLE
III

LIMITATIONS ON TRANSFER

                    The
Purchaser hereby agrees (and agrees to cause Trian Partners) not to assign,
alienate, pledge, attach, sell or otherwise transfer or encumber (each, a “transfer”),
directly or indirectly,any
Co-Investment Units or any shares of Common Stock or Warrants included in (or
that were previously part of) the Co-Investment Units (including the Common
Stock issuable upon exercise of the Warrants) until 180 days following the date
of the consummation of a Business Combination, except to a Permitted
Transferee. Any transfers of such securities to a Permitted Transferee shall be
made in accordance with applicable securities laws. Any transfer of securities
pursuant to this Article III shall be subject to the condition that the
Permitted Transferee has agreed in writing to be bound by the terms of this Article
III. The Purchaser further acknowledges that the Warrants included in the
Co-Investment Units shall be subject to the transfer restrictions set forth in
the Warrant Agreement.

                    “Permitted
Transferee” means (i) the Company, any of the Company’s officers, directors
and employees, any Affiliates or Family Members of such individuals, the
undersigned, Trian Partners, any Affiliates of the Company, the undersigned or
Trian Partners and any officers, directors, members and employees of the
undersigned, Trian

2

Partners or such Affiliates, (ii) any charitable
organization, (iii) any individual pursuant to a qualified domestic relations
order, (iv) if the transferor is a corporation, partnership or limited
liability company, any stockholder, partner or member of the transferor and (v)
any individual or entity by virtue of laws or agreements governing descent or
distribution upon the death or dissolution of the transferor. “Affiliate”
has the meaning set forth in Rule 405 under the Securities Act. “Family
Member” of a person means such person’s present spouse and/or domestic
partner, parents, lineal ascendants or descendants or any siblings of any of
the foregoing, any descendants of any sibling of such person, or any estate
planning vehicle formed primarily for the benefit of such person or any of the
foregoing persons. 

ARTICLE
IV

RESTRICTIVE LEGENDS

                    All
certificates representing the Co-Investment Units (and any underlying
securities thereof) shall have endorsed thereon legends in substantially the
following forms (in addition to any other legend which may be required by other
agreements between the parties hereto): 

                              (a)
“The
Securities represented by this certificate have not been registered under the
Securities Act of 1933, as amended. The Securities may not be sold, offered for
sale, pledged or hypothecated in the absence of an effective registration
statement as to the Securities under said act or an opinion of counsel
satisfactory to the Company that such registration is not required.” 

                              (b)
“The
Securities represented by this certificate may not be not be sold, offered for
sale, pledged or hypothecated, transferred or otherwise disposed of except in
accordance with that certain Co-Investment Unit Subscription Agreement dated as
of January 29, 2008, copies of which are available for inspection at the
offices of the Company.” 

                              (c)
Any legend required pursuant to the terms of the Warrant Agreement.

                              (d)
Any legend required by state securities or blue sky laws or regulations. 

ARTICLE
V

INVESTMENT REPRESENTATIONS

                    In
connection with the purchase of the Co-Investment Units, the Purchaser
represents to the Company the following: 

                              (a)
The Purchaser is familiar with the Company’s business plans and financial
condition and has acquired sufficient information about the Company to reach an
informed and knowledgeable decision to acquire the Co-Investment Units (and the
securities underlying the Co-Investment Units). The Purchaser has been

3

afforded the opportunity to ask questions of the
executive officers and directors of the Company. The Purchaser understands that
its investment in the Co-Investment Units involves a high degree of risk. The
Purchaser has sought such accounting, legal and tax advice as it has considered
necessary to make an informed investment decision with respect to its
acquisition of the Co-Investment Units (and the securities underlying the
Co-Investment Units). The Purchaser has such knowledge and expertise in
financial and business matters, knows of the high degree of risk associated
with investments generally and particularly investments in the securities of
companies in the development stage such as the Company, is capable of
evaluating the merits and risks of an investment in the Co-Investment Units,
and is able to bear the economic risk of an investment in the Co-Investment
Units in the amount contemplated hereunder. The Purchaser understands that
there presently is no public market for the Co-Investment Units (and the
securities underlying the Co-Investment Units) and none is anticipated to
develop in the foreseeable future. The Purchaser can afford a complete loss of
its investment in the Co-Investment Units. The Purchaser is purchasing the
Co-Investment Units for investment for its own account only and not with a view
to, or for resale in connection with, any “distribution” thereof within the
meaning of the Securities Act.

                              (b)
The Purchaser understands that the Co-Investment Units (and the securities
underlying the Co-Investment Units) have not been registered under the
Securities Act or any state securities law by reason of a specific exemption
therefrom, and that the Company is relying on the truth and accuracy of, and
the Purchaser’s compliance with, the representations and warranties and
agreements of the Purchaser set forth herein to determine the availability of
such exemptions and the eligibility of the Purchaser to acquire such
Co-Investment Units, including, but not limited to, the bona fide nature of the
Purchaser’s investment intent as expressed herein.

                              (c)
The Purchaser understands that the Co-Investment Units (and the securities
underlying the Co-Investment Units) must be held indefinitely unless the
Co-Investment Units (and the securities underlying the Co-Investment Units) are
subsequently registered under the Securities Act or an exemption from such
registration is available. The Purchaser understands that the certificates
evidencing the Co-Investment Units (and the securities underlying the
Co-Investment Units) shall be imprinted with a legend that prohibits the
transfer of the Co-Investment Units (and the securities underlying the
Co-Investment Units) unless the Co-Investment Units (and the securities
underlying the Co-Investment Units) are registered or such registration is not
required in the opinion of counsel for the Company.

                              (d)
The Purchaser represents that it is an “accredited investor” as that term is
defined in Rule 501 of Regulation D promulgated under the Securities Act.

                              (e)
The Purchaser has all necessary limited partnership power and authority to
enter into this Agreement and to consummate the transactions contemplated
hereby. All limited partnership action necessary to be taken by the Purchaser
to authorize the execution, delivery and performance of this Agreement and all
other agreements and instruments delivered by the Purchaser in connection with
the transactions contemplated hereby has been duly and validly taken, and this
Agreement

4

has been duly executed and delivered by the Purchaser.
This Agreement constitutes the valid, binding and enforceable obligation of the
Purchaser, enforceable in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer or similar laws of general application now or
hereafter in effect affecting the rights and remedies of creditors and by
general principles of equity (regardless of whether enforcement is sought in a
proceeding at law or in equity). The Purchaser’s obligations hereunder do not
conflict with the organizational documents of the Purchaser or with any
material contract by which the Purchaser or its property is bound, or any laws
or regulations or decree, ruling or judgment of any court applicable to the
Purchaser or its property.

                              (f)
The Purchaser did not decide to enter into this Agreement as a result of any
general solicitation or general advertising within the meaning of
Rule 502(c) of the Securities Act.

                              (g)
The Purchaser understands that no United States federal or state agency or any
other government or governmental agency has passed on or made any recommendation
or endorsement of the Co-Investment Units or the fairness or suitability of the
investment in the Co-Investment Units, nor have such authorities passed upon or
endorsed the merits of the offering of the Co-Investment Units.

ARTICLE VI

COMPANY REPRESENTATIONS AND WARRANTIES

                    In
connection with the issuance and sale of the Co-Investment Units, the Company
represents to the Purchaser the following: 

                    The
Company is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Delaware and the Company has all
necessary corporate power and authority to enter into this Agreement and to
consummate the transactions contemplated hereby. All corporate action necessary
to be taken by the Company to authorize the execution, delivery and performance
of this Agreement and all other agreements and instruments delivered by the
Company in connection with the transactions contemplated hereby has been duly
and validly taken and this Agreement has been duly executed and delivered by
the Company. This Agreement constitutes the valid, binding and enforceable
obligation of the Company, enforceable in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer or similar laws of general
application now or hereafter in effect affecting the rights and remedies of
creditors and by general principles of equity (regardless of whether
enforcement is sought in a proceeding at law or in equity). The sale by the
Company of the Co-Investment Units does not conflict with the certificate of
incorporation or by-laws of the Company or any material contract by which the
Company or its property is bound, or any federal or state laws or regulations
or decree, ruling or judgment of any United States or state court applicable to
the Company or its property.

5

                    The
Co-Investment Units and the Common Stock and Warrants underlying the
Co-Investment Units have been duly authorized and, when issued, delivered and
paid for in accordance with this Agreement, the Common Stock underlying such
Co-Investment Units will be validly issued, fully paid and non-assessable and
will be free and clear of all liens and claims. The shares of Common Stock
issuable upon exercise of the Warrants have been duly authorized and, when
issued, delivered and paid for in accordance with the terms of the Warrant
Agreement, will be validly issued, fully paid and non-assessable and will be free
and clear of all liens and claims.

ARTICLE
VII

MISCELLANEOUS

                    7.1
Successors and Assigns. This
Agreement shall inure to the benefit of the successors and assigns of the
Company and, subject to the restrictions on transfer herein set forth, shall be
binding upon Purchaser and Purchaser’s successors and assigns. The Purchaser
shall be permitted to assign its obligation to purchase Co-Investment Units
under Article I, in whole or in part, to any other Trian Partners entity, provided
that such entity agrees in writing to become a party to this Agreement and to
be bound by its terms and conditions.

                    7.2
Governing Law; Venue. This
Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware without regard to the principles of conflicts of law thereof.
The parties agree that any action brought by either party to interpret or
enforce any provision of this Agreement shall be brought in, and each party
agrees to, and does hereby, submit to the jurisdiction and venue of, the
appropriate state or federal court for the district encompassing the Company’s
principal place of business. 

                    7.3
Further Execution. The
parties agree to take all such further actions as may reasonably be necessary
to carry out and consummate this Agreement as soon as practicable, and to take
whatever steps may be necessary to obtain any governmental approval in
connection with or otherwise qualify the issuance of the securities that are
the subject of this Agreement. 

                    7.4
Entire Agreement; Amendment. This
Agreement constitutes the entire agreement between the parties with respect to
the subject matter hereof and supersedes and merges all prior agreements or
understandings, whether written or oral. This Agreement may not be amended,
modified or revoked, in whole or in part, except by an agreement in writing
signed by each of the parties hereto. 

                    7.5
Severability. If
one or more provisions of this Agreement are held to be unenforceable under
applicable law, the parties agree to renegotiate such provision in good faith.
In the event that the parties cannot reach a mutually agreeable and enforceable
replacement for such provision, then (a) such provision shall be excluded
from this Agreement, (b) the balance of the Agreement shall be interpreted
as if such 

6

provision were so excluded and (c) the balance of the Agreement
shall be enforceable in accordance with its terms. 

                    7.6
Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original and all of which together shall constitute one instrument.
This Agreement or any counterpart may be executed via facsimile or electronic
mail transmission, and any such executed facsimile or electronic mail copy
shall be treated as an original. 

                    7.7
Survival. The
representations and warranties contained herein shall survive the delivery of,
and the payment for, the Co-Investment Units. 

                    7.8
Waiver of Jury Trial. Each
party hereto hereby irrevocably and unconditionally waives the right to a trial
by jury in any action, suit, counterclaim or other proceeding (whether based on
contract, tort or otherwise) arising out of, connected with or relating to this
Agreement, the transactions contemplated hereby, or the actions of Purchaser in
the negotiation, administration, performance or enforcement hereof. 

7

                    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day
and year first above written. 

	
 
	
 
	
 
	
 

	
 
	
TRIAN ACQUISITION I CORP.

	
 
	
 

	
 
	
By:
	
/S/ DAVID I. MOSSÉ

	
 
	
 
	

	
 
	
 
	
Name:    
	
David I. Mossé

	
 
	
 
	
Title:
	
General Counsel, Secretary and 

  Chief Compliance Officer

	
 
	
 
	
 
	
 

	
 
	
TRIAN FUND MANAGEMENT, L. P.

	 
	 

	 	By: Trian Fund Management GP, LLC,

       General Partner

	
 
	
 

	
 
	
 
	
/S/ Edward P. Garden

	
 
	
 
	

	
 
	
 
	
Name:   
	
Edward P. Garden

	
 
	
 
	
Title: 
	
Member

8

Exhibit A

Form of
Co-Investment Unit

TRIAN ACQUISITION I CORP.

UNIT CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT

TO PURCHASE ONE SHARE OF COMMON STOCK

This Certifies that ____________________ is the owner
of [______] Units.

          Each
Unit (“Unit”) consists of one share of common stock, par value $0.0001 (“Common
Stock”), of Trian Acquisition I Corp., a Delaware corporation (the “Company”),
and one warrant (a “Warrant”) entitling the holder to purchase one share of
Common Stock for $7.00 per share (subject to adjustment). The terms of the
Warrants are set forth in the Second Amended and Restated Warrant Agreement,
dated as of January 23, 2008, by and between the Company and American Stock
Transfer & Trust Company, as Warrant Agent. Copies of the Warrant Agreement
are on file at the office of the Warrant Agent at 59 Maiden Lane, New York, New
York 10038, and are available to any Warrant holder on written request and
without cost. This Unit Certificate may be exchanged for certificates
evidencing the shares of Common Stock and Warrants, respectively, included in
the Units upon written request to the Company and without cost. 

          Witness
the signatures of the Company’s duly authorized officers.

          The
Securities represented by this certificate have not been registered under the
Securities Act of 1933, as amended. The Securities may not be sold, offered for
sale, pledged or hypothecated in the absence of an effective registration
statement as to the Securities under said act or an opinion of counsel
satisfactory to the Company that such registration is not required.

          The Securities
represented by this certificate may not be not be sold, offered for sale,
pledged or hypothecated, transferred or otherwise disposed of except in
accordance with that certain Co-Investment Unit Subscription Agreement dated as
of January 29, 2008, copies of which are available for inspection at the
offices of the Company.EXHIBIT 10.4 

          [Management
    Letter Agreement. Separate agreements executed by Messrs.

          Essner, Fauser,
Mossé and Schorr and Messrs. Peltz, May and Garden] 

January 23, 2008 

Trian
Acquisition I Corp.

280 Park Avenue, 41st Floor 

New York, New York 10017 

Deutsche Bank
Securities Inc. 

Merrill Lynch, Pierce, Fenner & Smith 

     Incorporated 

As Representatives of the several Underwriters 

c/o Deutsche Bank Securities Inc. 

60 Wall Street, 4th Floor 

New York, New York 10005 

          Re:
Initial Public Offering of Trian Acquisition I Corp.

Ladies and
Gentlemen: 

          This
letter is being delivered to you in accordance with the Underwriting Agreement
dated as of January 23, 2008 (the “Underwriting Agreement”), by and
between Trian Acquisition I Corp., a Delaware corporation (the “Company”),
and Deutsche Bank Securities Inc. (“Deutsche Bank”) and Merrill Lynch,
Pierce, Fenner & Smith Incorporated (“Merrill Lynch”), as
representatives of the underwriters named in Schedule I thereto (the “Underwriters”),
relating to an underwritten initial public offering (the “Initial Public
Offering”) of the Company’s units (the “Units”), each consisting of one
share of the Company’s common stock, par value $0.0001 per share (the “Common
Stock”), and one warrant (a “Warrant”) entitling the holder thereof
to purchase one share of Common Stock. 

          Trian
Acquisition I, LLC (the “Sponsor”) has purchased from the Company (i)
23,000,000 Units (the “Sponsor Units”) pursuant to a Unit Subscription Agreement
dated as of October 29, 2007, as amended on January 23, 2008, and (ii)
10,000,000 Warrants (the “Sponsor Warrants”) pursuant to an Amended and
Restated Sponsor Warrant Purchase Agreement dated as of January 3, 2008. The
terms of the Warrants are set forth in the Second Amended and Restated Warrant
Agreement dated as of January 23, 2008, as amended (the “Warrant Agreement”),
by and between the Company and American Stock Transfer & Trust Company. On
December 31, 2007, the Sponsor transferred 1,893,332 shares of Common Stock
included in the Sponsor Units (after giving effect to a stock dividend declared
by the Company on January 23, 2008) to certain officers and directors of the
Company and other related parties. 

          In
order to induce the Company and the Underwriters to enter into the Underwriting
Agreement and to proceed with the Initial Public Offering, and in recognition
of the benefit that such Initial Public Offering will confer upon the
undersigned as an officer, director and/or stockholder of the Company, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the undersigned hereby agrees with the Company as follows:

          1.
Approval of Business Combination or Extension Period. The undersigned
agrees that in connection with any vote of the stockholders of the Company on
(i) a proposed extension of the time period within which the Company must
consummate a Business Combination (as defined in the Company’s Amended and
Restated Certificate of Incorporation in effect on the date hereof (the “Certificate
of Incorporation”)) to up to 30 months or (ii) a proposed Business
Combination, he will vote any shares of Common Stock included in (or that were
previously part of) the Sponsor Units that are owned directly or indirectly by
him in accordance with the majority of votes cast by the holders of shares of
Common Stock included in the Units issued in the Initial Public Offering (the “IPO
Shares”). The undersigned further agrees that in connection with a
stockholder vote to approve a proposed Business Combination, he will vote any
such shares in favor of an amendment to the Certificate of Incorporation
providing for the Company’s perpetual existence following the consummation of
the Business Combination. 

          2.
Liquidation; Waiver of Claims. (a) In the event that the Company fails
to consummate a Business Combination within 24 months (or up to 30 months if
the public stockholders approve an extension pursuant to the terms of the
Certificate of Incorporation) after the date of the final prospectus included
in the Registration Statement on Form S-1 relating to the Initial Public
Offering (the “Registration Statement”), the undersigned will take all
reasonable actions within his power to (i) cause the Trust Account (as defined
in the Certificate of Incorporation) to be liquidated and the proceeds
distributed to the holders of the IPO Shares as soon as reasonably practicable
and (ii) cause the Company to liquidate as soon as reasonably practicable (the
earliest date on which the conditions in clauses (i) and (ii) are both
satisfied being the “Liquidation Date”), in each case in accordance with
the terms of the Certificate of Incorporation and all applicable laws. 

                    (b)
The undersigned hereby waives any and all right, title, interest or claim of
any kind in or to any distributions of the Trust Account as a result of such
liquidation of the Company with respect to any shares of Common Stock included
in (or that were previously part of) the Sponsor Units that are owned directly
or indirectly by him. In addition, the undersigned hereby waives any right,
title, interest or claim of any kind in respect of any monies in the Trust
Account the undersigned may have in the future as a result of, or arising out
of, any contracts or agreements with the Company and will not seek recourse or
make any claim against the Trust Account for any reason whatsoever; provided
that the foregoing waiver shall not apply (i) to the extent the undersigned is
entitled to be indemnified by the Company pursuant to the Certificate of
Incorporation, the by-laws of the Company or applicable law or pursuant to any
indemnity agreement entered into with the Company or (ii) in respect of any
rights or claims the undersigned may have as a result of holding Units, IPO
Shares, Warrants or other securities of the Company (other than the Sponsor
Units, the Sponsor Warrants and the securities underlying or issuable upon
exercise of such securities). 

2

          3.
Business Combination Opportunities. In order to minimize potential
conflicts of interest that may arise from multiple affiliations, the
undersigned agrees, until the earliest of the consummation of a Business
Combination, 24 months (or up to 30 months if the public stockholders approve
an extension) after the date of the final prospectus included in the
Registration Statement and such time as the undersigned ceases to be an officer
or director of the Company, to present to the Company for consideration, prior
to presentation to any other entity, any Business Combination opportunity
involving the potential acquisition by the Company of a controlling interest
(whether through the acquisition of a majority of the voting equity interests
of the target or through other means described in the final prospectus included
in the Registration Statement) in a company that is not publicly traded on a
stock exchange or over-the-counter market with an enterprise value of between
$800 million and $3.2 billion, subject to (i) any fiduciary duties or
contractual obligations the undersigned may have currently or in the future in
respect of Trian Partners (as defined below) and any companies in which Trian
Partners invests and (ii) any other pre-existing fiduciary duties or contractual
obligations the undersigned may have. 

          4.
Transfer Restrictions. The undersigned will not assign, alienate,
pledge, attach, sell or otherwise transfer or encumber (each, a “transfer”),
directly or indirectly, any Sponsor Units or any shares of Common Stock or
Warrants included in (or that were previously part of) the Sponsor Units
(including the Common Stock issuable upon exercise of such Warrants) that he
currently owns or may acquire hereafter from the date hereof until 180 days
following the date of the consummation of a Business Combination, except to a
Permitted Transferee. Any transfers of such securities to a Permitted
Transferee will be made in accordance with applicable securities laws. Any
transfer of securities pursuant to this Paragraph 4 after the date hereof shall
be subject to the condition that the Permitted Transferee shall have agreed in
writing to be bound by the terms of Paragraphs 1, 2, 4 and 7 hereof. 

                    “Permitted
Transferee” means (i) the Company, any of the Company’s officers, directors
and employees, any Affiliates or Family Members of such individuals, the
Sponsor, Trian Partners, any Affiliates of the Company, the Sponsor or Trian
Partners and any officers, directors, members and employees of the Sponsor,
Trian Partners or such Affiliates, (ii) any charitable organization, (iii) any
individual pursuant to a qualified domestic relations order, (iv) if the
transferor is a corporation, partnership or limited liability company, any
stockholder, partner or member of the transferor and (v) any individual or
entity by virtue of laws or agreements governing descent or distribution upon
the death or dissolution of the transferor. “Affiliate” has the meaning
set forth in Rule 405 under the Securities Act of 1933, as amended and in
effect on the date hereof (the “Securities Act”). “Family Member” of a
person means such person’s present spouse and/or domestic partner, parents,
lineal ascendants or descendants or any siblings of any of the foregoing, any
descendants of any sibling of such person, or any estate planning vehicle
formed primarily for the benefit of such person or any of the foregoing
persons. “Trian Partners” means Trian Fund Management, L.P., together
with the funds and accounts it and its Affiliates manage. 

          5.
Limitation on Compensation. (a) Neither the undersigned nor any Family
Member or Affiliate of the undersigned will be entitled to receive, and no such
person will accept, a finder’s fee, consulting fee or any other compensation
from the Company for services rendered to the Company prior to or in connection
with the consummation of a Business 

3

Combination,
other than (i) reimbursement for any out-of-pocket expenses relating to the
Initial Public Offering, the performance of his duties as an officer or
director and identifying, investigating and consummating a Business
Combination, (ii) by virtue of ownership of Sponsor Units, Sponsor Warrants or
any securities included in or issuable upon exercise of such securities and
(iii) pursuant to the letter agreement dated as of the date hereof, between the
Company and Trian Fund Management, L.P., relating to the provision of
administrative services to the Company. 

                    (b)
Neither the undersigned nor any Family Member or Affiliate of the undersigned
will accept a finder’s fee, consulting fee or any other compensation (other
than by virtue of ownership of Sponsor Units, Sponsor Warrants or any
securities included in or issuable upon exercise of such securities) or fees
from any other entity in connection with a Business Combination, other than
compensation or fees that may be received for any services provided following
such Business Combination. 

          6.
Representations and Warranties. The undersigned represents and warrants
that: 

                    (a)
Except as described in the Registration Statement, there are no claims,
payments, arrangements, contracts, agreements or understandings relating to the
payment of a brokerage commission or finder’s, consulting, origination or similar
fee by the undersigned with respect to the sale of the securities pursuant to
the Underwriting Agreement or any other arrangements, agreements or
understandings by the undersigned that may affect the Underwriters’
compensation pursuant to the Underwriting Agreement; 

                    (b)
He is not subject to or a respondent in any legal action for, any injunction,
cease-and-desist order or order or stipulation to desist or refrain from any
act or practice relating to the offering of securities in any jurisdiction; 

                    (c)
He has never been convicted of or pleaded guilty to any crime (i) involving any
fraud or (ii) relating to any financial transaction or handling of funds of
another person or (iii) pertaining to any dealings in any securities and the
undersigned is not currently a defendant in any such criminal proceeding; 

                    (d)
He has never been suspended or expelled from membership in any securities or
commodities exchange or association or had a securities or commodities license
or registrations denied, suspended or revoked; and 

                    (e)
He has full right and power, without violating any agreement by which he is
bound, to enter into this letter agreement. 

                    (f)
He is an “accredited investor” as that term is defined in Rule 501 of
Regulation D promulgated under the Securities Act. 

                    (g)
The undersigned’s biographical information furnished to the Company and
attached hereto as Exhibit A is true and accurate in all material respects,
does not omit any material information with respect to the undersigned’s
background and contains all of the material information required to be
disclosed pursuant to Section 401 of Regulation S-K, promulgated under the
Securities Act. 

4

                    (h)
The undersigned’s questionnaires furnished to the Company and the Underwriters
and attached hereto as Exhibit B are true and accurate in all material
respects. 

          7.
No Amendments. The undersigned agrees that he will not propose any
amendment to Articles II, V or VI of the Certificate of Incorporation or
support, endorse or recommend any proposal that stockholders amend such
provisions, other than in connection with a proposed Business Combination or a
proposed extension of the time period within which the Company must consummate
a Business Combination to up to 30 months, without the affirmative vote of at
least 95% of the IPO Shares. 

          The
undersigned acknowledges and understands that the Company and the Underwriters
will rely upon the agreements, representations and warranties set forth herein
in proceeding with the Initial Public Offering. Nothing contained herein shall
be deemed to render the Underwriters a representative of, or a fiduciary with
respect to, the Company, its stockholders, or any creditor or vendor of the
Company with respect to the subject matter hereof. 

          This
letter agreement shall be binding on the undersigned and such person’s
successors and assigns. This letter agreement shall terminate on the earlier of
(i) the consummation of a Business Combination and (ii) the Liquidation Date;
provided that such termination shall not relieve the undersigned from liability
for any breach of this letter agreement prior to its termination, and provided
further that paragraph 2 of this letter agreement shall survive a termination
pursuant to clause (ii).  

          This
letter agreement constitutes the entire agreement and understanding between the
parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings (whether written or oral) between the parties
relating to such subject matter. None of the parties shall be liable or bound
to any other party in any manner by any representations and warranties or covenants
relating to such subject matter except as specifically set forth herein. 

          This
letter agreement shall be governed by and construed in accordance with the laws
of the State of New York, without regard to the principles of conflicts of laws
thereof. 

          No
term or provision of this letter agreement may be amended, changed, waived,
altered or modified except by written instrument executed and delivered by the
party against whom such amendment, change, waiver, alteration or modification
is to be enforced. 

[Remainder of Page Intentionally Left Blank]

5

	
 

	
 

	
 

	
/s/ Greg Essner

	
 

	

	
 

	
Name: Greg
  Essner 

	
 

	
Title:   Treasurer, Chief Financial Officer
    
       and Assistant Secretary

	
 

	
 

	
 

	
 

	
 

	
Accepted and
  agreed:

	
 

	
 

	
 

	
TRIAN ACQUISITION I CORP.

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Edward P. Garden

	
 

	
 

	

	
 

	
 

	
Name: Edward P. Garden

	
 

	
 

	
Title:   President and Chief Executive Officer

6

	
 

	
 

	
 

	
 

	
ACCEPTED AND
  AGREED:

	
 

	
 

	
 

	
 

	
DEUTSCHE BANK SECURITIES INC.

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Bradley Miller

	
 

	
 

	

	
 

	
 

	
Name:
  Bradley Miller

	
 

	
 

	
Title:   Managing Director

	
 

	
 

	
 

	
 

	
By:

	
/s/ John Shaw

	
 

	
 

	

	
 

	
 

	
Name: John
  Shaw

	
 

	
 

	
Title:   Managing Director

	
 

	
 

	
 

	
 

	
 

	
 

	
ACCEPTED AND
  AGREED:

	
 

	
 

	
 

	
 

	
MERRILL LYNCH, PIERCE, FENNER & SMITH

  INCORPORATED

	
 

	
 

	
 

	
 

	
By:

	
/s/ Thomas Reilly

	
 

	
 

	

	
 

	
 

	
Name: Thomas
  Reilly

	
 

	
 

	
Title:   Vice President

7

	
 

	
 

	
 

	
/s/ Chad Fauser 

	
 

	

	
 

	
Name: Chad
  Fauser 

	
 

	
Title:   Executive Vice President 

	
 

	
 

	
 

	
 

	
 

	
 

	
Accepted and
  agreed:

	
 

	
 

	
 

	
 

	
TRIAN ACQUISITION I CORP. 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Greg Essner

	
 

	
 

	

	
 

	
 

	
Name: Greg Essner

	
 

	
 

	
Title:   Treasurer, Chief Financial Officer
    
       and Assistant Secretary

6

	
 

	
 

	
 

	
 

	
ACCEPTED AND
  AGREED:

	
 

	
 

	
 

	
 

	
DEUTSCHE BANK SECURITIES INC. 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Bradley Miller

	
 

	
 

	

	
 

	
 

	
Name:
  Bradley Miller

	
 

	
 

	
Title:   Managing Director

	
 

	
 

	
 

	
 

	
By:

	
/s/ John Shaw

	
 

	
 

	

	
 

	
 

	
Name: John
  Shaw

	
 

	
 

	
Title:   Managing Director

	
 

	
 

	
 

	
 

	
ACCEPTED AND
  AGREED:

	
 

	
 

	
 

	
 

	
MERRILL LYNCH, PIERCE, FENNER & SMITH

  INCORPORATED

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Thomas Reilly

	
 

	
 

	

	
 

	
 

	
Name: Thomas
  Reilly

	
 

	
 

	
Title:   Vice President

7

	
 

	
 

	
 

	
 

	
/s/ David I. Mossé

	
 

	

	
 

	
Name: David
  I. Mossé

	
 

	
Title:   General Counsel, Secretary and Chief Compliance Officer

	
 

	
 

	
 

	
 

	
 

	
 

	
Accepted and
  agreed:

	
 

	
 

	
 

	
 

	
TRIAN ACQUISITION I CORP.

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Greg Essner

	
 

	
 

	

	
 

	
 

	
Name: Greg Essner

	
 

	
 

	
Title:   Treasurer, Chief Financial Officer
    
       and Assistant Secretary

6

          ACCEPTED AND
AGREED: 

          DEUTSCHE BANK SECURITIES INC. 

	
 

	
 

	
 

	
By:

	
          /s/
 Bradley Miller

	
 

	

	
 

	
Name: 

	
Bradley
 Miller

	
 

	
Title: 

	
Managing
 Director

	
 

	
 

	
 

	
By:

	
          /s/ John
 Shaw

	
 

	

	
 

	
Name: 

	
John Shaw

	
 

	
Title: 

	
Managing
 Director

          ACCEPTED AND
AGREED: 

          MERRILL LYNCH, PIERCE, FENNER & SMITH

          INCORPORATED 

	
 

	
 

	
 

	
By:

	
          /s/
 Thomas Reilly

	
 

	

	
 

	
Name: 

	
Thomas Reilly

	
 

	
Title: 

	
Vice
 President

7

	
 

	
 

	
          /s/ Brian L. Schorr

	

	
Name: 

	
Brian L.
 Schorr

	
Title: 

	
Executive
 Vice President and Chief Legal Officer

          Accepted and
agreed: 

          TRIAN ACQUISITION I CORP. 

	
 

	
 

	
 

	
By:

	
     /s/ Greg Essner

	
 

	

	
 

	
Name: 

	
Greg Essner

	
 

	
Title:

	
Treasurer, Chief Financial Officer
and Assistant Secretary

6

          ACCEPTED AND
AGREED: 

          DEUTSCHE BANK SECURITIES INC. 

	
 

	
 

	
 

	
By:

	
          /s/
 Bradley Miller

	
 

	

	
 

	
Name: 

	
Bradley
 Miller

	
 

	
Title:

	
Managing
 Director

	
 

	
 

	
 

	
By:

	
          /s/
 John Shaw

	
 

	

	
 

	
Name: 

	
John Shaw

	
 

	
Title:

	
Managing
 Director

          ACCEPTED AND
AGREED: 

          MERRILL LYNCH, PIERCE, FENNER & SMITH

          INCORPORATED 

	
 

	
 

	
 

	
By:

	
          /s/
 Thomas Reilly

	
 

	

	
 

	
Name: 

	
Thomas
 Reilly

	
 

	
Title:

	
Vice
 President

7

	
 

	
 

	
          /s/ Nelson
 Peltz

	

	
Name: 

	
Nelson Peltz

	
Title:

	
Chairman

          Accepted and
agreed: 

          TRIAN ACQUISITION I CORP. 

	
 

	
 

	
 

	
By:

	
     /s/
 Greg Essner

	
 

	

	
 

	
Name: 

	
Greg Essner

	
 

	
Title:

	
Treasurer, Chief Financial Officer
and Assistant Secretary

6

          ACCEPTED AND
AGREED: 

          DEUTSCHE BANK SECURITIES INC. 

	
 

	
 

	
 

	
By:

	
          /s/
 Bradley Miller

	
 

	

	
 

	
Name: 

	
Bradley
 Miller

	
 

	
Title:

	
Managing
 Director

	
 

	
 

	
 

	
By:

	
          /s/
 John Shaw

	
 

	

	
 

	
Name: 

	
John Shaw

	
 

	
Title:

	
Managing
 Director

          ACCEPTED AND
AGREED: 

          MERRILL LYNCH, PIERCE, FENNER & SMITH

          INCORPORATED 

	
 

	
 

	
 

	
By:

	
          /s/ Thomas
 Reilly

	
 

	

	
 

	
Name: 

	
Thomas
 Reilly

	
 

	
Title:

	
Vice
 President

7

	
 

	
 

	
          /s/ Peter
 W. May

	

	
Name: 

	
Peter W. May

	
Title:

	
Vice
 Chairman and Director

          Accepted and
agreed: 

          TRIAN ACQUISITION I CORP. 

	
 

	
 

	
 

	
By:

	
     /s/
 Greg Essner

	
 

	

	
 

	
Name: 

	
Greg Essner

	
 

	
Title:

	
Treasurer, Chief Financial Officer
and Assistant Secretary

6

          ACCEPTED AND
AGREED: 

          DEUTSCHE BANK SECURITIES INC. 

	
 

	
 

	
 

	
By:

	
          /s/
 Bradley Miller

	
 

	

	
 

	
Name: 

	
Bradley
 Miller

	
 

	
Title:

	
Managing
 Director

	
 

	
 

	
 

	
By:

	
          /s/
 John Shaw

	
 

	

	
 

	
Name: 

	
John Shaw

	
 

	
Title:

	
Managing
 Director

          ACCEPTED AND
AGREED: 

          MERRILL LYNCH, PIERCE, FENNER & SMITH

          INCORPORATED 

	
 

	
 

	
 

	
By:

	
          /s/
 Thomas Reilly

	
 

	

	
 

	
Name: 

	
Thomas
 Reilly

	
 

	
Title:

	
Vice
 President

7

	
 

	
 

	
          /s/ Edward
 P. Garden

	

	
Name: 

	
Edward P.
 Garden

	
Title:

	
President,
 Chief Executive Officer and Director

          Accepted and
agreed: 

          TRIAN ACQUISITION I CORP. 

	
 

	
 

	
 

	
By:

	
     /s/
 Greg Essner

	
 

	

	
 

	
Name: 

	
Greg Essner

	
 

	
Title:

	
Treasurer, Chief Financial Officer
and Assistant Secretary

6

          ACCEPTED AND
AGREED: 

          DEUTSCHE BANK SECURITIES INC. 

	
 

	
 

	
 

	
By:

	
          /s/
 Bradley Miller

	
 

	

	
 

	
Name: 

	
Bradley
 Miller

	
 

	
Title:

	
Managing
 Director

	
 

	
 

	
 

	
By:

	
          /s/
 John Shaw

	
 

	

	
 

	
Name: 

	
John Shaw

	
 

	
Title:

	
Managing
 Director

          ACCEPTED AND
AGREED: 

          MERRILL LYNCH, PIERCE, FENNER & SMITH

          INCORPORATED 

	
 

	
 

	
 

	
By:

	
          /s/
 Thomas Reilly

	
 

	

	
 

	
Name: 

	
Thomas
 Reilly

	
 

	
Title:

	
Vice
 President

7

Exhibit A

[Biographical Information Furnished to the
Company]

 

Exhibit B

[Questionnaires Furnished to the Company and the Underwriters]

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