Document:

Exhibit 10.5
                                 PROMISSORY NOTE

$5,000,000        April 1, 2000
New York, New York

     FOR VALUE  RECEIVED,  Nelson Peltz and Peter W. May, c/o Triarc  Companies,
Inc., 280 Park Avenue, New York, NY 10017 (the "Makers"),  jointly and severally
promise to pay to Triarc Companies,  Inc., a Delaware corporation (the "Payee"),
the principal sum of Five Million Dollars  ($5,000,000),  with interest  thereon
from time to time as provided  herein on the unpaid balance hereof until paid or
until default, both principal and interest payable in lawful money of the United
States of  America,  at the office of the Payee,  or at such other  place as the
Payee may designate in writing.  The  obligations  evidenced  hereunder are with
full recourse to the Makers.

    Payment Schedule.  The principal and interest shall be due and payable as
follows:

    (a) The principal shall be payable in three equal installments as follows:

        (i)  one-third of the principal amount shall be paid on March 31, 2001;

        (ii) one-third of the principal amount shall be paid on March 31, 2002;
             and

        (iii) one-third of the principal amount shall be paid on March 31, 2003.

    (b) Interest shall be payable annually, in arrears, on March 31 of each year
        (each an "Interest Payment Date") or, if such date shall not be a
        business day, on the next succeeding business day, commencing on the
        first Interest Payment Date following the Effective Date. The Effective
        Date shall be the day after the parties to Consolidated Civil Action
        No. 15746-NC in Re Triarc Companies, Inc. jointly move the Delaware
        Court of Chancery for the entry of the Order and Final Judgment (the
        "Final Judgment") and the Final Judgment becomes final.  For purposes
        of this Promissory Note, the Final Judgment shall be deemed to become
        final upon the latest to occur of (a) the passage of thirty (30) days
        after entry of the Final Judgment without any notice of appeal having
        been filed; or (b) if there is an appeal of the Final Judgment, the
        date on which any subsequent affirmation thereof is no longer subject to
        further appellate review.

        Prepayments.

   (a)  The principal balance of this Note may be prepaid in full or in part,
together with accrued and unpaid interest thereon, at any time without penalty
or premium.

   (b)  The principal balance of this Note must be prepaid in full, together
with accrued and unpaid interest thereon, 30 days after the occurrence of a
"change of control" of the Payee (as defined in the Payee's 98 Equity
Participation plan).

        Interest Rate.  The Makers promise to pay interest on the unpaid
principal amount of this Note at an initial rate of 6% per annum, such interest
rate to be adjusted on each Interest Payment Date, upward or downward, with
respect to the succeeding year, based upon the changes, if any, between
one-month LIBOR on March 30, 2000 (on such date one-month LIBOR was 6.1325%) and
on the Interest Payment Date (the "Interest Rate").

        Default.  In the event (each, an "Event of Default") (a) of a
default in the repayment of principal as the same becomes due which is not cured
within 20  business  days from the due date or (b) a default  in  payment of any
interest payable  hereunder for two consecutive  Interest Payment Dates, then in
any such  event the Payee  may,  without  further  notice,  declare  the  unpaid
principal balance hereof, together with all interest accrued and unpaid thereon,
immediately  due  and  payable.  Failure  to  exercise  such  option  shall  not
constitute a waiver of the right to exercise the same at any other time.

        GOVERNING LAW.  THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

        IN WITNESS  WHEREOF,  each Maker has hereunto set his hand and
executed this Note as of the date first above written.

                                      Makers:

                                      /s/ NELSON PELTZ
                                      ------------------------------------
                                      Nelson Peltz

                                      /s/ PETER W. MAY
                                      ------------------------------------
                                      Peter W. MayExhibit 10.6

                       IN THE COURT OF CHANCERY OF THE
                STATE OF DELAWARE IN AND FOR NEW CASTLE COUNTY

- - - - - - - - - - - - - - - - - - - -

IN RE TRIARC COMPANIES, INC.
CLASS AND DERIVATIVE LITIGATION
                                                Consolidated Civil Action
                                                No. 15746-NC
- - - - - - - - - - - - - - - - - - - -

                          STIPULATION AND AGREEMENT OF
                       COMPROMISE, SETTLEMENT AND RELEASE

            The  parties  to  this  action,  by and  through  their  undersigned
attorneys,  have  entered  into  the  following  Stipulation  and  Agreement  of
Compromise,  Settlement  and Release (the  "Stipulation"  or the  "Settlement"),
subject to the approval of the Delaware Court of Chancery (the "Court"):

            WHEREAS:

A. Triarc  Companies,  Inc.  ("Triarc"  or the  "Company")  is a  Delaware
corporation  with its principal  executive  offices  located New York, New York.
Triarc is a holding  company that operates in the premium  beverage,  restaurant
franchising, and soft drink concentrates businesses.

B. In the Company's September 27, 1993 Proxy Statement, the Triarc Board of
Directors  (the  "Board")  recommended  that  shareholders  approve  the  Equity
Participation Plan (the "Plan").  The Triarc  shareholders  approved the Plan at
the 1993 Annual Meeting of Shareholders.

C. In  Triarc's  1994  Proxy  Statement,  shareholders  were  asked  to  approve
amendments to the Plan which, inter alia,  increased the number of stock options
subject  to grant.  The Proxy  Statement  disclosed  that,  in April  1994,  the
Company's  Compensation  Committee had approved the grant of "Performance  Stock
Options" in the aggregate  amount of 3.5 million shares of Class A common stock,
consisting of 2.1 million shares of Class A common stock to Nelson Peltz and 1.4
million shares to Peter May (the "Compensation  Grant"),  subject to approval by
shareholders  of the proposed  amendments to the Plan.  The Triarc  shareholders
approved  the  proposed  amendments  to the Plan at the  Company's  June 4, 1994
Annual Meeting of  Shareholders.

The  Litigation

D. On June 19, 1997,  June 24, 1997 and August 28, 1997,  three  derivative
and class  actions were filed in the Court  purportedly  on behalf of Triarc and
its shareholders,  captioned Malekan,  et al. v. Peltz, et al., Civil Action No.
15746,  Trum v. Peltz,  et al.,  Civil Action No.  15775,  and Feder,  et al. v.
Peltz,  et al.,  Civil Action No. 15900.  Named as defendants in the Malekan and
Trum actions were Triarc  directors  Nelson Peltz,  Peter W. May, Hugh L. Carey,
Clive Chajet, Stanley R. Jaffe, Joseph A. Levato, David E. Schwab II, Raymond S.
Troubh and Gerald Tsai, Jr. (the "Defendant Directors"), and Triarc was named as
a nominal  defendant.  Additional  defendants were named in the Feder complaint.
The  complaints  in these  actions  alleged,  in  substance,  that the Defendant
Directors   breached  their  fiduciary  duties  in  connection  with  awards  of
compensation  made to Peltz and May subsequent to the  Compensation  Grant,  and
violated alleged representations made to Triarc's shareholders in the 1994 Proxy
Statement and alleged undertakings of the Board to refrain from awarding certain
types of compensation to Peltz and May for the six years commencing April 1993.

E. On November 7, 1997, plaintiffs in the Feder action moved to voluntarily
dismiss  that action,  stating  that they wished to prosecute a related  pending
action that had been filed on August 13, 1997 in federal court in New York.  The
Court granted the Feder plaintiffs'  motion by order dated November 12, 1997. On
the same day,  it  ordered  the  consolidation  of the  Malekan  and Trum  cases
(hereinafter, the "Action").

F. On  December  15,  1997,  plaintiffs  moved  for  leave  to  file  their
Consolidated  and  Amended  Class  Action  and  Derivative  Complaint  ("Amended
Complaint")  which,  inter alia,  asserted  additional claims based upon alleged
misrepresentations  in the 1994 Proxy Statement and added defendants  Richard M.
Kerger, H. Douglas  Kingsmore,  William Pallot,  Thomas A.  Prendergast,  Martin
Rosen,  Stephen  S.  Weisglass,  Harold  E.  Kelley,  Daniel R.  McCarthy,  Leon
Kalvaria,  and M.L.  Lowenstein (the "Former Director  Defendants";  Triarc, the
Director  Defendants,  and the Former Director Defendants are referred to herein
as  "Defendants").   The  Amended  Complaint  purported  to  assert  claims  (i)
derivatively on behalf of Triarc;  and (ii) on behalf of a putative class of all
persons who held shares of Triarc stock on April 25,  1994,  the record date for
voting on the matters to be voted on at Triarc's 1994 Annual Meeting,  and their
successors  in interest and  transferees  (except  defendants,  members of their
immediate  families  and any  entity  in  which a  defendant  has a  controlling
interest).  Plaintiffs'  motion  for  leave to file the  Amended  Complaint  was
granted on December 29, 1997.

G. On January 13, 1998, defendants Harold E. Kelley,  Richard M. Kerger and
Daniel R. McCarthy filed a Notice of Removal in the United States District Court
for the  District of  Delaware.  On January 20, 1998 and January 27,  1998,  all
defendants (except Kelly, Kerger and McCarthy, who were voluntarily dismissed by
plaintiffs on January 23, 1998) answered the Amended Complaint.  On February 11,
1998,  plaintiffs  moved to remand the Action to the Chancery Court.  Defendants
Pallot and  Prendergast  thereafter  filed a brief in opposition to  plaintiffs'
remand motion, to which plaintiffs  replied on March 5, 1998. On March 10, 1998,
defendants  Pallot and Prendergast  moved the Delaware federal court to transfer
the Action to the  federal  court in New York.  That  motion was fully  briefed.
Following  the  April 1,  1998  oral  argument  on the  motion  for  remand  and
supplemental  briefing  thereon,  the Delaware  federal court issued an order on
September  30,  1998  granting  plaintiffs'  motion to  remand  to the  Delaware
Chancery Court and denying the motion to transfer to the New York federal court.

H. On September 28, 1999, plaintiffs  voluntarily dismissed their claims against
defendants Pallot and Prendergast  without  prejudice.

Discovery

I.  Plaintiffs,  through  their  counsel,  represent  that they have made a
thorough  investigation of the facts and  circumstances  relevant to the Action,
and have conducted  discovery and  investigation  during the  prosecution of the
Action,   including,   inter  alia,  (i)  serving  document  requests  upon  all
defendants,  and a subpoena upon third party Towers  Perrin;  (ii) reviewing and
analyzing  thousands of pages of documents  obtained  during  discovery and from
plaintiffs' investigation;  (iii) deposing defendants Peltz, May, Jaffe, Chajet,
Tsai and  Schwab,  as well as  Messrs.  Pallot  and  Kerger;  (iv)  retaining  a
financial  consultant to assist  plaintiffs in evaluating the value of the stock
options  granted by Triarc to Peltz and May; (v)  preparing a motion for summary
judgment  which  was about to be filed  when the  parties  agreed to settle  the
Action;  (vi) researching the facts and law pertaining to the claims asserted in
the Action;  and (vii)  engaging in  extensive  arm's-length  negotiations  with
defendants regarding settlement of the Action.

J.  Having  made  factual  and legal  investigations,  including  those
described  above,  plaintiffs and their counsel have concluded that the terms of
the  Stipulation  are fair,  reasonable,  adequate and in the best  interests of
Triarc and the Class.  For  purposes of this  settlement,  the "Class"  shall be
deemed to include all persons who owned shares of Triarc  common stock on any of
the  following  dates,  which are the  record  dates for voting on matters to be
voted  upon  at  Triarc's  Annual  Meetings  for the  years  1994  through  1999
inclusive: April 25, 1994; April 25, 1995; April 23, 1996; April 21, 1997; March
25, 1998; and August 11, 1999.

K.  Plaintiffs  agreed to the terms of the Settlement  after  consultation  with
their financial expert and after  considering:  (1) the benefits provided by the
settlement to the Company and the Class;  (2) the attendant risks of litigation;
(3) the  chances of success on the merits of the  allegations  contained  in the
Amended Complaint; (4) the uncertainty relating to the proof of the allegations;
(5) the defenses  asserted by and available to defendants;  (6) the  substantial
expense and length of time necessary to prosecute the Action through trial;  and
(7) the fact that  resolution of the Action,  if this Court found in plaintiffs'
favor, would likely be submitted for appellate review, as a consequence of which
it could be many years before there would be a final adjudication of the Action.

L.  Defendants have at all times vigorously  denied,  and continue to deny, all
liability  with respect to the Action;  deny that they  breached  any  fiduciary
duties;  deny  that they have  committed,  or have  threatened  to  commit,  any
wrongful act or violation of law of any nature whatsoever in connection with any
of the matters alleged,  or which could have been alleged,  in the Action;  deny
that they acted  improperly  in any way,  and deny  liability of any kind to the
Class, the  shareholders of the Company,  or the Company.  Defendants,  however,
consider it desirable that the Action be settled and dismissed on the merits and
with prejudice because the Settlement will (1) provide substantial  monetary and
other  benefits  to  the  Company  and  its  shareholders;   (2)  terminate  the
substantial expense,  inconvenience and distraction of burdensome and protracted
litigation;  (3) finally resolve the Action; (4) dispel any uncertainty that may
exist as a result of such litigation;  and (5) permit the continued operation of
Triarc's affairs unhindered by expensive litigation, and by the diversion of the
personnel of Triarc,  and believe that it is in the best interest of the Company
to accomplish the foregoing.

     NOW, THEREFORE, IT IS STIPULATED AND AGREED, subject to the approval of the
Court, pursuant to Rule 23 and 23.1 of the Court of Chancery Rules, that any and
all individual,  class and derivative claims, rights,  demands,  suits, matters,
issues,  actions,  or causes of action,  by or on behalf of the plaintiffs,  the
Class, Triarc and its shareholders  (collectively,  the "Releasors") against the
Defendants and any of their respective  present or former  officers,  directors,
stockholders, employees, agents, attorneys, representatives, advisors, financial
advisors, lenders, insurers, affiliates, parents, subsidiaries,  heirs, personal
representatives, estates, administrators,  predecessors, successors, and assigns
(collectively, the "Releasees"),  whether known or unknown, under state, federal
or other law,  including but not limited to the federal  securities  laws,  that
were  asserted  or could have been  asserted  in the  Action,  arising out of or
relating to the subject  matter of the Action,  including,  without  limitation,
allegations of breaches of fiduciary duty or misrepresentation  and/or omissions
in connection  with (i) Triarc's 1994 Proxy  Statement  circulated,  among other
things, to obtain shareholder approval of amendments to the Equity Participation
Plan, and (ii) approving  subsequent grants of options and other compensation to
Peltz and May in addition to the Performance  Options (including but not limited
to cash bonuses awarded in August 1996) and disclosure or nondisclosure relating
thereto (the  "Released  Claims")  are hereby  compromised,  settled,  released,
discharged, and dismissed with prejudice upon and subject to the following terms
and conditions:

The Settlement

            In full and final  settlement  of the Action,  within three (3) days
after Effective Date (as defined below), defendants agree as follows:

            1. (a) Peltz and May shall, jointly and severally,  sign and deliver
to Triarc a Promissory Note (the "Note") in the principal amount of Five Million
Dollars  ($5,000,000),  dated as of April 1, 2000,  payable March 31, 2003.  The
Note shall bear interest at the rate of 6% per annum,  payable annually on March
31 of each year (an "Interest Payment Date") or, if any such date shall not be a
business  day,  on the next  succeeding  business  day,  beginning  on the first
Interest Payment Date subsequent to the Effective Date. The interest rate on the
Note will be adjusted on each Interest  Payment Date,  upward or downward,  with
respect to the succeeding year, based upon the changes, if any, between LIBOR on
April 1, 2000 and on the Interest  Payment  Date.  There shall be two  mandatory
prepayments of the Note:  one-third of the principal amount of the Note shall be
prepaid on March 31, 2001,  and  one-third of the  principal  amount of the Note
shall be prepaid on March 31, 2002.  Peltz and May may, at their option,  prepay
all or any portion of the unpaid  amount of the Note,  at any time or times,  by
paying an amount  equal to the  outstanding  principal  amount of the Note which
they wish to prepay, together with interest accrued and unpaid thereon,  without
penalty or premium. The entire unpaid principal amount of the Note, plus accrued
interest pro rata,  shall become due and payable 30 days after the occurrence of
a "change of control." For purposes of this  Stipulation,  a "change of control"
shall  have the  meaning  set  forth in the 1998  Equity  Participation  Plan of
Triarc.

                  (b)  Peltz  and May shall  agree to the  cancellation,  in the
aggregate,  of (and  Triarc  will  accept the  cancellation  of)  775,000 of the
Performance  Options that were issued by Triarc to Peltz and May,  individually,
dated June 9, 1994.

                  (c) Peltz and May represent  that the provisions of paragraphs
1(a) and 1(b)  above  represent  reimbursement  to  Triarc  by Peltz  and May of
amounts  received  and included in income by them during the periods in question
here.

                  (d)  Defendants  shall pay,  or cause to be paid,  plaintiffs'
counsel's fees and expenses,  to the extent  allowed by the Court,  as set forth
below, but in no event in excess of $2,500,000.

Release of Claims

     2. On the  Effective  Date,  the Released  Claims shall be  completely  and
finally compromised,  settled,  released, and forever discharged, and the Action
shall be  dismissed  with  prejudice  and  without  costs  except as provided in
paragraphs 8-9 herein.

     3. The  release  contemplated  by this  Stipulation  extends to claims that
plaintiffs,  on behalf of the Releasors,  do not know or suspect to exist at the
time of the  Stipulation,  which, if known,  might have affected the decision to
enter into this  Stipulation.  Each of the named  plaintiffs  and each  Releasor
knowingly,  voluntarily,  and  expressly  waives  and  relinquishes  any and all
provisions, rights and benefits conferred by any law of the United States or any
state or territory  of the United  States,  or  principle  of common law,  which
governs or limits a  person's  release of  unknown  claims,  including,  but not
limited to, Section 1542 of the California Civil Code. Plaintiffs,  on behalf of
the Releasors,  acknowledge  that Releasors may discover facts in addition to or
different  from those  that they now know or believe to be true with  respect to
the subject matter of this release, but that it is their intention, on behalf of
the  Releasors,  to fully,  finally and  forever  settle and release any and all
Released Claims, known or unknown, suspected or unsuspected, which now exist, or
heretofore existed, or may hereafter exist, and without regard to the subsequent
discovery or existence of such additional or different facts.

Submission and Application to the Court

     4. As soon as practicable  after this  Stipulation  has been executed,  the
parties  shall  jointly  move the Court for approval of the  Settlement  and for
entry by the Court of an order,  substantially  in the form  attached  hereto as
Exhibit A (the "Scheduling Order").

Notice and Settlement Administrative Costs

     5.  Triarc  shall  assume the  administrative  responsibility  and costs of
preparing and  disseminating the notice (the "Notice") in substantially the form
attached  hereto as Exhibit B and in the manner  provided for in the  Scheduling
Order to  shareholders  of record of Triarc  and to all  members of the Class at
their last known  address.  In addition,  Triarc,  or its agents,  shall provide
additional copies of the Notice to all such record  shareholders  requesting the
same for purposes of distribution to beneficial shareholders of Triarc. Prior to
or at the hearing on the Settlement,  counsel for defendants shall file with the
Court an appropriate affidavit with respect to preparing and mailing the Notice.
Plaintiffs shall not bear any responsibility for the dissemination of the Notice
and shall not be liable for the cost thereof.

Order and Final Judgment

     6. If this  Stipulation  and the  Settlement  contemplated  herein shall be
preliminarily  approved by the Court,  at or  following  a hearing,  the parties
hereto  shall  jointly  move the  Court  for the  entry of the  Order  and Final
Judgment (or orders, if the Court determines the matters specified below in more
than one order) (the "Final Judgment") in substantially the form attached hereto
as Exhibit  C,  pursuant  to which,  among  other  things,  the Action  shall be
dismissed with prejudice.

Effective Date of the Settlement

     7. The "Effective Date" of the Settlement shall be the day after the day on
which the Final Judgment  becomes final. For purposes of this  Stipulation,  the
Final  Judgment  shall be deemed to become final upon the latest to occur of (a)
the passage of thirty (30) days after  entry of the Final  Judgment  without any
notice of appeal  having been  filed;  or (b) if there is an appeal of the Final
Judgment,  the date on which any  subsequent  affirmation  thereof  is no longer
subject to further  appellate review. An appeal solely from the Court's award of
attorneys'  fees or expenses  shall not affect the finality of the Settlement or
the occurrence of the Effective Date.

Attorneys' Fees

     8. At, or subsequent to, the settlement hearing, plaintiffs' counsel in the
Action shall jointly  apply to the Court for an award of  attorneys'  fees in an
amount  not to  exceed  $2,500,000,  which  amount  shall  be  inclusive  of the
reasonable costs and expenses  (including expert fees and expenses)  incurred in
prosecuting this litigation.  Defendants will not oppose such  application.  Any
such  attorneys'  fees and  expenses  that the Court  may  award to  plaintiffs'
counsel up to $2,500,000  shall be paid solely and  exclusively by defendants or
their  insurers.  No part of the counsel  fees or expenses  awarded by the Court
shall be paid by Triarc.  Neither  defendants nor their insurers shall be liable
for any portion of any payment in excess of  $2,500,000  in fees and expenses in
any action,  including this Action,  asserting any Released  Claims.  Defendants
agree not to consent to any award of fees and expenses in any other action which
would result in an aggregate  fee and expense  award,  in all actions  asserting
Released Claims, of more than $2,500,000.

     9.  Defendants  shall pay or cause to be paid to  plaintiffs'  counsel such
fees,  costs and expenses up to  $2,500,000  as the Court  actually  awards as a
result of the application for fees, costs and expenses  described in paragraph 8
above,  on the  later of (i) the  Effective  Date of this  Settlement;  and (ii)
thirty days after the order awarding such fees, costs, or expense shall be final
and no longer subject to further appellate review.

     10. The  fairness,  reasonableness  and adequacy of the  Settlement  may be
considered  and ruled  upon by the Court  independently  of any award of fees or
expenses requested by plaintiffs' counsel.

     11. Except as provided in this  Stipulation,  Defendants  and any Releasees
shall bear no expenses, costs, damages, or fees incurred by any plaintiff or any
member  of  the  Class,  or  by  any  attorney,   expert,   adviser,  agent,  or
representative of any of the foregoing.

     12. The  administration  of the  Settlement  and final  decision  as to all
disputed  questions  of law and fact with respect  thereto and this  Stipulation
shall be under the  jurisdiction  of the Court  (subject to any party's right to
seek appellate review).

Stipulation Not an Admission

     13. This  Stipulation  and all  negotiations,  statements,  proceedings and
documents  related to it are not, and shall not be construed to be, an admission
by any of the parties  respecting  the validity or the  invalidity of any of the
claims asserted in the Action,  or of the liability of any party with respect to
any such claims or any alleged wrongdoing  whatsoever,  and shall not be offered
by any party or person for any evidentiary purpose, including as an admission of
any fact or of any such liability or wrongdoing or of the validity or invalidity
of any of the claims in the Action or any other action.  Defendants  have denied
and continue to deny each and all of the claims in the Action.

     14. If (a) the Court declines,  in any respect, to enter the Final Judgment
in the form annexed  hereto as Exhibit C and any of the parties fails to consent
to the  entry  of  another  form of  order  in lieu  thereof;  or (b) the  Court
disapproves the Settlement  proposed  herein,  including any amendments  thereto
agreed upon by all of the  parties;  or (c) the Court  approves  the  Settlement
proposed herein, including any amendment thereto approved by all of the parties,
but such  approval is  reversed  or  modified on appeal or petition  for writ of
certiorari and such reversal or modification becomes final by a lapse of time or
otherwise,  then, in any such event, this  Stipulation,  including any amendment
thereof,  shall be of no further  force or effect and this  Stipulation  and any
amendment  thereof and the  Settlement  proposed  herein  shall be null and void
without  prejudice to any party hereto and may not be  introduced as evidence or
referred  to in  any  proceedings,  nor  be a  basis  for  any  application  for
attorneys' fees or expenses, and each party shall be restored to his, her or its
respective  position as it existed prior to the  execution of this  Stipulation,
except that Triarc shall not be entitled to  reimbursement of costs of providing
the Notice pursuant to paragraph 5 above.

Governing Law

     15. This  Stipulation  shall be interpreted and enforced in accordance with
the laws of the State of Delaware.

     16.  In the  event of any  dispute  or  disagreement  with  respect  to the
meaning, effect, or interpretation of the Stipulation or an attached exhibit, or
in the event of a claimed breach of the Stipulation or an attached exhibit,  the
parties hereto agree that such dispute will be adjudicated only in the Court.

     17. The  Stipulation,  together with any exhibits,  shall be deemed to have
been  mutually  prepared  by the  settling  parties  and shall not be  construed
against any of them by reason of authorship.

Extensions

     18. Without  further order of the Court,  the parties may (but shall not be
obligated to) agree in writing to reasonable extensions of time to carry out any
of the  provisions of this  Stipulation  unless and until the Court orders dates
for certain acts or events hereunder.

Entire Agreement

     19. The exhibits to the Stipulation are  incorporated in, and constitute an
integral part of, the Stipulation.

     20. This Stipulation,  and the form of the Scheduling Order, Notice and the
Final  Judgment  agreed to by the  parties in  connection  with the  Settlement,
constitute  the entire  agreement  of the  parties  with  respect to the subject
matter hereof and may not be amended, or any of its provisions waived, except by
a writing executed by or on behalf of all of the parties hereto.

Counterparts

     21. This  Stipulation may be executed in one or more  counterparts,  all of
which shall be considered one and the same agreement, and shall become effective
when such  counterparts  have been signed by counsel for each of the parties and
delivered to counsel for the other parties.

Representations

     22. (a) All counsel and any other person executing this Stipulation and any
of the exhibits hereto or any related settlement documents warrant and represent
that they have the full authority to do so.

         (b) Plaintiffs and their counsel represent and warrant that none of the
plaintiffs'  claims  or  causes  of  action  asserted  in  the  Action  or  this
Stipulation has been assigned,  encumbered or in any manner transferred in whole
or in part.

     23. The parties each acknowledge  that, in entering into this  Stipulation,
such party has not relied on any oral or written representation other than those
expressly set forth in this Stipulation.

Best Efforts

     24. The parties hereto and their  attorneys  agree to cooperate  fully with
one another in seeking Court approval of this Stipulation and the Settlement and
to  use  their  best  efforts  to  effect,  as  promptly  as  practicable,   the
consummation of this Stipulation and the Settlement provided for hereunder.

     25. This Stipulation  shall be binding upon and inure to the benefit of the
parties  hereto  and  their  respective  successors  and  assigns,  and upon any
corporation   or  other  entity  with  which  any  party  hereto  may  merge  or
consolidate.

     26. All discovery  conducted in this Action shall remain  confidential  and
shall be used only for purposes of the Action. Upon the Effective Date, all such
discovery shall be destroyed and a sworn certification of such destruction shall
be provided to the producing party. Counsel for the parties may, however, retain
for their files a copy of any document filed with the Court.

     27. Without  affecting the finality of the Settlement or the Final Judgment
to be entered approving the Settlement, the parties to this Stipulation agree to
use their best  efforts to cause  LeWinter et ano v. Peltz,  et al., 97 Civ. 601
(TPG)  (S.D.N.Y.) to be dismissed with prejudice,  and to use their best efforts
to have any collateral attack on this Settlement  promptly dismissed based upon,
among other things,  the res judicata  effect of this Settlement and the release
provided for herein.

Dated:  August 17, 2000

-------------------------------      /s/ Lawrence C. Ashby
                                     ---------------------------
Joseph Rosenthal, Esq.               Lawrence C. Ashby, Esq.
Rosenthal Monhait Gross &            Ashby & Geddes
  Goddess, P.A.                      One Rodney Square
919 North Market Street              Suite 302
Suite 1401                           Wilmington, Delaware  19899
Wilmington, Delaware  19899          (302) 654-1888
(302) 656-4433
                                                      -and-

/s/ Jill S. Abrams                   /s/ Jonathan H. Hurwitz
-------------------------------      ---------------------------
Jill S. Abrams, Esq.                 Gerard Harper, Esq.
Abbey Gardy & Squitieri, LLP         Jonathan H. Hurwitz, Esq.
212 East 39th Street                 Paul, Weiss, Rifkind, Wharton & Garrison
New York, New York  10016            1285 Avenue of the Americas
(212) 889-3700                       New York, New York  10019-6064
                                     (212) 373-3000

                                     Attorneys for Defendants
                                        Nelson Peltz and Peter May

/s/ Robert M. Kornreich              /s/ Martin Tully
------------------------------       --------------------------
Robert M. Kornreich, Esq.            Martin Tully, Esq.
Wolf Popper, LLP                     Morris, Nichols, Arsht & Tunnell
845 Third Avenue                     1201 North Market Street
New York, New York  10022            Wilmington, Delaware  19899
(212) 759-4600                       (302)658-9200

Attorneys for Plaintiffs             Attorneys for Defendants
                                     Hugh L. Carey, Clive Chajet,
                                     Stanley R. Jaffe, Joseph A.
                                     Levato, David E. Schwab II,
                                     Raymond S. Troubh and Gerald
                                     Tsai, Jr. and nominal defendant
                                     Triarc Companies, Inc.

<PAGE>

                                                       Exhibit A

                       IN THE COURT OF CHANCERY OF THE
                STATE OF DELAWARE IN AND FOR NEW CASTLE COUNTY

--------------------------------------x

IN RE TRIARC COMPANIES, INC.                    Consolidated Civil Action
                                                No. 15746-NC
CLASS AND DERIVATIVE LITIGATION

--------------------------------------x

                                SCHEDULING ORDER

            The parties having made  application,  pursuant to Rules 23 and 23.1
of the Rules of the Court of Chancery,  for an Order  approving  the  settlement
(the  "Settlement") of the  above-captioned  action (the "Action") in accordance
with a  Stipulation  of Settlement  dated August ___, 2000 (the  "Stipulation"),
which,  together  with the  accompanying  documents,  sets  forth  the terms and
conditions  for the  proposed  settlement  of  this  Action  and for a  judgment
dismissing  this Action with  prejudice  upon the terms and conditions set forth
therein;  and the Court  having  read and  considered  the  Stipulation  and the
accompanying  documents;  and all parties having  consented to the entry of this
Order;

            IT IS HEREBY ORDERED this ___ day of _____________ 2000 that:

     1. A hearing (the "Settlement Hearing") pursuant to Rules 23 and 23.1 shall
be held on _______________, 2000 at _ _.m., to:

        a. determine whether due and adequate notice of the proceedings and the
Settlement  has been  given,  with a full  opportunity  to be  heard,  such that
members  of  the  Class  (as  hereinafter  defined),   Triarc  Companies,   Inc.
("Triarc"),  and  Triarc's  shareholders  should be bound by the Order and Final
Judgment (as defined in the Stipulation);

        b. determine whether the Action should be maintained as a class action;

        c.  determine whether the Court should approve the Stipulation and the
Settlement that it contemplates  as fair,  reasonable,  adequate and in the best
interests of Triarc, its shareholders and the Class (as hereinafter defined);

        d.  determine whether the Order and Final Judgment dismissing the Action
with prejudice and releasing the Released Claims (as defined in the Stipulation)
should be entered;

        e.  consider the application of plaintiffs' counsel  for an  award  of
attorneys' fees and reimbursement of costs and expenses; and

        f. consider such other matters as the Court may deem appropriate.

     2.  Pursuant  to Rule  23(b)(1)  and  (b)(2),  and for the  purposes of the
proposed  Settlement  only,  the Action is  preliminarily  certified  as a class
action on behalf of a class (the  "Class")  consisting  of all persons who owned
shares of  Triarc  common  stock on any of the  following  dates,  which are the
record dates for voting on matters to be voted upon at Triarc's  Annual Meetings
for the years 1994 through  1999,  inclusive:  April 25,  1994;  April 25, 1995;
April 23, 1996;  April 21, 1997;  March 25, 1998; and August 11, 1999.  Excluded
from the Class are the  individual  defendants  (including,  but not limited to,
persons previously named as defendants) and members of their immediate families,
and any entity in which a defendant has a controlling interest.

     3.  The  Court  preliminarily  finds,  for  the  purposes  of the  proposed
Settlement only, that the prerequisites to class  certification under Rule 23(a)
have been satisfied in that: (a) the number of Class members is so numerous that
joinder of all members thereof is impracticable;  (b) there are questions of law
and fact common to the Class;  (c) the claims of the named  representatives  are
typical  of the  claims  of the  Class  they  seek  to  represent;  and  (d) the
plaintiffs will fairly and adequately represent the interests of the Class.

     4. Pursuant to Rule 23, and for purposes of the proposed  Settlement  only,
plaintiffs Kamram Malekan,  Rose Trum, and Jay Frechter,  are certified as Class
Representatives and plaintiffs' counsel are certified as class counsel.

     5. The Court  reserves the right to adjourn the  Settlement  Hearing or any
adjournment thereof,  including  consideration of any application for attorneys'
fees  and  expenses,  without  further  notice  of  any  kind  other  than  oral
announcement at the Settlement Hearing or any adjournment thereof.

     6.  The  Court  reserves  the  right  to  approve  the  Settlement  and the
Stipulation at or after the Settlement Hearing with such modifications as may be
consented to by the parties to the Stipulation and without any further notice to
the shareholders of Triarc or the Class.

     7. The Court  approves the form of Notice of Proposed  Settlement  of Class
Action and  Derivative  Action  (the  "Notice")  annexed to the  Stipulation  as
Exhibit B, and finds that  first-class  mailing of the  Notice,  provided in the
manner  described in paragraph 8 hereof,  satisfies the requirements of Rules 23
and  23.1  and  due  process,   is  the  best  notice   practicable   under  the
circumstances,  and will  constitute  due and  sufficient  notice to all persons
entitled thereto. On or before the date of the Settlement  Hearing,  counsel for
Triarc shall file proof of mailing of the Notice.

     8. Triarc shall cause the Notice to be mailed at least forty-five (45) days
before  the  Settlement   Hearing,   by  first-class   mail,   postage  prepaid,
substantially  in the form  attached  as  Exhibit B to the  Stipulation,  to all
persons and entities  shown on the stock  records  maintained by or on behalf of
Triarc to be holders of record of the common  stock of Triarc on April 25, 1994,
April 25, 1995, April 23, 1996, April 21, 1997, March 25, 1998, August 11, 1999,
and August 4,  2000.  Triarc  shall use  reasonable  efforts  to give  notice to
beneficial  owners of such securities by making additional copies of such Notice
available  to any  recordholder  requesting  the same  prior  to the  Settlement
Hearing  for the  purpose  of  distribution  to  beneficial  owners.  All  costs
associated with providing Notice shall be borne by Triarc.

     9. The Court directs that all record holders of Triarc's  common stock send
the Notice to all beneficial  owners of such stock  immediately after receipt of
the Notice,  or provide the names and addresses of such beneficial  owners to an
agent,  to be named by Triarc,  promptly  after receipt of the Notice,  and such
agent will cause the Notice to be sent promptly to those beneficial owners.

     10. Any Class member who objects to the class certification,  and any Class
member or  current  Triarc  stockholder  who  objects  to the  Stipulation,  the
Settlement,  the  judgment  and  release  to be entered  in the  Action,  or the
application  for  attorneys'  fees and expenses,  or who otherwise  wishes to be
heard, may appear in person or by counsel at the Settlement  Hearing and present
any evidence or argument that may be proper and  relevant,  provided  that,  not
later than 10 business days prior to the Settlement  Hearing,  unless  otherwise
ordered by the Court,  such class  member or Triarc  stockholder  files with the
Register  in  Chancery:  (i) a  written  statement  containing  his or her name,
address,  telephone number,  the number of shares of Triarc's common stock he or
she owns or owned and a detailed statement of his or her specific  objections or
comments on the proposed  Settlement or any other matter  before the Court,  and
(ii) the grounds for his or her  objection or the reasons that he or she desires
to appear and be heard  (including  all documents or writings  which such person
desires  the Court to  consider).  On or before the same date such class  member
must also serve such  written  statement  and  supporting  papers,  by overnight
delivery or hand, on the following counsel:

                           Joseph A. Rosenthal, Esq.
                   Rosenthal Monhait Gross & Goddess, P.A.
                             919 North Market Street
                                   Suite 1401
                               Mellon Bank Center
                           Wilmington, Delaware 19801
                                 (302) 656-4433

                             Counsel for Plaintiffs

                             Jonathan Hurwitz, Esq.
                      Paul Weiss Rifkind Wharton & Garrison
                           1285 Avenue of the Americas
                            New York, New York 10019
                                 (212) 373-3000

                             Counsel for Defendants
                           Nelson Peltz and Peter May

                               Martin Tully, Esq.
                        Morris, Nichols, Arsht & Tunnell
                            1201 North Market Street
                                   18th Floor
                         Wilmington, Delaware 19899-1347
                                 (302) 658-9200

                             Counsel for Defendants
                         Hugh L. Carey, Clive Chajet,
                     Stanley R. Jaffe, Joseph A. Levato,
                  David E. Schwab, II, Raymond S. Troubh and
                          Gerald Tsai, Jr., and nominal
                        defendant Triarc Companies, Inc.

     11. Any person who fails to object in the manner  prescribed above shall be
deemed to have waived such  objection  and shall be forever  barred from raising
such   objection  or  any  other   objection  to  the   fairness,   adequacy  or
reasonableness  of the  Settlement or the fee  application in these or any other
actions or proceedings.

     12.  Pending final  approval of this  Settlement,  plaintiffs,  all current
shareholders  of  Triarc,  and  all  members  of the  Class  are  enjoined  from
commencing  or  prosecuting  this action or any other action  asserting  claims,
either directly or in any other capacity, against any defendant herein that have
been or could  have been  asserted,  or that  arise from or relate to any of the
matters or transactions referred to in the Action.

     13. All discovery and all other pretrial proceedings in the Action,  except
for such  proceedings  ordered by the Court  with  respect  to  approval  of the
Settlement, are stayed and suspended until further order of the Court.

     14. If the Settlement  provided for in the Stipulation shall be approved by
the Court following the Settlement Hearing, an Order and Final Judgment shall be
entered substantially in the form attached as Exhibit C to the Stipulation.

     15. If (a) the Court declines, in any respect, to enter the Order and Final
Judgment in  substantially  the form provided for in the  Stipulation and any of
the  parties  fails to  consent  to the entry of  another  form of order in lieu
thereof,   or  (b)  the  Court  disapproves  the  Settlement   proposed  in  the
Stipulation,  in any material respect,  including any amendments  thereto agreed
upon by all of the parties; or (c) the Court approves the Settlement proposed in
the  Stipulation,  including any amendment  thereto approved by all the parties,
but such approval is reversed,  in any material  respect,  on appeal or petition
for writ of  certiorari  and such  reversal  becomes final by a lapse of time or
otherwise;  the  Stipulation,  including any amendment  thereof,  shall be of no
further force and effect and the Stipulation  and any amendment  thereof and the
Settlement  proposed  therein  shall be null and void  without  prejudice to any
party  thereto  and may not be  introduced  as  evidence  or  referred to in any
proceedings,  and each party  shall be restored  to his,  her or its  respective
position as it existed prior to the execution of the Stipulation.

     16. The  Stipulation  and all  negotiations,  statements,  proceedings  and
documents  related to it are not, and shall not be construed to be, an admission
by any of the parties  respecting  the validity or the  invalidity of any of the
claims asserted in the Action,  or of the liability of any party with respect to
any such claims or any alleged wrongdoing  whatsoever,  and shall not be offered
by any party or person for any evidentiary purpose, including as an admission of
any such liability or wrongdoing or for the validity or invalidity of any of the
claims in the Action or any other action.

Dated:  ____________ ___, 2000

                                          -------------------------
                                          Vice Chancellor

<PAGE>

                                                       Exhibit B

                       IN THE COURT OF CHANCERY OF THE
                STATE OF DELAWARE IN AND FOR NEW CASTLE COUNTY

-------------------------------------x

IN RE TRIARC COMPANIES, INC.                    Consolidated Civil Action
                                                No. 15746-NC
CLASS AND DERIVATIVE LITIGATION

-------------------------------------x

            NOTICE OF PENDENCY OF CLASS AND DERIVATIVE ACTION, PROPOSED
            CLASS ACTION DETERMINATION, PROPOSED SETTLEMENT OF CLASS
            AND DERIVATIVE ACTION, SETTLEMENT HEARING AND RIGHT TO
            APPEAR

      TO:   ALL PERSONS WHO HELD SHARES OF TRIARC COMPANIES, INC.
            ("TRIARC") COMMON STOCK ON APRIL 25, 1994, APRIL 25, 1995,
            APRIL 23, 1996, APRIL 21, 1997, MARCH 25, 1998, OR AUGUST
            11, 1999, OR WHO ARE CURRENT TRIARC SHAREHOLDERS

                               SETTLEMENT HEARING

             This  Notice  is to  inform  you of the  proposed  settlement  (the
"Settlement")  of the  above-captioned  class and  derivative  action and of the
hearing (the "Settlement  Hearing") to be held on _____, __ 2000, at ____ __.m.,
before The Honorable Stephen P. Lamb, Vice Chancellor,  of the Delaware Court of
Chancery (the "Court"),  Daniel L. Herrmann Courthouse,  1020 North King Street,
Wilmington,  Delaware  19801.  The purpose of the  Settlement  Hearing is to (i)
determine whether this Notice  constitutes the best notice practicable under the
circumstances  in compliance  with Rules  23(c)(2) and 23.1 of this Court;  (ii)
determine  whether the Action should be maintained as a Class Action pursuant to
Rules 23(a) and 23(b) of this Court;  (iii)  determine  whether the Court should
approve the proposed Settlement as being fair, reasonable and adequate and enter
a judgment that will, among other things,  dismiss the Action with prejudice and
release the Released Claims (as defined below); (iv) consider the application of
plaintiffs'  counsel for an award of attorneys' fees and  reimbursement of costs
and  expenses;  and (v)  consider  such  other  matters  as the  Court  may deem
appropriate.

      THE FOLLOWING  RECITATION DOES NOT CONSTITUTE THE FINDINGS OF THE COURT OF
      CHANCERY.  IT IS BASED ON THE  STATEMENTS OF THE PARTIES AND SHOULD NOT BE
      UNDERSTOOD  AS AN  EXPRESSION OF ANY OPINION OF THE COURT AS TO THE MERITS
      OF ANY OF THE CLAIMS OR DEFENSES RAISED BY ANY OF THE PARTIES

                                   BACKGROUND

            In Triarc's  Proxy  Statement  dated May 9, 1994 for its 1994 annual
meeting of  shareholders,  Triarc's  shareholders as of the record date of April
25, 1994 were asked to approve amendments to Triarc's Equity  Participation Plan
which, among other things, increased the number of stock options then subject to
grant.  The 1994 Proxy  Statement  further  disclosed  that, in April 1994,  the
Company's  Compensation  Committee had approved the grant of "Performance  Stock
Options" in the aggregate  amount of 3.5 million shares of Class A common stock,
consisting  of 2.1  million  shares to  defendant  Nelson  Peltz and 1.4 million
shares to defendant Peter May (the "Compensation Grant"), subject to approval by
shareholders of the proposed  amendments to the Plan. Peltz and May were, at the
time,  members of  Triarc's  Board of  Directors,  and its  principal  executive
officers,  and together  controlled  approximately  25% of Triarc's  outstanding
common shares. The Triarc  shareholders  approved the proposed amendments to the
Plan at the Company's June 4, 1994 Annual Meeting of Shareholders.

            On June  19,  1997,  June  24,  1997  and  August  28,  1997,  three
derivative and class actions were filed in the Delaware  Court of Chancery.  The
complaints  alleged,  in substance,  that Triarc's directors named as defendants
had breached their  fiduciary  duties in connection  with awards of compensation
made to Peltz and May subsequent to the Compensation Grant, and violated alleged
representations  made to Triarc's  shareholders  in the 1994 Proxy Statement and
alleged  undertakings  of the Board to refrain from  awarding  certain  types of
compensation  to  Peltz  and  May  for  the six  years  commencing  April  1993.
Plaintiffs later voluntarily  dismissed their claims against  defendants Pallot,
Prendergast, Kelley, Kerger and McCarthy.

            The plaintiff in one of the three  Delaware  actions  dismissed that
action  voluntarily to pursue a pending federal court case in the District Court
for the  Southern  District  of New York.  That action has been held in abeyance
pending the  outcome of this case.  The  defendants  will seek to have that case
dismissed if this settlement is approved.  The two remaining Delaware cases were
then  consolidated  (the "Action") and a  Consolidated  Amended Class Action and
Derivative Complaint (the "Amended  Complaint") was filed,  asserting additional
claims based upon alleged  misrepresentations  in the 1994 Proxy Statement.  The
Amended Complaint  purported to assert claims  derivatively on behalf of Triarc,
and on behalf  of a  putative  class of all  persons  who held  shares of Triarc
common stock on April 25, 1994,  the record date for voting on the matters to be
voted on at Triarc's 1994 Annual Meeting,  and their  successors in interest and
transferees  (except  defendants,  members of their  immediate  families and any
entity in which a defendant has a controlling interest).

            In Count I of the Amended Complaint,  plaintiffs asserted derivative
claims in connection with alleged improper awards of compensation,  in excess of
the Compensation  Grant,  that the directors of Triarc caused Triarc to grant to
defendants  Peltz and May,  which  plaintiffs  claim were  contrary  to explicit
representations  made to Triarc's  shareholders in the 1994 Proxy Statement.  In
Count  II  of  the  Amended  Complaint,   plaintiffs  asserted,   alternatively,
derivative  and class  claims  against  the  directors  of Triarc for  allegedly
disseminating  materially  false and  deceptive  statements  with  regard to the
Compensation  Grant and for  allegedly  failing  to  disclose  certain  material
information  in the 1994 Proxy  Statement  with respect to the  compensation  of
defendants Peltz and May, which plaintiffs  contend rendered invalid all matters
approved by the  shareholders  at Triarc's 1994 Annual  Meeting  relating to the
Compensation Grant.

            Plaintiffs  have  reviewed  and  analyzed   thousands  of  pages  of
documents  obtained  during  discovery  from  defendants  and third party Towers
Perrin,  Triarc's  consultant with respect to the Compensation  Grant. They also
conducted the  depositions of defendants  Peltz,  May, Jaffe,  Chajet,  Tsai and
Schwab,  as well as Messrs.  Pallot and Kerger.  Plaintiffs were preparing their
motion for summary  judgment when,  after  extensive  discussions  regarding the
possibility  of  settlement,  on March 20,  2000,  the  parties  entered  into a
Memorandum of Understanding for the settlement of the Action.

                                THE SETTLEMENT

            If the Court approves the Settlement:

            1. a. Peltz and May shall,  jointly and severally,  sign and deliver
to Triarc a Promissory Note (the "Note") in the principal amount of Five Million
Dollars ($5,000,000.00),  dated as of April 1, 2000, payable March 31, 2003. The
Note shall bear interest at the rate of 6% per annum,  payable annually on March
31 of each year (an "Interest Payment Date") or, if any such date shall not be a
business  day,  on the next  succeeding  business  day,  beginning  on the first
Interest  Payment Date  subsequent to the Effective Date  (including  payment in
arrears, if applicable).  The interest rate on the Note will be adjusted on each
Interest Payment Date, upward or downward,  with respect to the succeeding year,
based  upon the  changes,  if any,  between  LIBOR  on April 1,  2000 and on the
Interest  Payment Date.  There shall be two mandatory  prepayments  of the Note:
one-third of the principal amount of the Note shall be prepaid on March 31, 2001
and one-third of the principal  amount of the Note shall be prepaid on March 31,
2002.  Peltz and May may,  at their  option,  prepay  all or any  portion of the
unpaid  amount of the Note,  at any time or times,  by paying an amount equal to
the outstanding principal amount of the Note which they wish to prepay, together
with interest accrued and unpaid thereon, without penalty or premium. The entire
unpaid  principal  amount of the Note,  plus accrued  interest  pro rata,  shall
become due and payable 30 days after the  occurrence  of a so-called  "change of
control"  transaction.  For purposes of this Note,  a "change of control"  shall
have the meaning set forth in the 1998 Equity Participation Plan of Triarc;

               b. Peltz and May shall agree to (and  Triarc will  accept) the
cancellation,  in the  aggregate,  of 775,000 of the  Performance  Options  that
Triarc issued to Peltz and May, individually, dated June 9, 1994; and

               c. Defendants (and not Triarc) shall pay, or cause to be paid,
plaintiffs'  counsel's  fees and  reimbursement  of costs and  expenses,  to the
extent allowed by the Court, as set forth in the Settlement Agreement, but in no
event in excess of $2,500,000.

                          REASONS FOR THE SETTLEMENT

            Plaintiffs, through their counsel, have made a thorough
investigation of the facts and  circumstances  relevant to the Action,  and have
conducted  discovery  and  investigation  of the law and the  facts  during  the
prosecution of the Action, including,  inter alia: (i) serving document requests
upon  all  defendants;  (ii)  reviewing  and  analyzing  thousands  of  pages of
documents  obtained during discovery and from plaintiffs'  investigation;  (iii)
conducting  several  depositions as described above;  (iv) researching the facts
and law  pertaining  to the claims  asserted in the Action;  and (v) retaining a
financial  consultant to assist  plaintiffs in evaluating the claims asserted in
the Action.

            While plaintiffs believe that the claims asserted in the Action have
merit,  they also believe that the Settlement is fair and reasonable  because it
provides  substantial  benefits  to Triarc and its  shareholders  and avoids the
continued risk of litigation.  Plaintiffs have considered the expense and length
of time necessary to prosecute the Action through trial,  the attendant risks of
litigation,   the  defenses  asserted  by  and  available  to  defendants,   the
uncertainties  of the outcome of the Action and the fact that  resolution of the
Action, even if favorable to plaintiffs, would likely be submitted for appellate
review, as a consequence of which it would be many years before there would be a
final  adjudication  of the  Action.  In  light  of  these  considerations,  the
plaintiffs,  through their counsel,  have engaged in  arm's-length  negotiations
with counsel for defendants in an attempt to achieve the certainty of a positive
outcome of the Action and have  determined  that it is in the best  interests of
Triarc  and the  Class to  settle  the  Action  on the  terms  set  forth in the
Stipulation.

            Each of the  defendants  has at all  times  vigorously  denied,  and
continues to deny,  that they have breached any fiduciary  duties,  or that they
have committed,  or have threatened to commit,  any wrongful act or violation of
law of any nature  whatsoever in connection with any of the matters alleged,  or
which could have been alleged, in the Action and any matter relating to the Plan
or stock  options  granted  thereunder.  The  defendants,  however,  consider it
desirable  that the  Action be  settled  and  dismissed  on the  merits and with
prejudice  because the Settlement will:  provide monetary and other  substantial
benefits  to  Triarc  and,  indirectly,  to  its  shareholders;   terminate  the
substantial expense,  inconvenience and distraction of burdensome and protracted
litigation; finally resolve the Action; dispel any uncertainty that may exist as
a result of such  litigation;  and permit the  continued  operation  of Triarc's
affairs unhindered by expensive  litigation and by diversion of the personnel of
Triarc.  Defendants  believe  that  it is in the  best  interest  of  Triarc  to
accomplish these goals.

                   PLAINTIFFS' APPLICATION FOR ATTORNEYS' FEES

            At or before the Settlement Hearing, plaintiffs' counsel of
record in the Action will apply to the Court for an award of attorneys' fees and
reimbursement of costs and expenses  (including expert fees and expenses) not to
exceed  $2,500,000.  Defendants  have  agreed  that  they will not  oppose  such
application  for  attorneys'  fees and expenses.  Any such  attorneys'  fees and
expenses  awarded  by the  Court  up to  $2,500,000  shall  be paid  solely  and
exclusively  by  defendants or their  insurers.  No part of the fees or expenses
awarded by the Court shall be paid by Triarc.

                  DISMISSAL OF THE ACTION AND RELEASE OF CLAIMS

        The parties jointly will move the Court to enter an Order and
Final Judgment:

                  (a) determine that this Notice complies with Rules 23 and
23.1 of this Court;

                  (b) certifying the Action as a class action;

                  (c) approving the Settlement as being fair, reasonable and
adequate and directing consummation of the Settlement, in accordance with the
terms and conditions of the Stipulation;

                  (d)  dismissing  the  Action  with  prejudice  on the  merits,
without costs except as provided in the Stipulation,  and releasing the Released
Claims (as defined herein and in the Stipulation), such dismissal and release to
be subject only to  compliance  by the parties with the terms and  conditions of
the Stipulation and any order of the Court with reference to the Settlement;

                  (e) permanently  barring and enjoining Triarc,  members of the
Class,  and  stockholders  of Triarc from  commencing or prosecuting  any action
asserting  any  of  the  Released  Claims,   whether   directly,   derivatively,
individually, as a representative, or in any other capacity.

                  (f) awarding the plaintiffs' counsel such fees and
reimbursement of costs and expenses as the Court deems appropriate; and

                  (g) reserving jurisdiction over all matters related to the
administration and consummation of the Settlement.

            As of the Effective Date (defined below) all  individual,  class and
derivative claims, rights, demands,  suits, matters,  issues, actions, or causes
of action, by or on behalf of the plaintiffs,  the Class,  Triarc and any of its
shareholders  (collectively,  the "Releasors") against the defendants (including
all persons formerly named as defendants) and any of their respective present or
former  officers,   directors,   stockholders,   employees,  agents,  attorneys,
representatives,  advisors,  financial advisors, lenders, insurers,  affiliates,
parents, subsidiaries, heirs, personal representatives, estates, administrators,
predecessors,  successors, and assigns (collectively, the "Releasees"),  whether
known or unknown,  under state,  federal or other law, including but not limited
to the federal  securities  laws, that were asserted or could have been asserted
in the Action,  arising out of or relating to the subject  matter of the Action,
including,  without  limitation,  allegations  of breaches of fiduciary  duty or
misrepresentations  and/or  omissions in connection with (i) Triarc's 1994 Proxy
Statement  circulated,  among other things,  to obtain  shareholder  approval of
amendments  to the Equity  Participation  Plan,  and (ii)  approving  subsequent
grants of  options  and  other  compensation  to  Nelson  Peltz and Peter May in
addition to the Performance  Options  (including but not limited to cash bonuses
awarded in August 1996) and disclosure or  non-disclosure  relating thereto (the
"Released  Claims") will be  compromised,  settled,  released,  discharged,  and
dismissed with prejudice.

            By Order of the Court,  pending final  determination  of whether the
Settlement should be approved,  all Class members and shareholders of Triarc are
enjoined  from  commencing  or  prosecuting  this or any other Action  asserting
claims, either directly, individually, derivatively, representatively, or in any
other capacity,  against Triarc or any Defendant herein which have been or could
have been asserted,  arise from or relate to any of the matters or  transactions
referred to in the Amended Complaint in this Action.

            On the Effective Date (defined below),  the Released Claims shall be
completely  and finally  compromised,  settled,  released,  discharged,  and the
Action shall be dismissed with prejudice.

                        EFFECTIVE DATE OF THE SETTLEMENT

            The "Effective  Date" of the  Settlement  shall be the day after the
day on which the Final Judgment become final. The Final Judgment shall be deemed
to become  final  upon the latest to occur of the  passage  of thirty  (30) days
after  entry of the Final  Judgment  without  any notice of appeal  having  been
filed,  or, if there is an appeal of the Final  Judgment,  the date on which any
subsequent affirmation thereof is no longer subject to further appellate review.

                               CLASS CERTIFICATION

            Pursuant to the Settlement Agreement,  the parties will jointly move
the Court,  pursuant to Chancery  Court Rules 23(a) and 23(b),  to certify,  for
settlement  purposes  only, a class (the "Class")  consisting of all persons who
owned shares of Triarc common stock on any of the following dates, which are the
record dates for voting on matters to be voted upon at Triarc's  Annual Meetings
for the years 1994 through  1999,  inclusive:  April 25,  1994,  April 25, 1995;
April 23, 1996;  April 21, 1997;  March 25, 1998; and August 11, 1999.  Excluded
from the class are the individual defendants, including persons previously named
as defendants in the Action,  and members of their immediate  families,  and any
entity in which a defendant has a controlling interest.

                               SETTLEMENT HEARING

            A Settlement Hearing has been scheduled before The Honorable Stephen
P. Lamb, Vice  Chancellor,  of the Delaware Court of Chancery,  in the Daniel L.
Herrmann  Courthouse,  1020 North King Street,  Wilmington,  Delaware  19801, on
__________, 2000 at _______ a.m., to determine whether: (i) this Notice complies
with the requirements of Chancery Court Rules 23 and 23.1; (ii) the Action shall
be  maintained  as a Class  Action;  (iii) the  Stipulation  and  Settlement  it
contemplates  is fair,  reasonable  and  adequate  and in the best  interests of
Triarc and its  shareholders  and the Class and should be approved by the Court;
(iv) an Order and Final  Judgment  should be entered  dismissing the Action with
prejudice  as to all  defendants  on the  merits;  and (iv) the  application  by
plaintiffs for an award of attorneys' fees and expenses should be approved.

            The Court has the right to approve the Settlement with modifications
and without further notice to the Class or to current Triarc  stockholders.  The
Court may also adjourn the Settlement Hearing or any adjournment thereof without
further  notice  other than by  announcement  at the  Settlement  Hearing or any
adjournment thereof.

            Any Class  member who  objects to the class  certification,  and any
Class member or current Triarc  stockholder who objects to the Stipulation,  the
Settlement,  the  judgment  and  release  to be entered  in the  Action,  or the
application  for  attorneys'  fees and expenses,  or who otherwise  wishes to be
heard, may appear in person or by counsel at the Settlement  Hearing and present
any evidence or argument that may be proper and relevant. To do so, however, you
must,  not later than 10 business days prior to the Settlement  Hearing,  unless
the Court,  in its  discretion,  otherwise  directs,  file with the  Register in
Chancery:  (i) a written  statement  containing  your name,  address,  telephone
number,  the number of shares of  Triarc's  common  stock you own or owned and a
detailed  statement  of your  specific  objections  or comments on the  proposed
Settlement or any other matter  before the Court,  and (ii) the grounds for your
objection or the reasons that you desire to appear and be heard  (including  all
documents or writings  which you want the Court to  consider).  On or before the
same  date you must  also  serve by  overnight  delivery  or hand  such  written
statement and supporting papers on the following counsel:

                           Joseph A. Rosenthal, Esq.
                   Rosenthal Monhait Gross & Goddess, P.A.
                             919 North Market Street
                                   Suite 1401
                               Mellon Bank Center
                           Wilmington, Delaware 19801
                                 (302) 656-4433

                             Counsel for Plaintiffs

                             Jonathan Hurwitz, Esq.
                      Paul Weiss Rifkind Wharton & Garrison
                           1285 Avenue of the Americas
                            New York, New York 10019
                                 (212) 373-3000

                             Counsel for Defendants
                           Nelson Peltz and Peter May

                               Martin Tully, Esq.
                        Morris, Nichols, Arsht & Tunnell
                            1201 North Market Street
                                   18th Floor
                         Wilmington, Delaware 19899-1347
                                 (302) 658-9200

                             Counsel for Defendants
                         Hugh L. Carey, Clive Chajet,
                     Stanley R. Jaffe, Joseph A. Levato,
                  David E. Schwab, II, Raymond S. Troubh and
                          Gerald Tsai, Jr. and nominal
                        defendant Triarc Companies, Inc.

            Unless the Court otherwise  directs,  no person shall be entitled to
object to the class certification,  the Settlement,  the judgment and release to
be  entered  thereunder,  or the  award  of  attorneys'  fees  and  expenses  to
plaintiffs' counsel, or otherwise be heard, except by serving and filing written
objections  as  described  above.  Any  person who fails to object in the manner
prescribed  above  shall be deemed to have waived  such  objection  and shall be
forever barred from raising such  objection or any other  objection to the class
certification,  the fairness,  adequacy or reasonableness of the Settlement,  or
the fee and expense application in these or any other actions or proceedings.

                           BANKS, BROKERS AND NOMINEES

            Persons who wish to obtain  additional  copies of this Notice should
address a written request to:

                          TO BE FILLED IN BY DEFENDANTS

                              EXAMINATION OF PAPERS

            This  notice  merely  summarizes  the terms of the  Stipulation  and
proceedings which have occurred in this Action. For a more detailed statement of
the above,  you are referred to the  Stipulation and to the other papers on file
in this litigation  which may be inspected during regular business hours of each
business day at the offices of the Register in Chancery, 1020 North King Street,
Wilmington, Delaware 19801.

Dated:  _____________, 2000
                                          BY ORDER OF THE COURT:

                                          -------------------------
                                          Dianne M. Kempski
                                          Register in Chancery

<PAGE>

                                                       Exhibit C

                       IN THE COURT OF CHANCERY OF THE
                STATE OF DELAWARE IN AND FOR NEW CASTLE COUNTY

--------------------------------------x

IN RE TRIARC COMPANIES, INC.                    Consolidated Civil Action
                                                No. 15746-NC
CLASS AND DERIVATIVE LITIGATION

--------------------------------------x

                           ORDER AND FINAL JUDGMENT

            The Stipulation of Settlement dated August ___, 2000 (the
"Stipulation") in the above-captioned  action (the "Action"),  and the terms and
conditions of the settlement  contemplated  thereby (the  "Settlement"),  having
been presented at the Settlement  Hearing on _________,  2000,  pursuant to this
Court's  Order  dated  ___________,   2000  (the  "Scheduling   Order"),   which
Stipulation  (along with the defined terms  therein) is  incorporated  herein by
reference,  and it  appearing  that due  notice  of said  hearing  was  given in
accordance  with the aforesaid  Scheduling  Order;  the respective  parties [and
objectors] having appeared by their attorneys of record;  the Court having heard
and  considered  evidence  in support  of [and in  opposition  to] the  proposed
Settlement;  the attorneys for the respective  parties having been heard; and an
opportunity to be heard having been given to all other persons  requesting to be
heard in  accordance  with the  aforesaid  Scheduling  Order;  the Court  having
determined  that the Notice of  proposed  class and  derivative  settlement  was
adequate and sufficient; and the entire matter of the proposed Settlement having
been heard and considered by the Court,

            IT IS HEREBY ORDERED, ADJUDGED AND DECREED as follows:

     1.  The  Notice  of  Pendency  of  Class  Action,   Proposed  Class  Action
Determination,  Proposed  Settlement of Class and Derivative Action,  Settlement
Hearing and Right to Appear (the "Notice")  which was mailed on August , 2000 to
all members of the Class (as  defined  below) and all  current  shareholders  of
Triarc Companies Inc. ("Triarc") is hereby determined to be the best practicable
notice under the circumstances and in full compliance with Rule 23 and Rule 23.1
of the Court of Chancery and the requirements of due process.

     2. Due and adequate notice of the proceedings and of the settlement  having
been given with a full opportunity to be heard, it is hereby determined that the
Class  (defined  below),  Triarc,  and all  shareholders  of  Triarc  and  their
successors in interest are bound by the Order and Final Judgment entered herein.

     3. This case is certified and approved as a class action  pursuant to Rules
23(a) and  23(b) of the Court of  Chancery  on behalf of all  persons  who owned
shares of Triarc  common stock at the close of business on any of the  following
dates,  which are the  record  dates for  voting on  matters to be voted upon at
Triarc's Annual Meetings for the years 1994 through 1999,  inclusive:  April 25,
1994, April 25, 1995, April 23, 1996, April 21, 1997, March 25, 1998, and August
11, 1999 (except  defendants,  including,  but not limited to persons previously
named as defendants in the Action,  members of their immediate  families and any
entity in which a defendant has a controlling interest) (the "Class").

     4.  The  Settlement  is  hereby  approved  and  confirmed  as  being  fair,
reasonable and adequate to Triarc, its shareholders,  and the Class. The parties
to the Settlement  are directed to consummate the Settlement in accordance  with
the terms and  conditions  set forth in the  Stipulation,  and the  Register  in
Chancery is directed to enter and docket this Order and Final Judgment.

     5. This Order and Final  Judgment  shall not  constitute  any  evidence  or
admission by any party herein that any acts of wrongdoing have been committed by
any of the parties to the Action and shall not be deemed to create any inference
that there is any liability therefor.

     6. The Action is hereby  dismissed  on the merits with  prejudice as to all
defendants  (including  defendants  previously  dismissed without prejudice) and
against plaintiffs, Triarc, its shareholders, and members of the Class, with all
parties to bear their own costs except as provided herein.

     7. All individual,  class and derivative claims,  rights,  demands,  suits,
matters,  issues,  actions,  or  causes  of  action,  by or  on  behalf  of  the
plaintiffs,  the Class,  Triarc and any of its shareholders  (collectively,  the
"Releasors")  against the defendants  (including  all persons  formerly named as
defendants) and any of their respective  present or former officers,  directors,
stockholders, employees, agents, attorneys, representatives, advisors, financial
advisors, lenders, insurers, affiliates, parents, subsidiaries,  heirs, personal
representatives, estates, administrators,  predecessors, successors, and assigns
(collectively, the "Releasees"),  whether known or unknown, under state, federal
or other law,  including but not limited to the federal  securities  laws,  that
were  asserted  or could have been  asserted  in the  Action,  arising out of or
relating to the subject  matter of the Action,  including,  without  limitation,
allegations of breaches of fiduciary duty or misrepresentation  and/or omissions
in connection  with (i) Triarc's 1994 Proxy  Statement  circulated,  among other
things, to obtain shareholder approval of amendments to the Equity Participation
Plan, and (ii) approving  subsequent grants of options and other compensation to
Nelson Peltz and Peter May in addition to the Performance Options (including but
not  limited  to  cash  bonuses  awarded  in  August  1996)  and  disclosure  or
nondisclosure  relating thereto (the "Released Claims") are hereby  compromised,
settled, released, discharged, and dismissed with prejudice.

     8. Triarc,  members of the Class, and all shareholders of Triarc are hereby
forever  enjoined from commencing or prosecuting any action asserting any of the
Released   Claims,   whether   directly,   derivatively,   individually,   as  a
representative, or in any other capacity.

     9. This Judgment shall be final and conclusive with respect to the Released
Claims.

     10. Attorneys' fees in the aggregate amount of _______ and reimbursement of
costs and  expenses  in the  aggregate  amount of  $___________  are  awarded to
counsel for plaintiffs in the Action payable to Wolf Popper LLP on behalf of all
plaintiffs in accordance with the terms of the Stipulation, which sums the Court
finds to be fair and reasonable.

                                          -----------------------------
                                          Vice Chancellor

Dated: ___________, 2000

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