Document:

Exhibit 10.2

                       EMPLOYMENT AGREEMENT

      This EMPLOYMENT AGREEMENT is made as of May 1, 1999 (the
"Effective Date"), by and between TRIARC COMPANIES, INC., a Delaware
corporation (the "Corporation"), and Peter W. May (the "Executive").

      The  Corporation,  on  behalf of itself  and its  shareholders,  wishes to
continue to retain the  Executive as an integral  part of the  management of the
Corporation.

      IT IS, THEREFORE, AGREED:

      1.  Term  of  Agreement.  This  Agreement  shall  be  effective  as of the
Effective  Date and,  subject  to  Section  6,  expire  on April  30,  2004 (the
"Employment Period"); provided that the Employment Period shall automatically be
extended for successive one-year periods on May 1 of each year unless, not later
than 180 days preceding the date of any such  extension,  either party gives the
other party written  notice (in  accordance  with Section 12(b)) of such party's
intention not to further extend the Employment Period.

      2.    Change of Control.  For the purpose of this Agreement, a
"Change of Control" shall be deemed to have taken place if:

            A.    Individuals who, on the date hereof, constitute the Board
                  of Directors (the "Board") of the Corporation (the
                  "Incumbent Directors") cease for any reason to constitute
                  at least a majority of the Board, provided that any person
                  becoming a director subsequent to the date hereof, whose
                  election or nomination for election was approved by a
                  vote of at least two-thirds of the Incumbent Directors then
                  on the Board (either by a specific vote or by approval of
                  the proxy statement of the Corporation in which such
                  person is named as a nominee for director, without written
                  objection to such nomination) shall be an Incumbent
                  Director; provided, however, that no individual initially
                  elected or nominated as a director of the Corporation as a
                  result of an actual or threatened election contest with
                  respect to directors or as a result of any other actual or
                  threatened solicitation of proxies or consents by or on
                  behalf of any person other than the Board shall be deemed
                  to be an Incumbent Director;

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            B.    Any "Person" (as such term is defined in Section 3(a)(9)
                  of the Securities Exchange Act of 1934 (the "Exchange
                  Act") and as used in Sections 13(d)(3) and 14(d)(2) of the
                  Exchange Act) is or becomes a "beneficial owner" (as
                  defined in Rule 13d-3 under the Exchange Act), directly
                  or indirectly, of securities of the Corporation representing
                  50% or more of the combined voting power of the
                  Corporation's then outstanding securities eligible to vote
                  for the election of the Board (the "Voting Securities");
                  provided, however, that the event described in this
                  paragraph B. shall not be deemed to be a Change in
                  Control by virtue of any of the following acquisitions: (i)
                  by the Corporation or any subsidiary of the Corporation in
                  which the Corporation owns more than 50% of the
                  combined voting power of such entity (a "Subsidiary"),
                  (ii) by any employee benefit plan (or related trust)
                  sponsored or maintained by the Corporation or any
                  Subsidiary, (iii) by any underwriter temporarily holding
                  the Corporation's Voting Securities pursuant to a public
                  offering of such Voting Securities, (iv) pursuant to a Non-
                  Qualifying Transaction (as defined in paragraph C
                  immediately below), (v) pursuant to any acquisition by
                  Executive or by any Person which is an "affiliate" (within
                  the meaning of 17 C.F.R.ss.230.405) of Executive, or (vi)
                  pursuant to any acquisition by any Person as to which
                  Executive and Nelson Peltz, acting as a "group" (within
                  the meaning of Section 14(d)(2) of the Exchange Act), are
                  affiliates (an "Excluded Person");

            C.    The consummation of a merger, consolidation, statutory
                  share exchange or similar form of corporate transaction
                  involving the Corporation or any of its Subsidiaries that
                  requires the approval of the Corporation's stockholders,
                  whether for such transaction or the issuance of securities
                  in the transaction (a "Business Combination"), unless
                  immediately following such Business Combination:  (i)
                  more than 50% of the total voting power of (A) the
                  corporation resulting from such Business Combination
                  (the "Surviving Corporation"), or (B) if applicable, the
                  ultimate parent corporation that directly or indirectly has
                  beneficial ownership of 100% of the voting securities
                  eligible to elect directors of the Surviving Corporation
                  (the "Parent Corporation"), is represented by the
                  Corporation's Voting Securities that were outstanding
                  immediately prior to such Business Combination (or, if

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                  applicable,   is   represented   by  shares   into  which  the
                  Corporation's  Voting  Securities  were converted  pursuant to
                  such  Business  Combination),  and such voting power among the
                  holders thereof is in substantially the same proportion as the
                  voting power of the Corporation's  Voting Securities among the
                  holders thereof immediately prior to the Business Combination,
                  (ii) no Person  (other than (A) any employee  benefit plan (or
                  related  trust)  sponsored  or  maintained  by  the  Surviving
                  Corporation  or the  Parent  Corporation  or  (B) an  Excluded
                  Person)  is or  becomes  the  beneficial  owner,  directly  or
                  indirectly,  of 50% or more of the total  voting  power of the
                  outstanding  voting securities  eligible to elect directors of
                  the Parent Corporation (or, if there is no Parent Corporation,
                  the  Surviving  Corporation)  and (iii) at least a majority of
                  the  members  of  the  board  of   directors   of  the  Parent
                  Corporation  (or,  if  there  is no  Parent  Corporation,  the
                  Surviving  Corporation)  following  the  consummation  of  the
                  Business  Combination were Incumbent  Directors at the time of
                  the Board's approval of the execution of the initial agreement
                  providing   for  such  Business   Combination   (any  Business
                  Combination  which satisfies all of the criteria  specified in
                  (i),   (ii)  and  (iii)   above   shall  be  deemed  to  be  a
                  "Non-Qualifying Transaction");

            D.    A sale of all or substantially all of the Corporation's
                  assets, other than to an Excluded Person;

            E.    The stockholders of the Corporation approve a plan of
                  complete liquidation or dissolution of the Corporation; or

            F.    Such other events as the Board may designate.

      Notwithstanding  the  foregoing,  a Change in Control of the Company shall
not be deemed to occur solely because any person acquires  beneficial  ownership
of more  than 50% of the  Corporation's  Voting  Securities  as a result  of the
acquisition of the  Corporation's  Voting  Securities by the  Corporation  which
reduces the number of the Corporation's Voting Securities outstanding; provided,
that if after such  acquisition  by the  Corporation  such  person  becomes  the
beneficial owner of additional  Corporation Voting Securities that increases the
percentage of outstanding  Corporation  Voting Securities  beneficially owned by
such person, a Change in Control of the Corporation shall then occur.

      3.    Employment Period.  The Corporation hereby agrees to continue
Executive in its employ for the Employment Period.

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      4.    Position and Duties.

            A.    As of the date hereof, Executive is employed as President
                  and Chief Operating Officer of the Corporation, and as
                  such Executive is responsible for oversight and
                  management of all operations and activities of the
                  Corporation.  Executive shall report to the Chief
                  Executive Officer of the Corporation and the Board.
                  During the Employment Period, Executive's position
                  (including status, offices, titles and reporting
                  requirements), authority, duties and responsibilities shall
                  be consistent with those of the President and Chief
                  Operating Officer of a publicly traded corporation.
                  Executive's services shall be performed primarily at the
                  executive offices of the Corporation located in New York
                  City, subject to reasonable travel requirements.

            B.    Excluding periods of vacation, sick leave and disability to
                  which Executive is entitled, Executive agrees to devote
                  reasonable attention and time during normal business
                  hours to the business and affairs of the Corporation and,
                  to the extent necessary to discharge the responsibilities
                  assigned to Executive hereunder, to use Executive's
                  reasonable best efforts to perform faithfully and efficiently
                  such responsibilities.  Executive may (i) serve on
                  corporate, civic, educational, philanthropic or charitable
                  boards or committees, (ii) deliver lectures, fulfill speaking
                  engagements or teach at educational institutions and (iii)
                  manage personal investments, so long as such activities do
                  not significantly interfere with the performance of
                  Executive's responsibilities hereunder.  It is expressly
                  understood and agreed that to the extent that any such
                  activities have been conducted by Executive prior to a
                  Change in Control, the continued conduct of such
                  activities (or the conduct of activities similar in nature and
                  scope thereto) subsequent to the Change in Control shall
                  not thereafter be deemed to interfere with the performance
                  of Executive's responsibilities to the Corporation.

      5.    Compensation.

            A.    Base Salary.  During the Employment Period, as
                  consideration for services rendered, the Corporation shall
                  pay to Executive a base salary at an annual rate at equal to
                  $1,200,000 for each year of the Employment Period, as

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                  adjusted  as  described  in  the  following   sentence  ("Base
                  Salary"), payable in accordance with the regular pay policy of
                  the Corporation. During the Employment Period, Base Salary may
                  be  increased,  but not  decreased,  at the  discretion of the
                  Board or the Compensation  Committee thereof.  Any increase in
                  Base  Salary  shall  not  serve to limit or  reduce  any other
                  obligation to Executive under this Agreement. Executive's Base
                  Salary may not be reduced after any such increase.

            B.    Bonus and Incentive Programs.  Executive shall (without
                  duplication) receive an annual bonus in respect of each
                  fiscal year of the Corporation (a "Fiscal Year") ending
                  during the Employment Period, at least equal to the bonus
                  amount actually earned by Executive for such fiscal year
                  under the Corporation's 1999 Executive Bonus Plan, as it
                  may hereinafter be amended, modified or superseded or
                  supplemented by another bonus plan sponsored by the
                  Corporation or any affiliated company; provided that the
                  Board (including the Compensation Committee thereof)
                  may award Executive additional bonus amounts in its
                  discretion (the aggregate of such bonus amounts being
                  referred to hereunder as the "Bonus").  In addition to the
                  Base Salary and Bonus payable as hereinabove provided,
                  Executive shall be entitled to participate during the
                  Employment Period in all incentive programs (whether
                  cash or equity based, or otherwise), savings, pension,
                  profit sharing and retirement plans and programs
                  applicable to other key executives of the Corporation.  In
                  no event shall such plans and programs, in the aggregate,
                  provide Executive following a Change in Control with
                  compensation, benefits and reward opportunities less
                  favorable than the most favorable of those provided by the
                  Corporation and its subsidiaries for Executive under such
                  plans and programs as in effect at any time during the
                  ninety-day period immediately preceding the Change in
                  Control or, if more favorable to Executive, as provided at
                  any time thereafter with respect to any other key
                  executive.

            C.    Welfare Benefit Plans.  During the Employment Period,
                  Executive and/or Executive's family, as the case may be,
                  shall be eligible for participation in and shall receive all
                  benefits under each welfare benefit plan of the
                  Corporation, including, without limitation, all medical,

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                  prescription,  dental, disability,  salary continuance,  life,
                  accidental  death  and  travel  accident  insurance  plan  and
                  programs of the Corporation and its affiliated  companies.  In
                  no event  shall such  plans and  programs,  in the  aggregate,
                  provide Executive  following a Change in Control with benefits
                  less  favorable  than the most  favorable of those provided by
                  the  Corporation  and its  affiliated  companies for Executive
                  under such plans and  programs as in effect at any time during
                  the  ninety-day  period  immediately  preceding  the Change in
                  Control or, if more favorable to Executive, as provided at any
                  time thereafter with respect to any other key executive.

            D.    Expenses.  During the Employment Period, Executive
                  shall be entitled to receive prompt reimbursement for all
                  reasonable expenses incurred by Executive in the
                  performance of his duties hereunder, subject to the
                  submission of such written documentation as the
                  Corporation may reasonably require in accordance with its
                  standard expense reimbursement practices and policies.

            E.    Office and Support Staff.  During the Employment Period,
                  Executive shall be entitled to an office and secretarial and
                  other assistance consistent with his position.  For five
                  years following a Change in Control, Executive shall be
                  entitled to an office or offices of a size and with
                  furnishings and other appointments, and to secretarial and
                  other assistance, at least equal to those provided to
                  Executive at any time during the ninety-day period
                  immediately preceding the Change in Control, or, if more
                  favorable to Executive, as provided at any time thereafter
                  with respect to any other key executive.

            F.    Vacation.  During the Employment Period, Executive
                  shall be entitled to six weeks per year of paid vacation.

            G.    Perquisites.  During the Employment Period, Executive
                  shall be entitled to (i) be provided a driver of Executive's
                  choice, at the Corporation's cost, (ii) have a new
                  automobile of Executive's choice provided to him by the
                  Corporation at the Corporation's cost (and to have such
                  automobile replaced with a new one once it is three years
                  old), and be provided reimbursement for expenses
                  incurred by Executive in maintaining such automobile,
                  including parking, gasoline, insurance and maintenance,

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                  (iii)  reimbursement for tax, estate,  financial  planning and
                  accounting  services from entities or individuals  selected by
                  Executive,  up to a maximum of $50,000 per year,  and (iv) the
                  use of aircraft  owned,  rented or leased by the  Corporation.
                  The Corporation  shall report the taxable portion of the above
                  in accordance  with  applicable  rules and  regulations of the
                  Internal Revenue Service. The Corporation acknowledges that it
                  is making available the use of Corporation  aircraft  pursuant
                  to clause  (iv)  above  primarily  to ensure  the  safety  and
                  security of Executive for the benefit of the Corporation,  and
                  the Corporation encourages Executive to use such aircraft when
                  he travels,  irrespective  of whether such travel is primarily
                  for personal or business purposes.

            H.    Life Insurance.  The Executive will cooperate in assisting the
                  Corporation  in obtaining a key man life  insurance  policy on
                  the life of Executive, the beneficiary of which shall be named
                  by  the  Corporation,   including   completing  all  necessary
                  application  materials and  submitting to one or more physical
                  examinations with a physician of the Corporation's choice.

      6.    Termination.  This Agreement shall terminate under the
following circumstances:

            A.    Death or Disability.  This Agreement and the Employment
                  Period shall terminate automatically upon Executive's
                  death.  The Corporation may terminate this Agreement,
                  after having established Executive's Disability (pursuant
                  to the definition of "Disability" set forth below), by giving
                  to Executive written notice of its intention to terminate
                  Executive's employment.  In such a case, Executive's
                  employment with the Corporation shall terminate effective
                  on the 180th day after receipt of such notice (the
                  "Disability Effective Date"), provided that, within 180
                  days after such receipt, Executive shall not have returned
                  to full performance of Executive's duties.  For purposes
                  of this Agreement, "Disability" means personal injury,
                  illness or other cause which, after the expiration of not
                  less than 180 days after its commencement, renders
                  Executive unable to perform his duties with substantially
                  the same level of quality as immediately prior to such
                  incident and such disability is determined to be total and
                  permanent by a physician selected by the Corporation or

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                  its insurers and acceptable to Executive or Executive's  legal
                  representative  (such agreement as to acceptability  not to be
                  withheld unreasonably).

            B.    With or Without Cause.  The Corporation may terminate
                  Executive's employment with or without "Cause."  The
                  Employment Period shall immediately end upon a
                  termination by the Corporation with Cause.  For purposes
                  of this Agreement, "Cause" means (i) the willful and
                  continued failure of Executive to perform substantially his
                  duties with the Corporation (other than any such failure
                  resulting from Executive's incapacity due to physical or
                  mental illness or any such failure subsequent to Executive
                  being delivered a Notice of Termination without Cause by
                  the Corporation or delivering a Notice of Termination for
                  Good Reason to the Corporation) after a written demand
                  for substantial performance is delivered to Executive by
                  the Board which specifically identifies the manner in
                  which the Board believes that Executive has not
                  substantially performed Executive's duties and Executive
                  has failed to cure such failure to the reasonable
                  satisfaction of the Board, (ii) the willful engaging by
                  Executive in gross misconduct which results in substantial
                  damage to the Corporation or its affiliates, or (iii)
                  Executive's conviction (by a court of competent
                  jurisdiction, not subject to further appeal) of, or pleading
                  guilty to, a felony.  For purpose of this paragraph B, no
                  act or failure to act by Executive shall be considered
                  "willful" unless done or omitted to be done by Executive
                  in bad faith and without reasonable belief that Executive's
                  action or omission was in the best interests of the
                  Corporation or its affiliates.  Any act, or failure to act,
                  based upon authority given pursuant to a resolution duly
                  adopted by the Board or based upon the advice of counsel
                  for the Corporation shall be conclusively presumed to be
                  done, or omitted to be done, by Executive in good faith
                  and in the best interests of the Corporation.  Cause shall
                  not exist unless and until the Corporation has delivered to
                  Executive, along with the Notice of Termination for
                  Cause, a copy of a resolution duly adopted by three-
                  quarters (3/4) of the entire Board (excluding Executive if
                  Executive is a Board member) at a meeting of the Board
                  called and held for such purpose (after reasonable notice
                  to Executive and an opportunity for Executive, together
                  with counsel, to be heard before the Board), finding that

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                  in the good  faith  opinion of the Board an event set forth in
                  clauses  (i) - (iii) above has  occurred  and  specifying  the
                  particulars thereof in detail. The Board must notify Executive
                  of any  event  constituting  Cause  within  ninety  (90)  days
                  following the Board's knowledge of its existence or such event
                  shall not constitute Cause under this Agreement.

            C.    With or Without Good Reason.  Executive's employment
                  may be terminated by Executive with or without Good
                  Reason.  The Employment Period shall immediately end
                  upon a termination by Executive without Good Reason.
                  For purposes of this Agreement, "Good Reason" means:

                  (i)   (a) any change in the duties or responsibilities
                        (including reporting responsibilities) of Executive
                        that is inconsistent in any material and adverse
                        respect with Executive's position(s), duties,
                        responsibilities or status with the Corporation
                        immediately prior to the Effective Date (including
                        any material and adverse diminution of such duties
                        or responsibilities); provided, however, that Good
                        Reason shall not be deemed to occur upon a
                        change in duties or responsibilities (other than
                        reporting responsibilities) that is solely and directly
                        a result of the Corporation no longer being a
                        publicly traded entity and does not involve any
                        other event set forth in this paragraph C or (b) a
                        material and adverse change in Executive's titles or
                        offices (including his position as President and
                        Chief Operating Officer) with the Corporation;

                  (ii)  any failure by the Corporation to comply with any
                        of the provisions of Section 5 of this Agreement;

                  (iii) the Corporation  requiring  Executive to be based at any
                        office or location  other than that described in Section
                        4.A.  hereof,  or  requiring  Executive to travel in the
                        performance of his duties significantly more extensively
                        than the customary  travel  requirements of Executive as
                        of the Effective Date;

                  (iv)  any purported termination by the Corporation of
                        Executive's employment otherwise than as
                        permitted by this Agreement, it being understood

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                        that any such purported termination shall not be
                        effective for any purpose of this Agreement; or

                  (v)   any  failure  by the  Corporation  to  comply  with  and
                        satisfy  Section  11.C of this  Agreement by causing any
                        successor to the  Corporation  to  expressly  assume and
                        agree to perform this Agreement with  Executive,  to the
                        full extent set forth in said Section 11.C;

provided  that a  termination  by Executive  with Good Reason shall be effective
only if, within 30 days  following the delivery of a Notice of  Termination  for
Good Reason by Executive to the Corporation,  the Corporation has failed to cure
the circumstances  giving rise to Good Reason to the reasonable  satisfaction of
Executive.  For purposes of this Section 6.C, a good faith determination made by
Executive that a "Good Reason" for  termination  has occurred,  and has not been
adequately cured, shall be conclusive and binding. In addition to the above, any
termination by Executive for any reason on or after a Change of Control shall be
deemed to be a termination with Good Reason.

            D.    Expiration of the Employment Period.  This Agreement
                  shall terminate upon the expiration of the Employment
                  Period due to the Corporation's giving to Executive a
                  written notice of intention not to extend the Employment
                  Period in accordance with Section 1.

            E.    Notice of Termination.  Any termination by the
                  Corporation with or without Cause or by Executive with
                  or without Good Reason shall be communicated by Notice
                  of Termination to the other party hereto given in
                  accordance with Section 12.B of this Agreement.  For
                  purposes of this Agreement, a "Notice of Termination"
                  means a written notice which (i) indicates the specific
                  termination provision in this Agreement relied upon, (ii)
                  sets forth in reasonable detail the facts and circumstances
                  claimed to provide a basis for termination of Executive's
                  employment under the provision so indicated and (iii) if
                  the termination date is other than the date of receipt of
                  such notice specifies the proposed termination date.

      7.    Obligations of the Corporation Upon Termination.

            A.    Death.  If Executive's employment is terminated by
                  reason of Executive's death, the Corporation shall:

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                  a.    pay Executive's estate, in a lump sum in cash
                        within 30 days after the date of death, the amounts
                        described in clauses a and d of Section 7.D.;

                  b.    pay Executive's estate the amounts described in
                        clauses b and c of Section 7.D. at the time or times
                        determined by the Corporation, but in no event
                        less rapidly than five substantially equal annual
                        installments beginning no later than 30 days after
                        the date of death;

                  c.    pay  Executive's  estate,  in a lump  sum in cash at the
                        time  Executive  would have been entitled to receive his
                        Bonus for the Fiscal Year in which his death  occurs,  a
                        pro-rata Bonus for such Fiscal Year equal to the product
                        of  X *  Y  (such  product  referred  to  below  as  the
                        "Pro-Rata Bonus"), where:

                        X =   the greatest of (a) the largest Bonus paid to
                              Executive in respect of the two Fiscal
                              Years preceding the date of termination;
                              provided that the Bonus paid to Executive
                              in respect of the 1999 Fiscal Year pursuant
                              to the Corporation's 1999 Executive Bonus
                              Plan shall be annualized for this purpose
                              (the "Look-Back Bonus"), (b) the Bonus
                              which would have been paid to Executive
                              in respect of the Fiscal Year in which
                              termination occurs if the Corporation
                              attained its budgeted financial performance,
                              and accomplished any other targeted goals,
                              for such year, as reasonably determined by
                              the Compensation Committee of the Board
                              (the "Target Bonus"), or (c) the Bonus
                              which would have been paid to Executive
                              in respect of the Fiscal Year in which
                              termination occurs based on the
                              Corporation's actual performance, and
                              actual accomplishment of any other targeted
                              goals, as reasonably determined by the
                              Compensation Committee of the Board (the
                              "Actual Bonus," and the greatest of (a), (b)
                              and (c) the "Highest Bonus"); and

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                        Y     =  the  number  of  days   elapsed  in  such  year
                              preceding the date of termination divided by 365;

                  d.    pay Executive's estate, within 30 days after the
                        date of death, the amount described in clause (iv)
                        of the first sentence of the second to last paragraph
                        of Section 7.D.;

                  e.    provide those death benefits to which Executive is
                        entitled at the date of Executive's death under any
                        death benefit plans, policies or arrangements of the
                        Corporation which, following a Change in
                        Control, shall be at least comparable to those in
                        effect at any time during the ninety-day period
                        immediately preceding the Change in Control or, if
                        more favorable to Executive and/or Executive's
                        designees, as in effect on the date of Executive's
                        death with respect to other key executives and their
                        designees; and

                  f.    provide to Executive's  family the welfare benefits,  or
                        payment in lieu of welfare benefits, described in clause
                        (iii) of the first sentence, and the second sentence, of
                        the second to last paragraph of Section 7.D.

                  In addition,  upon a  termination  of Executive in  accordance
                  with this Section 7.A:

                  g.    all non-vested stock options, and any other non-
                        vested stock or stock-based awards issued by the
                        Corporation or any subsidiary of the Corporation,
                        shall immediately become fully vested, non-
                        forfeitable and exercisable; provided that, in the
                        case of options or awards granted by Triarc
                        Beverage Holdings Corp. ("TBHC"), this clause g.
                        shall not be operative unless and until such vesting
                        would not constitute a default or an event of
                        default, or result in a mandatory prepayment
                        requirement, under the terms of any agreement for
                        indebtedness for borrowed money (each, a
                        "Financing Limitation"); and

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                  h.    all Executive's stock options (A) granted on or
                        after February 24, 2000 by the Corporation or any
                        of its subsidiaries, or (B) granted by the
                        Corporation before February 24, 2000 (including
                        those previously vested) if the exercise price
                        thereof is greater than the closing price of the
                        Corporation's common stock on the New York
                        Stock Exchange on February 24, 2000, shall
                        remain exercisable until the earlier of (i) one year
                        following termination or (ii) their respective stated
                        expiration dates; provided that in the case of
                        options or awards described in subclause (A) of
                        this clause h. which are granted by TBHC, this
                        clause h. shall be subject to any applicable
                        Financing Limitation.

            B.    Disability.  If Executive's employment is terminated by
                  reason of Executive's disability, the Corporation shall:

                  a.    pay Executive, in a lump sum in cash within 30
                        days following the Disability Effective Date, the
                        amounts described in clauses a and d of Section
                        7.D.;

                  b.    pay Executive's estate the amounts described in
                        clauses b and c of Section 7.D. at the time or times
                        determined by the Corporation, but in no event
                        less rapidly than substantially equal annual
                        installments beginning no later than 30 days after
                        the Disability Effective Date;

                  c.    pay Executive the Pro-Rata  Bonus for the Fiscal Year in
                        which the Disability  Effective Date occurs,  to be paid
                        to Executive in a lump sum in cash at the time Executive
                        would have been  entitled  to receive his Bonus for such
                        Fiscal Year;

                  d.    pay Executive, within 30 days after the Disability
                        Effective Date, the amount described in clause (iv)
                        of the first sentence of the second to last paragraph
                        of Section 7.D.;

                  e.    provide those disability benefits to which
                        Executive is entitled at the Disability Effective
                        Date under any disability benefit plans, policies or

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                        arrangements  of  the  Corporation  which,  following  a
                        Change in Control, shall be at least comparable to those
                        in  effect  at any time  during  the  ninety-day  period
                        immediately  preceding the Change in Control or, if more
                        favorable to Executive and/or Executive's designees,  as
                        in effect on the Disability  Effective Date with respect
                        to other key executives and their designees; and

                  f.    provide to Executive and his family the benefits, or
                        payment in lieu of benefits, described in clause (iii)
                        of the first sentence, and the second sentence, of
                        the second to last paragraph of Section 7.D.

                  In addition,  upon a  termination  of Executive in  accordance
                  with this Section 7.B:

                  g.    all non-vested stock options, and any other non-
                        vested stock or stock-based awards issued by the
                        Corporation or any subsidiary of the Corporation,
                        shall immediately become fully vested, non-
                        forfeitable and exercisable; provided that, in the
                        case of options or awards granted by TBHC, this
                        clause g. shall be subject to any applicable
                        Financing Limitation; and

                  h.    all Executive's stock options (A) granted on or
                        after February 24, 2000 by the Corporation or any
                        of its subsidiaries, or (B) granted by the
                        Corporation before February 24, 2000 (including
                        those previously vested) if the exercise price
                        thereof is greater than the closing price of the
                        Corporation's common stock on the New York
                        Stock Exchange on February 24, 2000, shall
                        remain exercisable until the earlier of (i) one year
                        following termination or (ii) their respective stated
                        expiration dates; provided that in the case of
                        options or awards described in subclause (A) of
                        this clause h. which are granted by TBHC, this
                        clause h. shall be subject to any applicable
                        Financing Limitation.

            C.    Cause or Without Good Reason.  If Executive's
                  employment shall be terminated (i) by the Corporation
                  with Cause, or (ii) by Executive without Good Reason,

<PAGE>

                  the  Corporation  shall pay Executive his Base Salary  through
                  the date of  termination  and any accrued  vacation  pay,  and
                  shall  have no further  obligations  to  Executive  under this
                  Agreement.

            D.    Without Cause or With Good Reason.  If Executive's  employment
                  shall be terminated (i) by the  Corporation  without Cause, or
                  (ii) by Executive with Good Reason,  the Corporation shall pay
                  to  Executive in a lump sum in cash within ten (10) days after
                  the  date  of  termination  the  aggregate  of  the  following
                  amounts:

                  a.    to the extent not theretofore paid, Executive's Base
                        Salary through the date of termination plus any
                        Bonus amounts which have become payable and
                        any accrued vacation pay;

                  b.    Executive's Base Salary for the remainder of the
                        Employment Period;

                  c.    five times the Highest Bonus; provided that, for
                        this purpose, the Highest Bonus shall be calculated
                        using only the Look-Back Bonus and the Target
                        Bonus; and

                  d.    five  times the sum of  employer  contributions  paid or
                        accrued  on  Executive's  behalf  to  any  qualified  or
                        nonqualified  defined   contribution   retirement  plans
                        during   the   calendar   year   immediately   preceding
                        termination.

                        In  addition,   upon  a  termination   of  Executive  in
                  accordance  with this Section 7.D, the  Corporation  shall (i)
                  pay Executive the Pro-Rata  Bonus for the Fiscal Year in which
                  the termination date occurs, to be paid to Executive in a lump
                  sum in cash at the time Executive  would have been entitled to
                  receive  his Bonus for such  Fiscal  Year,  (ii) if the Actual
                  Bonus  for the  Fiscal  Year in  which  the  termination  date
                  occurs,  as calculated  following the end of such Fiscal Year,
                  exceeds the Highest Bonus as  determined  in  accordance  with
                  clause c.  immediately  above,  pay  Executive  five times the
                  amount by which such Actual Bonus  exceeds such Highest  Bonus
                  in a lump sum in cash at the time  Executive  would  have been
                  entitled  to receive  his Bonus for such  Fiscal  Year;  (iii)
                  continue to

<PAGE>

                  provide  welfare  benefits to Executive and his family for the
                  remainder  of the  Employment  Period at least  equal to those
                  which were being  provided to them in accordance  with Section
                  5.C at any time within the six-month period ending on the date
                  of termination and (iv) credit  Executive with five additional
                  years of age and service under each qualified and nonqualified
                  defined  benefit  pension  plan of the  Corporation  in  which
                  Executive  participates at the time of  termination;  provided
                  that in the case of a qualified  defined benefit pension plan,
                  the present value of the additional  benefit  Executive  would
                  have  accrued  if he had been  credited  with such  additional
                  years  of  age  and  service  (computed  using  the  actuarial
                  assumptions  used for  purposes of the most  recent  actuarial
                  report in  respect of such plan) will be paid in a lump sum in
                  cash within  thirty  (30) days after the date of  termination;
                  further  provided that, in computing such additional  benefit,
                  Executive  shall  be  deemed  to earn  compensation  for  such
                  additional  five-  year  period  at the  same  rate  as in the
                  calendar year immediately  preceding such termination.  To the
                  extent that the benefits  provided for in clause (iii) are not
                  permissible after termination of employment under the terms of
                  the  benefit  plans of the  Corporation  then in  effect,  the
                  Corporation  shall  pay to  Executive  in a lump  sum in  cash
                  within  thirty  (30)  days  after the date of  termination  an
                  amount equal to the  after-tax  cost to Executive of acquiring
                  on a non-group  basis,  for the  remainder  of the  Employment
                  Period,  those benefits lost to Executive  and/or  Executive's
                  family as a result of Executive's termination.

                  In addition,  upon a  termination  of Executive in  accordance
                  with  this   Section  7.D   (including   for  this  purpose  a
                  termination  at the  end of the  Employment  Period  following
                  delivery by the  Corporation  to  Executive of a notice not to
                  extend  the  Employment  Period  pursuant  to the  proviso  in
                  Section 1 hereof):

                  e.    all non-vested stock options,  and any other non- vested
                        stock or stock-based awards issued by the Corporation or
                        any  subsidiary of the  Corporation,  shall  immediately
                        become fully vested,  non-  forfeitable and exercisable;
                        provided  that, in the case of options or awards granted
                        by TBHC, this

<PAGE>

                        clause e. shall be subject to any applicable
                            Financing Limitation; and

                  f.    all Executive's stock options (A) granted on or
                        after February 24, 2000 by the Corporation or any
                        of its subsidiaries, or (B) granted by the
                        Corporation before February 24, 2000 (including
                        those previously vested) if the exercise price
                        thereof is greater than the closing price of the
                        Corporation's common stock on the New York
                        Stock Exchange on February 24, 2000, shall
                        remain exercisable until the earlier of (i) one year
                        following termination or (ii) their respective stated
                        expiration dates; provided that in the case of
                        options or awards described in subclause (A) of
                        this clause f. which are granted by TBHC, this
                        clause f. shall be subject to any applicable
                        Financing Limitation.

      8.  Non-Exclusivity of Rights.  Nothing in this Agreement shall prevent or
limit  Executive's  continuing or future  participation  in any benefit,  bonus,
incentive  (whether cash or equity based, or otherwise) or other plan or program
provided by the  Corporation  or any of its  affiliated  companies and for which
Executive may qualify,  nor shall anything herein limit or otherwise affect such
rights as Executive may have under any stock option or other agreements with the
Corporation  or  any of its  affiliated  companies.  Amounts  which  are  vested
benefits or which  Executive is otherwise  entitled to receive under any plan or
program of the  Corporation or any of its affiliated  companies at or subsequent
to the date on which  Executive's  employment is terminated  shall be payable in
accordance  with  such  plan  or  program.   Anything  herein  to  the  contrary
notwithstanding,  if Executive  becomes entitled to payments pursuant to Section
7.D hereof,  the Executive  agrees to waive payments under any severance plan or
program of the Corporation.

      9.    Noncompetition; Nondisclosure; Nonsolicitation.

            A.    Executive hereby covenants and agrees that, during the
                  period of Executive's employment with the Corporation
                  and for one year thereafter (the "Covenant Period"), he
                  shall not, without the prior written consent of the
                  Corporation, engage in Competition (as defined below)
                  with the Corporation.  For purposes of this Agreement, if
                  Executive takes any of the following actions he shall be
                  engaged in "Competition": engaging in or carrying on,
                  directly or indirectly, any enterprise, whether as an

<PAGE>

                  advisor,   principal,   agent,  partner,  officer,   director,
                  employee, stockholder,  associate or consultant to any person,
                  partnership, corporation or any other business entity, that is
                  principally  engaged  in any  business  operating  within  the
                  United  States  of  America,  which is  involved  in  business
                  activities which are the same as, similar to or in competition
                  with  the  principal  business  activities  carried  on by the
                  Corporation,  or being definitely  planned by the Corporation,
                  at the time of the termination of the Executive's  employment;
                  provided,  however,  that "Competition"  shall not include (i)
                  the passive  ownership of securities in any public  enterprise
                  and exercise of rights  appurtenant  thereto,  so long as such
                  securities  represent  no more than five percent of the voting
                  power  of all  securities  of  such  enterprise  or  (ii)  the
                  indirect  ownership of securities  through ownership of shares
                  in a registered investment company.

            B.    Executive shall not, without the Corporation's prior
                  written consent, disclose or use any non-public
                  confidential information of or relating to the Corporation,
                  whether disclosed to or learned by Executive during the
                  course of his employment or otherwise, so long as such
                  information is not publicly known or available, except for
                  such disclosures as are required by law or in connection
                  with Executive's performance of services to the
                  Corporation hereunder.  Executive further agrees that he
                  shall not make any statements at any time that disparage
                  the reputation of the Corporation or any of its affiliates.
                  For purposes of this Section 9, the term "affiliate" of the
                  Corporation means the Board, any and all Committees of
                  the Board (the "Committees") and any and all individual
                  members of either the Board or any of the Committees, in
                  their capacity as such, and any employee or officer of the
                  Corporation.

            C.    Executive hereby covenants and agrees that, during the
                  Covenant Period, he shall not attempt to influence,
                  persuade or induce, or assist any other person in so
                  influencing, persuading or inducing, (i) any customer of
                  the Corporation to give up, or to not commence, a
                  business relationship with the Corporation and (ii) if
                  Executive's employment was terminated by the
                  Corporation with Cause or by Executive without Good

<PAGE>

                  Reason,  any  employee of the  Corporation  (other than Nelson
                  Peltz) to cease such employment.

            D.    Executive agrees that all processes, technologies, designs
                  and inventions ("Inventions"), including new
                  contributions, improvements, ideas and discoveries,
                  whether patentable or not, conceived, developed, invented
                  or made by him during the Employment Period shall
                  belong to the Corporation, provided that such Inventions
                  grew out of Executive's work for the Corporation, are
                  related in any manner to the business (commercial or
                  experimental) of the Corporation or are conceived or
                  made on the Corporation's time or with the use of the
                  Corporation's facilities or materials.  Executive shall
                  further: (a) promptly disclose such Inventions to the
                  Corporation; (b) assign to the Corporation, without
                  additional compensation, all patent and other rights to
                  such Inventions for the United States and foreign
                  countries; (c) sign all papers necessary to carry out the
                  foregoing; and (d) give testimony in support of the status
                  of Executive as the inventor of such Inventions.
                  Executive agrees that he will not assert any rights to any
                  Invention as having been made or acquired by him prior to
                  the Effective Date, except for Inventions, if any, disclosed
                  to the Corporation in writing prior to the Effective Date.

            E.    Executive acknowledges and agrees that the remedy at law
                  available to the Corporation for breach of any of his
                  obligations under Section 9.A, B, C or D of this
                  Agreement would be inadequate, and that damages
                  flowing from such a breach may not readily be susceptible
                  to being measured in monetary terms.  Accordingly,
                  Executive acknowledges, consents and agrees that, in
                  addition to any other rights or remedies which the
                  Corporation may have at law, in equity or under this
                  Agreement, upon adequate proof of his violation of any
                  provision of Section 9 of this Agreement, the Corporation
                  shall be entitled to immediate injunctive relief and may
                  obtain a temporary order restraining any threatened or
                  further breach, without the necessity of proof of actual
                  damage.

<PAGE>

            F.    Executive acknowledges and agrees that the covenants set
                  forth in Section 9A, B, C and D of this Agreement are
                  reasonable and valid in geographical and temporal scope
                  and in all other respects.  If any of such covenants or such
                  other provisions of this Agreement are found to be invalid
                  or unenforceable by a final determination of a court of
                  competent jurisdiction (i) the remaining terms and
                  provisions hereof shall be unimpaired and (ii) the invalid
                  or unenforceable term or provision shall be deemed
                  replaced by a term or provision that is valid and
                  enforceable and that comes closest to expressing the
                  intention of the invalid or unenforceable term or
                  provision.

            G.    Executive understands that the provisions of Section 9A,
                  B, C and D of this Agreement may limit his ability to earn
                  a livelihood in a business similar to the business of the
                  Corporation but he nevertheless agrees and hereby
                  acknowledges that (i) such provisions do not impose a
                  greater restraint than is necessary to protect the goodwill
                  or other business interests of the Corporation, (ii) such
                  provisions contain reasonable limitations as to time and
                  scope of activity to be restrained, (iii) such provisions are
                  not harmful to the general public, (iv) such provisions are
                  not unduly burdensome to Executive, and (v) the
                  consideration provided hereunder is sufficient to
                  compensate Executive for the restrictions contained in
                  Section 9 of this Agreement.  In consideration of the
                  foregoing and in light of Executive's education, skills and
                  abilities, Executive agrees that he shall not assert that, and
                  it should not be considered that, any provisions of Section
                  9 otherwise are void, voidable or unenforceable or should
                  be voided or held unenforceable.

            H.    If  Executive  violates any of the  restrictions  contained in
                  Section 9A, B or C of this Agreement,  the restrictive  period
                  shall not run in favor of the  Executive  from the time of the
                  commencement  of any such  violation  until  such time as such
                  violation shall be cured by the Executive to the  satisfaction
                  of the Corporation.

<PAGE>

      10.   Certain Additional Payments by the Corporation.

            A.    If it is determined (as hereafter provided) that any
                  payment or distribution by the Corporation to or for the
                  benefit of Executive, whether paid or payable or
                  distributed or distributable pursuant to the terms of this
                  Agreement or otherwise pursuant to or by reason of any
                  other agreement, policy, plan, program or arrangement,
                  including without limitation any stock option, stock
                  appreciation right or similar right, or the lapse or
                  termination of any restriction on or the vesting or
                  exercisability of any of the foregoing (a "Payment"),
                  would be subject to the excise tax imposed by
                  Section 4999 of the Code (or any successor provision
                  thereto) or to any similar tax imposed by state or local
                  law, or any interest or penalties with respect to such
                  excise tax (such tax or taxes, together with any such
                  interest and penalties, are hereafter collectively referred to
                  as the "Excise Tax"), then Executive will be entitled to
                  receive an additional payment or payments (a "Gross-Up
                  Payment") in an amount such that, after payment by
                  Executive of all taxes (including any interest or penalties
                  imposed with respect to such taxes), including any Excise
                  Tax, imposed upon the Gross-Up Payment, Executive
                  retains an amount of the Gross-Up Payment equal to the
                  Excise Tax imposed upon the Payments.

            B.    Subject to the provisions of Section 10.F hereof, all
                  determinations required to be made under this Section 10,
                  including whether an Excise Tax is payable by Executive
                  and the amount of such Excise Tax and whether a Gross-
                  Up Payment is required and the amount of such Gross-Up
                  Payment, will be made by a nationally recognized firm of
                  certified public accountants (the "Accounting Firm")
                  selected by Executive in his sole discretion.  Executive
                  will direct the Accounting Firm to submit its
                  determination and detailed supporting calculations to both
                  the Corporation and Executive within 15 calendar days
                  after the date of the Change in Control or the date of
                  Executive's termination of employment, if applicable, and
                  any other such time or times as may be requested by the
                  Corporation or Executive.  If the Accounting Firm
                  determines that any Excise Tax is payable by Executive,
                  the Corporation will pay the required Gross-Up Payment
                  to Executive within five business days after receipt of such

<PAGE>

                  determination  and   calculations.   If  the  Accounting  Firm
                  determines  that no Excise  Tax is payable  by  Executive,  it
                  will, at the same time as it makes such determination, furnish
                  Executive  with an opinion that he has  substantial  authority
                  not to report  any  Excise Tax on his  federal,  state,  local
                  income  or  other  tax  return.   Any   determination  by  the
                  Accounting Firm as to the amount of the Gross-Up  Payment will
                  be binding upon the Corporation and Executive.  As a result of
                  the uncertainty in the application of Section 4999 of the Code
                  (or any successor  provision  thereto) and the  possibility of
                  similar  uncertainty  regarding  applicable state or local tax
                  law at the time of any  determination  by the Accounting  Firm
                  hereunder,  it is possible that Gross-Up  Payments  which will
                  not have been made by the  Corporation  should  have been made
                  (an "Underpayment"), consistent with the calculations required
                  to be  made  hereunder.  In the  event  that  the  Corporation
                  exhausts or fails to pursue its  remedies  pursuant to Section
                  10.F  hereof and  Executive  thereafter  is required to make a
                  payment  of  any  Excise  Tax,   Executive   will  direct  the
                  Accounting  Firm to determine  the amount of the  Underpayment
                  that has occurred and to submit its determination and detailed
                  supporting  calculations to both the Corporation and Executive
                  as  promptly  as  possible.  Any  such  Underpayment  will  be
                  promptly  paid by the  Corporation  to, or for the benefit of,
                  Executive  within  five  business  days after  receipt of such
                  determination and calculations.

            C.    The Corporation and Executive will each provide the
                  Accounting Firm access to and copies of any books,
                  records and documents in the possession of the
                  Corporation or Executive, as the case may be, reasonably
                  requested by the Accounting Firm, and otherwise
                  cooperate with the Accounting Firm in connection with
                  the preparation and issuance of the determination
                  contemplated by Section 10.B hereof.

            D.    The federal, state and local income or other tax returns filed
                  by Executive will be prepared and filed on a consistent  basis
                  with the  determination of the Accounting Firm with respect to
                  the  Excise  Tax  payable by  Executive.  Executive  will make
                  proper  payment of the amount of any  Excise  Tax,  and at the
                  request of the  Corporation,  provide to the Corporation  true
                  and correct copies (with any

<PAGE>

                  amendments) of his federal income tax return as filed with the
                  Internal Revenue Service and corresponding state and local tax
                  returns,  if  relevant,  as filed with the  applicable  taxing
                  authority,  and such other documents  reasonably  requested by
                  the  Corporation,  evidencing  such  payment.  If prior to the
                  filing  of   Executive's   federal   income  tax  return,   or
                  corresponding  state or local tax  return,  if  relevant,  the
                  Accounting  Firm  determines  that the amount of the  Gross-Up
                  Payment should be reduced, Executive will within five business
                  days pay to the Corporation the amount of such reduction.

            E.    The fees and expenses of the Accounting Firm for its
                  services in connection with the determinations and
                  calculations contemplated by Sections 10.B and D hereof
                  will be borne by the Corporation.  If such fees and
                  expenses are initially advanced by Executive, the
                  Corporation will reimburse Executive the full amount of
                  such fees and expenses within five business days after
                  receipt from Executive of a statement therefor and
                  reasonable evidence of his payment thereof.

            F.    Executive will notify the Corporation in writing of any
                  claim by the Internal Revenue Service that, if successful,
                  would require the payment by the Corporation of a Gross-
                  Up Payment.  Such notification will be given as promptly
                  as practicable but no later than 10 business days after
                  Executive actually receives notice of such claim and
                  Executive will further apprise the Corporation of the
                  nature of such claim and the date on which such claim is
                  requested to be paid (in each case, to the extent known by
                  Executive).  Executive will not pay such claim prior to the
                  earlier of (i) the expiration of the 30-calendar-day period
                  following the date on which he gives such notice to the
                  Corporation and (ii) the date that any payment of amount
                  with respect to such claim is due.  If the Corporation
                  notifies Executive in writing prior to the expiration of
                  such period that it desires to contest such claim, Executive
                  will:

                  (vi)  provide  the  Corporation  with any  written  records or
                        documents  in his  possession  relating  to  such  claim
                        reasonably requested by the Corporation;

<PAGE>

                  (vii) take such  action in  connection  with  contesting  such
                        claim as the  Corporation  will  reasonably  request  in
                        writing from time to time,  including without limitation
                        accepting  legal  representation  with  respect  to such
                        claim by an attorney competent in respect of the subject
                        matter and reasonably selected by the Corporation;

                  (viii)cooperate with the Corporation in good faith in
                        order effectively to contest such claim; and

                  (ix)  permit the Corporation to participate in any
                        proceedings relating to such claim;

                  provided,  however,  that the  Corporation  will  bear and pay
                  directly  all  costs  and  expenses  (including  interest  and
                  penalties)  incurred in connection  with such contest and will
                  indemnify and hold harmless Executive, on an after- tax basis,
                  for and  against  any  Excise  Tax or  income  tax,  including
                  interest  and  penalties  with respect  thereto,  imposed as a
                  result  of  such  representation  and  payment  of  costs  and
                  expenses.  Without  limiting the foregoing  provisions of this
                  Section 10.F,  the  Corporation  will control all  proceedings
                  taken in connection with the contest of any claim contemplated
                  by this Section  10.F and, at its sole  option,  may pursue or
                  forego  any  and  all  administrative  appeals,   proceedings,
                  hearings and conferences  with the taxing authority in respect
                  of such claim (provided that Executive may participate therein
                  at his own cost and  expense)  and may, at its option,  either
                  direct  Executive  to pay the tax claimed and sue for a refund
                  or contest the claim in any permissible  manner, and Executive
                  agrees to prosecute such contest to a determination before any
                  administrative  tribunal,  in a court of initial  jurisdiction
                  and in one or more appellate  courts,  as the Corporation will
                  determine;  provided, however, that if the Corporation directs
                  Executive  to pay the tax  claimed  and sue for a refund,  the
                  Corporation  will  advance  the  amount  of  such  payment  to
                  Executive on an  interest-free  basis and will  indemnify  and
                  hold  Executive  harmless,  on an  after-tax  basis,  from any
                  Excise Tax or income tax, including interest or penalties with
                  respect  thereto,  imposed with respect to such  advance;  and
                  provided further,  however,  that any extension of the statute
                  of limitations relating to payment of taxes for the

<PAGE>

                  taxable year of Executive  with respect to which the contested
                  amount  is  claimed  to be  due  is  limited  solely  to  such
                  contested amount.  Furthermore,  the Corporation's  control of
                  any such  contested  claim  will be  limited  to  issues  with
                  respect to which a Gross-Up Payment would be payable hereunder
                  and  Executive  will be entitled to settle or contest,  as the
                  case may be, any other issue  raised by the  Internal  Revenue
                  Service or any other taxing authority.

            G.    If, after the receipt by Executive of an amount advanced
                  by the Corporation pursuant to Section 10.F hereof,
                  Executive receives any refund with respect to such claim,
                  Executive will (subject to the Corporation's complying
                  with the requirements of Section 10.F hereof) promptly
                  pay to the Corporation the amount of such refund
                  (together with any interest paid or credited thereon after
                  any taxes applicable thereto).  If, after the receipt by
                  Executive of an amount advanced by the Corporation
                  pursuant to Section 10.F hereof, a determination is made
                  that Executive will not be entitled to any refund with
                  respect to such claim and the Corporation does not notify
                  Executive in writing of its intent to contest such denial or
                  refund prior to the expiration of 30 calendar days after
                  such determination, then such advance will be forgiven
                  and will not be required to be repaid and the amount of
                  such advance will offset, to the extent thereof, the amount
                  of Gross-Up Payment required to be paid pursuant to this
                  Section 10.

      11.   Successors.

            A.    This  Agreement is personal to Executive and without the prior
                  written consent of the Corporation  shall not be assignable by
                  Executive  otherwise  than by will or the laws of descent  and
                  distribution. This Agreement shall inure to the benefit of and
                  be enforceable by Executive's legal representatives.

            B.    This Agreement shall inure to the benefit of and be
                  binding upon the Corporation and its successors.

            C.    The Corporation will require any successor (whether
                  direct or indirect, by purchase, merger, consolidation or
                  otherwise) to all or substantially all of the business and/or

<PAGE>

                  assets of the  Corporation  to  expressly  assume and agree to
                  perform  this  Agreement  in the same  manner  and to the same
                  extent that the Corporation would be required to perform it if
                  no such succession had taken place. As used in this Agreement,
                  "Corporation"  shall  mean  the  Corporation  as  hereinbefore
                  defined and any  successor  to its business  and/or  assets as
                  aforesaid  which assumes and agrees to perform this  Agreement
                  by operation of law, or otherwise.

      12.   Miscellaneous.

            A.    This Agreement shall be governed by and construed in
                  accordance with the laws of the State of New York
                  without reference to principles of conflict of laws. The
                  parties hereto agree that exclusive jurisdiction of any
                  dispute regarding this Agreement shall be the state or
                  federal courts located in New York, New York.  The
                  Corporation shall directly pay the fees and expenses of
                  counsel and other experts retained by Executive in
                  enforcing this Agreement, as they may be incurred,
                  provided that Executive shall be required to reimburse the
                  Corporation for any amounts so paid unless at least one
                  material matter in dispute is decided in favor of
                  Executive.

            B.    In the event of any termination of Executive's employment
                  hereunder, Executive shall be under no obligation to seek
                  other employment or otherwise mitigate the obligations of
                  the Corporation under this Agreement, and there shall be
                  no offset against amounts due Executive under this
                  Agreement on account of amounts purportedly owing by
                  Executive to the Corporation.  Any amounts due to
                  Executive under this Agreement upon termination of
                  employment are considered to be reasonable by the
                  Corporation and are not in the nature of a penalty.

            C.    The  Corporation  will  indemnify  Executive,  to the  maximum
                  extent permitted by applicable law, against all costs, charges
                  and expenses  incurred or sustained by him in connection  with
                  any action, suit or proceeding to which he may be made a party
                  by reason of his being an officer, director or employee of the
                  Corporation   or  of  any   subsidiary  or  affiliate  of  the
                  Corporation.

<PAGE>

            D.    The captions of this Agreement are not part of the
                  provisions hereof and shall have no force or effect.

            E.    This Agreement may not be amended or modified
                  otherwise than by a written agreement executed by the
                  parties hereto or their respective successors and legal
                  representatives.

            F.    All notices  and other  communications  hereunder  shall be in
                  writing and shall be given by hand delivery to the other party
                  or by registered or certified mail, return receipt  requested,
                  postage  prepaid,  or by  facsimile or  nationally  recognized
                  overnight courier service, addressed as follows:

                                    If to Executive:

                                    Peter W. May
                                    895 Park Avenue
                                    New York, New York 10021
                                    Facsimile: (212) 472-9174

                                    If to the Corporation:

                                    Triarc Companies, Inc.
                                    280 Park Avenue
                                    New York, New York 10017
                                    Attention: General Counsel
                                    Facsimile: (212) 451-3216

                                    in either case, with a copy to:

                                    Paul, Weiss, Rifkind, Wharton &
                                    Garrison
                                    1285 Avenue of the Americas
                                    New York, New York    10019
                                    Attention: Neale M. Albert, Esq.
                                    Facsimile: (212) 757-3990

                  or to such other address as either party shall have  furnished
                  to the other in writing  in  accordance  herewith.  Notice and
                  communications  shall be effective  when actually  received by
                  the addressee.

<PAGE>

            G.    The invalidity or unenforceability of any provision of this
                  Agreement shall not affect the validity or enforceability of
                  any other provision of this Agreement.

            H.    The  Corporation  may withhold from any amounts  payable under
                  this Agreement such Federal,  state or local taxes as shall be
                  required to be  withheld  pursuant  to any  applicable  law or
                  regulation.

            I.    This Agreement contains the entire understanding of the
                  Corporation and Executive with respect to the subject
                  matter hereof.

      IN  WITNESS  WHEREOF,   Executive  has  hereunto  set  his  hand  and  the
Corporation  has caused this Agreement to be executed in its name on its behalf,
all as of the day and year first above written.

                              PETER W. MAY
                              --------------------------------------
                              Peter W. May

                              TRIARC COMPANIES, INC.

                              By:   BRIAN L. SCHORR
                                    ----------------------------------
                                    Name:   Brian L. Schorr
                                    Title:  Executive Vice President
                                            and General Counsel

<PAGE>Exhibit 10.3

            EMPLOYMENT AGREEMENT, made as of February 24, 2000 (the
"Effective Date"), between TRIARC COMPANIES, INC. ("Triarc") and John L.
Barnes, Jr. (the "Employee").

            1.    Employment, Duties and Acceptance

                  1.1.  Triarc  hereby  employs the  Employee,  for the Term (as
hereinafter  defined) to render exclusive and full-time  services to Triarc as a
senior  executive  officer of Triarc with the title of Executive  Vice President
and Chief Financial Officer and, in connection therewith, to perform such duties
commensurate  with such office,  as shall be assigned to him by the Chairman and
Chief Executive Officer or the President and Chief Operating Officer.

                  1.2. The Employee hereby accepts such employment and agrees to
render the exclusive,  full-time  services described above. The Employee further
agrees to accept  election and to serve during all or any part of the Term as an
officer,  director or  representative  of any subsidiary or affiliate of Triarc,
without any  compensation  therefor other than that specified in this Agreement.
Employee  may  (i)  serve  on  corporate,   civic,  professional,   educational,
philanthropic  or charitable  boards or committees and (ii) deliver  lectures or
fulfill speaking  engagements,  as long as such activities do not  significantly
interfere with the performance of Employee's responsibilities hereunder.

                  1.3.  The duties to be  performed  by the  Employee  hereunder
shall be performed primarily in New York, New York, subject to reasonable travel
requirements on behalf of Triarc. Triarc shall not relocate the Employee outside
of New York,  New York without his prior written  consent.  The Employee will be
entitled  to such  amounts  of paid  vacation  time  as are  comparable  to that
provided to other senior  executives of Triarc (but in any event,  not less than
four weeks per annum).

            2.    Term of Employment

                  The term of the  Employee's  employment  under this  Agreement
(the "Term") shall commence as of the Effective Date, and, subject to Section 4,
shall end on the third  anniversary of the Effective  Date;  provided,  however,
that the Term shall automatically be extended for successive one-year periods on
each annual  anniversary of the Effective  Date unless,  not later than 180 days
preceding  the date of any such  extension,  Triarc or the  Employee  shall have
given written  notice to the other party that it does not wish to further extend
the Term (the Term and,  unless the period of  employment is not so extended (as
provided for in the above proviso), such additional period(s) of employment, are
collectively referred to herein as the "Term"). Each successive 12 month period

<PAGE>

(commencing on the date hereof) during the Term of this Agreement is sometimes
referred to herein as a "Contract Year."

            3.    Compensation

                  3.1. During the Term,  Triarc agrees to pay to the Employee as
his salary (the  "Salary")  for the  services to be performed by him as provided
herein  compensation at the rate of $475,000 per year,  payable in equal monthly
installments or more frequently,  less such deductions or amounts to be withheld
as shall be required by applicable law and regulations. Triarc may increase, but
not decrease the Salary from time to time during the Term.

                  3.2. In addition to the  Salary,  the  Employee  shall also be
eligible during each of Triarc's  fiscal years (a "Fiscal Year")  throughout the
Term to receive bonuses from time to time as appropriate, in the sole discretion
of Triarc, and to participate in the 1999 Executive Bonus Plan. The aggregate of
such bonus  payments  with  respect to any such fiscal year shall be referred to
herein as that fiscal year's "Bonus".

                  3.3.  Triarc agrees to reimburse the Employee for or to pay at
the Employees' direction all expenses reasonably incurred by the Employee in the
course of performing  his duties under this  Agreement.  The Employee  agrees to
submit such written  documentation as Triarc may reasonably  request in order to
verify the  expenditure  of such funds or the  incurrence  of such  expenses  to
Triarc's reasonable  satisfaction,  the submission of which shall be a condition
of reimbursement for or payment of same.

                  3.4. The Employee shall be entitled to all rights and benefits
for which he shall be eligible under any long or short-term management incentive
plan  (whether  cash or equity  based,  or  otherwise),  retirement,  retirement
savings,  profit-sharing,  pension or welfare  benefit plan,  life,  disability,
health,  dental,  hospitalization  and other forms of  insurance,  and all other
so-called  "fringe" benefits or perquisites which Triarc shall from time to time
provide  for its senior  executives.  Without  limitation,  Triarc  shall,  with
respect  to  payments  made  under  this   Agreement,   make  maximum   matching
contributions  under Triarc's 401(k) plan to the extent  permitted by applicable
law and such plan.

                  3.5.  The  Employee  will  cooperate  in  assisting  Triarc in
obtaining  a key  man  life  insurance  policy  on the  life  of  Employee,  the
beneficiary  of  which  shall  be  named by  Triarc,  including  completing  all
necessary   application  materials  and  submitting  to  one  or  more  physical
examinations with a physician of Triarc's choice.

<PAGE>

            4.  Termination

                  4.1. If the Employee shall die during the Term, this Agreement
shall terminate,  except that the Employee's estate shall be entitled to receive
a lump sum payment in cash within 30 days of the date of death, of the following
amounts:

                  a.    to the extent not theretofore paid, Employee's then
                        current Salary through the date of termination plus
                        any Bonus amounts which have become payable and
                        any accrued vacation pay;

                  b.    two and  one-half  (2-1/2)  times  the  sum of  employer
                        contributions  paid or accrued on  Employee's  behalf to
                        any  qualified  or  nonqualified   defined  contribution
                        retirement  plans during the calendar  year  immediately
                        preceding termination.

                  In addition,  upon a termination of the Employee in accordance
with this Section 4.1,  Triarc  shall pay the  Employee's  estate at the time or
times   determined  by  Triarc,   but  in  no  event  less  rapidly  than  three
substantially  equal annual  installments  beginning no later than 30 days after
the date of death the following amounts:  (i) Employee's then current Salary for
the  remainder  of the Term  (but in no event  for  more  than two and  one-half
(2-1/2) years from the date of  termination)  and (ii) two and one-half  (2-1/2)
times the Bonus Amount (as hereinafter defined).  Furthermore,  upon termination
of the Employee in  accordance  with this Section 4.1,  Triarc shall (i) pay the
Employee's  estate,  in a lump sum in cash at the time the  Employee  would have
been  entitled  to  receive  his  Bonus for the  Fiscal  Year in which his death
occurs,  the Pro-Rata Bonus (as hereinafter  defined) for such Fiscal Year; (ii)
continue  to provide  welfare  benefits to the  Employee  and his family for the
remainder of the Term at least equal to those which were being  provided to them
at any time within the six-month  period ending on the date of  termination  and
(iii) credit the Employee with two and one-half (2-1/2)  additional years of age
and service under each of Triarc's  qualified and  nonqualified  defined benefit
pension  plans in which the Employee  participates  at the time of  termination;
provided  that in the case of a qualified  defined  benefit  pension  plan,  the
present value of the  additional  benefit the Employee  would have accrued if he
had been credited with such additional years of age and service  (computed using
the actuarial  assumptions used for purposes of the most recent actuarial report
in respect of such plan) will be paid in a lump sum in cash  within  thirty (30)
days after the date of  termination;  further  provided  that, in computing such
additional  benefit,  the Employee shall be deemed to earn compensation for such
additional  two and  one-half  (2-1/2)  year  period  at the same rate as in the
calendar year  immediately  preceding such  termination.  To the extent that the
benefits  provided for in clause (ii) are not permissible  after  termination of
employment under the terms of Triarc's benefit plans in effect, Triarc shall pay
to the Employee's  estate in a lump sum in cash within  thirty (30) days after

<PAGE>

the date of termination an amount equal to the after-tax cost of acquiring on a
non-group basis, for the remainder of the Term, those benefits lost to the
Employee and/or to the Employee's family as a result of the Employee's
termination.  Employee's estate  shall also be  entitled  to receive  those
death  benefits to which the Employee  is  entitled  as of the date of the
Employee's  death under any death benefit plans, policies or arrangements of
Triarc.

                  "Bonus  Amount"  shall mean:  the  greatest of (a) the largest
Bonus paid to Employee in respect of the two Fiscal Years  preceding the date of
termination  minus,  in the  case  of any  Bonus  being  used  for  purposes  of
calculating  this clause (a) with respect to Fiscal Year 1998 or 1999,  $175,000
(the "Look-Back Bonus"), (b) the Bonus which would have been paid to Employee in
respect of the Fiscal Year in which  termination  occurs if Triarc  attained its
budgeted  financial  performance,  and accomplished any other targeted goals for
such year, as reasonably  determined by the Compensation  Committee of the Board
of Directors (the "Target Bonus") or (c) the Bonus which would have been paid to
the Employee in respect of the Fiscal Year in which termination  occurs based on
Triarc's actual  performance,  and actual  accomplishment  of any other targeted
goals, as reasonably  determined by the  Compensation  Committee of the Board of
Directors (the "Actual Bonus").

                  "Pro-Rata Bonus" shall mean: the product of (x) the Bonus
Amount and (y) the number of days elapsed in such year  proceeding  the date of
termination divided by 365.

                  4.2.   Triarc  may  terminate  the  Term  of  the   Employee's
employment hereunder after having established Employee's Disability (pursuant to
the definition of "Disability"  set forth below),  by giving to Employee written
notice of its  intention to  terminate  Employee's  employment.  In such a case,
Employee's  employment  with Triarc shall  terminate  effective on the 180th day
after receipt of such notice (the "Disability  Effective Date"),  provided that,
within 180 days after such  receipt,  Employee  shall not have  returned to full
performance of Employee's duties.  For purposes of this Agreement,  "Disability"
means personal injury, illness or other cause which, after the expiration of not
less than 180 days after its  commencement,  renders  Employee unable to perform
his duties with  substantially the same level of quality as immediately prior to
such  incident and such  disability is determined to be total and permanent by a
physician  selected  by Triarc or its  insurers  and  acceptable  to Employee or
Employee's legal  representative  (such agreement as to acceptability  not to be
withheld unreasonably).

Notwithstanding  such  termination,  the  Employee  shall  be  entitled  to  the
following amounts:

<PAGE>

            (a) the  amounts  described  in  clauses  (a)  and (b) of the  first
paragraph of Section 4.1,  paid in a lump sum in cash within 30 days of the date
of such termination;

            (b) the  Pro-Rata  Bonus for the Fiscal Year in which the  effective
date of the  termination  occurs,  paid in a lump  sum in cash at the  time  the
Employee would have been entitled to receive his Bonus for such Fiscal Year;

            (c) the amount  described in clause (iii) of the second  sentence of
the second full paragraph of Section 4.1 and to receive the benefits, or payment
in lieu of benefits,  described in clause (ii) of the second  sentence and third
sentence,  of the second full  paragraph of Section  4.1,  paid in a lump sum in
cash within 30 days of the date of such termination.  In addition, to the extent
permitted by any plan,  the Employee shall be entitled to receive any disability
payments to which he is eligible pursuant to any plan referred to in Section 3.4
above; and

            (d) the  amounts  described  in  clauses  (i) and (ii) of the  first
sentence of the second full  paragraph of Section 4.1 payable to the Employee at
the time or times  determined by the  Corporation,  but in no event less rapidly
then three substantially equal installments  beginning on the 30th day after the
termination of the Term under this Section 4.2.

                  4.3.  This  Agreement may be terminated by Triarc prior to its
scheduled  termination date only for Cause (as defined below). If this Agreement
shall be  lawfully  terminated  by Triarc for Cause  during  the Term,  Triarc's
obligation to pay  compensation  or other payments  hereunder or otherwise to or
for the  benefit  of the  Employee  shall  cease on the  effective  date of such
termination; provided, however, that within 30 days of the effectiveness of such
termination,  Triarc  shall pay the  Employee  all  Salary,  business  expenses,
amounts  payable  under any plan or benefit  program or other  amounts that were
accrued or incurred but unpaid or unreimbursed  (including vacation time) at the
effective date of such  termination.  As used herein the term "Cause" shall mean
only (i) the willful and continued failure of Employee to perform  substantially
his duties with Triarc (other than any such failure  resulting  from  Employee's
incapacity due to physical or mental  illness or any such failure  subsequent to
Employee  being  delivered  a Notice of  Termination  (as defined in Section 12)
without Cause by Triarc or Employee  delivering a Notice of Termination for Good
Reason  to  Triarc)  after a  written  demand  for  substantial  performance  is
delivered to Employee by the Board of Directors  which  specifically  identifies
the  manner in which the Board  believes  that  Employee  has not  substantially
performed  Employee's duties and Employee has failed to cure such failure to the
reasonable  satisfaction of the Board,  (ii) the willful engaging by Employee in
gross  misconduct  which  results  in  substantial   damage  to  Triarc  or  its
affiliates,   or  (iii)   Employee's   conviction   (by  a  court  of  competent
jurisdiction,  not  subject  to further  appeal)  of, or  pleading  guilty to, a
felony.  For purpose of this  Section  4.3, no act or failure to act by Employee
shall be considered "willful" unless done or  omitted  to be done by  Employee

<PAGE>

in bad faith and  without  reasonable belief that Employee's action or omission
was in the best interests of Triarc or its affiliates.  Any act, or failure to
act, based upon authority given pursuant to a  resolution  duly  adopted by the
Board or based upon the advice of counsel for Triarc shall be conclusively
presumed to be done, or omitted to be done, by Employee in good faith and in the
best  interests  of Triarc.  Cause shall not exist unless and until Triarc has
delivered to Employee, along with the Notice of Termination for Cause, a copy
of a resolution duly adopted by three-quarters (3/4) of the entire Board
(excluding Employee if Employee is a Board member) at a meeting of the Board
called and held for such purpose (after reasonable notice to Employee and an
opportunity for Employee,  together with counsel, to be heard before the
Board), finding that in the good faith opinion of the Board an event set
forth in clauses (i) - (iii) above has occurred and specifying the particulars
thereof in detail. The Board must  notify  Employee  of any event constituting
Cause within ninety (90) days following the Board's knowledge of its existence
or such event shall not constitute Cause under this Agreement.

                  4.4. This Agreement  shall, at the option of the Employee,  be
deemed to have been  terminated by Triarc without  Cause,  following a Change in
Control (as defined herein). The term "Change in Control" shall mean:

                        (i) the  acquisition  by any  person of more than 50% of
            the combined voting power of the outstanding  securities entitled to
            vote generally in the election of directors of Triarc,  followed by,
            without the prior consent of the Employee, any meaningful diminution
            in the Employee's duties or authority in effect immediately prior to
            such acquisition;

                        (ii) a  majority  of the  Board of  Directors  of Triarc
            shall be individuals who are not nominated by the Board of Directors
            of Triarc,  followed by,  without the prior consent of the Employee,
            any meaningful  diminution in the Employee's  duties or authority in
            effect immediately prior to such nomination; or

                        (iii)  neither Messrs. Nelson Peltz nor Peter W. May
            being Chairman and Chief Executive Officer and President and Chief
            Operating Officer, respectively, of Triarc.

The  ownership or  acquisition  of any portion of the  combined  voting power of
Triarc by DWG Acquisition  Group,  L.P.,  Nelson Peltz or Peter W. May or by any
person  affiliated  with such persons  shall in no event  constitute a Change in
Control. The merger, consolidation or sale of assets of Triarc or any subsidiary
of Triarc with or to any  corporation  or entity  controlled by DWG  Acquisition
Group,  L.P., Nelson Peltz or Peter W. May or by any person affiliated with such
persons shall in no event constitute a Change in Control.

<PAGE>

                  4.5.  In the event of the  termination  of this  Agreement  in
accordance  with Sections 4.1, 4.2 or 4.6, (A) all non-vested  stock options and
any other non-vested stock or stock-based  awards (whether issued by Triarc or a
subsidiary of Triarc) then owned by the Employee shall vest  immediately  and in
their  entirety;  provided,  that,  in the case of options or awards  granted by
Triarc Beverage  Holdings Corp.,  this Section 4.5 shall not be operative unless
and until such vesting would not  constitute a default or an event of default or
result in a mandatory  prepayment  requirement  under the terms of any agreement
for indebtedness for borrowed money (each a "Financing Limitation");  (B) all of
the Employee's (1) stock options or other stock based awards  (whether issued by
Triarc or a subsidiary of Triarc)  granted to Employee on or after the Effective
Date or (2) Triarc stock options  (including  those  previously  vested) granted
before the  Effective  Date if the  exercise  price  thereof is greater than the
closing  price of Triarc's  common  stock on the New York Stock  Exchange on the
Effective  Date,  shall  remain  exercisable  until the  earlier of (i) one year
following such termination or (ii) their respective stated expiration dates; and
(C) any restricted stock then owned by the Employee shall vest immediately.

                  4.6. (A) In the event of the  termination of this Agreement by
Triarc without Cause (including  pursuant to Section 4.4) or by the Employee for
Good Reason (as hereinafter defined),  the Employee shall be entitled to receive
in a lump sum in cash  within  ten (10) days after the date of  termination  the
aggregate of the following amounts:

                  (a)  the amounts described in clauses (a) and (b) of the first
paragraph of Section 4.1;

                  (b)  Employee's then current Salary for the remainder of the
Term (but in no event for more than two and one-half (2-1/2) years from the date
of termination; and

                  (c) two and one-half (2-1/2) times the Bonus Amount; provided
that for this purpose, the Bonus Amount shall be calculated using only the Look-
Back Bonus and the Target Bonus.

            In addition,  upon  termination  of the Employee in accordance  with
this Section 4.6, the  Employee  shall:  (i) be paid the Pro-Rata  Bonus for the
Fiscal Year in which the effective date of the termination occurs, in a lump sum
in cash at the time the Employee  would have been  entitled to receive his Bonus
for  such  Fiscal  Year;  (ii)  if the  Actual  Bonus  for  the  Fiscal  Year of
termination exceeds the Bonus Amount as determined in accordance with clause (c)
immediately  above,  be entitled to receive two and one-half  (2-1/2)  times the
amount by which the Actual Bonus exceeds such Bonus Amount in a lump sum in cash
at the time the Employee  would have been entitled to receive his Bonus for such
Fiscal Year; (iii) be paid within 30 days of the date of termination, the amount
described in clause (iii) of the second sentence  of the second  full  paragraph

<PAGE>

of Section  4.1 and shall  receive the benefits, or payment in lieu of benefits,
described in clause (ii) of the second sentence and third  sentence,  of the
second full paragraph of Section 4.1; and (iv) receive two and one-half (2-1/2)
additional years of age and service credit under each qualified and non-
qualified defined benefit pension plan of Triarc in which the Employee
participates at the time of termination.

            (B) For purposes of this Agreement, "Good Reason" means:

            (i)   any failure by Triarc to comply with any of the provisions of
                  Section 3 of this Agreement;

            (ii)  Triarc  requiring  the  Employee  to be based at any office or
                  location other than that described in Section 1.3 hereof; or

            (iii) any failure by Triarc to comply with and satisfy  Section 7 of
                  this  Agreement by causing any  successor to Triarc to fail to
                  expressly  assume and agree to perform this Agreement with the
                  Employee, to the full extent set forth in said Section 7;

provided that a termination  by the Employee with Good Reason shall be effective
only if, within 30 days  following the delivery of a Notice of  Termination  (as
defined in  Section 9) for Good  Reason by the  Employee  to Triarc,  Triarc has
failed to cure the  circumstances  giving rise to Good Reason to the  reasonable
satisfaction  of the  Employee.  For  purposes of this Section 4.6, a good faith
determination  made by the Employee  that a "Good  Reason" for  termination  has
occurred, and has not been adequately cured, shall be conclusive and binding.

                  4.7.  Triarc  acknowledges  and agrees that the Employee shall
have no duty at any time to seek other  employment  or to  mitigate  his damages
hereunder.  The amounts  payable to the Employee under this  Agreement  shall be
paid regardless of whether the Employee obtains other employment.

                  4.8.  Nothing  in this  Agreement  shall  prevent or limit the
Employee's continuing or future participation in any benefit,  bonus,  incentive
(whether cash of equity based,  or otherwise) or other plan or program  provided
by Triarc or any of its  affiliated  companies  and for which the  Employee  may
qualify,  nor shall anything herein limit or otherwise affect such rights as the
Employee may have under any stock option or other  agreements with Triarc or any
of its  affiliated  companies.  Amounts  which are vested  benefits or which the
Employee is otherwise entitled to receive under any plan or program of Triarc or
any of its  affiliated  companies  at or  subsequent  to the date on  which  the
Employee's  employment  is terminated  shall be payable in accordance  with such
plan  or  program.  Anything  herein  to the  contrary  notwithstanding,  if the
Employee  becomes  entitled  to payments  pursuant  to Section  4.6 hereof,  the
Employee agrees to waive payments under any severance plan or program of Triarc.

<PAGE>

            5.    Inventions

                  The Employee agrees that all processes,  technologies, designs
and inventions ("Inventions"), including new contributions,  improvements, ideas
and discoveries,  whether patentable or not, conceived,  developed,  invented or
made by him during the Term of this Agreement  shall belong to Triarc,  provided
that such Inventions grew out of the Employee's work for Triarc,  are related in
any  manner  to the  business  (commercial  or  experimental)  of  Triarc or are
conceived  or made on Triarc's  time or with the use of Triarc's  facilities  or
materials.  The Employee shall further: (a) promptly disclose such Inventions to
Triarc; (b) assign to Triarc,  without additional  compensation,  all patent and
other rights to such Inventions for the United States and foreign countries; (c)
sign all papers necessary to carry out the foregoing;  and (d) give testimony in
support of the status of the  Employee as the inventor of such  inventions.  The
Employee  agrees that he will not assert any rights to any  Invention  as having
been made or  acquired  by him prior to the date of this  Agreement,  except for
Inventions, if any, disclosed to Triarc in writing prior to the date hereof.

            6.    Confidentiality

                  In order to  maintain  the fullest  degree of  confidentiality
with respect to the business and operations of Triarc:

                  6.1. The Employee shall be required to accept and fully comply
with all  security  and  communications  requirements  imposed  by  Triarc.  All
equipment and facilities  that Triarc  determines to be necessary or appropriate
for fulfilling such  communications and security  requirements shall be provided
to the Employee at Triarc's expense.  Except as otherwise provided herein,  such
equipment and facilities  shall be returned to Triarc,  as is (other than normal
wear and tear), upon the termination of this Agreement.

                  6.2. The Employee agrees that all memoranda, notes, records or
other  documents  made or compiled by the  Employee  in the  fulfillment  of his
obligations  under this  Agreement or otherwise made available to him concerning
any process,  apparatus,  service,  or product  manufactured,  used,  developed,
investigated  or seriously  considered by Triarc shall be Triarc's  property and
shall be  delivered  to Triarc on the  termination  of this  Agreement or at any
other time on Triarc's  request.  The  Employee  shall not  knowingly  use,  for
himself or others,  or divulge to others,  other than in the ordinary  course of
Triarc's business, any secret or confidential information,  knowledge or data of
Triarc (including, without limitation, names of customers of Triarc) obtained by
him as a result of his  performance  of this  Agreement,  unless  authorized  by
Triarc.

<PAGE>

            7.    Assignment

                  This  Agreement is binding upon and shall inure to the benefit
of  the  parties   hereto  and  their   respective   successors   and   assigns.
Notwithstanding the foregoing, neither party shall assign or transfer any rights
or obligations hereunder, except that, subject to Section 4.4 hereof, Triarc may
assign or transfer this Agreement to a successor partnership,  limited liability
company, or corporation in the event of a merger, consolidation,  or transfer or
sale of all or substantially  all of the assets of Triarc,  provided that Triarc
shall  require  any  successor  to  expressly  assume and agree to perform  this
Agreement  in the  same  manner  and to the same  extent  that  Triarc  would be
required  to  perform if no such  succession  had taken  place.  As used in this
Agreement,  "Triarc" means Triarc, as hereinbefore  defined and any successor to
its business and/or assets as aforesaid which assumes and agrees to perform this
Agreement by operation of law or otherwise. Any purported assignment, other than
as provided above, shall be null and void.

            8.    Indemnification; Legal Fees

                  Triarc will  indemnify  the  employee,  to the maximum  extent
permitted by applicable law, against all costs, charges and expenses incurred or
sustained by him in connection  with any action,  suit or proceeding to which he
may be made a party by reason of his being an  officer,  director or employee of
Triarc or of any  subsidiary  or affiliate of Triarc.  Triarc shall pay directly
the fees and expenses of counsel and other experts  incurred in connection  with
the  enforcement of this Agreement,  as they may be incurred,  provided that the
Employee shall be required to reimburse Triarc for any amounts so paid unless at
least one material matter in dispute is decided in favor of Employee.

            9.    Notices

                  A. Any  termination  by Triarc with or without Cause or by the
Employee  with or without Good Reason or following a Change in Control  shall be
communicated  by  Notice  of  Termination  to the other  party  hereto  given in
accordance  with this  Section 9. For purposes of this  Agreement,  a "Notice of
Termination" means a written notice which (i) indicates the specific termination
provision in this Agreement  relied upon,  (ii) sets forth in reasonable  detail
the facts and  circumstances  claimed to provide a basis for  termination of the
Employee's  employment  under  the  provision  so  indicated  and  (iii)  if the
termination  date is other than the date of receipt of such notice specifies the
proposed termination date.

                  B. All notices,  requests,  consents and other communications,
required or  permitted to be given  hereunder,  shall be in writing and shall be
delivered  personally or sent by facsimile  transmission,  overnight  courier or
mailed,  first-class,  postage  prepaid,  by  registered  or certified  mail, as
follows:

<PAGE>

                  if to Triarc:

                  280 Park Avenue
                  New York, NY 10017
                  Attention:  President
                  Fax:  212-451-3024

                  if to the Employee:

                  John L. Barnes, Jr.
                  31 Old Redding Road
                  Weston, CT   06883
                  Fax: 203/221-7892

or to such other address as either party shall designate by notice in writing to
the other in accordance herewith.  Any such notice shall be deemed given when so
delivered  personally,  by  facsimile  transmission  (when  the  answer-back  is
received),  or if sent by  overnight  courier,  one day after  delivery  to such
courier by the sender or if mailed, five days after deposit by the sender in the
U.S. mails.

            10.   Waiver

                  No waiver of any provision of this  Agreement or  modification
or amendment of the same shall be effective,  binding or  enforceable  unless in
writing and signed by the party to be charged therewith.

            11.   Governing Law

                  This  Agreement  shall  be  governed  by and  administered  in
accordance  with the laws of the State of New York applicable to agreements made
and to be performed entirely within such State.

            12. Certain  Additional  Payments by Triarc. (A) If it is determined
(as hereafter provided) that any payment or distribution by Triarc to or for the
benefit of the Employee, whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement or otherwise pursuant to or by reason of
any other agreement,  policy,  plan,  program or arrangement,  including without
limitation any stock option,  stock  appreciation right or similar right, or the
lapse or termination of any restriction on or the vesting or  exercisability  of
any of the foregoing (a  "Payment"),  would be subject to the excise tax imposed
by  Section  4999 of the Code (or any  successor  provision  thereto)  or to any
similar  tax imposed by state or local law, or any  interest or  penalties  with
respect to such excise tax (such tax or taxes,  together  with any such interest
and penalties, are hereafter collectively referred to as the "Excise Tax"), then
the Employee  will be entitled to receive an  additional  payment or payments (a
"Gross-Up Payment") in an amount such that, after payment by the Employee of all

<PAGE>

taxes (including any interest or penalties imposed with respect to such
taxes), including any Excise Tax, imposed upon the Gross-Up  Payment,  the
Employee retains an amount of the Gross-Up Payment equal to the Excise Tax
imposed upon the Payments.

                  (B) Subject to the  provisions of Section  12(F)  hereof,  all
determinations  required to be made under this Section 12, including  whether an
Excise  Tax is  payable by the  Employee  and the amount of such  Excise Tax and
whether a Gross-Up Payment is required and the amount of such Gross-Up  Payment,
will be made by a nationally  recognized  firm of certified  public  accountants
(the  "Accounting  Firm") selected by the Employee in his sole  discretion.  The
Employee  will  direct  the  Accounting  Firm to submit  its  determination  and
detailed  supporting  calculations  to both  Triarc and the  Employee  within 15
calendar  days  after  the  date of the  Change  in  Control  or the date of the
Employee's termination of employment, if applicable,  and any other such time or
times as may be  requested by Triarc or the  Employee.  If the  Accounting  Firm
determines  that any Excise Tax is payable by the Employee,  Triarc will pay the
required  Gross-Up  Payment to the  Employee  within  five  business  days after
receipt  of  such  determination  and  calculations.   If  the  Accounting  Firm
determines  that no Excise Tax is payable by the Employee,  it will, at the same
time as it makes such  determination,  furnish the Employee with an opinion that
he has substantial authority not to report any Excise Tax on his federal, state,
local income or other tax return. Any determination by the Accounting Firm as to
the amount of the Gross-Up Payment will be binding upon Triarc and the Employee.
As a result of the  uncertainty  in the  application of Section 4999 of the Code
(or any successor  provision thereto) and the possibility of similar uncertainty
regarding  applicable state or local tax law at the time of any determination by
the Accounting Firm hereunder,  it is possible that Gross-Up Payments which will
not have  been  made by  Triarc  should  have  been  made  (an  "Underpayment"),
consistent with the  calculations  required to be made  hereunder.  In the event
that Triarc  exhausts or fails to pursue its remedies  pursuant to Section 12(F)
hereof and the Employee  thereafter  is required to make a payment of any Excise
Tax, the Employee will direct the Accounting Firm to determine the amount of the
Underpayment  that has  occurred  and to submit its  determination  and detailed
supporting calculations to both Triarc and the Employee as promptly as possible.
Any such Underpayment will be promptly paid by Triarc to, or for the benefit of,
the Employee within five business days after receipt of such  determination  and
calculations.

                  (C) Triarc and the Employee  will each provide the  Accounting
Firm access to and copies of any books,  records and documents in the possession
of Triarc  or the  Employee,  as the case may be,  reasonably  requested  by the
Accounting Firm, and otherwise  cooperate with the Accounting Firm in connection
with the preparation and issuance of the  determination  contemplated by Section
12(B) hereof.

<PAGE>

                  (D) The  federal,  state and local income or other tax returns
filed by the Employee will be prepared and filed on a consistent  basis with the
determination  of the Accounting  Firm with respect to the Excise Tax payable by
the Employee.  The Employee will make proper payment of the amount of any Excise
Tax,  and at the request of Triarc,  provide to Triarc  true and correct  copies
(with any  amendments)  of his  federal  income  tax  return  as filed  with the
Internal  Revenue  Service and  corresponding  state and local tax  returns,  if
relevant,  as filed  with  the  applicable  taxing  authority,  and  such  other
documents reasonably  requested by Triarc,  evidencing such payment. If prior to
the filing of the Employee's  federal income tax return, or corresponding  state
or local tax return, if relevant, the Accounting Firm determines that the amount
of the  Gross-Up  Payment  should be  reduced,  the  Employee  will  within five
business days pay to Triarc the amount of such reduction.

                  (E) The  fees  and  expenses  of the  Accounting  Firm for its
services in connection with the determinations and calculations  contemplated by
Sections 12(B) and (D) hereof will be borne by Triarc. If such fees and expenses
are initially  advanced by the Employee,  Triarc will reimburse the Employee the
full amount of such fees and expenses  within five  business  days after receipt
from the Employee of a statement therefor and reasonable evidence of his payment
thereof.

                  (F) The Employee will notify Triarc in writing of any claim by
the Internal  Revenue Service that, if successful,  would require the payment by
Triarc of a Gross-Up  Payment.  Such  notification  will be given as promptly as
practicable  but no later  than 10  business  days after the  Employee  actually
receives  notice of such claim and the Employee will further  apprise  Triarc of
the nature of such claim and the date on which  such  claim is  requested  to be
paid (in each case, to the extent known by the Employee).  The Employee will not
pay such claim prior to the earlier of (i) the expiration of the 30-calendar-day
period  following  the date on which he gives such notice to Triarc and (ii) the
date that any  payment of amount  with  respect to such claim is due.  If Triarc
notifies the Employee in writing prior to the  expiration of such period that it
desires to contest such claim, the Employee will:

            (vi)  provide  Triarc with any written  records or  documents in his
                  possession  relating  to such claim  reasonably  requested  by
                  Triarc;

            (vii) take such action in connection  with  contesting such claim as
                  Triarc will  reasonably  request in writing from time to time,
                  including without  limitation  accepting legal  representation
                  with respect to such claim by an attorney competent in respect
                  of the subject matter and reasonably selected by Triarc;

            (viii)cooperate with Triarc in good faith in order effectively to
                  contest such claim; and

<PAGE>

            (ix)  permit Triarc to  participate in any  proceedings  relating to
                  such claim;  provided,  however, that Triarc will bear and pay
                  directly  all  costs  and  expenses  (including  interest  and
                  penalties)  incurred in connection  with such contest and will
                  indemnify  and hold  harmless  the  Employee,  on an after-tax
                  basis, for and against any Excise Tax or income tax, including
                  interest  and  penalties  with respect  thereto,  imposed as a
                  result  of  such  representation  and  payment  of  costs  and
                  expenses.  Without  limiting the foregoing  provisions of this
                  Section 12(F),  Triarc will control all  proceedings  taken in
                  connection with the contest of any claim  contemplated by this
                  Section  12(F) and, at its sole  option,  may pursue or forego
                  any and all administrative appeals, proceedings,  hearings and
                  conferences with the taxing authority in respect of such claim
                  (provided that the Employee may participate therein at his own
                  cost and  expense) and may, at its option,  either  direct the
                  Employee  to pay the tax  claimed  and  sue  for a  refund  or
                  contest the claim in any permissible  manner, and the Employee
                  agrees to prosecute such contest to a determination before any
                  administrative  tribunal,  in a court of initial  jurisdiction
                  and in one or more appellate courts, as Triarc will determine;
                  provided,  however, that if Triarc directs the Employee to pay
                  the tax claimed and sue for a refund,  Triarc will advance the
                  amount of such  payment to the  Employee  on an  interest-free
                  basis and will indemnify and hold the Employee harmless, on an
                  after-tax basis, from any Excise Tax or income tax,  including
                  interest or  penalties  with  respect  thereto,  imposed  with
                  respect to such advance; and provided further,  however,  that
                  any  extension  of the  statute  of  limitations  relating  to
                  payment of taxes for the  taxable  year of the  Employee  with
                  respect to which the contested  amount is claimed to be due is
                  limited solely to such contested amount. Furthermore, Triarc's
                  control of any such contested  claim will be limited to issues
                  with  respect  to which a  Gross-Up  Payment  would be payable
                  hereunder  and the  Employee  will be  entitled  to  settle or
                  contest,  as the case may be,  any other  issue  raised by the
                  Internal Revenue Service or any other taxing authority.

                  (G)  If,  after  the  receipt  by the  Employee  of an  amount
advanced by Triarc pursuant to Section 12(F) hereof,  the Employee  receives any
refund  with  respect to such  claim,  the  Employee  will  (subject to Triarc's
complying with the  requirements of Section 12(F) hereof) promptly pay to Triarc
the amount of such refund  (together with any interest paid or credited  thereon
after any taxes applicable thereto). If, after the receipt by the Employee of an
amount advanced by Triarc pursuant to Section 12(F) hereof,  a determination  is
made that the Employee will not be entitled  to any refund  with  respect to

<PAGE>

such claim and Triarc does not notify the  Employee  in  writing  of its intent
to contest  such  denial or refund prior to the  expiration  of 30 calendar days
after such  determination, then such advance will be forgiven and will not be
required to be repaid and the amount of such advance will offset, to the extent
thereof,  the  amount of Gross-Up Payment required to be paid pursuant to this
Section 12.

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

                                    TRIARC COMPANIES, INC.

                                    By:  PETER W. MAY
                                         -------------------------------------
                                         Name:    Peter W. May
                                         Title:   President

                                    JOHN L. BARNES, JR.
                                    ------------------------------------------
                                    John L. Barnes, Jr.

<PAGE>

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