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    Exhibit
      10.47

    

    

    Description
      of Compensation Arrangements for Non-Management Directors

    

    

    Following
      is a description of the current compensation arrangements for the non-management
      directors of Constellation Brands, Inc.:

    

    The
      Company’s current compensation program for non-management directors for their
      services as directors includes cash, restricted stock, and stock option
      components.

    

    The
      cash
      component consists of (i) an annual retainer of $50,000, payable in quarterly
      installments of $12,500 at the beginning of each fiscal quarter; (ii) a Board
      meeting fee of $2,000 for each Board meeting attended (which includes regular,
      special and annual Board meetings and attendance in person or by conference
      telephone); (iii) a committee meeting fee of $1,500 per meeting attended
      (including by conference telephone); and (iv) an annual fee of $12,000 (payable
      in quarterly installments of $3,000) to the Chair of the Audit Committee and
      an
      annual fee of $9,000 (payable in quarterly installments of $2,250) to the
      position of Chairs of each of the Human Resources Committee and the Corporate
      Governance Committee. 

    

    Long-term
      incentive awards in the form of options and restricted stock are another element
      of non-management director compensation. Long-term incentive awards in the
      form
      of, among others, stock options, stock appreciation rights and restricted stock
      are available for grant under the Company’s Long-Term Stock Incentive Plan.
Each
      non-management director receives annually, if and as approved by the Board
      of
      Directors, a stock option grant and a restricted stock award. The number of
      shares that may be subject to an annual option grant will not exceed the number
      obtained by dividing $70,000 by the closing price of a share of the Company’s
      Class A Common Stock on the date of the grant. The number of shares of
      restricted stock that may be awarded is calculated by dividing the sum of
      $40,000 by the closing price of a share of the Company’s Class A Common Stock on
      the date of grant. While the Board has the flexibility to determine at the
      time
      of each grant or award the vesting provisions for that grant or award,
      historically stock option grants vest six (6) months following the date of
      grant
      and annual awards of restricted stock vest one (1) year from the date of grant.
      The plan, the form of Terms and Conditions Memorandum provided to non-management
      directors who receive options and the form of restricted stock agreement are
      filed as Exhibits 10.4 through 10.10, 10.12 and 10.13 to the Company’s Annual
      Report on Form 10-K for the fiscal year ended February 28, 2006. 

    

    Non-management
      directors are reimbursed for reasonable expenses incurred in connection with
      their attendance at Board and committee meetings. They also receive
      complimentary Company products and are eligible to participate in a matching
      contribution program of the Company
      whereby
      they can direct a portion of the Company’s charitable contributions not in
      excess of $5,000.

    

    Members
      of the Board of Directors who are members of management serve without receiving
      any additional fee or other compensation for their service on the
      Board.EXHIBIT 10.1

                             TRIARC COMPANIES, INC.
                                 280 Park Avenue
                               New York, NY 10017

April 28, 2006

Mr. Francis T. McCarron
7 Poplar Court
West Windsor, NJ 08550

                             Re: Severance

Dear Mr. McCarron:

     This letter agreement (this "Agreement")  between you and Triarc Companies,
Inc.  ("Triarc")  sets forth the terms that shall govern any termination of your
employment with Triarc. All capitalized terms used herein are defined in Section
14 below.

     1.  Termination  on  Account of Death.  If your  employment  is  terminated
because of your  death,  your  estate  shall be  entitled  to receive a lump sum
payment  in cash  within  thirty  (30)  days  after  the date of  death,  of the
following amounts:

                    (a) to the extent not  theretofore  paid,  your then current
          Salary through the date of termination plus any Bonus which has become
          payable and accrued vacation pay; and

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

     In addition, subject to Section 6, Triarc shall pay your 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 thirty (30) days
after the date of death, the following amounts: (i) your then current Salary for
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;  provided  that  Triarc's  ability to
exercise  discretion  to pay this amount more rapidly  than three  substantially
equal  annual  installments  beginning  no later than thirty (30) days after the
date of death shall be effective  only if Triarc  determines  that having and/or
exercising  such  discretion  would  not cause  this  amount  to be  subject  to
accelerated  taxation or penalty tax  pursuant to Section  409A of the  Internal
Revenue Code of 1986, as amended (the "Code").

     Furthermore,  upon your  termination  in  accordance  with this  Section 1,
Triarc  shall (i) pay your  estate,  in a lump sum in cash at the time you would
have been entitled to receive your Bonus for the Fiscal Year in which your death
occurs,  the  Pro-Rata  Bonus for such  Fiscal  Year;  (ii)  continue to provide
welfare  benefits to you and your family for two and one-half (2-1/2) years from
the date of  termination  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 you 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 you participate at the time of termination; provided that
in the case of a qualified  defined  benefit  pension plan, the present value of
the additional benefit you would have accrued if you 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,  you
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) of the preceding  sentence are not permissible  after termination of
employment under the terms of Triarc's benefit plans in effect, Triarc shall pay
to your estate in a lump sum in cash  within  thirty (30) days after the date of
termination  an amount equal to the  after-tax  cost of acquiring on a non-group
basis,  for two and one-half  (2-1/2) years from the date of termination,  those
benefits lost to you and/or to your family as a result of your termination. Your
estate shall also be entitled to receive  those death  benefits to which you are
entitled as of the date of your death under any death benefit plans, policies or
arrangements of Triarc.

     Triarc may in its sole  discretion  seek to fund any or all of the benefits
and payments provided in this Section 1 through the purchase of a life insurance
policy that  provide a death  benefit  payable to Triarc upon your death and you
hereby consent to Triarc's acquisition,  if applicable, of such policy. You also
agree to reasonably  cooperate in completing  any  application  materials.  Such
insurance policy, if acquired,  shall in all events be owned by Triarc and shall
be a general asset of Triarc subject to the claims of Triarc's creditors and you
shall have no special claim against, or security interest in, such policy.

     2.  Termination for Disability.  If your employment is terminated by Triarc
on account of your  Disability,  subject to Section 6, you shall be  entitled to
the following amounts:

                    (a) the  amounts  described  in  clauses  (a) and (b) of the
          first paragraph of Section 1, paid in a lump sum in cash within thirty
          (30) days  following  the date of such  termination,  but such  amount
          shall be subject to  reduction  to reflect  the  present  value of any
          disability  benefits  otherwise  available  to  you  as  a  result  of
          disability  insurance  coverage  maintained  by  Triarc  or any of its
          affiliates;

                    (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 you would have been  entitled  to  receive  your Bonus for
          such Fiscal Year;

                    (c) the  amount  described  in  clause  (iii)  of the  first
          sentence of the third full  paragraph  of Section 1 and to receive the
          benefits, or payment in lieu of benefits,  described in clause (ii) of
          the first sentence and second  sentence of the third full paragraph of
          Section 1, paid (if  applicable)  in a lump sum in cash within  thirty
          (30) days following the date of such termination.  In addition, to the
          extent  permitted  by any plan,  you shall be  entitled to receive any
          disability  payments to which you are  eligible  pursuant to any Plan;
          and

                    (d) the  amounts  described  in clauses  (i) and (ii) of the
          first  sentence of the second full  paragraph of Section 1, payable to
          you at the time or times  determined  by Triarc,  but in no event less
          rapidly then three substantially  equal annual installments  beginning
          no  later  than  thirty  (30)  days  after  the  termination  of  your
          employment  under this Section 2; provided  that  Triarc's  ability to
          exercise  discretion  to pay  this  amount  more  rapidly  than  three
          substantially equal annual installments beginning no later than thirty
          (30) days after such  termination  shall be  effective  only if Triarc
          determines that having and/or  exercising  such  discretion  would not
          cause this amount to be subject to accelerated taxation or penalty tax
          pursuant to Section 409A.

     3.  Termination  for Cause. If your employment is terminated by Triarc with
Cause,  Triarc's  obligation to pay compensation or other payments  hereunder or
otherwise  to or for your  benefit  shall  cease on the  effective  date of such
termination;  provided,  however,  that within  thirty (30) days  following  the
effectiveness  of such  termination,  Triarc shall pay you 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.

     4. Termination By Triarc Without Cause or By You With Good Reason.  If your
employment  is  terminated  by Triarc  without  Cause  (other than on account of
Disability  pursuant  to  Section  2), or by you with Good  Reason,  subject  to
Section 6, you shall be entitled  to  receive,  (X) in a lump sum in cash within
ten (10) days after the date of termination,  if such  termination  occurs on or
following  a Change in Control,  or (Y) in twelve  substantially  equal  monthly
installments  on the first day of each of the  twelve  (12)  months  immediately
following  such  termination  if such  termination  occurs  prior to a Change in
Control, the aggregate of the following amounts:

                    (a) Your then current  Salary for two and  one-half  (2-1/2)
          years from the date of termination; and

                    (b)  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 your  employment in accordance with this
Section  4, you  shall  promptly  receive  the  amounts  described  in the first
paragraph  of Section 1 and,  subject  to Section 6, you 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 you  would  have  been
entitled to receive  your 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 (b) immediately  above, be paid 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 you would have been  entitled to receive  your Bonus for
such  Fiscal  Year;  and (III) be paid  within  thirty  (30) days of the date of
termination,  the amount  described in clause (iii) of the first sentence of the
third full  paragraph  of Section 1 and to receive the  benefits,  or payment in
lieu of  benefits,  described  in clause (ii) of the first  sentence  and second
sentence of the third full paragraph of Section 1.

     5. Equity Awards.  In the event of the  termination  of your  employment in
accordance with Sections 1, 2 or 4, (A) all non-vested stock options, restricted
stock and any other  non-vested  stock or stock-based  awards (whether issued by
Triarc or a subsidiary of Triarc) then held by you shall vest immediately and in
their entirety;  and (B) all of your stock options or other  stock-based  awards
which  include  an  exercisability  feature  (whether  issued  by  Triarc  or  a
subsidiary of Triarc) shall remain exercisable until the earlier of (i) one year
following such termination or (ii) their respective stated expiration dates.

     6. Code Section  409A.  Notwithstanding  the  foregoing  provisions of this
Agreement,  if any  payments or benefits  due to you  hereunder  would cause the
application  of an accelerated or additional tax under Section 409A of the Code,
such payments or benefits  shall be  restructured  in a manner  approved by you,
which approval shall not be unreasonably withheld,  which does not cause such an
accelerated or additional tax. Without limiting the application of the preceding
sentence,  any payment of money due hereunder which is delayed in order to avoid
the  application  of Section  409A of the Code (e.g.,  a six-month  delay in the
commencement of severance,  if necessary,  if at the time of your termination of
employment  you are a  "specified  employee,"  as defined in Section 409A of the
Code) shall be paid, along with interest at LIBOR (as determined as of the first
day of such delay) plus 450bp for the period of such delay,  as soon as possible
without causing the application of Section 409A.

     7. Mitigation.  Triarc  acknowledges and agrees that you shall have no duty
at any time to seek other employment or to mitigate your damages hereunder.  The
amounts  payable to you under this Agreement shall be paid regardless of whether
you obtain other employment.

     8. Continued Benefit Participation. Nothing in this Agreement shall prevent
or  limit  your  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 you may
qualify,  nor shall anything herein limit or otherwise affect such rights as you
may have under any stock  option or other  agreements  with Triarc or any of its
affiliated  companies.  Amounts  which  are  vested  benefits  or which  you are
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 your  employment is
terminated  shall be payable in accordance  with such plan or program.  Anything
herein to the  contrary  notwithstanding,  if you become  entitled  to  payments
pursuant to Section 4, you agree to waive  payments  under any severance plan or
program of Triarc.

     9. Certain Additional Payments by Triarc.

                    (a) If it is  determined  (as hereafter  provided)  that any
          payment or distribution by Triarc to you or for your benefit,  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 you will be entitled to receive an additional  payment or
          payments (a "Gross-Up  Payment") in an amount such that, after payment
          by you of all taxes (including any interest or penalties  imposed with
          respect to such  taxes),  including  any excise tax imposed by Section
          4999 of the Code,  imposed  upon the Gross-Up  Payment,  you retain an
          amount of the  Gross-Up  Payment  equal to the Excise Tax imposed upon
          the Payments.

                    (b) Subject to the  provisions  of Section 9(f) hereof,  all
          determinations  required  to be made under this  Section 9,  including
          whether an Excise Tax is payable by you 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 you
          in your sole discretion. You will direct the Accounting Firm to submit
          its determination and detailed supporting  calculations to both Triarc
          and you within fifteen (15) calendar days after the date of the Change
          in  Control  or  the  date  of  your  termination  of  employment,  if
          applicable,  and any other such time or times as may be  requested  by
          Triarc or you. If the Accounting  Firm  determines that any Excise Tax
          is payable by you,  Triarc will pay the required  Gross-Up  Payment to
          you within five (5) business days after receipt of such  determination
          and calculations. If the Accounting Firm determines that no Excise Tax
          is  payable  by you,  it  will,  at the  same  time as it  makes  such
          determination,  furnish you with an opinion that you have  substantial
          authority not to report any Excise Tax on your 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 you. 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 9(f) hereof and you  thereafter are required to make a payment
          of any Excise Tax,  you 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
          you as promptly as possible.  Any such  Underpayment  will be promptly
          paid by Triarc to, or for the benefit of, you within five (5) business
          days after receipt of such determination and calculations.

                    (c) Triarc and you will each  provide  the  Accounting  Firm
          access to and  copies  of any  books,  records  and  documents  in the
          possession of Triarc or you, 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 9(b) hereof.

                    (d) The federal, state and local income or other tax returns
          filed by you will be prepared and filed on a consistent basis with the
          determination  of the  Accounting  Firm with respect to the Excise Tax
          payable  by you.  You 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 your 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 your 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,  you will  within  five (5)  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 9(b) and (d) hereof will be borne by Triarc.
          If such fees and expenses are initially  advanced by you,  Triarc will
          reimburse  you the full amount of such fees and  expenses  within five
          (5) business days after  receipt from you of a statement  therefor and
          reasonable evidence of your payment thereof.

                    (f) You 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 ten (10) business
          days  after you  actually  receive  notice of such  claim and you 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 you). You will not pay such claim prior to the earlier of (i)
          the  expiration of the  30-calendar-day  period  following the date on
          which  you give  such  notice  to  Triarc  and (ii) the date  that any
          payment  of  amount  with  respect  to such  claim is due.  If  Triarc
          notifies you in writing prior to the expiration of such period that it
          desires to contest such claim, you will:

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

                              (ii)  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;

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

                              (iv)   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 you  harmless,  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  9(f),  Triarc  will  control  all  proceedings  taken in
               connection  with the  contest of any claim  contemplated  by this
               Section  9(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 you may  participate  therein at your own cost and
               expense) and may, at its option, either direct you to pay the tax
               claimed  and  sue  for a  refund  or  contest  the  claim  in any
               permissible  manner, and you agree 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
               you to pay the tax  claimed  and sue for a  refund,  Triarc  will
               advance  the amount of such  payment  to you on an  interest-free
               basis and will  indemnify and hold you 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 your
               taxable  year  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 you 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 you of an amount  advanced by
          Triarc  pursuant to Section 9(f)  hereof,  you receive any refund with
          respect to such claim,  you will (subject to Triarc's  complying  with
          the  requirements  of Section 9(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
          you of an amount advanced by Triarc pursuant to Section 9(f) hereof, a
          determination is made that you will not be entitled to any refund with
          respect to such claim and Triarc does not notify you in writing of its
          intent to contest  such denial or refund  prior to the  expiration  of
          thirty (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 9.

                    (h)  Notwithstanding  anything  in  this  Section  9 to  the
          contrary,  the  maximum  Excise  Tax in  respect  of which a  Gross-Up
          Payment may be paid pursuant to this Section 9 shall be $1,000,000.

                    (i) You  agree to  cooperate  with  Triarc  to take  actions
          action  reasonably  requested of you by Triarc to reduce the amount of
          Excise Tax which may be incurred  by you, so long as such  actions are
          not economically detrimental to you.

          10. Noncompete/Nonsolicitation/Employee No-Hire.

                    (a)  You  acknowledge   that  as  Triarc's   Executive  Vice
          President and Chief Financial Officer you are involved, at the highest
          level, in the development,  implementation, and management of Triarc's
          business strategies and plans,  including those which involve Triarc's
          finances,  marketing and other operations,  and acquisitions and, as a
          result,  you will have access to Triarc's most valuable  trade secrets
          and  proprietary   information.   You  further  acknowledge  that  the
          provisions of this Section 10 are  reasonable and necessary to protect
          Triarc's legitimate business interests.

                    (b) In view of clause (a) above,  you  hereby  covenant  and
          agree that during your  employment  with Triarc  (except in the proper
          discharge  of your duties  hereunder)  and for a period of twelve (12)
          months following the termination of your employment with Triarc:

                              (i) in any state or territory of the United States
               (and the District of Columbia)  where Triarc or its  subsidiaries
               maintain  operations,  you will not  (subject  in all  events  to
               clause (d) below) engage or be engaged in any capacity, except as
               a passive  investor  owning less than a two percent (2%) interest
               in a publicly held  company,  in any business or entity that owns
               and/or  franchises more than 3,000 restaurant units in the United
               States in which 50% or more of the  revenues of such  business or
               entity  (including,  without  limitation,  royalties  earned as a
               franchisor) is derived from the sale of sandwiches;

                              (ii) you will not,  without Triarc's prior written
               consent, hire or cause to be hired, solicit or encourage to cease
               to work with Triarc or any of its subsidiaries or affiliates, any
               person who is at the time of such activity, or who was within the
               six (6) month  period  preceding  such  activity,  an employee of
               Triarc or any of its  subsidiaries  or affiliates at the level of
               director or vice  president or any more senior level (unless such
               person's  employment  was  terminated  by  Triarc  or  any of its
               subsidiaries  or affiliates) or a consultant  under contract with
               Triarc or any of its subsidiaries or affiliates and whose primary
               client is such entity or entities; and

                              (iii)  you  will  not,   directly  or  indirectly,
               solicit,  encourage or cause any franchisee or supplier of Triarc
               or any of its  subsidiaries or affiliates to cease doing business
               with Triarc or subsidiary  or affiliate,  or to reduce the amount
               of business such  franchisee or supplier does with Triarc or such
               subsidiary or affiliate.

                    (c) If any competent authority having jurisdiction over this
          Section  10  determines  that  any  provision  of this  Section  10 is
          unenforceable  because of the duration or  geographical  scope of such
          provision, such competent authority shall have the power to reduce the
          duration or scope,  as the case may be, of such  provision and, in its
          reduced form, such provision shall then be enforceable.

                    (d) The  provisions  of clause (b)(i) above shall apply only
          in the event your employment  terminates on or after the expiration of
          the   twelve-month   period   following   the  final  closing  of  the
          restructuring transactions presently contemplated by Triarc that would
          result in Triarc becoming a "pure play" restaurant operating business.

     11.  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  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 a
significant  portion of the  assets of Triarc.  Triarc  shall  require  any such
assignee or transferee 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  assignment  or  transfer  had taken  place.  Any  purported
assignment, other than as provided above, shall be null and void.

     12.  Inventions.  You agree 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 you during the period that you are employed by Triarc shall belong to Triarc,
provided that such Inventions  grew out of your 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.  You 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 your status as the  inventor of such  inventions.  You agree that you
will not assert any rights to any  Invention  as having been made or acquired by
you  prior  to the  date of  this  Agreement,  except  for  Inventions,  if any,
disclosed to Triarc in writing prior to the date hereof.

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

                    (a) You 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 you 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 your employment with Triarc.

                    (b) You agree that all  memoranda,  notes,  records or other
          documents  made  or  compiled  by  you  in  the  fulfillment  of  your
          obligations  under this  Agreement or otherwise  made available to you
          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 your  employment  with  Triarc or at any other time on
          Triarc's request. You shall not knowingly use, for yourself 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 you as a result of your  performance  of this  Agreement,
          unless authorized by Triarc.

     14. Indemnification;  Legal Fees. Triarc will indemnify you, to the maximum
extent  permitted by  applicable  law,  against all costs,  charges and expenses
incurred or sustained by you in connection  with any action,  suit or proceeding
to which you may be made a party by reason of your 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 you shall be required to reimburse  Triarc for any amounts so paid
unless at least one material matter in dispute is decided in your favor.

     15. Release. The payment of any monies and provision of any benefits to you
pursuant to this Agreement shall be subject to your prior execution and delivery
to Triarc of a release  substantially in the form set forth in Exhibit A and, if
applicable, your not having revoked such release during the seven-day revocation
period described therein,  failing which,  except to the extent required by law,
Triarc shall be relieved of all of its obligations hereunder; provided, however,
that nothing in the release shall prevent you from  enforcing any of your rights
under this Agreement.

     16. Definitions.

                    (a) Actual  Bonus.  The Bonus  which would have been paid to
          you 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 Triarc's Board of Directors.

                    (b) Bonus. The annual bonus you receive from Triarc, whether
          pursuant to the 1999 Executive Bonus Plan or otherwise.

                    (c) Bonus Amount.  The greatest of (i) the Look-Back  Bonus,
          (ii) the Target Bonus or (iii) the Actual Bonus.

                    (d) Cause. "Cause" means only:

                              (i)  your  willful,   intentional   and  continued
               failure to perform  substantially  your duties with Triarc (other
               than any such  failure  resulting  from  your  incapacity  due to
               physical or mental illness or any such failure subsequent to your
               being  delivered a notice of termination  without Cause by Triarc
               or you  delivering  a notice of  termination  for Good  Reason to
               Triarc) after a written  demand for  substantial  performance  is
               delivered  to you by Triarc  which  specifically  identifies  the
               manner in which Triarc  believes that you have not  substantially
               performed your duties and you have failed to cure such failure to
               the reasonable satisfaction of Triarc,

                              (ii) your  willful  engaging  in gross  misconduct
               which results in substantial  damage to Triarc or its affiliates,
               or

                              (iii)  your  conviction  (by a court of  competent
               jurisdiction,  not  subject to further  appeal)  of, or  pleading
               guilty to, a felony.

                    For purposes of this definition, no act or failure to act by
          you shall be considered "willful" unless done or omitted to be done by
          you in bad faith and  without  reasonable  belief  that your 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 Triarc's Board of Directors or the written
          instructions of the Chief Executive Officer or Chief Operating Officer
          of Triarc,  or based upon the  written  advice of counsel  for Triarc,
          shall be  conclusively  presumed to be done, or omitted to be done, by
          you in good faith and in the best  interests  of Triarc.  Triarc  must
          notify you of any event  constituting  Cause  within  ninety (90) days
          following  Triarc's knowledge of its existence or such event shall not
          constitute Cause under this Agreement.

                    (e) Change in Control. "Change in Control" means:

                              (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, or

                              (ii) a majority  of  Triarc's  Board of  Directors
               shall be individuals who are not nominated by such Board,

                    provided  that  (A)  the  ownership  or  acquisition  of any
          portion  of the  combined  voting  power of Triarc by Nelson  Peltz or
          Peter May or by any  person  affiliated  with  either of such  persons
          shall in no event  constitute  a Change in Control and (B) the merger,
          consolidation  or sale of assets of Triarc or any subsidiary of Triarc
          with or to any  corporation  or entity  controlled  by Nelson Peltz or
          Peter May or by any  person  affiliated  with  either of such  persons
          shall in no event constitute a Change in Control.

                    (f)  Disability.  Personal  injury,  illness or other  cause
          which,  after  the  expiration  of not less  than 180 days  after  its
          commencement,  renders  you unable to  perform  your  substantial  and
          material  duties to Triarc,  and you are determined to be not expected
          to recover  by a  physician  selected  by Triarc or its  insurers  and
          acceptable to your or your legal  representative (such agreement as to
          acceptability  not to be withheld  unreasonably).  Your termination on
          account of  Disability  will be  effective on the 180th day after your
          receipt  of  notice  of such  termination  (which  may not be given by
          Triarc until you have suffered a Disability),  provided  that,  within
          180 days  after  such  receipt,  you shall not have  returned  to full
          performance of your duties.

                    (g) Fiscal  Year.  Each of Triarc's  fiscal years during the
          period that you are employed by Triarc.

                    (h) Good Reason. "Good Reason" means:

                              (i) any  failure  by  Triarc  to (A) pay you  your
               Salary,  (B) pay you any  Bonus to which  you are  entitled,  (C)
               reimburse  you  for  or  pay  at  your   direction  all  expenses
               reasonably  incurred  by you in the  course  of  performing  your
               duties or (D) provide you with any of the rights and  benefits to
               which you are entitled under any Plan.

                              (ii) Triarc requiring (or taking such actions that
               have the  direct  effect  of  requiring)  your  primary  place of
               employment  to be based at any office or location  other than one
               located in Manhattan, New York;

                              (iii) any  failure  by  Triarc to comply  with and
               satisfy  Section 11 by causing any successor to Triarc to fail to
               expressly assume and agree to perform this Agreement with you, to
               the full extent set forth in said Section 11;

                              (iv) any  meaningful  diminution in your duties or
               authority  from such duties and authority held by you on the date
               hereof without your prior consent;

                              (v) in the event that  neither of Nelson  Peltz or
               Peter May are either Chief  Executive  Officer of Triarc or Chief
               Operating  Officer of Triarc, a reduction in the aggregate amount
               of your fiscal year bonus  compensation  to a level below  ninety
               percent (90%) of the two-year average bonus compensation received
               by you with  respect to  Triarc's  two most recent  fiscal  years
               ending January 1, 2006;

                              (vi) a reduction in your Salary; or

                              (vii) the occurrence of a Change in Control;

                    provided that a termination by you with Good Reason shall be
          effective  only if, within thirty (30) days following your delivery of
          a notice of termination  for Good Reason to Triarc,  Triarc has failed
          to  cure  the  circumstances  giving  rise  to  Good  Reason  to  your
          reasonable  satisfaction.  Notwithstanding the above, an assignment of
          this Agreement by Triarc  pursuant to Section 11 shall not, by itself,
          constitute Good Reason.

                    (i)  Look-Back  Bonus.  The  largest  Bonus  paid  to you in
          respect of the two Fiscal Years preceding the date of termination.

                    (j) Plan. 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.

                    (k) Pro-Rata Bonus.  The product of (i) the Bonus Amount and
          (ii) the  number of days  elapsed in such year  preceding  the date of
          termination divided by 365.

                    (l) Salary. Your base salary payable to you by Triarc, in an
          amount of no less than $575,000 per year

                    (m) Target  Bonus.  The Bonus  which would have been paid to
          you 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 Triarc's Board of Directors.

                    (n)  Triarc.   Triarc,  as  hereinbefore   defined  and  any
          successor to its business and/or assets or other assignee as aforesaid
          which assumes and agrees to perform this Agreement by operation of law
          or otherwise.

     If you agree to the terms described above, please sign below and return one
signed copy of this Agreement to me at your earliest convenience.

                                            Sincerely,

                                            /s/ BRIAN L. SCHORR
                                            -----------------------------------
                                            Name: Brian L. Schorr
                                            Title: Executive Vice President

I HEREBY AGREE TO THE TERMS
DESCRIBED ABOVE

/s/ FRANCIS T. MCCARRON
-----------------------
Francis T. McCarron

Date: April 28, 2006

<PAGE>

                                    EXHIBIT A

                                 GENERAL RELEASE
                             AND COVENANT NOT TO SUE

                    TO ALL WHOM THESE PRESENTS  SHALL COME OR MAY CONCERN,  KNOW
          that:

                    Francis T. McCarron (the "Executive"), on his own behalf and
          on  behalf  of  his  descendants,  dependents,  heirs,  executors  and
          administrators   and   permitted   assigns,   past  and  present,   in
          consideration  for the amounts  payable and benefits to be provided to
          the undersigned  under that Severance  Agreement dated as of April 28,
          2006 (the  "Severance  Agreement")  between the  Executive  and Triarc
          Companies,  Inc., a Delaware corporation (the "Company"),  does hereby
          covenant  not to sue or pursue any  litigation  (or file any charge or
          otherwise  correspond with any Federal,  state or local administrative
          agency), arbitration or other proceeding against, and waives, releases
          and discharges the Company and its assigns, affiliates,  subsidiaries,
          parents,  predecessors  and  successors,  and  the  past  and  present
          shareholders,  employees,  officers,  directors,  representatives  and
          agents or any of them  (collectively,  the "Company Group"),  from any
          and all claims, demands, rights, judgments, defenses, actions, charges
          or causes of action whatsoever, of any and every kind and description,
          whether known or unknown,  accrued or not accrued,  that the Executive
          ever  had,  now has or shall or may have or  assert  as of the date of
          this General Release and Covenant Not to Sue against any member of the
          Company  Group,  including,  without  limiting the  generality  of the
          foregoing, any claims, demands, rights, judgments,  defenses, actions,
          charges or causes of action  related to employment or  termination  of
          employment  or  that  arise  out of or  relate  in any  way to the Age
          Discrimination in Employment Act of 1967 ("ADEA," a law that prohibits
          discrimination on the basis of age), the National Labor Relations Act,
          the Civil Rights Act of 1991, the Americans With  Disabilities  Act of
          1990,  Title  VII of  the  Civil  Rights  Act of  1964,  the  Employee
          Retirement  Income  Security Act of 1974, the Family and Medical Leave
          Act,  the  Sarbanes-Oxley  Act of  2002,  all as  amended,  and  other
          Federal,  state and local laws relating to discrimination on the basis
          of age, sex or other protected class, all claims under Federal,  state
          or local  laws for  express or implied  breach of  contract,  wrongful
          discharge,  defamation,  intentional infliction of emotional distress,
          and any  related  claims  for  attorneys'  fees and  costs;  provided,
          however,  that nothing  herein shall release any member of the Company
          Group from any of its obligations to the Executive under the Severance
          Agreement or any rights the Executive may have to indemnification  and
          defense  under  any  charter  or  by-laws,   written   indemnification
          agreement (or similar  documents) of any member of the Company  Group.
          The Executive  further  agrees that this General  Release and Covenant
          Not to Sue may be  pleaded  as a full  defense  to any  action,  suit,
          arbitration or other  proceeding  covered by the terms hereof which is
          or may be initiated,  prosecuted or maintained by the  Executive,  his
          heirs  or  assigns.   Notwithstanding  the  foregoing,  the  Executive
          understands and confirms that he is executing this General Release and
          Covenant  Not to Sue  voluntarily  and  knowingly,  and  this  General
          Release and Covenant Not to Sue shall not affect the Executive's right
          to claim otherwise under ADEA. In addition, the Executive shall not be
          precluded by this General  Release and Covenant Not to Sue from filing
          a charge  with any  relevant  Federal,  State or local  administrative
          agency,  but the  Executive  agrees  not to  participate  in any  such
          administrative  proceeding  (other than any proceeding  brought by the
          Equal  Employment  Opportunity  Commission),  and  agrees to waive the
          Executive's  rights with  respect to any  monetary or other  financial
          relief arising from any such administrative proceeding.

                    In consideration  for the amounts payable and benefits to be
          provided to the Executive under the Severance Agreement, the Executive
          agrees to  cooperate,  at the expense of the Company  Group,  with the
          members of the  Company  Group  with all  litigation  relating  to the
          activities of the Company and its affiliates  during the period of the
          Executive's employment with the Company including, without limitation,
          being available to take depositions and to be a witness at trial, help
          in preparation of any legal documentation and providing affidavits and
          any advice or support  that the Company or any  affiliate  thereof may
          reasonably request of the Executive in connection with such claims.

                    In  furtherance  of the  agreements  set  forth  above,  the
          Executive  hereby expressly waives and relinquishes any and all rights
          under any applicable statute, doctrine or principle of law restricting
          the  right to  release  claims  which the  Executive  does not know or
          suspect to exist at the time of executing a release,  which claims, if
          known, may have materially  affected the Executive's  decision to give
          such a release. In connection with such waiver and relinquishment, the
          Executive acknowledges that he is aware that he may hereafter discover
          claims  presently  unknown or unsuspected,  or facts in addition to or
          different  from those which he now knows or believes to be true,  with
          respect  to  the  matters  released  herein.  Nevertheless,  it is the
          intention of the Executive to fully,  finally and forever  release all
          such matters,  and all claims  relating  thereto which now exist,  may
          exist or theretofore  have existed,  as specifically  provided herein.
          The  Executive  acknowledges  and agrees that this waiver  shall be an
          essential and material term of the release contained above. Nothing in
          this  paragraph  is  intended  to expand  the scope of the  release as
          specified herein.

                    This  General  Release  and  Covenant  Not to Sue  shall  be
          governed by and construed in accordance  with the laws of the State of
          Delaware,  applicable to agreements made and to be performed  entirely
          within such State.

                    To the extent that the  Executive is forty (40) years of age
          or older, this paragraph shall apply. The Executive  acknowledges that
          he has been offered a period of time of at least  twenty-one (21) days
          to consider  whether to sign this General  Release and Covenant Not to
          Sue,  which he has waived,  and the Company  agrees that the Executive
          may cancel this  General  Release and  Covenant Not to Sue at any time
          during the seven (7) days  following  the date on which  this  General
          Release and Covenant Not to Sue has been signed by all parties to this
          General  Release and Covenant Not to Sue. In order to cancel or revoke
          this  General  Release and Covenant  Not to Sue,  the  Executive  must
          deliver to the General  Counsel of the Company  written notice stating
          that the Executive is canceling or revoking  this General  Release and
          Covenant Not to Sue. If this  General  Release and Covenant Not to Sue
          is timely cancelled or revoked, none of the provisions of this General
          Release and Covenant Not to Sue shall be effective or enforceable  and
          the  Company  shall  not be  obligated  to make  the  payments  to the
          Executive  or  to  provide  the  Executive  with  the  other  benefits
          described in the Severance  Agreement and all contracts and provisions
          modified,  relinquished or rescinded  hereunder shall be reinstated to
          the extent in effect immediately prior hereto.

                    Each of the  Executive and the Company Group agree that they
          will not make  disparaging  or  derogatory  remarks,  whether  oral or
          written, about the Company Group and the Executive, respectively.

                    Each of the  Executive  and  the  Company  acknowledges  and
          agrees that it has entered into this General  Release and Covenant Not
          to Sue  knowingly  and  willingly  and has had  ample  opportunity  to
          consider the terms and provisions of this General Release and Covenant
          Not to Sue.

                    IN WITNESS  WHEREOF,  the  parties  hereto  have caused this
          General  Release and  Covenant Not to Sue to be executed on this _____
          day of _______________, 20__.

                                           --------------------------------
                                           Francis T. McCarron

                                           TRIARC COMPANIES, INC.

                                           By:
                                              ---------------------------------
                                              Name:
                                              Title:

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