Document:

exhibit10-39_022808.htm

    
      EXHIBIT
10.39

      ARBY’S
RESTAURANT GROUP, INC.

       

       

       October
13, 2005

      

       

      Mr. Nils
H. Okeson

      259
Broadland Road, NW

      Atlanta,
Georgia  30342

       

      Dear
Nils:

       

      It is
with great pleasure that we hereby confirm your employment as General Counsel of
Arby’s Restaurant Group, Inc. (Arby’s) on the terms and conditions set forth in
this letter agreement and in the attached term sheet (the “Term Sheet”), which
Term Sheet is hereby incorporated herein by reference.  You further
agree to accept election and to serve as a director, officer, manager or
representative of any subsidiary of Arby’s without any compensation therefor,
other than as provided in this letter agreement.  You will report to
the President and Chief Executive Officer of Arby’s and your duties will be
performed primarily at the corporate headquarters of Arby’s in Atlanta,
Georgia.

       

      1. Term.  The
term of your employment hereunder shall be effective as of October 17, 2005
(herein after referred to as the “Effective Date”)and shall continue through the
third anniversary of the Effective Date (the “Initial Term”); provided, however, that the
term of your employment hereunder may be extended for additional one year
periods beyond the expiration of the Initial Term (the Initial Term together
with any extension shall be referred to hereinafter as the “Employment Term”) if
(a) you provide written notice to Arby’s (a “Renewal Notice”) of
your desire to so extend your employment by no later than (i) in the case of the
first one year extension beyond the Initial Term, the second anniversary of the
Effective Date and (ii) in the case of any subsequent one year extension, the
date that is one year prior to the expiration of the Employment Term, and (b)
Arby’s delivers to you, within 35 days following such anniversary or date, as
applicable, a notice of acceptance (an “Acceptance Notice”)
of such extension.  In the event that either you do not deliver a
timely Renewal Notice to Arby’s or Arby’s does not deliver an Acceptance Notice
to you (either because Arby’s delivered a notice to you rejecting your request
to extend the Employment Term or because Arby’s failed to deliver any notice in
a timely manner), then your employment hereunder shall terminate as of the
earlier of (a) the expiration of the Employment Term or (b) upon a termination
of your employment (i) by the Company “without cause” (ii) for “cause” or (iii)
by you due to a “Triggering Event” (each term as hereinafter
defined).

       

      2. Termination Without Cause or
due to a Triggering Event.

       

      (a) In the
event your employment is terminated by Arby’s “without cause” (as hereinafter
defined) or by you due to a “Triggering Event” (as hereinafter
defined):

       

      (i) Arby’s
shall, commencing on the date of such termination of employment, pay to you an
amount (the “First
Year Payment”) equal to the sum of (I) your annual base rate of salary in
effect as of the effective date of such termination, and if your termination is
in the first year of your employment (II) your guaranteed bonus described in the
Term Sheet (the “Guaranteed Bonus”),
payable in semi-monthly installments for a period of twelve (12) months;
provided, that, if the date of your termination is after an initial public
offering of Arby’s Capital Stock on a nationally recognized stock exchange and
if required to comply with Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”) and any
Treasury regulations or other guidance promulgated thereunder, you will receive
one half (1/2) of the First Year Payment on the six-month anniversary of the
date of your termination in a lump sum payment, and the remaining half of the
First Year Payment shall thereafter be paid in semi-monthly installments for the
remainder of such twelve-month period;

       

      (ii) Arby’s
shall, commencing twelve (12) months after the effective date of such
termination of your employment, pay to you an amount equal your annual base rate
of salary in effect as of the effective date of such termination for an
additional period of twelve (12) months (the “Second Year Payment Period”);
provided, however, that if you
have secured employment or are providing consulting services prior to or during
the Second Year Payment Period, such semi-monthly payments required to be made
to you by Arby’s during the Second Year Payment Period will be offset by
compensation you earn from any such employment or services during the Second
Year Payment Period;

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (iii) If your
termination occurs after your first year of employment, Arby’s shall, within
thirty (30) days after the effective date of such termination pay to you a lump
sum amount equal to the product of your annual target incentive for the year in
which your employment terminates multiplied by a fraction, the numerator of
which is the number of days from January 1st of the year in which your
employment terminated through the date of such termination and the denominator
of which is 365.

       

      (iv) at your
election you will be entitled to continue your coverage under all health and
medical insurance policies maintained by Arby's for the greater of (I) the time
period commencing immediately following your termination of your employment and
ending when you cease receiving payments pursuant to clause (a)(ii) above and
(II) eighteen (18) months following the termination of your employment, in each
case in fulfillment of Arby’s obligations to you under Section 4980B of the Code
or under Part 6 of Title I of the Employee Retirement Income Security Act of
1974, as amended, the cost of such coverage to be allocated between you and
Arby’s in a manner consistent with the percentage allocation of the costs
thereof applicable immediately prior to the termination of your employment;
and

       

      (v) you will
automatically become vested in that number of outstanding unvested stock options
granted to you by Triarc, if any, in which you would have been vested if you had
remained employed by Arby’s through the date which is the earlier of (x) the
third anniversary of the Effective Date or (y) the last day of the Second Year
Payment Period and any stock options that would have remained unvested as
of such date shall be automatically forfeited as of the date of your
termination, and each vested stock option must be exercised within the earlier
of (I) one (1) year following your termination or (II) the date on which such
stock option expires, or be forfeited. This treatment of stock options is
subject to the approval of Triarc’s Compensation / Performance Compensation
Subcommittee.

       

      (b) A  termination
by Arby’s “without
cause” shall mean the termination of your employment by Arby’s for any
reason other than those reasons set forth in clauses (i)-(ix) of paragraph 4 of
this letter agreement.

       

      (c) The
payment of any monies and provision of any benefits to you pursuant to this
paragraph 2 shall be subject to your prior execution and delivery to Arby’s of a
release substantially in the form set forth in Exhibit 1 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, Arby’s
shall be relieved of all of its obligations hereunder.

       

      (d) For
purposes of this letter agreement, “Triggering Event”
shall mean: (i) a material reduction in your responsibilities as General
Counsel of Arby’s; (ii) a requirement that you report to any person other than
the President and Chief Executive Officer of Arby’s or the Board; (iii) a
reduction in your then current base salary (as described in the Term Sheet),
target bonus percentage (as described in the Term Sheet) or your Guaranteed
Bonus; or (iv) without your consent, relocation to a work situs not in the
Atlanta, Georgia greater metropolitan area; provided that a
Triggering Event shall only be deemed to have occurred if, no later than thirty
(30) days following the time you learn of the circumstances constituting a
Triggering Event, you provide a written notice to Arby’s containing reasonable
details of such circumstances and within thirty (30) days following the delivery
of such notice to Arby’s, Arby’s has failed to cure such
circumstances.

       

      3. Treatment of Stock Options
on Termination due to Disability.  In the event your employment
is terminated by Arby’s due to “Disability” (as hereinafter defined), you will
automatically become vested in that number of outstanding
unvested  stock options granted to you by Triarc, if any, in which you
would have been vested if you had remained employed by Arby’s through the date
which is the earlier of (x) the third anniversary of the Effective Date or (y)
the last day of the Second Year Payment Period and any stock options that
would have remained unvested as of such date shall be automatically forfeited as
of the date of your termination, and each vested stock option must be exercised
within the earlier of (I) one (1) year following your termination or (II) the
date on which such stock option expires, or be forfeited. This treatment of
stock options is subject to the approval of Triarc’s Compensation / Performance
Compensation Subcommittee.

       

      4. Cause.  For
purposes of this agreement, “cause” means: (i)
commission of any act of fraud or gross negligence by you in the course of your
employment hereunder that, in the case of gross negligence, has a material
adverse effect on the business or financial condition of Arby’s or any of its
affiliates; (ii) willful material misrepresentation at any time by you to the
President and Chief Executive Officer or the Board; (iii) voluntary termination
by you of your employment (other than on account of a Triggering Event) or the
willful failure or refusal to comply with any of your material obligations
hereunder or to comply with a reasonable and lawful instruction of the President
and Chief Executive Officer or the Board; (iv) engagement by you in any conduct
or the commission by you of any act that is, in the reasonable opinion of the
Board, materially injurious or detrimental to the substantial interest of Arby’s
or any of its affiliates; (v) your indictment for any felony, whether of the
United States or any state thereof or any similar foreign law to which you may
be subject; (vi) any failure substantially to comply with any written rules,
regulations, policies or procedures of Arby’s furnished to you that, if not
complied with, could reasonably be expected to have a material adverse effect on
the business of Arby’s or any of its affiliates; (vii) any willful failure to
comply with Arby’s policies regarding insider trading; (viii) your death; or
(ix) your inability to perform all or a substantial part of your duties or
responsibilities on account of your illness (either physical or mental) for more
than 90 consecutive calendar days or for an aggregate of 150 calendar days
during any consecutive nine month period (“Disability”).

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      5. Return of
Property.  Upon any termination of your employment with Arby’s,
you will promptly return to Arby’s all property provided to you and owned by
Arby’s or any of its affiliates, including, but not limited to, credit cards,
computers, personal data assistants, automobiles, cell phones and
files.

       

      6. Noncompete/Nonsolicitation/Employee
No-Hire.

       

      (a) You
acknowledge that as Arby’s General Counsel you will be involved, at the highest
level, in the development, implementation, and management of Arby’s business
strategies and plans, including those which involve Arby’s finances, marketing
and other operations, and acquisitions and, as a result, you will have access to
Arby’s most valuable trade secrets and proprietary information. By virtue of
your unique and sensitive position, your employment by a competitor of Arby’s
represents a material unfair competitive danger to Arby’s and the use of your
knowledge and information about Arby’s business, strategies and plans can and
would constitute a competitive advantage over Arby’s.  You further
acknowledge that the provisions of this paragraph 6 are reasonable and necessary
to protect Arby’s legitimate business interests.

       

      (b) In view
of clause (a) above, you hereby covenant and agree that during your employment
with Arby’s (except in the proper discharge of your duties hereunder) and for a
period of twenty-four (24) months following the termination of your employment
with Arby’s:

       

      (i) in any
state or territory of the United States (and the District of Columbia) where
Arby’s maintains restaurants, you will not engage or be engaged in any capacity,
“directly or indirectly” (as defined below), 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, directly or indirectly, without Arby’s prior written consent, hire or cause
to be hired, solicit or encourage to cease to work with Arby’s 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
Arby’s or any of its subsidiaries or affiliates at the level of director or any
more senior level or a consultant under contract with Arby’s 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 Arby’s or any of its subsidiaries or affiliates to cease doing
business with Arby’s or subsidiary or affiliate, or to reduce the amount of
business such franchisee or supplier does with Arby’s or such subsidiary or
affiliate.

       

      (c) For
purposes of this paragraph 6, “directly or
indirectly” means in your individual capacity for your own benefit or as
a shareholder, lender, partner, member or other principal, officer, director,
employee, agent or consultant of or to any individual, corporation, partnership,
limited liability company, trust, association or any other entity whatsoever;
provided, however, that you may
own stock in Arby’s and may operate, directly or indirectly, Arby’s restaurants
as a franchisee without violating paragraphs 6(b)(i) or 6(b)(iii).

       

      (d) If any
competent authority having jurisdiction over this paragraph 6 determines that
any of the provisions of this paragraph 6 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.

       

      7. Confidential
Information.  You agree to treat as confidential and not to
disclose to anyone other than Arby’s and its subsidiaries and affiliates, and
their respective officers, directors, employees and agents, and you agree that
you will not at any time during your employment and for a period of four years
thereafter, without the prior written consent of Arby’s, divulge, furnish, or
make known or accessible to, or use for the benefit of anyone other than Arby’s,
its subsidiaries, and affiliates, any information of a confidential nature
relating in any way to the business of Arby’s or its subsidiaries or affiliates,
or any of their respective franchisees, suppliers or distributors, unless (i)
you are required to disclose such information by requirements of law, (ii) such
information is in the public domain through no fault of yours, or (iii) such
information has been lawfully acquired by you from other sources unless you know
that such information was obtained in violation of an agreement of
confidentiality. You further agree that during the period referred to in the
immediately preceding sentence you will refrain from engaging in any conduct or
making any statement, written or oral that is disparaging of Arby’s, any of its
subsidiaries or affiliates or any of their respective directors or officers.
Arby’s agrees during the period referred to in the first sentence of this
paragraph 7 that each then current member of the Board and each of Arby’s then
current executive officers shall refrain from making any statement, written or
oral, that is disparaging of you, your personal reputation or professional
competency.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      8. Enforcement.  You
agree that, in addition to any other remedy provided at law or in equity, (a)
Arby’s shall be entitled to a temporary restraining order, and both preliminary
and permanent injunctive relief restraining you from violating any of the
provisions of paragraphs 6 or 7 of this letter agreement (in recognition of the
fact that damages in the event of a breach by you of paragraphs 6 or 7 of this
letter agreement would be difficult if not impossible to ascertain and
inadequate to remedy), (b) you will indemnify and hold Arby’s and its affiliates
harmless from and against any and all damages or losses incurred by Arby’s or
any of its affiliates (including reasonable attorneys’ fees and expenses) as a
result of any willful or reckless violation by you of any such provisions and
(c) upon any such willful or reckless violation by you, Arby’s’ remaining
obligations under this letter agreement, if any, shall cease (other than payment
of your base salary through the date of termination of your employment and any
earned but unpaid vacation, and other than as may otherwise be required by
law).

       

      9. Governing Law; Jurisdiction
and Venue; Entire Agreement; Jury Trial Waiver.

       

      (a) It is the
intent of the parties hereto that all questions with respect to the construction
of this letter agreement and the rights and liabilities of the parties hereunder
shall be determined in accordance with the laws of the State of Delaware,
without regard to principles of conflicts of laws thereof that would call for
the application of the substantive law of any jurisdiction other than the State
of Delaware.

       

      (b) Each
party irrevocably agrees for the exclusive benefit of the other that any and all
suits, actions or proceedings relating to paragraphs 6, 7, and, as it relates to
paragraphs 6 and 7, paragraphs 8 and 9 of this letter agreement (collectively,
“Proceedings”
and, individually, a “Proceeding”)  shall
be maintained in either the courts of the State of Delaware or the federal
District Courts sitting in Wilmington, Delaware (collectively, the “Chosen Courts”) and
that the Chosen Courts shall have exclusive jurisdiction to hear and determine
or settle any such Proceeding and that any such Proceedings shall only be
brought in the Chosen Courts.  Each party irrevocably waives any
objection that it may have now or hereafter to the laying of the venue of any
Proceedings in the Chosen Courts and any claim that any Proceedings have been
brought in an inconvenient forum and further irrevocably agrees that a judgment
in any Proceeding brought in the Chosen Courts shall be conclusive and binding
upon it and may be enforced in the courts of any other
jurisdiction.

       

      (c) Each of
the parties hereto agrees that this letter agreement involves at least $100,000
and that this letter agreement has been entered into in express reliance on
Section 2708 of Title 6 of the Delaware Code.  Each of the parties
hereto irrevocably and unconditionally agrees that, to the extent such party is
not otherwise subject to service of process in the State of Delaware, service of
process may be made on such party by pre-paid certified mail with a validated
proof of mailing receipt constituting evidence of valid service sent to such
party at the address set forth in this letter agreement, as such address may be
changed from time to time pursuant hereto, and that service made pursuant to
this paragraph 9(c) shall, to the fullest extent permitted by applicable law,
have the same legal force and effect as if served upon such party personally
within the State of Delaware.

       

      (d) This
letter agreement contains the entire agreement among the parties with respect to
the matters covered herein and supersedes all prior agreements, written or oral,
with respect thereto. This letter agreement may only be amended, superseded,
cancelled, extended or renewed and the terms hereof waived, by a written
instrument signed by the parties hereto, or in the case of a waiver, by the
party waiving compliance.

       

      (e) EACH
PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY
IN ANY PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG THE
PARTIES HERETO ARISING OUT OF OR RELATED TO THIS LETTER AGREEMENT OR ANY OTHER
AGREEMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR
FOR ANY COUNTERCLAIM THEREIN.  THE PARTIES HERETO MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF
THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY
JURY.

       

      

      [remainder
of page intentionally left blank]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      10. Arbitration.  Except
to the extent specifically contemplated by paragraph 9(b) of this letter
agreement, all disputes arising in connection with your employment with Arby’s
(whether based on contract or tort or upon any federal, state or local statute,
including but not limited to claims asserted under the Age Discrimination in
Employment Act, Title VII of the Civil Rights Act of 1964, as amended, any state
Fair Employment Practices Act and/or the Americans with Disability Act) or any
rights arising pursuant to this letter agreement shall, at the election of
either you or Arby’s, be submitted to JAMS/ENDISPUTE for resolution in
arbitration in accordance with the rules and procedures of JAMS/ENDISPUTE.
Either party shall make such election by delivering written notice thereof to
the other party at any time (but not later than 45 days after such party
receives notice of the commencement of any administrative or regulatory
proceeding or the filing of any lawsuit relating to any such dispute or
controversy) and thereupon any such dispute or controversy shall be resolved
only in accordance with the provisions of this paragraph 10.  Any such
proceedings shall take place in Atlanta, Georgia before a single arbitrator who
shall have the right to award to any party to such proceedings any right or
remedy that is available under applicable law (including, without limitation,
ordering the losing party to reimburse the reasonable legal fees and expenses
incurred by the winning party with respect to such proceedings).  The
resolution of any such dispute or controversy by the arbitrator appointed in
accordance with the procedures of JAMS/ENDISPUTE shall be final and binding.
Judgment upon the award rendered by such arbitrator may be entered in any court
having jurisdiction thereof.

       

      
        THIS
PARAGRAPH 10 IS SPECIFICALLY ACKNOWLEDGED AND AGREED BY:

         

        
          	 ARBY'S
      RESTAURANT GROUP, INC.	 
	
                   

                  /s/ Sharron L.
      Barton           

                	
                   

                  /s/ Nils H.
      Okeson        

                
	 Name: Sharron
      L. Barton	Nils H.
    Okeson
	 Title: Chief
      Administrative Officer	 

        

      

      

      11. Legal
Fees.  Subject to paragraph 10 above, each party shall pay his
or its own costs for any arbitration or litigation, as applicable, initiated in
connection with any disputes arising in connection with your employment with
Arby’s, with the cost of the arbitrator, if applicable, to be equally divided
between the parties.

       

      12. Survivability.  The
provisions of paragraphs 6, 7, 8, 9, 10, 11 and 13 shall specifically survive
any termination of this letter agreement.

       

      13. Notices.  Any
notice given pursuant to this letter agreement to any party hereto shall be
deemed to have been duly given when mailed by registered or certified mail,
return receipt requested, or by overnight courier, or when hand delivered as
follows:

       

      
        	
                 
      

              	
                If
      to Arby’s on or after the Effective
Date:

              

      

       

      
        	
                 
      

              	
                Arby’s
      Restaurant Group, Inc.

              

      

      
        	
                 
      

              	
                5995
      Barfield Road

              

      

      
        	
                 
      

              	
                Atlanta,
      Georgia 30328-4411

              

      

      
        	
                 
      

              	
                Attn:
      CEO

              

      

       

      If to
you, at the address set forth on the first page of this letter agreement
or at
such other address as either party shall from time to time designate by written
notice, in the manner provided herein, to the other party hereto.

       

      14. Tax
Withholding.  You agree that Arby’s may withhold from any
amounts payable to you hereunder all federal, state, local or other taxes that
Arby’s determines are required to be withheld pursuant to any applicable law or
regulation. You further agree that if the Internal Revenue Service or other
taxing authority (each, a “Taxing Authority”)
asserts a liability against Arby’s for failure to withhold taxes on any payment
hereunder, you will pay to Arby’s the amount determined by such Taxing Authority
(other than penalty or interest amounts unless such payment is made after 30
days of the delivery of such notice to you, in which case you shall be
responsible for such penalties and interest) that had not been withheld within
thirty (30) days of notice to you of such determination. Such notice shall
include a copy of any correspondence received from a Taxing Authority with
respect to such withholding.

       

      15. Expense
Reimbursement.  You will be entitled to reimbursement for all
of your reasonable and necessary business expenses, including reasonable cell
phone, travel, lodging and entertainment expenses, in accordance with Arby’s
business expense reimbursement policy as in effect from time to time and upon
submission of appropriate documentation and receipts.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        If you
agree with the terms outlined above and in the Term Sheet, please date and sign
the copy of this letter agreement enclosed for that purpose and return it to
me.

         

        
        

         

        
          	 	 Sincerely,
	 	
                   

                  ARBY'S RESTAURANT GROUP, INC.

                
	 	
                   

                  /s/ Sharron L.
      Barton           

                
	 	 Name: Sharron
      L. Barton
	 	 Title: Chief
      Administrative Officer
	
                   Agreed and
      Accepted

                	 
	
                   

                  /s/ Nils H.
      Okeson        

                	 
	 Nils H.
      Okeson	 

        

      

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Nils H.
Okeson

       

      General
Counsel of Arby’s, Inc.

       

      Employment Term
Sheet

       

      
        	
                PROVISION

              	
                TERM

              	
                COMMENTS

              
	
                Base
      Salary

              	
                $450,000/year

              	
                Subject
      to increase but not decrease, in the sole discretion of the
      Board.

              
	
                Annual
      Incentive

              	
                Target
      annual bonus percentage equal to

                75%
      of base salary,

                guaranteed
      minimum annual bonus of $200,000 for the fiscal year beginning on January
      1, 2006 and ending
      on              December
      31, 2006.

              	
                Company
      and individual performance assessed for each fiscal year relative to
      objectives agreed to in advance between executive and the Board’s
      compensation committee.  Bonus will be prorated for partial
      employment year in 2005.

              
	
                Benefits

              	 
      	
                Benefits
      as are generally made available to other senior executives of Arby’s,
      including participation in Arby’s health/medical and insurance programs
      and $1,400 per month car allowance programs.

              
	
                Vacation

              	
                Four
      weeks per year

              	 
      

      

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      EXHIBIT
1

      GENERAL
RELEASE

       

      AND
COVENANT NOT TO SUE

       

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

       

      Nils H.
Okeson (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 Letter
Agreement dated as of October ____, 2005 (the “Employment
Agreement”) between the Executive and Arby’s Restaurant Group, 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, Triarc Companies, Inc. and their respective 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 Employment Agreement or any rights the Executive may
have to indemnification under any charter or by-laws (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 Employment Agreement, the Executive agrees to cooperate, at
the expense of the Company Group, with the members of the Company Group in
addition 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 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 Georgia, 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
Employment Agreement and all contracts and provisions modified, relinquished or
rescinded hereunder shall be reinstated to the extent in effect immediately
prior hereto.

       

      The
Executive agrees that as part of the consideration for this General Release and
Covenant Not to Sue, he will not make disparaging or derogatory remarks, whether
oral or written, about the Company Group.

       

      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
_______________, __.

         

        

                            

        Nils H. Okeson

         

         

        ARBY’S
RESTAURANT GROUP, INC.

        

        
          	
                   
      

                	
                                      

                

        

        
          	
                   
      

                	
                  Name:
      ___________________________

                

        

        
          	
                   
      

                	
                  Title:
      ____________________________exhibit10-40_022808.htm

    EXHIBIT
10.40

      

      

      INDEMNIFICATION
AGREEMENT

      

      

      AGREEMENT, made
effective as of the _____ day of _________, _____ between Arby’s Restaurant
Group, Inc., a Delaware corporation (the "Company") and _______________________
(the "Indemnitee").

       

      WHEREAS, it is
essential to the Company and its stockholders to attract and retain qualified
and capable directors, officers, employees, trustees, agents and fiduciaries;
and

       

      WHEREAS, it has
been the policy of the Company to indemnify its directors and officers so as to
provide them with the maximum possible protection permitted by law;
and

       

      WHEREAS, in
recognition of Indemnitee's need for protection against personal liability in
order to induce Indemnitee to serve or continue to serve the Company in an
effective manner, and, in the case of directors and officers, to supplement or
replace the Company's directors' and officers' liability insurance coverage, and
in part to provide Indemnitee with specific contractual assurance that the
protection promised by the Company's corporate charter and/or corporate by-laws
or similar governing documents or the partnership agreements or limited
liability company agreements or similar governing documents of partnerships and
limited liability companies for which the Company serves or has served as
general partner or manager (together, the Company's "Governing Documents") will
be available to Indemnitee (regardless of, among other things, any amendment to
or revocation of the Governing Documents or any change in the composition of the
Company's Board of Directors or any acquisition transaction relating to the
Company), the Company, with the prior approval of the Company's sole
stockholder, wishes to provide the Indemnitee with the benefits contemplated by
this Agreement; and

       

      WHEREAS, as a
result of the provision of such benefits Indemnitee has agreed to serve or to
continue to serve the Company;

       

      NOW, THEREFORE,
the parties hereto do hereby agree as follows:

       

      1.           Definitions.  The
following terms, as used herein, shall have the following respective
meanings:

       

      (a)           An
Affiliate
of a specified Person is a Person who directly, or indirectly through one or
more intermediaries, controls or is controlled by, or is under common control
with, the Person specified.  The term Associate
used to indicate a relationship with any Person shall mean (i) any corporation
or organization (other than the Company or a Subsidiary) of which such Person is
an officer or partner or is, directly, or indirectly, the Beneficial Owner of
ten (10) percent or more of any class of Equity Securities, (ii) any trust or
other estate in which such Person has a substantial beneficial interest or as to
which such Person serves as trustee or in a similar fiduciary capacity (other
than an Employee Plan Trustee), (iii) any Relative of such Person, or (iv) any
officer or director of any corporation controlling or controlled by such
Person.

       

      (b)           Beneficial
Ownership shall be determined, and a Person shall be the Beneficial
Owner of all securities which such Person is deemed to own beneficially,
pursuant to Rule 13d-3 of the General Rules and Regulations under the
Securities Exchange Act of 1934, as amended (or any successor rule or statutory
provision), or, if said Rule 13d-3 shall be rescinded and there shall be no
successor rule or statutory provision thereto, pursuant to said Rule 13d-3
as in effect on January 1, 2005; provided,
however,
that a Person shall, in any event, also be deemed to be the Beneficial Owner of
any Voting Shares:  (A) of which such Person or any of its
Affiliates or Associ­ates is, directly or indirectly, the Beneficial Owner,
or (B) of which such Person or any of its Affiliates or Associates has
(i) the right to acquire (whether such right is exercisable immediately or
only after the passage of time), pursuant to any agreement, arrangement or
understanding or upon the exercise of conversion rights, exchange rights,
warrants, or options, or otherwise, or (ii) sole or shared voting or
investment power with respect thereto pursuant to any agreement, arrangement,
understanding, relationship or otherwise (but shall not be deemed to be the
Beneficial Owner of any Voting Shares solely by reason of a revocable proxy
granted for a particular meeting of stockholders, pursuant to a public
solicitation of proxies for such meeting, with respect to shares of which
neither such Person nor any such Affiliate or Associate is otherwise deemed the
Beneficial Owner), or (C) of which any other Person is, directly or
indirectly, the Beneficial Owner if such first mentioned Person or any of its
Affiliates or Associates acts with such other Person as a partnership, syndicate
or other group pursuant to any agreement, arrangement or understanding for the
purpose of acquiring, holding, voting or disposing of any shares of capital
stock of the Company; and provided
further,
however,
that (i) no director or officer of the Company, nor any Associate or
Affiliate of any such director or officer, shall, solely by reason of any or all
of such directors and officers acting in their capacities as such, be deemed for
any purposes hereof, to be the Beneficial Owner of any Voting Shares of which
any other such director or officer (or any Associate or Affiliate thereof) is
the Beneficial Owner and (ii) no trustee of an employee stock ownership or
similar plan of the Company or any Subsidiary ("Employee Plan Trustee") or any
Associate or Affiliate of any such Trustee, shall, solely by reason of being an
Employee Plan Trustee or Associate or Affiliate of an Employee Plan Trustee, be
deemed for any purposes hereof to be the Beneficial Owner of any Voting Shares
held by or under any such plan.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (c)           Change
in Control shall be deemed to have occurred if (A) any Person (other
than (i) the Company or any Subsidiary, (ii) any pension, profit
sharing, employee stock ownership or other employee benefit plan of the Company
or any Subsidiary or any trustee of or fiduciary with respect to any such plan
when acting in such capacity, or (iii) Nelson Peltz (“Peltz”), Peter W. May
(“May”) or any Affiliate or Associate of  Peltz or May) is or becomes,
after the date of this Agreement, the Beneficial Owner of 20% or more of the
total voting power of the Voting Shares, (B) during any period of two
consecutive years, individuals who at the beginning of such period constitute
the Board of Directors of the Company and any new director whose election or
appointment by the Board of Directors or nomination or recommendation for
election by the Company's stockholders was approved by a vote of at least
two-thirds (2/3) of the directors then still in office who either were directors
at the beginning of the period or whose election or nomination for election was
previously so approved, cease for any reason to constitute a majority thereof,
(C) the stockholders of the Company approve a merger or consolidation of
the Company with any other corporation, other than a merger or consolidation
which would result in the Voting Shares of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by
being converted into Voting Shares of the surviving entity) at least 80% of the
total voting power represented by the Voting Shares of the Company or such
surviving entity outstanding, or the stockholders of the Company approve a plan
of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company's assets,
or (D) a change in control of a nature that would be required to be
reported in response to Item 6(e) of Schedule 14A of
Regulation 14 promulgated under the Securities Exchange Act of 1934, as
amended, as in effect on January 1, 2005.

       

      (d)           Claim
means any threatened, pending or completed action, suit, arbitration or
proceeding, or any inquiry or investigation, whether brought by or in the right
of the Company or otherwise, that Indemnitee in good faith believes might lead
to the institution of any such action, suit, arbitration or proceeding, whether
civil, criminal, administrative, investigative or other, or any appeal
therefrom.

       

      (e)           D&O
Insurance means any valid directors' and officers' liability insurance
policy maintained by the Company for the benefit of the Indemnitee, if
any.

       

      (f)           Determination
means a determination, and Determined
means a matter which has been determined based on the facts known at the time,
by:  (i) a majority vote of a quorum of disinterested directors,
or (ii) if such a quorum is not obtainable, or even if obtainable, if a
quorum of disinterested directors so directs, by independent legal counsel in a
written opinion, or, in the event there has been a Change in Control, by the
Special Independent Counsel (in a written opinion) selected by Indemnitee as set
forth in Section 6, or (iii) a majority of the disinterested
stockholders of the Company, or (iv) a final adjudication by a court of
competent jurisdiction.

       

      (g)           Equity
Security shall have the meaning given to such term under Rule 3a11-1
of the General Rules and Regulations under the Securities Exchange Act of 1934,
as amended, as in effect on January 1, 2005.

       

      (h)           Excluded
Claim means any payment for Losses or Expenses in connection with any
Claim:  (i) based upon or attributable to Indemnitee gaining in
fact any personal profit or advantage to which Indemnitee is not entitled; or
(ii) for the return by Indemnitee of any remuneration paid to Indemnitee
without the previous approval of the stockholders of the Company which is
illegal; or (iii) for an accounting of profits in fact made from the
purchase or sale by Indemnitee of securities of the Company within the meaning
of Section 16 of the Securities Exchange Act of 1934, as amended, as in
effect on January 1, 2005, or similar provisions of any state law; or
(iv) resulting from Indemnitee's knowingly fraudulent, dishonest or willful
misconduct; or (v) the payment of which by the Company under this Agreement
is not permitted by applicable law.

       

      (i)           Expenses
means any reasonable expenses incurred by Indemnitee as a result of a Claim or
Claims made against Indemnitee for Indemnifiable Events including, without
limitation, attorneys' fees and all other costs, expenses and obligations paid
or incurred in connection with investigating, defending, being a witness in or
participating in (including on appeal), or preparing to defend, be a witness in
or participate in any Claim relating to any Indemnifiable Event.

       

      (j)           Fines
means any fine, penalty or, with respect to an employee benefit plan, any excise
tax or penalty assessed with respect thereto.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (k)           Indemnifiable
Event means any event or occurrence, occurring prior to or after the date
of this Agreement, related to the fact that Indemnitee is or was a director,
officer, employee, trustee, agent or fiduciary of the Company or any of its
Subsidiaries, or is or was serving at the request of the Company as a director,
officer, manager, employee, trustee, agent or fiduciary of another corporation,
partnership, joint venture, limited liability company, employee benefit plan,
trust or other enterprise, or by reason of anything done or not done by
Indemnitee, including, but not limited to, any breach of duty, neglect, error,
misstatement, misleading statement, omission, or other act done or wrongfully
attempted by Indemnitee, or any of the foregoing alleged by any claimant, in any
such capacity.

       

      (l)           Losses
means any amounts or sums which Indemnitee is legally obligated to pay as a
result of a Claim or Claims made against Indemnitee for Indemnifiable Events
including, without limitation, damages, judgments and sums or amounts paid in
settlement of a Claim or Claims, and Fines.

       

      (m)           Person
means any individual, partnership, corporation, business trust, joint stock
company, trust, limited liability company, unincorporated association, joint
venture, govern­mental authority or other entity of whatever
nature.

       

      (n)           Potential
Change in Control shall be deemed to have occurred if (A) the
Company enters into an agreement, the consummation of which would result in the
occurrence of a Change in Control; (B) any Person (including the Company)
publicly announces an intention to take or to consider taking actions which if
consummated would consti­tute a Change in Control; (C) any Person
(other than (i) the Company or any Subsidiary, (ii) any pension,
profit sharing, employee stock ownership or other employee benefit plan of the
Company or any Subsidiary or any trustee of or fiduciary with respect to any
such plan when acting in such capacity, or (iii)  Peltz, May, or any
Affiliate or Associate of  Peltz or May) who is or becomes the
Beneficial Owner of 9.5% or more of the total voting power of the Voting Shares,
increases his Beneficial Ownership of such voting power by 5% or more over the
per­centage so owned by such Person on the date hereof; or (D) the
Board of Directors adopts a resolution to the effect that, for purposes of this
Agreement, a Potential Change in Control has occurred.

       

      (o)           Relative
means a Person's spouse, parents, children, siblings, mothers- and
fathers-in-law, sons- and daughters-in-law, and brothers- and
sisters-in-law.

       

      (p)           Reviewing
Party means any appropriate person or body consisting of a member or
members of the Company's Board of Directors or any other person or body
appointed by the Board (including the Special Independent Counsel referred to in
Section 6) who is not a party to the particular Claim for which Indemnitee
is seeking indemnification.

       

      (q)           Subsidiary
means any corporation of which a majority of any class of Equity Security is
owned, directly or indirectly, by the Company.

       

      (r)           Trust
means the trust established pursuant to Section 7 hereof.

       

      (s)           Voting
Shares means any issued and outstanding shares of capital stock of the
Company entitled to vote generally in the election of directors.

       

      2.           Basic
Indemnification Agreement.  In consideration of, and as an
inducement to, the Indemnitee rendering valuable services to the Company and/or
its Subsidiaries, the Company agrees that in the event Indemnitee is or becomes
a party to or witness or other participant in, or is threatened to be made a
party to or witness or other participant in, a Claim by reason of (or arising in
part out of) an Indemnifiable Event, the Company will indemnify Indemnitee to
the fullest extent authorized by law, against any and all Expenses and Losses
(including all interest, assessments and other charges paid or payable in
connection with or in respect of such Expenses and Losses) of such Claim,
whether or not such Claim proceeds to judgment or is settled or otherwise is
brought to a final disposition, subject in each case, to the further provisions
of this Agreement.

       

      3.           Limitations
on Indemnification.  Not­withstanding the provisions of
Section 2, Indemnitee shall not be indemnified and held harmless from any
Losses or Expenses (a) which have been Determined, as provided herein, to
constitute an Excluded Claim; (b) to the extent Indemnitee is indemnified
by the Company and has actually received payment pursuant to the Company's
Governing Documents, D&O Insurance, or otherwise; or (c) other than
pursu­ant to the last sentence of Section 4(d) or Section 14, in
connection with any Claim initiated by Indemnitee, unless the Company has joined
in or the Board of Directors has authorized such Claim.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      4.           Indemnification
Procedures.

       

      (a)           Promptly
after receipt by Indemnitee of notice of any Claim, Indemnitee shall, if
indemnification with respect thereto may be sought from the Company under this
Agreement, notify the Company of the commencement thereof and Indemnitee agrees
further not to make any admission or effect any settlement with respect to such
Claim without the consent of the Company, except any Claim with respect to which
the Indemnitee has undertaken the defense in accordance with the second to last
sentence of Sec­tion 4(d).

       

      (b)           If,
at the time of the receipt of such notice, the Company has D&O Insurance in
effect, the Company shall give prompt notice of the commencement of Claim to the
insurers in accordance with the procedures set forth in the respective
policies.  The Company shall thereafter take all necessary or
desirable action to cause such insurers to pay, on behalf of Indemnitee, all
Losses and Expenses payable as a result of such Claim.

       

      (c)           To
the extent the Company does not, at the time of the Claim have applicable
D&O Insurance, or if a Determination is made that any Expenses arising out
of such Claim will not be payable under the D&O Insurance then in effect,
the Company shall be obligated to pay the Expenses of any Claim in advance of
the final disposition thereof and the Company, if appropriate, shall be entitled
to assume the defense of such Claim, with counsel satisfactory to Indemnitee,
upon the delivery to Indemnitee of written notice of its election so to
do.  After delivery of such notice, the Company will not be liable to
Indemnitee under this Agreement for any legal or other Expenses subsequently
incurred by the Indemnitee in connection with such defense other than reasonable
Expenses of investigation; provided
that
Indemnitee shall have the right to employ its counsel in such Claim but the fees
and expenses of such counsel incurred after delivery of notice from the Company
of its assumption of such defense shall be at the Indemnitee's expense; provided
further
that if:  (i) the employment of counsel by Indemnitee has been
previously authorized by the Company; (ii) Indemnitee shall have reasonably
concluded that there may be a conflict of interest between the Company and
Indem­nitee in the conduct of any such defense; or (iii) the Company
shall not, in fact, have employed counsel to assume the defense of such action,
the reasonable fees and expenses of counsel shall be at the expense of the
Company.

       

      (d)           All
payments on account of the Company's indemnification obligations under this
Agreement shall be made within sixty (60) days of Indemnitee's written request
therefor unless a Determination is made that the Claims giving rise to
Indemnitee's request are Excluded Claims or otherwise not payable under this
Agreement, provided
that
all payments on account of the Company's obligation to pay Expenses under
Section 4(c) of this Agreement prior to the final disposition of any Claim
shall be made within 20 days of Indemnitee's written request therefor and such
obligation shall not be subject to any such Determination but shall be subject
to Section 4(e) of this Agreement.  In the event the Company
takes the position that the Indemnitee is not entitled to indemnification in
connection with the proposed settlement of any Claim, the Indemnitee shall have
the right at its own expense to undertake defense of any such Claim, insofar as
such proceeding involves Claims against the Indemnitee, by written notice given
to the Company within 10 days after the Company has notified the Indemnitee in
writing of its contention that the Indemnitee is not entitled to
indemnification.  If it is subsequently determined in con­nection
with such proceeding that the Indemnifiable Events are not Excluded Claims and
that the Indemnitee, therefore, is entitled to be indemnified under the
provisions of Section 2 hereof, the Company shall promptly indemnify the
Indemnitee.

       

      (e)           Indemnitee
hereby expressly undertakes and agrees to reimburse the Company for all Losses
and Expenses paid by the Company in connection with any Claim against Indemnitee
in the event and only to the extent that a Determination shall have been made by
a court of competent jurisdiction in a decision from which there is no further
right to appeal that Indemnitee is not entitled to be indemnified by the Company
for such Losses and Expenses because the Claim is an Excluded Claim or because
Indemnitee is otherwise not entitled to payment under this
Agreement.

       

      5.           Settlement.  The
Company shall have no obligation to indemnify Indemnitee under this Agreement
for any amounts paid in settlement of any Claim effected without the Company's
prior written consent.  The Company shall not settle any Claim in
which it takes the position that Indemnitee is not entitled to indemnification
in connection with such settlement without the consent of the Indemnitee, nor
shall the Company settle any Claim in any manner which would impose any Fine or
any obligation on Indemnitee, without Indemnitee's written
consent.  Neither the Company nor Indemnitee shall unreasonably
withhold their consent to any proposed settlement.

       

      6.           Change
in Control; Extraordinary Transac­tions.  The Company and
Indemnitee agree that if there is a Change in Control of the Company (other than
a Change in Control which has been approved by a majority of the Com­pany's
Board of Directors who were directors immediately prior to such Change in
Control) then all Determinations thereafter with respect to the rights of
Indemnitee to be paid Losses and Expenses under this Agreement shall be made
only by a special independent counsel (the "Special Independent Counsel")
selected by Indemnitee and approved by the Company (which approval shall not be
unreasonably withheld) or by a court of competent jurisdiction.  The
Company shall pay the reasonable fees of such Special Independent Counsel and
shall indemnify such Special Independent Counsel against any and all reasonable
expenses (including reasonable attorneys' fees), claims, liabilities and damages
arising out of or relating to this Agreement or its engagement pursuant
hereto.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      The Company
covenants and agrees that, in the event of a Change in Control of the sort set
forth in clause (C) of Section 1(c), the Company will use its best
efforts (a) to have the obligations of the Company under this Agreement
including, but not limited to those under Section 7, expressly assumed by
the surviving, purchasing or succeeding entity, or (b) otherwise to
adequately provide for the satisfaction of the Company's obligations under this
Agreement, in a manner reasonably acceptable to the Indemnitee.

       

      7.           Establishment
of Trust.  In the event of a Potential Change in Control (other
than a Potential Change of Control which has been approved by a majority of the
Company’s Board of Directors who were directors immediately prior to such
Potential Change of Control),  the Company shall, upon written request
by Indemnitee, create a trust (the "Trust") for the benefit of the Indemnitee
and from time to time upon written request of Indemnitee shall fund the Trust in
an amount sufficient to satisfy any and all Losses and Expenses which are
actually paid or which Indemnitee reasonably determines from time to time may be
payable by the Company under this Agreement.  The amount or amounts to
be deposited in the Trust pursuant to the foregoing funding obligation shall be
determined by the Reviewing Party, in any case in which the Special Independent
Counsel is involved.  The terms of the Trust shall provide that upon a
Change in Control:  (i) the Trust shall not be revoked or the
principal thereof invaded without the written consent of the Indemnitee;
(ii) the trustee of the Trust shall advance, within twenty days of a
request by the Indemnitee, any and all Expenses to the Indemnitee (and the
Indemnitee hereby agrees to reimburse the Trust under the circumstances under
which the Indemnitee would be required to reimburse the Company under
Section 4(e) of this Agreement); (iii) the Company shall continue to
fund the Trust from time to time in accordance with the funding obligations set
forth above; (iv) the trustee of the Trust shall promptly pay to the
Indemnitee all Losses and Expenses for which the Indemnitee shall be entitled to
indemnification pursuant to this Agreement; and (v) all unexpended funds in
the Trust shall revert to the Company upon a final determination by a court of
competent jurisdiction in a final decision from which there is no further right
of appeal that the Indemnitee has been fully indemnified under the terms of this
Agreement.  The Trustee of the Trust shall be chosen by the
Indemnitee.

       

      8.           No
Presumption.  For purposes of this Agreement, the termination
of any Claim by judgment, order, settlement (whether with or without court
approval) or conviction, or upon a plea of nolo
contendere,
or its equivalent, shall not, of itself, create a presumption that Indemnitee
did not meet any particular standard of conduct or have any particular belief or
that a court has determined that indemnification is not permitted by applicable
law.

       

      9.           Nonexclusivity,
Etc.  The rights of the Indemnitee hereunder shall be in
addition to any other rights Indemnitee may have under the Company's Governing
Documents or under the laws, as in effect from time to time, of the Company's
state of incorporation (such laws being the "Applicable State Laws"), any vote
of stockholders or disinterested directors or otherwise, both as to action in
the Indemnitee's official capacity and as to action in any other capacity by
holding such office, and shall continue after the Indemnitee ceases to serve the
Company or any of its Subsidiaries as a director, officer, employee, agent or
fiduciary, for so long as the Indemnitee shall be subject to any Claim by reason
of (or arising in part out of) an Indemnifiable Event.  To the extent
that a change in the Applicable State Laws (whether by statute or judicial
decision or by reincorporation of the Company in a different jurisdiction)
permits greater indem­nification by agreement than would be afforded
currently under the Company's Governing Documents and this Agreement, it is the
intent of the parties hereto that Indemnitee shall enjoy by this Agreement the
greater benefits so afforded by such change.

       

      10.           Liability
Insurance.  To the extent the Company maintains D&O
Insurance, Indemnitee, if an officer or director of the Company, shall be
covered by such policy or policies, in accordance with its or their terms, to
the maximum extent of the coverage available for any director or officer of the
Company.

       

      11.           Subrogation.  In
the event of payment under this Agreement, the Company shall be subrogated to
the extent of such payment to all of the rights of recovery of Indemnitee, who
shall execute all papers required and shall do everything that may be necessary
to secure such rights, including the execution of such documents necessary to
enable the Company effectively to bring suit to enforce such
rights.

       

      12.           Partial
Indemnity, Etc.  If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of the
Expenses and Losses of a Claim but not, however, for all of the total amount
thereof, the Company shall nevertheless indemnify Indemnitee for the portion
thereof to which Indemnitee is entitled.  Moreover, notwithstanding
any other provision of this Agreement, to the extent that Indemnitee has been
successful on the merits or otherwise in defense of any or all Claims relating
in whole or in part to any Indemnifiable Event or in defense of any issue or
matter therein, including dismissal without prejudice, Indemnitee shall be
indemnified against all Expenses incurred in connection therewith.  In
connection with any Determination as to whether Indemnitee is entitled to be
indemnified hereunder the burden of proof shall be on the Company to establish
that Indemnitee is not so entitled.

       

      13.           Liability
of Company.  The Indemnitee agrees that neither the
stockholders nor the directors nor any officer, employee, representative or
agent of the Company shall be personally liable for the satisfaction of the
Company's obligations under this Agreement and the Indem­nitee shall look
solely to the assets of the Company for satisfaction of any claims
hereunder.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      14.           Enforcement.

       

      (a)           Indemnitee's
right to indemnification and other rights under this Agreement shall be
specifically enforceable by Indemnitee only in the state or Federal courts of
the State of Georgia or of the then current State of incorporation of the
Company and shall be enforceable notwithstanding any adverse Determination by
the Company's Board of Directors, independent legal counsel, the Special
Independent Counsel or the Company's stockholders and no such Determination
shall create a presumption that Indem­nitee is not entitled to be
indemnified hereunder.  In any such action the Company shall have the
burden of proving that indemnification is not required under this
Agreement.

       

      (b)           In
the event that any action is instituted by Indemnitee under this Agreement, or
to enforce or interpret any of the terms of this Agreement, Indemnitee shall be
entitled to be paid all court costs and reasonable expenses, including
reasonable counsel fees, incurred by Indemnitee with respect to such action,
unless the court determines that each of the material assertions made by
Indemnitee as a basis for such action were not made in good faith or were
frivolous.

       

      15.           Severability.  In
the event that any provision of this Agreement is determined by a court to
require the Company to do or to fail to do an act which is in violation of
applicable law, such provision (including any provision within a single section,
paragraph or sentence) shall be limited or modified in its application to the
minimum extent necessary to avoid a violation of law, and, as so limited or
modified, such provision and the balance of this Agreement shall be enforceable
in accordance with their terms to the fullest extent permitted by
law.

       

      16.           Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the state in which the Company is incorporated at
the time any claim for indemnification is made hereunder applicable to
agreements made and to be performed entirely within such state.

       

      17.           Consent
to Jurisdiction.  The Company and the Indemnitee each hereby
irrevocably consent to the jurisdic­tion of the courts of the State of
Georgia and the laws of the State in which the Company is incorporated at the
time any claim for indemnification hereunder is made for all purposes in
connection with any action or proceeding which arises out of or relates to this
Agreement and agree that any action instituted under this Agreement shall be
brought only in the state and Federal courts of the States indicated in this
Section.

       

      18.           Notices.  All
notices, or other communications required or permitted hereunder shall be
sufficiently given for all purposes if in writing and personally delivered,
telegraphed, telexed, sent by facsimile transmission or sent by registered or
certified mail, return receipt requested, with postage prepaid addressed as
follows, or to such other address as the parties shall have given notice of
pursuant hereto:

       

      
        	
                (a)  

              	
                If
      to the Company, to:

              

      

      

      Arby’s
Restaurant Group, Inc.

      1155 Perimeter
Center West

      Atlanta, Georgia
30338

                                                             
Attention: General Counsel

      Fax No.:
678-514-5344

      

      with a copy
to:

      Triarc Companies,
Inc.

      280 Park
Avenue

      
        	
                 
      

              	
                New
      York, New York 10017

              

      

      
        	
                 
      

              	
                Attention:  Executive
      Vice President & General
Counsel

              

      

      
        	
                 
      

              	
                Fax
      No.:  212-451-3216

              

      

      

      
        	
                (b)  

              	
                If
      to the Indemnitee, to:

              

      

      

      1327
Garrick Way

      Marietta,
Georgia 30068

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      19.           Counterparts.  This
Agreement may be signed in counterparts, each of which shall be an original and
all of which, when taken together, shall constitute one and the same
instrument.

       

      20.           Successors
and Assigns.  This Agreement shall be (i) binding upon all
successors and assigns of the Com­pany, including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, and
(ii) shall be binding upon and inure to the benefit of any successors and
assigns, heirs, and personal or legal representatives of
Indemnitee.

       

      21.           Amendment;
Waiver.  No amendment, modification, termination or
cancellation of this Agreement shall be effective unless made in writing signed
by each of the parties hereto.  No waiver of any of the provisions of
this Agreement shall be deemed or shall constitute a waiver of any other
provision hereof (whether or not similar) nor shall such waiver constitute a
continuing waiver.

      

      IN WITNESS
WHEREOF, the Company and Indemnitee have executed this Agreement effective as of
the day and year first above written.

       

      
      

       

      
        	 	 ARBY'S
      RESTAURANT GROUP, INC.
	 	
                 

                By:____________________________________

              
	 	     
      By:__________________________________
	 	     
      Title:_________________________________
	 ATTEST:	 
	
                 

                By:_______________________________

              	 
	     
      By:____________________________	 
	     
      Title:___________________________	 
	 	 
	 WITNESS:	 
	 ________________________________	________________________________________ 
	 	 ______________________________,
      Indemnitee

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