Document:

Exhibit 10.1

BOARD OF DIRECTORS CONSULTING AND INDEMNITY AGREEMENT

            Keith Barnes (the “Director” or “you”) and Electroglas, Inc. (the “Company” or “we”) (collectively “the parties”) enter into this as of the 12th day of April 2006.

            The Company’s formation documents contain comprehensive indemnification provisions, but the parties understand that those provisions are there by shareholder election.  Accordingly, you and we both want to have in place agreements that assure you the same level of indemnification by agreement.  We take this opportunity to update our understanding in this respect.

            We have asked for your willingness to serve as a Director on the Company’s Board of Directors for a minimum number of years.  We are compensating you in part with stock options that will vest over that period.  Though we do not currently contemplate an acquisition in that time period, we know that it is possible for companies to be acquired, and that it is common when that happens for Board terms to end earlier than originally planned.

            We wish to confirm our intent that you will continue as a consultant to the Company (unless you decide otherwise) for the full period during which your options vest or 24 months after you no longer are a director of Electroglas, whichever period is longer.  During this period we will pay you $1,500.00 per quarter for said services. We and you believe that by doing so we will provide a framework for obtaining your services and advice after the close of such a transaction, and that we will also insure that our Shareholders thus obtain the best possible advice from you with respect to such a proposal.

            To accomplish those things, you and we agree as follows.

1.          Service.  You agree to serve or continue to serve as a Director of the Company for so long as you are duly elected or appointed, or until you resign in writing, whichever is first.

2.          Consulting Commitment.  We commit to engage you as a consultant for the full term of any vesting period under any grant of options you may receive as a Director of the Company or 24 months, whichever is longer.

2.1          Scope of Consulting:  During Board Service.  While you remain on our Board of Directors, that consultancy will be consistent with the usual and customary duties of a board member, and will include calling upon your attendance at Board meetings and reasonable preparation for them, as well as calling upon you, at times reasonably convenient for you and for us, for telephone consultation on matters within your sphere of expertise.  Your time commitment for such consultation is not fixed, but will not exceed a commitment that can be met at the same time you hold other full-time employment, and will not exceed that usually attendant upon service as an outside member of the Board of Directors.

2.2          Scope of Consulting:  After Board Service.  If you leave our Board through resignation as a part of our process of merging with or acquiring another entity, or being acquired by or merging into another entity, we will (unless you tender your written resignation) expect to call upon you for transition consulting at a level consistent with your earlier service on the Board, for the duration of the vesting period of your option grants. 

2.3          Termination.  You may resign your service as a Director or Consultant any time, by writing delivered to the Secretary of the Company.  Our shareholders may also decide not to elect you to additional terms in office.  If you resign, or if you are not elected to a subsequent term in office, it ends the Company’s obligations to continue to retain you as a consultant, except under three circumstances.  The first circumstance is if your resignation or your removal from the Board is done for the purpose of complying with the terms of an agreement involving a merger or acquisition of or by the Company, or following a change in control of the Company in which a single acquirer (or group of acquirer acting with a common purpose) has obtained effective voting control.  The second is if the Company elects to continue your services as consultant by written election at the time
of your resignation.  The third is if you do not stand for re-election for any reason and have served one full term as a director prior to not standing for re-election, the Company may continue your option life for 12 months after your termination as  a director.  This Agreement is neither intended to nor shall limit any rights of you or the Company (including its shareholders) provided in the Company’s by-laws, Articles, other Company policies and procedures, or otherwise under l, including regarding termination of your service.

2.4          Nature of Relationship.  Under this Agreement you are an independent contractor, not an employee.  This Agreement gives you the rights it describes, but does not make you eligible for employee benefits, benefit plans, or the like.  As a member of the Board of Directors, you have a fiduciary obligation to protect the interests of all of the shareholders of the Company.  You have had the opportunity to have that explained to you, and you understand what it means.  You acknowledge that among other things it means that if you obtain knowledge relating to confidential affairs of the Company, like matters of a technical nature such as know-how, formulas, software, trade secrets, secret processes or machines, inventions or research projects, or matters of a business nature such as information about costs, profits, pricing policies, markets, sales, suppliers, plans for future
development, plans for future products, marketing plans or strategies, or client and customer information, or personnel and other information which is not generally disclosed by the Company to the public (collectively, “Confidential Information”), you will keep it in confidence, and not use it or disclose it to third parties in any form, for any purpose during and after your association with the Company.  Confidential Information and related information shall remain the sole property of the Company.  Your fiduciary obligations also mean that while you are a Director, you will avoid simultaneously serving in any position for a competitor of the Company, and that if you find yourself in a position in which your other obligations require that service, you will promptly disclose it to the other members of our Board, recuse yourself from any discussions and decisions involving competitive matters, and if requested to do so by the Company, will resign from the Board.  Your
obligations of confidentiality will continue after your association with the Company.

2.5          Expenses.   We will cover your out of pocket expenses for travel, meals, accommodations, and communication, consistent with our policies for our senior executive officers with respect to class of travel or accommodations and purposes for those expenses, and subject to your submitting documentation for expenses as our policy requires for our senior executives.

3.          Indemnity.  For the remaining sections of this Agreement, we will use these terms:

3.1          “Proceeding” means threatened, pending or completed actions, suits or other proceedings, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, if you are involved as a party or otherwise because you are or were a Director or officer of the Company, or because you are or were serving at the request of the Company as a Director, officer, employee, agent, or in some other capacity involving services or duties, of another Company, partnership, joint venture, trust, or other enterprise such as an employee benefit plan. 

3.2          “Expenses” means reasonable expense of investigations, judicial or administrative proceedings or appeals, attorneys’ fees and disbursements and any reasonable expenses of establishing a right to indemnification under this Agreement, and other similar reasonable expenses.  It does not include amounts for which you may seek indemnification, e.g., amounts you pay in settlement or the amount of judgments or fines (including for this purpose any excise tax assessed with respect to employee benefit plans) awarded against you.

3.3          If your service involves an employee benefit plan, and you acted in good faith and in a manner reasonably believed to be in the interest of an employee benefit plan, you shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement. 

4.          Indemnification.

4.1          Indemnity Commitment.  We will indemnify you as this section outlines, if you are or have been threatened with becoming a party to any Proceeding.  Our indemnification will cover all Expenses, judgments, fines, and amounts paid in settlement that you actually and reasonably incur in connection with a Proceeding, but only if you acted in good faith and in a manner which you reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal proceeding, in addition, had no reasonable cause to believe that your conduct was unlawful, subject only to the limitations below.

4.2          Limitations for Actions by or in right of the Company.   If the Proceeding is brought by or in the right of the Company to procure a judgment in its favor, we will not indemnify you for Expenses, judgments, fines, and amounts paid in settlement with respect to any claim, issue or matter as to which you have been finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which such a Proceeding was brought determines that, despite the adjudication of liability but in view of all the circumstance of the case, you are fairly and reasonably entitled to indemnity.  However, if you are successful in defending such a claim, on the merits or otherwise, including without limitation if the action is dismissed without prejudice, we will indemnify you against Expenses.

4.3          Comprehensive Indemnification.  We intend that this Section 4 provide you with the broadest and most comprehensive indemnification permitted under the law that governs our corporation, in any Proceeding.  Accordingly if that law would permit broader indemnification than this Agreement otherwise expressly provides, you are entitled to that broader indemnification.  By “broadest and most comprehensive indemnification permitted,” we mean to include, among other provisions of the law, any provisions of the law that authorize or contemplate additional indemnification by agreement.  If the law changes after the date of this Agreement in ways that broaden permitted indemnification, you are entitled to the broader coverage.  

4.4          Advances of Expenses.  We will pay in advance the Expenses you incur in any Proceeding, on your written request, if you:

	
   
  	
  
4.4.1          furnish   us with a written affirmation of your good faith belief that you are entitled   to be indemnified under this Agreement; and
  
	
  
 
  	
  
 
  
	
  
 
  	
  
4.4.2          furnish   us with a written undertaking to repay those advances to the extent that it   is ultimately determined by a court that you are not entitled to be   indemnified for those Expenses.
  

Such advances shall be made without regard
to your ability to repay them. Notwithstanding the foregoing, the Company shall
not be required to advance Expenses if the Company in good faith believes you
are not entitled to be indemnified under this Agreement.

5.          Notification and Defense of Claim.   

          If you plan to claim indemnification under this Agreement, you must provide us Notice of the applicable Proceeding promptly after you learn of it, so that we have time to respond to you by any deadline applicable to the Proceeding itself.  At the latest, you must provide us with Notice of the applicable Proceeding not more than thirty (30) days after the Proceeding starts.  With respect to Proceedings:

5.1          Company Participation.  The Company will be entitled to participate in Proceedings at its own expense.

5.2          Assumption of Defense.  Except as otherwise provided below, we may, at our option, alone or with any other indemnifying party similarly notified and electing to assume the defense, assume the defense of the Proceeding with legal counsel reasonably satisfactory to you.  You shall have the right to employ separate counsel in the Proceeding, but the Company will not be liable to you under this Agreement for the fees and expenses of your own counsel incurred after we give you Notice that we have assumed the defense, unless: (i) the parties reasonably conclude that there may be a conflict of interest between the Company and you in the conduct of the Proceeding; or (ii) we do not employ counsel to assume the defense of the Proceeding.  We will not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company, or as to which you have reasonably
concluded there may be a conflict of interest.

5.3          Shared Counsel.  If you and one or more other people who may be entitled to indemnification from us are parties to any Proceeding, we may require you to engage the same legal counsel as the other people.   You may still employ separate legal counsel in such a Proceeding, but we will not be liable to you for the fees and expenses of your separate counsel that you incur after you receive our Notice of the requirement to engage the same counsel as other people, unless you and we reasonably conclude that there may be a conflict of interest between you and any of the other people represented by the counsel we require.

5.4          Consent Required.  We will not be liable to indemnify you under this Agreement for any amounts paid in settlement of any Proceeding, if the payment is made without our written consent, which shall not be unreasonably withheld.  We will be permitted to settle any Proceeding the defense of which we have assumed, except we may not settle any Proceeding or claim in any manner which would impose any penalty or limitation on you without your written consent, which you have the discretion to give or withhold.  Notwithstanding the foregoing, we, of course, may settle any alleged or actual liability of the Company in any Proceeding without your consent.

6.          Procedure Upon Application for Indemnification.  We will act on your request for indemnification under this Agreement no later than 90 days after we receive your written request for it.  We would conclude you are not entitled to it only if one of these two things happens: (a) our Board of Directors, by a majority vote of a quorum consisting of Directors who were not parties to such Proceeding; or (b) independent legal counsel in writing (and we will appoint such a counsel if such a quorum is not obtainable), determines that you should not be entitled to indemnification under this Agreement.  Notwithstanding the foregoing, the Company, of course, would pay indemnification despite its determination that indemnification is not owed if so directed by a court order.

7.          Enforcement.

7.1          When you may enforce your rights.  You may enforce your right to indemnification or to advancement of Expenses under this Agreement, by action in any court of competent jurisdiction, if (i) the Company denies your claim for indemnification or advancement, in whole or in part, or (ii) no disposition of such claim is made within 90 days of a written request.  

7.2          Your entitlement to fees in the enforcement action.  If you are successful in that enforcement action, in whole or in part, you will also be entitled to be paid your reasonable costs incurred in prosecuting the claim.  

7.3          Our defenses.  It shall be a defense to any such enforcement action (other than an action brought to enforce a claim for advancement of expenses if the required affirmation and undertaking have been tendered to the Company) that you are not entitled to indemnification under this Agreement, but the burden of proving such defense shall be on us.  

7.4          No presumptions.  Neither our failure to decide, before your enforcement action, that indemnification is proper in the circumstances, nor our decision before your enforcement action that such indemnification is improper shall be a defense to the action or create a presumption that you are or are not entitled to indemnification under this Agreement or otherwise.  The termination of any Proceeding by judgment, order of court, settlement, conviction or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that you are or are not entitled to indemnification under this Agreement or otherwise. 

8.          Partial Indemnification.  If you are entitled to indemnification under this Agreement for some or a portion but not all of the Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by you in the investigation, defense, appeal or settlement of any Proceeding but not, however, for the total amount thereof, we will indemnify you for the portion to which you are entitled. 

9.          Other Matters.

9.1          Non-Exclusivity and Continuity of Rights.  This Agreement is not exclusive.  To the extent you have rights to indemnification under the articles or bylaws of the Company, or under any other agreement, any vote of shareholders or the Board of Directors, under applicable law, or otherwise, both as to action in your official capacity and as to action in any other capacity, those rights remain in place.  The indemnification under this Agreement shall continue for you even though you stop being a Director or officer and shall inure to the benefit of your heirs and personal representatives.

9.2          Severability.  If this Agreement or any part of it is invalidated on any ground by any court of competent jurisdiction, we will still indemnify you as to Expenses, judgments, fines and amounts paid in settlement with respect to any Proceeding to the full extent permitted by any applicable portion of this Agreement that is not invalidated, and to the full extent permitted by any other applicable law. 

9.3          Subrogation.  If we pay any amounts under this Agreement, we shall be subrogated to the extent of such payment to all your rights of recovery.  You will execute all documents required and shall do all acts necessary to secure those rights to us and to enable us effectively to bring suit to enforce those rights. 

9.4          Modification and Waiver.  No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both you and us. No waiver of any of the provisions of this Agreement shall constitute a waiver of any other provisions of it (whether or not similar) nor shall such waiver constitute a continuing waiver. 

9.5          Notices.  Notice for each party shall be sent to you at your address in the Company’s records, and if to the Company, to the CEO at the Company’s principle place of business, or to such other person or address as the parties may from time to time by Notice provide.  Notice shall be effective when actually received by the party this Agreement designates for Notice, if sent by any means that leaves a hard-copy record in the hands of the recipient.  If sent properly addressed by certified or registered mail, postage prepaid, return receipt requested, Notice shall be deemed effective on the date the return receipt shows the Notice was accepted, refused, or returned undeliverable.

9.6          Counterparts; Fax signatures.  This Agreement may be executed in any number of counterparts, which together shall constitute the original.  Each of us agrees to accept fax signatures.

9.7          Applicable Law.  This Agreement shall be governed by and construed in accordance with the law of the state in which the Company is incorporated. 

9.8          Successors and Assigns.  This Agreement shall be binding upon the Company and its successors and assigns. 

	
  
So agreed:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
Company:
  	
  
 
  	
  
Director:
  
	
  
 
  	
  
 
  	
  
 
  
	
  Electroglas,   Inc.
  	
   
  	
   
  
	
   
  	
   
  	
   
  
	
   
  	
   
  	
   
  
	
  By:
  	
  /s/ Thomas   Rohrs
  	
   
  	
  /s/ Keith L.   Barnes
  
	
   
  	
  

  	
   
  	
  

  
	
   
  	
  Thomas   Rohrs, Chairman & CEOEXHIBIT 10.1

                          ARBY'S RESTAURANT GROUP, INC.

                                                                 April 13, 2006
Mr. Roland Smith
4903 Roma Court
Marina Del Rey, CA 90292

Dear Roland:

     It is with  great  pleasure  that we  hereby  confirm  your  employment  as
President  and  Chief  Executive   Officer  of  Arby's  Restaurant  Group,  Inc.
("Arby's"),  on the terms and conditions set forth in this letter  agreement and
in the term sheet (the "Term Sheet")  attached as Exhibit A, 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 Board of  Directors  of Arby's  (the
"Board")  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
April 17,  2006 (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 then  scheduled  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 then scheduled
expiration of the Employment  Term or (b) upon a termination of your  employment
(i) by Arby's  "without cause" (ii) by Arby's for "cause" or (iii) by you due to
a "Triggering Event" (each term as hereinafter defined).

     2.  Termination  Without Cause; or following a Triggering  Event or Special
Termination Event

          (a) In the event your employment is terminated by Arby's without cause
     or by you due to a  Triggering  Event:

               (i)  Arby's  shall,  within  30 days  following  the date of such
          termination  of  employment,  pay to you an amount  equal to 1.5 times
          your annual base rate of salary in effect as of the effective  date of
          such termination,  payable in a lump sum; provided,  that, 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 such amount in full on the
          six-month anniversary of the date of your termination;

               (ii) you shall  receive a pro rata  target  bonus for the year of
          termination,  payable at such time as the bonus would  otherwise  have
          been payable had you remained in the employ of Arby's; provided, that,
          if required to comply with  Section  409A of the Code and any Treasury
          Regulations or other guidance promulgated thereunder, you will receive
          such amount in full on the six-month  anniversary  of the date of your
          termination;

               (iii) at your  election  you will be entitled  to  continue  your
          coverage under all health and medical insurance policies maintained by
          Arby's for eighteen  (18) months  following  the  termination  of your
          employment,  in fulfillment of Arby's obligations to you under Section
          4980B  of the  Code  and  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;

               (iv) you will  automatically  become  vested  in that  number  of
          outstanding  unvested stock options  granted to you by Triarc in which
          you would  have  been  vested by giving  you  vesting  credit  for the
          remainder  of the  Initial  Term  of  this  agreement  or  two  years,
          whichever is later,  and any stock  options  that would have  remained
          unvested as of such date shall be  automatically  forfeited  as of the
          date of your  termination.  Each vested stock option must be exercised
          within the earlier of one year following your termination and the date
          on which such stock option expires, or be forfeited; and

               (v)  you  will   automatically   become  vested  in  50%  of  the
          outstanding  unvested  shares of restricted  stock (without  regard to
          performance,  time or other targets, if any) granted to you by Triarc,
          with  any  remaining   unvested  shares  of  restricted   stock  being
          forfeited.

          (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  Section 4 of this  letter  agreement.  For
     purposes of clarity, if this letter agreement is not renewed for any reason
     other  than as  provided  in  Section  2(d)(v)  below,  your  cessation  of
     employment  with  Arby's  at the end of the  Employment  Term  shall not be
     considered a termination by you due to a Triggering  Event or a termination
     by Arby's  "without  cause."

          (c) The  payment of any monies and  provision  of any  benefits to you
     pursuant  to this  Section 2 shall be subject to your prior  execution  and
     delivery  to  Arby's of a  release  substantially  in the form set forth in
     Exhibit B 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 President and
     Chief Executive  Officer of Arby's;  (ii) a requirement  that you report to
     any person  other than the Board;  (iii) a reduction  in your then  current
     base salary (as described in the Term Sheet) or target bonus percentage (as
     described in the Term Sheet);  (iv) without your  consent,  relocation to a
     work situs not in the Atlanta,  Georgia  greater  metropolitan  area; (v) a
     non-renewal  of your  employment  with Arby's at the end of the  Employment
     Term  first  scheduled  to  occur on or after  the  date of any  Change  of
     Control;  or  (vi)  the  occurrence  of a  Special  Termination  Event  (as
     hereinunder defined); 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 (other than
     pursuant to clause (v) or (vi) of this Section 2(d)), 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.

          (e) Special  Termination  Event.  If, prior to the  expiration  of the
     Employment Term, there is a Change of Control (as hereinafter defined), you
     shall have the right to terminate  your  employment by giving notice to the
     Company,  within the 30-day period commencing 270 days following the Change
     of Control,  of your intention to terminate such  employment and specifying
     the effective date of such  termination,  which shall be no earlier than 90
     days  after  the date of such  termination  notice  and no  later  than the
     earlier of 120 days after the date of such termination  notice and the last
     day of the  Employment  Term.  Your  decision  to elect to  terminate  your
     employment in accordance with this clause (e) is referred to in this letter
     agreement as a "Special Termination Event."

     For the  purposes of this letter  agreement,  the term  "Change of Control"
shall mean: (i) the  acquisition by any means  regardless of form, by any person
(other than the  acquisition  by any means  regardless  of form by Nelson Peltz,
Peter May and/or by any person  affiliated  with such persons) of 50% or more of
the combined voting power of Arby's (or that of any parent entity which directly
or indirectly owns 50% or more of the combined voting power of Arby's) or Triarc
Companies,  Inc.'s ("Triarc")  outstanding securities entitled to vote generally
in the election of directors; (ii) a majority of the Directors of Arby's (or any
such direct or indirect  parent entity) or Triarc being  individuals who are not
nominated  by the Board of  Directors  of Arby's (or any such direct or indirect
parent  entity)  or  Triarc,  as the case may be;  or  (iii) a  majority  of the
Directors of Arby's or Triarc being individuals who are not Nelson Peltz,  Peter
May and/or individuals  nominated,  recommended,  designated or approved by them
(or by  Triarc in the case of  Arby's);  provided,  that  each of the  incumbent
directors  of Arby's and Triarc as of the date of the  execution  of this letter
agreement shall be deemed to be individuals nominated,  recommended,  designated
or approved by Messrs. Peltz and/or May.

     Notwithstanding  the foregoing,  (i) the  acquisition of any portion of the
combined  voting power of Arby's (or any such direct or indirect  parent entity)
or Triarc by Nelson Peltz,  Peter May and/or by any person  affiliated with such
persons,  (ii)  any  transaction  which  results  in or has  the  effect  of the
continued possession (whether direct or indirect) by Triarc, Nelson Peltz, Peter
May and/or an affiliate of any thereof, of the power to influence the management
or policies of Arby's,  whether through the ownership of voting  securities,  by
contract  or  otherwise,  (iii) the merger,  consolidation  or sale of assets of
Triarc or any subsidiary of Triarc (including Arby's) with or to any corporation
or entity  controlled  by Nelson Peltz,  Peter May and/or any person  affiliated
with either of them,  (iv) the  distribution  by means of a dividend,  spin-off,
split-off or similar transaction of voting securities of Arby's, any such direct
or indirect  parent  entity of Arby's or Triarc or (v) any sale of securities by
Arby's, any direct or indirect parent entity of Arby's or Triarc,  pursuant to a
public  offering or  securitization  transaction,  as the case may be, shall not
constitute  a Change of  Control  unless it  results  in a Change of  Control as
defined  in the  immediately  preceding  paragraph  of  this  Section  2(e).

     3.Treatment  of  Stock  Options/Restricted  Shares  on  Termination  due to
Disability.

                    (a) 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 in which you would have been vested by giving you credit
          for the  remainder  of the  Initial  Term or two years,  whichever  is
          later. Any stock options that would have remained  unvested as of such
          date  shall  be  automatically  forfeited  as  of  the  date  of  your
          termination.  Each vested stock  option must be  exercised  within the
          earlier of one year following your  termination  and the date on which
          such  stock  option  expires,  or be  forfeited.

          In  the  event  your   employment  is  terminated  by  Arby's  due  to
          Disability,  you  will  automatically  become  vested  in  50%  of the
          outstanding  unvested  shares of restricted  stock (without  regard to
          performance,  time or other targets, if any) granted to you by Triarc,
          with any remaining unvested shares of restricted stock being forfeited
          as of the date of your termination.

                    (b) Treatment of Stock  Options/Restricted  Shares on Change
          of Control. Upon the occurrence of a Change of Control, all non-vested
          stock options and/or restricted shares shall vest immediately in their
          entirety.

     4. Cause.  For  purposes  of this  letter  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
Board; (iii) a purported 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 Board which failure to comply with such
instruction  continues  for a period of 10 days  after  your  receipt of written
notice from the Board identifying in reasonable detail the objectionable  action
or inaction;  (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 or Triarc  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 or Triarc'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  President  and  Chief
          Executive  Officer 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 Section 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 (unless such person's employment was
          terminated by Arby's or any of its  subsidiaries  or  affiliates) 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 Section 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, business 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 Sections 6(b)(i)
          or 6(b)(iii).

                    (d) If any competent authority having jurisdiction over this
          Section  6  determines  that  any  provision  of  this  Section  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  was  previously or becomes  available to you on a  non-confidential
basis from a source other than Arby's,  provided  that such source was not known
by you to be  bound  by any  agreement  with  Arby's  to keep  such  information
confidential.  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
Section  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 Sections 6 or 7 of this letter  agreement (in
recognition of the fact that damages in the event of a breach by you of Sections
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 Sections  6, 7, and, as it relates to Sections 6 and 7,  Sections 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 Section 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  and the Term Sheet  contains the
          entire agreement among the parties with respect to the matters covered
          herein and,  effective as of the Effective Date,  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.  In the event of a conflict  between this letter agreement
          and the Term Sheet, this letter agreement shall govern.

                    (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.

     10. Arbitration.  Except to the extent specifically contemplated by Section
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 Section 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 SECTION 10 IS SPECIFICALLY ACKNOWLEDGED AND AGREED BY:

ARBY'S RESTAURANT
GROUP INC.

/s/BRIAN L. SCHORR                              /S/ROLAND SMITH
-------------------------------                 --------------------------------
Name:  Brian L. Schorr                          Roland Smith
Title: Executive Vice President

     11.  Legal Fees.  Subject to Section 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 Sections 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:
                          Arby's Restaurant Group, Inc.
                             1155 Perimeter Center W
                             Atlanta, Georgia 30338
                           Attention: General Counsel

                                 With a copy to:
                             Triarc Companies, Inc.
                           280 Park Avenue, 41st Floor
                               New York, NY 10017
                           Attention: General Counsel

                    If to you,  at the  address  set forth on the first  page of
               this letter agreement.

                                 With a copy to:
                            Hughes Hubbard & Reed LLP
                       350 South Grand Avenue, Suite 3600
                          Los Angeles, California 90071
                          Attention: Theodore H. Latty

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;  Section 409A. 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. To the extent any of the payments under this Agreement are governed
by Section  409A of the Code,  the parties  will work  together in good faith to
amend any  provisions as necessary for compliance in a manner that maintains the
basic financial  provisions of this Agreement and is not otherwise  economically
detrimental to Arby's or you.

     15. Certain Additional Payments by Arby's. The following provisions of this
Section 15 shall  apply to any  parachute  payments  made in  connection  with a
Special Termination Event from and after any Change of Control.

                    (a) If it is  determined  (as hereafter  provided)  that any
          payment or distribution by Arby's 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 15(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 Arby's
          and you  within  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 Arby's or you.
          If the Accounting  Firm  determines  that any Excise Tax is payable by
          you, Arby's will pay the required  Gross-Up Payment to you within five
          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 Arby's 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 Arby's should
          have been made (an  "Underpayment"),  consistent with the calculations
          required to be made  hereunder.  In the event that Arby's  exhausts or
          fails to pursue its remedies  pursuant to Section 15(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  Arby's  and  you  as  promptly  as
          possible. Any such Underpayment will be promptly paid by Arby's to, or
          for the  benefit of, you within five  business  days after  receipt of
          such determination and calculations.

                    (c) Arby's and you will each  provide  the  Accounting  Firm
          access to and  copies  of any  books,  records  and  documents  in the
          possession of Arby's 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 15(b) hereof.

                    (d) The federal, state and local income or other tax returns
          filed by you will be prepared and filed on a basis consistent 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 Arby's,  provide to Arby's true and
          correct copies (with any amendments) of the relevant  portions of your
          federal income tax return as filed with the Internal  Revenue  Service
          and  corresponding  portions  of  state  and  local  tax  returns,  if
          relevant,  as filed with the  applicable  taxing  authority,  and such
          other  documents  reasonably  requested  by  Arby's,  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  business days pay to Arby's 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 15(b) and (d) hereof will be borne by Arby's.
          If such fees and expenses are initially  advanced by you,  Arby's will
          reimburse  you the full amount of such fees and  expenses  within five
          business  days after  receipt  from you of a  statement  therefor  and
          reasonable evidence of your payment thereof.

                    (f) You will  notify  Arby's in  writing of any claim by the
          Internal  Revenue  Service  that,  if  successful,  would  require the
          payment by Arby's of a Gross-Up  Payment.  Such  notification  will be
          given as promptly as  practicable  but no later than 10 business  days
          after you actually  receive  notice of such claim and you will further
          apprise  Arby's 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 Arby's and (ii) the date that any  payment of
          amount with  respect to such claim is due. If Arby's  notifies  you in
          writing  prior to the  expiration  of such  period  that it desires to
          contest such claim, you will:

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

                         (ii) take such  action in  connection  with  contesting
          such claim as Arby's 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 Arby's;

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

                         (iv) permit Arby's to  participate  in any  proceedings
          relating to such claim;  provided,  however, that Arby's 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
          15(f),  Arby's will control all  proceedings  taken in connection with
          the contest of any claim  contemplated  by this Section  15(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
          Arby's will determine;  provided,  however, that if Arby's directs you
          to pay the tax claimed and sue for a refund,  Arby's 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,  Arby'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
          Arby's  pursuant to Section 15(f) hereof,  you receive any refund with
          respect to such claim,  you will (subject to Arby's complying with the
          requirements  of  Section  15(f)  hereof)  promptly  pay to Arby's 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 Arby's pursuant to Section 15(f) hereof,
          a  determination  is made that you will not be  entitled to any refund
          with  respect to such claim and Arby's  does not notify you in writing
          of its intent to contest such denial or refund prior to the expiration
          of 30 calendar days after such  determination,  then such advance will
          be  forgiven  and will not be  required to be repaid and the amount of
          such  advance  will  offset,  to the  extent  thereof,  the  amount of
          Gross-Up Payment required to be paid pursuant to this Section 15.

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

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

Agreed and Accepted as of the
13th day of April, 2006.

/s/ROLAND SMITH
------------------------------
Roland Smith

<PAGE>

                                                                      EXHIBIT A

                             ARBY'S RESTAURANT GROUP
                       ROLAND SMITH EMPLOYMENT TERM SHEET
<TABLE>
<S>   <C>                          <C>

     ----------------------------- ------------------------------------------------------------------------
     Executive                     Roland Smith
     ----------------------------- ------------------------------------------------------------------------
     Annual Base Salary            $1,000,000
     ----------------------------- ------------------------------------------------------------------------
     Annual Bonus                  Bonus target is 100% of base salary.  Arby's and Executive performance
                                   assessed for each fiscal year relative to objectives agreed to in
                                   advance by Executive and Board; provided, however, that to the extent
                                   Section 162(m) of the Internal Revenue Code of 1986, as amended (the
                                   "Code"), may be applicable, such annual bonus, in the discretion of
                                   the Arby's Board, shall be provided in accordance with, and be subject
                                   to the terms and conditions of, the Triarc Companies, Inc. 1999
                                   Executive Bonus Plan.  Performance objectives for 2006 to be agreed
                                   upon by the Arby's Board and Executive within 60 days following the
                                   commencement of the employment term.
     ----------------------------- ------------------------------------------------------------------------
     Benefits                      Benefits as are generally made available to
                                   other senior executives, including
                                   health/medical and insurance programs and a
                                   car lease/car allowance program.
     ----------------------------- ------------------------------------------------------------------------
     Vacation                      5 weeks per year
     ----------------------------- ------------------------------------------------------------------------
     Triarc Stock                  Initial grant of options for 220,000 shares of Triarc Class B
     Options/Restricted Shares     Common Stock, Series 1, and 100,000 restricted shares of Triarc Class B
                                   Common Stock, Series 1, in connection with commencement of employment,
                                   subject to Triarc Performance Compensation Subcommittee approval. Options
                                   will have a ten year term and will vest 1/3 per year on the day before
                                   each of the three consecutive anniversary dates from date of employment.
                                   50% of the restricted shares will have performance vesting targets and 50%
                                   of the restricted shares will have time vesting targets, all to be agreed
                                   upon by the Arby's Board and Executive within 90 days following the execution
                                   of the employment agreement; provided that if no agreement is reached within
                                   90 days, in lieu of restricted shares, Executive shall be granted options
                                   having a Black-Scholes value equal to the market price of such number of
                                   restricted shares as of the date of commencement of the employment term.
                                   Subsequent grants consistent with executive compensation policies of Arby's.
     ----------------------------- ------------------------------------------------------------------------
     Relocation                    Arby's will be financially responsible for packing, shipping,
                                   unloading and insurance for moving Executive's personal items from
                                   California to the Atlanta, Georgia, metropolitan area.  Arby's will
                                   reimburse Executive for reasonable out-of-pocket lodging expenses (or
                                   Arby's will rent for Executive's use furnished housing reasonably
                                   acceptable to Executive) for up to 90 days if your permanent residence
                                   in the Atlanta, Georgia, metropolitan area is not available for
                                   Executive to move into.  Executive and Executive's spouse will be
                                   reimbursed for reasonable expenses for up to three house hunting trips
                                   in accordance with Arby's travel expense reimbursement policies.
                                   Executive will be also reimbursed for normal closing costs associated
                                   with buying a new house.  Such costs shall include those items which
                                   by local custom are normally paid by the buyer.  Typical costs may
                                   include escrow fees, attorney's fees, appraisals, recording fees,
                                   state transfer taxes and (owner's) title insurance fees.
     ----------------------------- ------------------------------------------------------------------------
     ----------------------------- ------------------------------------------------------------------------
     Indemnification               Executive will be entitled to enter into an
                                   indemnification agreement with Arby's in form
                                   customarily entered into between Arby's and
                                   other senior executives and, subject to
                                   applicable exclusions in any such D&O
                                   insurance policy, will be covered by D&O
                                   insurance in an amount consistent with D&O
                                   insurance maintained by Arby's for directors
                                   and other senior executive officers.
     ----------------------------- ------------------------------------------------------------------------
     ----------------------------- ------------------------------------------------------------------------
     Legal                         Fees Arby's will reimburse Executive for
                                   reasonable legal fees and expenses of up to
                                   $20,000 in connection with the negotiation of
                                   the employment agreement.
     ----------------------------- ------------------------------------------------------------------------

</TABLE>

<PAGE>

                                                                       EXHIBIT B
                                 GENERAL RELEASE
                             AND COVENANT NOT TO SUE

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

     Roland  Smith  (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 April
13,  2006  (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 Section 2 of
the Employment 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 Employment 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 Employment 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  .

                                             ------------------------------
                                             Roland Smith

                                             ARBY'S RESTAURANT GROUP, INC.

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

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