Document:

EX-10.1

 

Exhibit 10.1

VOTING AGREEMENT

     VOTING AGREEMENT, dated as of April 23, 2008 (this “Agreement”), by and among Wendy’s
International, Inc., an Ohio corporation ( “Wendy’s”), and the parties listed on
Annex I hereto (each, a “Shareholder”). Capitalized terms used but not otherwise
defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement
(as defined below).

     WHEREAS, as of the date hereof, each Shareholder is the record or beneficial holder of, and
has the sole right to vote and dispose of the number of issued and outstanding Common Shares, as
set forth opposite such Shareholder’s name on Annex I (all such Common Shares owned of record or
beneficially by any Shareholder as of the date hereof, together with any Common Shares that are
hereafter issued to or otherwise acquired by such Shareholder prior to the termination of this
Agreement (including pursuant to any exercise of stock options or exercise or conversion of other
securities, or pursuant to a stock dividend, distribution, split-up, recapitalization, combination
or similar transaction), and any Shares with respect to which any Shareholder has of the date
hereof, or acquires prior to the termination hereof, the right to exercise or direct the vote,
whether by proxy or otherwise being hereinafter referred to as the “Subject Shares”);

     WHEREAS, concurrently with the execution and delivery of this Agreement, Triarc Companies
Inc., a Delaware corporation (“Triarc”), Merger Sub, a Delaware corporation and a
wholly-owned subsidiary of Triarc (“Merger Sub”), and Wendy’s are entering into an
Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”),
whereby, among other things in accordance with the applicable provisions of the Ohio General
Corporation Law, Merger Sub will be merged with and into Wendy’s, with Wendy’s as the surviving
corporation (the “Merger”) and as a result of the Merger, Wendy’s will become a
wholly-owned subsidiary of Triarc; and

     WHEREAS, as a condition to their willingness to enter into the Merger Agreement, Triarc and
Wendy’s required that each Shareholder, and in order to induce Triarc and Wendy’s to enter into the
Merger Agreement, each Shareholder (in such Shareholder’s capacity as a holder of the Subject
Shares) has agreed to, enter into this Agreement.

     NOW, THEREFORE, in consideration of the foregoing and the respective representations,
warranties, covenants and agreements set forth below, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be
legally bound hereby, the parties hereto agree as follows:

ARTICLE 1

AGREEMENT TO VOTE

     Section 1.01. Voting of Subject Shares. Each Shareholder severally as to itself only
agrees that, until the date this Agreement is terminated in accordance with Section 4.03, at any
meeting of the shareholders of Wendy’s and at every adjournment or

 

 

postponement thereof, such Shareholder shall, or shall cause the holder of record on any
applicable record date to, vote (or cause to be voted) its, his or her Subject Shares:

     (i) in favor of the Wendy’s Shareholder Approval;

     (ii) against the approval of any matter or proposal submitted to the shareholders of Wendy’s
for approval, if approval of such agreement would result in a breach in any material respect of any
covenant, representation or warranty or any other obligation of Wendy’s under the Merger Agreement;
and

     (iii) against (A) merger, rights offering, reorganization, recapitalization or
liquidation involving Wendy’s or any of its subsidiaries (other than the Merger), (B) a sale or
transfer of a material amount of assets or capital stock of Wendy’s or any of its subsidiaries or
(C) any action that is intended, or could reasonably be expected, to materially impede, interfere
with, delay, postpone or adversely affect the Merger and the other transactions contemplated by the
Merger Agreement.

     Section 1.02. Irrevocable Proxies. In order to secure the performance of each
Shareholder’s obligations under this Agreement, by entering into this Agreement and solely with
respect to the matters described in Section 1.01, such Shareholder hereby irrevocably grants a
proxy appointing Thomas F. Keller, a member of the Board of Directors of Wendy’s (the “Board”), and
each of them (the “Proxy”) as such Shareholder’s attorney-in-fact and proxy, with full power of
substitution, for and in its, his or her name, place and stead, to vote, express consent or
dissent, or otherwise to utilize such voting power in the manner contemplated by and in accordance
with Section 1.01, in such Person’s discretion, with respect to such Shareholder’s Subject Shares,
in each case, until the termination of this Agreement in accordance with Section 4.03. Each
Shareholder hereby represents that any proxies heretofore given in respect of the Subject Shares
are not irrevocable, and that any such proxies are hereby revoked. Each Shareholder severally (and
not jointly) hereby affirms that the irrevocable proxy set forth in this Section 1.02 is given in
connection with the execution of the Merger Agreement and affirms that such irrevocable proxy is
coupled with an interest and may under no circumstances be revoked, except that such irrevocable
proxy shall be revoked automatically, without any notice or other action by any Person, upon the
termination of this Agreement in accordance with Section 4.03. Each Shareholder severally (and not
jointly) hereby ratifies and confirms all that such irrevocable proxy may lawfully do or cause to
be done by virtue hereof. THE PROXY AND POWER OF ATTORNEY SET FORTH IN THIS SECTION 1.02 IS
IRREVOCABLE AND COUPLED WITH AN INTEREST. Each Shareholder shall execute and deliver to Wendy’s
any proxy cards that such Shareholder receives to vote in favor of the adoption of the Merger
Agreement and the Merger and in favor of the Opt Out Approval.

     Section 1.03. Company Breach. For the avoidance of doubt, each Shareholder agrees
that, during the term of this Agreement the obligations of each Shareholder specified in Section
1.01 shall not be affected by (i) any Wendy’s Recommendation Withdrawal or (ii) any breach by
Wendy’s of any of its representations, warranties, agreements or covenants set forth in the Merger
Agreement.

 

 

ARTICLE 2

REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS

     Each Shareholder hereby represents and warrants as to itself, himself or herself, severally
and not jointly, to Wendy’s as follows:

     Section 2.01. Authorization; Binding Agreement. The execution, delivery and
performance by such Shareholder of this Agreement and the consummation of the transactions
contemplated hereby are within its, his or her legal capacity and requisite powers, and if this
Agreement is being executed in a representative or fiduciary capacity, the Person signing this
Agreement has full power and authority to execute, deliver and perform this Agreement. Assuming
the due authorization, execution and delivery of this Agreement by Wendy’s, this Agreement
constitutes a legal, valid and binding agreement of such Shareholder enforceable against such
Shareholder in accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium and other Laws of general applicability relating
to or affecting creditors’ rights and by general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law).

     Section 2.02. Non-Contravention. Other than (a) the filing by such Shareholder of any
reports with the Securities and Exchange Commission required by Section 13(d) or 16(a) of the
Exchange Act, (b) any consent, approval filing or notification which has been obtained as of the
date hereof, or (c) any consent, approval, filing or notification, the failure of which to obtain,
make or give would not impair in any material respect such Shareholder’s ability to perform its
obligations under this Agreement (or the Proxy’s rights to vote such Shareholder’s Subject Shares
pursuant to the proxy contemplated by Section 1.02), the execution and delivery of this Agreement
by such Subject Shareholder does not, and the performance of the terms of this Agreement by such
Shareholder (or the Proxy’s voting of such Shareholder’s Subject Shares pursuant to the proxy
contemplated by Section 1.02) will not (1) require such Shareholder to obtain the consent or
approval of, or make any filing with or notification to, any Governmental Entity, (2) require the
consent or approval of any other person pursuant to any agreement, obligation or instrument binding
on such Shareholder or its properties and assets, (3) conflict with or violate any organizational
document or Law applicable to such Shareholder’s Subject Shares or such Shareholder or pursuant to
which any such Shareholder is a party, including any voting agreement, shareholders agreement,
irrevocable proxy or voting trust. Such Shareholder’s Subject Shares are not, with respect to the
voting or transfer thereof, subject to any other agreement, including any voting agreement,
shareholders agreement, irrevocable proxy or voting trust.

     Section 2.03. Ownership of Subject Shares; Total Shares. As of the date hereof, such
Shareholder is the record or beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of
its, his or her Subject Shares free and clear of any Lien and any other limitation or restriction
(including any restriction on the right to vote or otherwise transfer such Subject Shares), except
as provided hereunder or pursuant to any applicable

 

 

restrictions on transfer under the Securities Act. As of the date hereof, such Shareholder
does not own, beneficially or otherwise, any shares of voting stock of Wendy’s other than as set
forth opposite such Shareholder’s name in Annex I. There are no outstanding options or other
rights to acquire from such Shareholder, or obligations of such Shareholder to sell or to dispose
of, any shares of voting stock of Wendy’s.

     Section 2.04. Voting Power. Each Shareholder has full voting power with respect to
its, his or her Subject Shares, and full power of disposition, full power to issue instructions
with respect to the matters set forth herein, and full power to agree to all of the matters set
forth in this Agreement, in each case with respect to all of its, his or her Subject Shares.

     Section 2.05. Reliance by Triarc and Wendy’s. Such Shareholder understands and
acknowledges that each of Triarc and Wendy’s are entering into the Merger Agreement and the
transactions contemplated therein in reliance upon such Shareholder’s execution and delivery of
this Agreement.

     Section 2.06. No Representations or Warranties. Notwithstanding anything to the
contrary set forth in this Agreement, the Shareholders do not make any representations or
warranties as to any securities of Wendy’s held by Sandell Asset Management Corp.

ARTICLE 3

ADDITIONAL COVENANTS OF THE SHAREHOLDERS

     Section 3.01. Transfers.

     (a) Except as provided hereunder or under the Merger Agreement, from the date hereof until
this Agreement is terminated in accordance with Section 4.03, no Shareholder shall, directly or
indirectly:

          (i) sell, transfer, pledge, encumber, assign or otherwise dispose of, or enter into any
contract, option or other arrangement or understanding with respect to the sale, transfer, pledge,
encumbrance, assignment or other disposition of, such Shareholder’s Subject Shares or any interest
contained therein;

          (ii) grant any proxies or powers of attorney or enter into a voting agreement or other
arrangement with respect to such Shareholder’s Subject Shares, other than this Agreement; nor

          (iii) enter into, or deposit such Shareholder’s Subject Shares into, a voting trust or take
any other action which would, or could reasonably be expected to, result in a diminution of the
voting power represented by any of such Shareholder’s Subject Shares; nor

          (iv) commit or agree to take any of the foregoing actions.

 

 

     (b) Notwithstanding anything to the contrary set forth in this Agreement, nothing in this
Agreement shall restrict or limit the ability of Sandell Asset Management Corp. or its affiliates
to effect a sale or acquisition with respect to the securities of Wendy’s.

     Section 3.02. Stop Order. Each Shareholder agrees that it shall authorize and request
Wendy’s to notify its transfer agent that there is a stop transfer order with respect to all of the
Subject Shares and that this Agreement place limits on the voting of the Subject Shares.

     Section 3.03. Documentation and Information. Each Shareholder (i) consents to
and authorizes the publication and disclosure by Triarc and Wendy’s and their affiliates of its,
his or her identity and holding of Subject Shares and the nature of its, his or her commitments and
obligations under this Agreement in any announcement or disclosure required by the SEC or other
Governmental Entity, the Merger Agreement, or any other disclosure document in connection with the
transactions contemplated by the Merger Agreement or this Agreement, and (ii) agrees
promptly to give to Triarc and Wendy’s any information it may reasonably require for the
preparation of any such disclosure documents; provided that, to the extent practicable,
each such Shareholder shall have a reasonable opportunity to review and comment on any such
announcement or disclosure prior to its publication, filing or disclosure. Each Shareholder agrees
to promptly notify Triarc and Wendy’s of any required corrections with respect to any written
information supplied by it specifically for use in any such disclosure document, if and to the
extent that any shall have become false or misleading in any material respect.

     Section 3.04. Additional Shares. In the event (i) of any stock dividend, stock split,
recapitalization, reclassification, combination or exchange of shares of capital stock of Triarc
on, of or affecting any Shareholder’s Subject Shares or (ii) any Shareholder becomes the beneficial
owner of any additional shares of Triarc voting stock or other securities entitling the holder
thereof to vote or give consent with respect to the matters set forth in Section 1.01 hereof, then
the terms of this Agreement shall apply to the shares of capital stock or other securities of
Triarc held by such Shareholder immediately following the effectiveness of the events described in
clause (1) or such Shareholder becoming the beneficial owner thereof, as described in clause (ii),
as though they were such Shareholder’s Subject Shares hereunder. Each Shareholder hereby agrees,
while this Agreement is in effect, to notify Wendy’s of the number of any new shares of Triarc
voting stock acquired by such Shareholder, if any, after the date hereof. No Shareholder executing
this Agreement who is or becomes during the term hereof a director or officer of Triarc makes (or
shall be deemed to have made) any agreement or understanding herein in his or her capacity as such
director or officer. Without limiting the generality of the foregoing, each Shareholder signs
solely in his, her or its capacity as the record and/or beneficial owner, as applicable, of, or
holder of voting rights with respect to, the Subject Shares and nothing herein shall limit or
affect any actions taken by such Shareholder (or a designee of such Shareholder) in his or her
capacity as an officer or director of Triarc in exercising his or her or Triarc’s or the Triarc
Board of Directors’ rights in connection with the Merger Agreement or otherwise. Subject to the
foregoing, until the Merger is consummated or this Agreement is terminated in accordance with its
terms, no

 

 

Shareholder shall, nor shall such Shareholder permit any investment banker, attorney or other
advisor or representative of the Shareholder to, directly or indirectly through another person,
solicit, initiate or encourage, or take any other action to facilitate, any inquiries or the making
of any proposal that constitutes, or may reasonably be expected to lead to, any Triarc Takeover
Proposal; provided that any action which is permitted by the Merger Agreement to be taken by a
shareholder in his or her capacity as a director or officer or which is permitted hereby shall not
be prohibited by the foregoing.

     Section 3.05. Standstill. The parties agree that if (i) the Merger Agreement is
terminated pursuant to Section 7.1(d) thereof or (ii) the Merger does not occur as a result of the
failure of the condition set forth in Section 6.3(f) of the Merger Agreement, then for the period
beginning on the date of this Agreement and ending on the third anniversary of the date of the
termination of the Merger Agreement (the “Standstill Period”), except as otherwise provided in this
Agreement:

     (a) None of the Shareholders will, directly or indirectly, without the prior written consent
of the Board, (i) acquire, agree to acquire, propose, seek or offer to acquire any securities or
assets of Wendy’s or any of its subsidiaries, any warrant or option to purchase such securities or
assets, any security convertible into any such securities, or any other right to acquire such
securities, other than the purchase by any Shareholder of any such securities that were owned on
the date hereof by any other person that was a member of a “group” (within the meaning of Section
13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) with any
Shareholder with respect to the Company on the date hereof, (ii) enter, agree to enter, propose,
seek or offer to enter into any merger, share exchange, exchange offer, liquidation, dissolution,
business combination, recapitalization, restructuring, or other extraordinary transaction involving
Wendy’s or any of its subsidiaries, (iii) make, or in any way participate or engage in, any
solicitation of proxies or consents to vote, or seek to advise or influence any person with respect
to the voting of, any voting securities of Wendy’s, other than any voting rights pursuant to the
Agreement, dated as of November 4, 2005 by and among Sandell Asset Management Corp and Trian Fund
Management, L.P., and any amendments thereto, (iv) form, join or in any way participate in a
“group” (as defined in Section 13(d)(3) of the Exchange Act) with respect to any voting securities
of Wendy’s, other than any Shareholder’s participation in a group with a member that was a member
of a “group” (as defined in Section 13(d)(3) of the Exchange Act) on the date hereof with such
Shareholder with respect to Wendy’s, (v) call, request the calling of, or otherwise seek or assist
in the calling of a special meeting of the shareholders of Wendy’s, (vi) call, request the calling
of, or otherwise seek or assist in the calling of a special meeting of the shareholders of Wendy’s,
(vii) seek to make, or make, a stockholder proposal at any meeting of the stockholders of Wendy’s
or make a request for a list of Wendy’s’ stockholders or otherwise acting alone, or in concert with
others, seek to control or influence the governance or policies of Wendy’s, (viii) disclose any
intention, plan or arrangement prohibited by the foregoing, or (ix) advise, assist or encourage or
enter into any discussions, negotiations, agreements or arrangements with any other persons, other
than officers, directors, partners, members, employees, advisors (including without limitation,
financial and legal advisors and accountants) and representatives with respect to the foregoing.
Each Shareholder further agrees that during

 

 

the Standstill Period it will not, directly or indirectly, without the prior written consent
of the Board, (a) make any request directly or indirectly, to amend or waive any provision of this
paragraph (including this sentence), or (b) take any action that would require Wendy’s to make a
public announcement regarding the possibility of a business combination, merger or other type of
transaction described in this paragraph. Notwithstanding the foregoing, nothing in this
Section 3.06 shall be deemed to in any way restrict or limit the ability of (i) the Shareholders to
discuss any matter confidentially with Wendy’s, the Board or any of its members, (ii) the
Shareholders to take any action required by applicable law (whether or not otherwise restricted by
this Section 3.06), (iii) the Shareholders to communicate, on a confidential basis, with attorneys,
accountants or financial advisors (excluding any such advisor who has taken any action that if
taken by the Shareholders would violate this Section 3.06), (iv) Sandell Asset Management Corp. or
any of its affiliates to effect a sale or acquisition with respect to the securities of Wendy’s or
(v) the Shareholders to effect a sale with respect to the securities of Wendy’s.

     Section 3.06. Standstill Termination. Section 3.05 shall be null and void and of no
force or effect upon the earliest to occur of any of the following (each, a “Termination Event”),
provided that (i) a Termination Event shall not relieve any Shareholder of any liability for
breaches of the preceding paragraph occurring prior to such Termination Event and (ii) no
Termination Event shall occur as a result of an event described in paragraphs (a) through (e) below
resulting from a breach of this Agreement:

     (a) the execution by Wendy’s or one of its subsidiaries of a definitive agreement with a third
party and the transactions provided for in such agreement would result in any other person or group
(as defined in Section 13(d)(3) of the Exchange Act) acquiring or entering into a definitive
agreement (approved by the Board) to acquire beneficial ownership of more than 50% of the
outstanding voting securities of Wendy’s or assets of Wendy’s or its subsidiaries representing more
than 50% of the consolidated earning power of Wendy’s and its subsidiaries (a “Business
Combination”);

     (b) any other person or group (as defined in Section 13(d)(3) of the Exchange Act) acquires
beneficial ownership of more than 50% of the outstanding voting securities of the Company or assets
of the Company or its subsidiaries representing beneficial ownership of more than 50% of the
consolidated earning power of the Company and its subsidiaries;

     (c) the commencement by any other person or group (as defined in Section 13(d)(3) of the
Exchange Act), other than by one or more of a Shareholder’s affiliates, of a bona fide tender or
exchange offer to acquire beneficial ownership of more than 50% of the outstanding voting
securities of Wendy’s (a “Tender Offer”);

     (d) any merger, consolidation, share exchange, recapitalization or other business combination,
the effect of which would result in the current shareholders of Wendy’s failing to own a majority
of the outstanding shares of the surviving company; and

 

 

     (e) any liquidation, dissolution or sale of all or substantially all of the assets of Wendy’s,
in each case that is subject to Wendy’s shareholder approval.

     Section 3.07. Certain Director Matters. The Shareholders hereby acknowledge that
Messrs. Rothschild and Oran have submitted their resignation from the Board, which shall be
effective, without further action, immediately upon the earlier of (i) termination of the Merger
Agreement pursuant to Section 7.1(d) thereof or (ii) termination of the Merger Agreement as a
result of the failure of the condition set forth in Section 6.3(f) thereof.

ARTICLE 4

MISCELLANEOUS

     Section 4.01. Notices. All notices and other communications hereunder shall be in
writing and shall be deemed to have been duly given when delivered in person, by facsimile, receipt
confirmed, or on the next Business Day when sent by overnight courier or on the second succeeding
Business Day when sent by registered or certified mail (postage prepaid, return receipt requested)
to the respective parties at the following addresses (or at such other address for a party as shall
be specified by like notice):

     if to Wendy’s to:

Wendy’s International, Inc.

One Dave Thomas Blvd.

Dublin, Ohio 43017

Telecopy:

Attention: General Counsel

     with a copy to:

Akin Gump Strauss Hauer & Feld LLP

Robert S. Strauss Building

1333 New Hampshire Avenue, NW

Washington, DC 20036

Telecopy: (202) 887-4288

Attention: Rick L. Burdick, Esq.

                 J. Steven Patterson, Esq.

     and with a copy to counsel for the Special Committee:

Baker & Hostetler LLP

3200 National City Center

1900 East 9th Street

Cleveland, Ohio 44114-3485

Telecopy: (216) 696-0740

 

 

Attention: Robert A. Weible, Esq.

                 Matthew A. Tenerowicz, Esq.

if to any Shareholder, to him or her at the address specified on Annex I, with a copy to:

Cadwalader, Wickersham & Taft LLP

One World Financial Center

New York, New York 10281

Facsimile: (212) 504-6666

Attention: Dennis J. Block, Esq.

     Section 4.02. Further Assurances. Each Shareholder shall, from time to time, execute
and deliver, or cause to be executed and delivered, such additional or further transfers,
assignments, endorsements and other instruments as Wendy’s may reasonably request to carry out the
transactions contemplated by this Agreement.

     Section 4.03. Termination.

     (a) Except for the provisions set forth in Section 3.05 and 3.06 of this Agreement, this
Agreement shall terminate automatically, without any notice or other action by any Person, upon the
earlier of (i) the termination of the Merger Agreement in accordance with its terms and (ii) the
Effective Time.

     (b) In the event of the termination of this Agreement pursuant to this Section 4.03, this
Agreement shall become void and of no effect with no liability on the part of any party hereto;
provided, however, no such termination shall relieve any party hereto from any
liability for any material breach of this Agreement occurring prior to such termination.

     Section 4.04. Survival of Representations and Warranties. The representations and
warranties contained herein and in any certificate or other writing delivered pursuant hereto shall
not survive the Effective Time.

     Section 4.05. Amendments and Waivers.

     (a) Any provision of this Agreement may be amended or waived if such amendment or waiver is in
writing and is signed, in the case of an amendment, by each party to this Agreement and Triarc or,
in the case of a waiver, by each party against whom the waiver is to be effective and Triarc.

     (b) No failure or delay by any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. The
rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by applicable Law.

 

 

     Section 4.06. Expenses. Except as otherwise provided herein or in the Merger
Agreement, all costs and expenses incurred in connection with this Agreement shall be paid by the
party incurring such cost or expense.

     Section 4.07. Binding Effect; Intended Third Party Beneficiary; Assignment; .

     (a) The provisions of this Agreement shall be binding upon and shall inure to the benefit of
the parties hereto and their respective successors, heirs, personal representatives,
administrators, executors and permitted assigns. No provision of this Agreement is intended to
confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other
than the parties hereto and their successors, heirs, personal representatives, administrators,
executors and permitted assigns; provided that, Triarc is an intended third party
beneficiary of, with the right to enforce, the obligations of the Shareholders under this
Agreement.

     (b) No party may assign, delegate or otherwise transfer any of its rights or obligations under
this Agreement without the consent of each other party hereto.

     Section 4.08. Governing Law; Jurisdiction. This Agreement is for the benefit of and
may be enforced by the Shareholders and Wendy’s and its and their respective directors, officers,
shareholders, affiliates, employees and agents and be governed by and construed in accordance with
Ohio law without regard to conflicts of law principles. The Shareholders and Wendy’s also hereby
irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the courts of
the State of Ohio and of the United States of America located in the State of Ohio for any actions,
suits or proceedings arising out of or relating to this Agreement and the transactions contemplated
hereby. The Shareholders and Wendy’s also agree not to commence any action, suit or proceeding
arising out of or relating to this Agreement except in such courts and that service of any process,
summons, notice or document by U.S. registered mail to your address as set forth above shall be
effective service of process for any action, suit or proceeding brought against you in any such
court. The Shareholders and Wendy’s hereby irrevocably and unconditionally waive any objection to
the laying of venue of any action, suit or proceeding arising out of or relating to this Agreement
and the transactions contemplated hereby in the courts of the State of Ohio and of the United
States of America located in the State of Ohio, and irrevocably and unconditionally waive and agree
not to plead or claim in any such court that any action, suit or proceeding brought in any such
court has been brought in an inconvenient forum.

     Section 4.09. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     Section 4.10. Counterparts: Effectiveness. This Agreement may be executed in two or
more consecutive counterparts (including by facsimile), each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same

 

 

instrument, and shall become effective when one or more counterparts have been signed by each
of the parties and delivered (by telecopy or otherwise) to the other parties.

     Section 4.11. Entire Agreement. This Agreement constitutes the entire agreement among
the parties with respect to the subject matter of this Agreement and supersedes all prior
agreements and understandings, both oral and written, among the parties with respect to its subject
matter.

     Section 4.12. Severability. Any term or provision of this Agreement which is invalid
or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the sole
extent of such invalidity or unenforceability without rendering invalid or unenforceable the
remainder of such term or provision or the remaining terms and provisions of this Agreement in any
jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, such
provision shall be interpreted to be only so broad as is enforceable.

     Section 4.13. Specific Performance. The parties hereto agree that irreparable damage
would occur in the event any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached, and that there would not be an adequate
remedy at law for money damages in such event. Accordingly, it is agreed that the parties hereto
shall be entitled to specific performance and injunctive and other equitable relief to prevent
breaches or threatened breaches of this Agreement or to enforce specifically the performance of the
terms and provisions hereof, without the need to post bond or other security, in addition to any
other remedy to which they are entitled at law or in equity.

     Section 4.14. Shareholder Obligations Several and not Joint. The obligations of each
Shareholder hereunder shall be several and not joint, and no Shareholder shall be liable for any
breach of the terms of this Agreement by any other Shareholder. The failure of any Shareholder to
execute and deliver this Agreement shall in no way affect the obligations of any other Shareholder
hereunder.

     Section 4.15. Interpretation. When a reference is made in this Agreement to a
Section, such reference shall be to a Section of this Agreement unless otherwise indicated. The
headings contained in this Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes,” or
“including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation.”

     Section 4.16. No Presumption Against Drafter. Each of the parties hereto has jointly
participated in the negotiation and drafting of this Agreement. In the event of an ambiguity or a
question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by each of the parties hereto and no presumptions or burdens of proof shall arise favoring
any party hereto by virtue of the authorship of any of the provisions of this Agreement.

[Remainder of page intentionally left blank]

 

 

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

	 	 	 	 	 
	 	WENDY’S INTERNATIONAL, INC.

 	 
	 	By:  	/s/ Kerrii B. Anderson	 
	 	 	Name:  	Kerrii B. Anderson	 
	 	 	Title:  	Chief Executive Officer and President	 
	 
	 	TRIAN PARTNERS MASTER FUND, L.P. 

By:   Trian Partners GP, L.P., its general partner 

By:   Trian Partners General Partner, LLC, its general

partner

 	 
	 	By:  	/s/ Peter W. May	 
	 	 	Name:  	Peter W. May	 
	 	 	Title:  	Member	 
	 
	 	TRIAN PARTNERS GP, L.P.

 	 
	 	By:  	/s/ Peter W. May	 
	 	 	Name:  	Peter W. May	 
	 	 	Title:  	Member	 
	 
	 	TRIAN PARTNERS, L.P. 

By:   Trian Partners GP, L.P., its general partner 

By:   Trian Partners General Partner, LLC, its general

partner

 	 
	 	By:  	
/s/ Peter W. May	 
	 	 	Name:  	Peter W. May	 
	 	 	Title:  	Member	 
	 

[Signature Page of Voting Agreement]

 

 

	 	 	 	 	 
	 	TRIAN PARTNERS PARALLEL FUND I, L.P. 

By:   Trian Partners GP, L.P., its general partner 

By:   Trian Partners General Partner, LLC, its general

partner

 	 
	 	By:  	/s/
Peter W. May	 
	 	 	Name:  	Peter W. May	 
	 	 	Title:  	Member	 
	 
	 	TRIAN PARTNERS PARALLEL FUND II, L.P. 

By:   Trian Partners GP, L.P., its general partner 

By:   Trian Partners General Partner, LLC, its general

partner

 	 
	 	By:  	/s/ Peter W. May	 
	 	 	Name:  	Peter W. May	 
	 	 	Title:  	Member	 
	 
	 	TRIAN FUND MANAGEMENT, L.P. 

By:   Trian Fund Management GP, LLC, its general

partner

 	 
	 	By:  	/s/
Peter W. May	 
	 	 	Name:  	Peter W. May 	 
	 	 	Title:  	Member	 
	 

[Signature Page of Voting Agreement]

 

 

ANNEX I

Record or Beneficial Ownership of the Voting Shares

	 	 	 	 	 	 	 
	 	 	Shares of	 	 	 	 
	 	 	Voting Stock Directly	 	Warrants/Options to	 	Notes Exchangeable
	Shareholder	 	Beneficially Owned	 	Acquire Voting Stock	 	for Voting Stock
	Trian Partners Master
Fund, L.P.
	 	3,261,527 Shares	 	0	 	0
	Trian Partners GP, L.P.
	 	5,958 Shares	 	0	 	0
	Trian Partners, L.P.
	 	952,519 Shares	 	0	 	0
	Trian Partners
Parallel Fund I, L.P.
	 	135,712 Shares	 	0	 	0
	Trian Partners
Parallel Fund II, L.P.
	 	30,751 Shares	 	0	 	0
	Trian Fund Management,
L.P.
	 	251,320 Shares	 	0	 	0exv10w33

 

EXHIBIT 10.33

NOTE: PORTIONS OF THIS EXHIBIT INDICATED BY “[***]” ARE SUBJECT TO A CONFIDENTIAL TREATMENT REQUEST,
AND HAVE BEEN OMITTED FROM THIS EXHIBIT. COMPLETE, UNREDACTED COPIES OF THIS EXHIBIT HAVE BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION AS PART OF THIS COMPANY’S CONFIDENTIAL TREATMENT REQUEST.

April 23, 2008

Directed Electronics Inc.

1 Viper Way

Vista, CA 92081

Facsimile No. (760) 599-1389

Attention: Jim Minarik, President and CEO

Letter Agreement re: Existing Contractual Obligations

Dear Jim:

     Reference is made to the Universal NFF Products Processing Letter Agreement, dated November 2,
2007 (the “NFF Letter Agreement”), and the Manufacturing and Distribution Agreement, dated April 7,
2005 (as amended on July 17, 2007 and November 8, 2007, the “Agreement”), each entered into between
Sirius Satellite Radio Inc. (“Sirius”) and Directed Electronics Inc. (“Directed”). Capitalized
terms used but not defined herein shall have the meanings set forth in: (a) the NFF Letter
Agreement, when used in the context of discussing the NFF Letter Agreement and (b) the Agreement,
when used in the context of discussing the Agreement.

     Effective as of the date first written above, Sirius and Directed desire to clarify, expand or
limit the parties’ respective obligations with respect to the aforementioned agreements as set
forth below.

     Sirius and Directed hereby agree as follows:

     1. Sirius Purchase. Sirius agrees to issue a Sirius PO for certain NFF Product that
was in Directed’s inventory as of October 31, 2007, but for which no Sirius PO was issued pursuant
to Section 7 of the NFF Letter Agreement. The Sirius PO is attached hereto as Exhibit A. The
terms of Sirius’ purchase of such inventory shall be governed by Section 4 of the NFF Letter
Agreement with the caveat that the first sentence of Section 4 shall not apply.

     2. Post-January 1, 2008 Product Returns. Sirius confirms that Sirius shall issue
Sirius POs for all Core Products returned to Directed by Authorized Dealers on or after January 1,
2008, subject to the terms of this Letter Agreement and Section 3.09 of the Agreement.

     3. Commercially Reasonable Efforts re: Product Returns. (a) Section 3(a) of the NFF
Letter Agreement and Section 3.09(b) of the Agreement each require that Directed

 

 

[* * *] — CERTAIN INFORMATION ON THIS PAGE HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE
OMITTED PORTIONS.

use “all commercially reasonable efforts” to ensure that Core Products returned to Directed by
Approved Dealers adhere to the provisions set forth in Sirius’ applicable written consumer warranty
statement. Sirius agrees that the actions that Directed has taken since September 5, 2007,
including but not limited to returning Core Products to Approved Dealers and documenting the ESN
and reason for each Core Product return, satisfies the “all commercially reasonable efforts”
requirement.

     (b) Sirius agrees that, in the absence of other documentation, Core Product received by
Directed within the applicable Warranty period [***] shall be considered returned to the Approved
Dealer by the consumer within the applicable Warranty period pursuant to Section 3.09(b) of the
Agreement.

     (c) Unless included on the then current Products Ineligible For Returns list, if it is
determined using the Sirius [***] as set forth in Section 3.09(b)(i) of the Agreement that a Core
Product has [***], Directed will segregate such Core Product, package it to preserve the [***], and
identify it as [***] Such Core Product shall be purchased by Sirius as set forth in Section
3.09(d) of the Agreement.

     (d) For all Core Products [***], Sirius shall purchase such Core Products
from Directed pursuant to the terms of Sections 3.09(d), (e) and (f) of the Agreement with the
caveat that the first sentence of Section 3.09(d) shall not apply. Sirius’ obligation under this
Section 3(d) shall apply to all such Core Product returned to Directed since [***].

     (e) Directed shall not be required to use “commercially reasonable efforts” to ensure that
Core Products returned to Directed [***] and any other [***] that may be mutually agreed from
time to time in writing by the parties (collectively, “[***]”) adhere to the provisions
set forth in Sirius’ applicable written consumer warranty statement. Sirius agrees to purchase all
returned Core Products returned from the [***], regardless of the [***] of the Core
Products, pursuant to the terms of Sections 3.09(d), (e) and (f) of the Agreement with the caveat
that the first sentence of Section 3.09(d) shall not apply.

     4. Product Sales to Select Retailers. (a) Directed’s costs for purchase of Core
Products from Authorized Manufacturers shall remain as set forth in Sections 3.03(b) and 3.03(c) of
the Agreement; provided that Directed shall sell Core Products to the [***] at a
price at which Directed will realize a [***]. Notwithstanding anything to the contrary herein,
Directed shall have the discretion to set the wholesale price of the Core Product. Within [***]
of the end of each month, Directed shall [***] Sirius the difference between the [***] described in
Sections 3.03(b) and 3.03(c) and the [***],

 

 

[* * *] — CERTAIN INFORMATION ON THIS PAGE HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE
OMITTED PORTIONS.

conditioned upon receipt of each respective monthly Sirius PO pursuant to Section 3.09(d) of the
Agreement.

     (b) In addition to the reporting required by Section 3.12 of the Agreement, Directed shall
provide a report the shows the total net dollar sales of Core Products to [***]. This
report will be used to calculate the payment described in Section 4(a) herein.

     5. [***]. Directed shall not be obligated to issue to Sirius [***] as
required by Section 4(a) of the NFF Letter Agreement and Section 3.09(d) of the Agreement for Core
Products [***] and the [***]; provided that Directed shall continue recording
the [***] for record keeping purposes as required by Section 4(a) of the NFF
Letter Agreement and Section 3.09(d) of the Agreement.

     6. Payment Terms; Interest. (a) Directed shall extend to Sirius [***] payment terms
on all purchase orders placed by Sirius.

     (b) Except with respect to [***] that are to be [***] to Sirius pursuant to Sections 7(b) and
(c) herein, Sirius shall extend to Directed Net 45 payment terms on any payments pursuant to this
Letter Agreement and the Agreement, including but not limited to any [***] payment.

     (c) Sirius and Directed may charge one another interest at the rate of [***] for any
undisputed payment owed pursuant to the NFF Letter Agreement or the Agreement that is paid more
than [***] after its due date.

     (d) In the event any dispute exists with respect to any payments or credits due pursuant to
any agreement, including but not limited to the NFF Letter Agreement, the Agreement and this Letter
Agreement, (A) the payor shall pay all undisputed amounts within the time specified in the
applicable terms herein, (B) the parties shall work together in good faith to resolve any disputes
in an expeditious manner and (C) the payor shall pay any amount that is no longer in dispute within
[***] after such dispute is resolved.

     7. [***]. (a) Pursuant to Section 3.09(g) of the Agreement, Sirius has established with
[***] the right for Sirius to directly return all defective Core Product directly to the applicable
Authorized Manufacturer for credit. Directed shall have no further obligation with respect to such
defective Core Product.

     (b) With respect to [***] , if Sirius returns to Directed any [***] for the purpose of returning
such [***] , Directed will make a good faith effort to obtain a return authorization for credit.
If [***] refuses to issue such return authorization within 30 days, then Directed shall return such
[***] to Sirius. Directed’s sole obligation with respect to any [***] issued by [***]

 

 

[* * *] — CERTAIN INFORMATION ON THIS PAGE HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE
OMITTED PORTIONS.

for the return for [***] shall be to [***] such [***] to Sirius within [***] of Directed’s receipt
of a [***]. Sirius shall reconcile directly with [***] any dispute regarding the return of [***].

     (c) Directed affirms that, for all [***] returned by Sirius or its authorized agent to
Directed that Directed returned to Authorized Manufacturers prior to the date hereof, it is
obligated to[***] to Sirius within [***] of Directed’s receipt of a [***] from the Authorized
Manufacturer for such [***]. Directed’s sole obligation will be to [***] from the Authorized
Manufacturer and it shall have no further obligation with respect to such [***]. Sirius shall
reconcile directly with each respective Authorized Manufacturer any dispute regarding the return of
[***] to the Authorized Manufacturer.

     8. [***] . Provided that by [***] the Term of the Agreement is not extended beyond January
31, 2009, Sirius and Directed shall agree on a process by [***] for efficiently [***] the Agreement
upon its expiration as required by Section 9.04(b) of the Agreement.

     9. Receipt of [***] Inventory. Section 3.07 of the Agreement states that “In the
event that any Core Products purchased by Directed under a [***] are not shipped to a customer
within [***] of receipt by Directed, Sirius shall purchase such Core Products from Directed at
[***] offered by the applicable [***] .” For purposes of interpretation thereof, Directed and
Sirius agree that “receipt by Directed” shall mean the date Directed assumes title of the Core
Products plus [***] .

     10. Term of Agreement. The Term of the Agreement is hereby extended to January 31,
2009.

     11. No Other Amendments. Except as expressly amended, modified and supplemented by
this Letter Agreement, the provisions of the NFF Letter Agreement and the Agreement are and shall
remain in full force and effect. In the event of a conflict between the NFF Letter Agreement, the
Agreement and this Letter Agreement, this Letter Agreement shall be superior and controlling.

     12. Counterparts. This Letter Agreement may be executed by the parties hereto on any
number of separate counterparts, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument. This Letter Agreement may be delivered by facsimile
transmission and shall be effective upon receipt of such facsimile by the other party.

     13. Integration. This Letter Agreement, along with the NFF Letter Agreement and the
Agreement, represents the entire agreement of Sirius and Directed with respect to the subject
matter hereof, and there are no promises, undertakings, representations or

 

 

warranties by the parties hereto relative to the subject matter hereof that are not expressly set
forth or referred to herein.

     Please indicate your acceptance with the terms of this Letter Agreement by signing in the
space below.

	 	 	 	 	 	 	 
	 	 	Sincerely,	 	 
	 
	 	 	 	 	 	 
	 	 	SIRIUS SATELLITE RADIO INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert F. Law          04/23/08
 

	 	 
	 

	 	 	 	Robert F. Law	 	 
	 

	 	 	 	Senior Vice President and General Manager,	 	 
	 

	 	 	 	Consumer Electronics Division	 	 

	 	 	 	 	 
	 
	 	 	 	 
	Accepted and Agreed:	 	 
	 
	 	 	 	 
	DIRECTED ELECTRONICS INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Jim Minarik          04/23/2008
 

	 	 
	 

	 	Jim Minarik	 	 
	 

	 	President and CEO	 	 

 

 

[* * *] — CERTAIN INFORMATION ON THIS PAGE HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE
OMITTED PORTIONS.

EXHIBIT A

Purchase Orders

     Requisition Lines

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Price 	 	 
	Line	 	Item Description	 	Supplier	 	Cost Center	 	Unit	 	Quantity	 	(USD)	 	Total (USD)
	1
	 	 	[***]	 	 	DEI	 	 	4655	 	 	EACH	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	2
	 	 	[***]	 	 	DEI	 	 	4655	 	 	EACH	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	3
	 	 	[***]	 	 	DEI	 	 	4655	 	 	EACH	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	4
	 	 	[***]	 	 	DEI	 	 	4655	 	 	EACH	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	5
	 	 	[***]	 	 	DEI	 	 	4655	 	 	EACH	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	6
	 	 	[***]	 	 	DEI	 	 	4655	 	 	EACH	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	7
	 	 	[***]	 	 	DEI	 	 	4655	 	 	EACH	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	8
	 	 	[***]	 	 	DEI	 	 	4655	 	 	EACH	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	9
	 	 	[***]	 	 	DEI	 	 	4655	 	 	EACH	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	10
	 	 	[***]	 	 	DEI	 	 	4655	 	 	EACH	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	11
	 	 	[***]	 	 	DEI	 	 	4655	 	 	EACH	 	 	[***]	 	 	 	[***]	 	 	 	[***]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]