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IN RE TRIARC COMPANIES, INC.

Consolidated C.A. No. 15746.

791 A.2d 872 (2001)

In re TRIARC COMPANIES, INC. Class and Derivative Litigation.

Court of Chancery of Delaware, New Castle County.

Decided: January 12, 2001.

Attorney(s) appearing for the Case

Joseph A. Rosenthal, Rosenthal, Monnhait, Gross & Goddess, Wilmington, Delaware, Jill S. Abrams, Abbey, Gardy & Squitieri, New York, New York, Robert M. Kornreich, Robert C. Finkel, Wolf Popper LLP, New York, New York, for Plaintiffs.

Richard I.G. Jones, Jr., Ashby & Geddes, Wilmington, Delaware, Gerald Harper, Jonathan H. Hurwitz, New York, New York, for Defendants Peltz and May.

Martin P. Tully, Morris, Nichols, Arsht & Tunnell, Wilmington, Delaware, for Defendants Carey, Chajet, Jaffe, Levato, Schwab, Troubh and Tsai, and Nominal Defendant Triarc Companies, Inc.

Grover C. Brown, Gordon Fournaris & Mammarella, Wilmington, Delaware, for Morris and Morris, Chimicles & Tikellis, and Wolf Haldenstein Adler Freeman & Herz.

T.S.L. Perlman, Attorney at Law, Washington, D.C., pro se.

OPINION

LAMB, Vice Chancellor.

I.

In 1994, Triarc Companies, Inc. sought and obtained, by means of a written proxy statement, stockholder approval of a compensation agreement ("Plan") between the corporation and its two most senior executives, Nelson Peltz and Peter May. The proxy statement disclosed that the compensation to be paid to Peltz and May under that agreement would be "in lieu of...

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