EXHIBIT 10.3

                     AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT


     Amendment  No. 1,  dated as of  December  18,  2006  ("Amendment"),  to the
Employment  Agreement dated as of February 24, 2000 (the  "Agreement"),  between
Triarc Companies, Inc. ("Triarc") and Brian L. Schorr (the "Employee").

     1. Triarc and the Employee hereby agree to amend the Agreement as follows:

          a). Clause (i) in the second paragraph of Section 4.1 of the Agreement
is hereby  amended in its  entirety to read as  follows:  "(i)  Employee's  then
current  Salary for two and one-half  (2-1/2) years from the date of termination
and".

          b).  Section 4.3 (d) 3(a) of the Agreement is hereby amended by adding
the word "annual" after the word "equal" appearing therein.

          c). The definition of "Good Reason" set forth in Section 4.6(B) of the
Agreement is hereby amended by deleting the word "or" at the end of clause (ii),
adding the word "or" at the end of clause  (iii) and adding  the  following  new
clause (iv):  "(iv) any  meaningful  diminution of your duties or authority from
such  duties or  authority  held by you on the date  hereof  without  your prior
consent."

     2. Except as amended  above,  the  provisions  of the  Agreement are hereby
confirmed and shall remain in full force and effect.

     3. This Amendment shall be governed by and  administered in accordance with
the laws of the  State  of New  York  applicable  to  agreements  made and to be
performed entirely within such State.

     4. This  Amendment  shall be binding  upon and inure to the  benefit of the
parties hereto and their successors and assigns.

     IN WITNESS  WHEREOF,  the parties hereto have each caused this Amendment as
of the date first above written.

TRIARC COMPANIES, INC.


By: /s/PETER W. MAY
    --------------------------------------------
    Name:  Peter W. May
    Title: President and Chief Operating Officer


By: /s/BRIAN L. SCHORR
    --------------------------------------------
    Brian L. Schorr