MAY PETER W 4

What Happened

• Peter W. May, a 10% owner and founding partner of Trian Management, received 4,166 shares of Wendy's Co (WEN) on 2026-04-03. The shares were issued at $7.14 each (total value $29,745) and reported on a Form 4 filed 2026-04-07. The transaction code is "A" (award/grant), meaning these shares were issued to him rather than purchased on the open market.

Key Details

• Transaction date and price: 2026-04-03; 4,166 shares at $7.14 per share (total $29,745).
• Filing date: Form 4 filed 2026-04-07 (reports the April 3 transaction).
• Shares owned after transaction: Not specified in the Form 4 (filing does not state total beneficial holdings).
• Footnotes of note:
  • The shares were issued under Wendy's 2020 Omnibus Award Plan in lieu of quarterly board and committee cash retainer fees; the per-share price equals the average closing price over the 20 trading days before the retainer payment date. (F1)
  • Mr. May is a founding partner and President of Trian Fund Management and is connected to several Trian-related funds; footnotes explain potential indirect beneficial ownership by Trian entities and include a customary disclaimer. (F2, F3)

Context

• This is an award/grant (acquisition) rather than an open-market purchase—common for board compensation and not necessarily a signal of trading intent.
• As a 10% owner and a leader of Trian-affiliated investment entities, some holdings may be held indirectly by Trian funds; the filing includes standard clarifying language about voting/dispositive power and disclaimers of direct beneficial ownership.