MAY PETER W 4

What Happened

• Peter W. May, reported as a 10% owner, received an award/acquisition of 20,967 shares of Wendy's Co (WEN) on 2026-05-20. The Form 4 shows an acquisition price of $0.00 and reports total consideration of $0 (transaction code A — grant/award/other acquisition). The Form 4 was filed on 2026-05-22.

Key Details

• Transaction date and type: 2026-05-20 — Grant/award (code A).
• Price reported: $0.00 per share; total reported consideration $0.
• Shares acquired: 20,967 shares.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes: Mr. May is president and a founding partner of Trian Fund Management, which manages several Trian Funds, and is also affiliated with Trian Partners GP entities. He may be deemed to share voting/dispositive power over shares held by those entities; the reporting persons disclaim beneficial ownership except to the extent of pecuniary interest.
• Filing timeliness: Form 4 filed 2026-05-22 for the 2026-05-20 transaction — appears to be filed within the typical 2-business-day period.

Context

• This was a grant/award, not an open-market purchase or sale; such awards can reflect compensation, restructuring, or institutional allocations and do not by themselves signal buying or selling intent by the insider.
• As a reported 10% owner with ties to the Trian Funds/Trian GP entities, Mr. May's reported activity and holdings can reflect institutional positioning rather than personal executive trading.