Peter W. May, a Wendy’s Co. director and president/founding partner of Trian Fund Management, reported receiving 4,262 shares of Wendy’s common stock on June 29, 2026. The shares were issued at a reported price of $6.98 per share, implying a value of about $29,749. The issuance was not an open-market purchase. According to the filing’s explanatory note, the shares were issued under Wendy’s 2020 Omnibus Award Plan in lieu of a quarterly Board of Directors retainer fee and a quarterly Board committee retainer fee that otherwise would have been paid in cash. The per-share price was calculated under the plan as the average closing price of Wendy’s common stock over the 20 consecutive trading days immediately preceding the date the retainer fees otherwise would have been payable. The filing also provides important ownership context tied to Trian. Trian Fund Management, L.P. serves as the management company for several Trian funds, including Trian Partners, L.P., Trian Partners Master Fund, L.P., Trian Partners Parallel Fund I, L.P., Trian Partners Strategic Fund-G II L.P., and Trian Partners Strategic Fund-K, L.P. Because May is president and a founding partner of Trian Management, he may be deemed to share voting and dispositive power over Wendy’s shares held by those funds. In addition, May is a member of Trian Partners General Partner, LLC, the general partner of Trian Partners GP, L.P., placing him in a position to influence investment and voting decisions made by that general partner. As a result, May and Trian Management may be deemed to indirectly beneficially own shares of Wendy’s held by the Trian funds and Trian GP, collectively referred to as “Trian Partners.” The provided filing text does not state May’s total ownership after the 4,262-share issuance.