<SEC-DOCUMENT>0001214659-25-006280.txt : 20250423
<SEC-HEADER>0001214659-25-006280.hdr.sgml : 20250423
<ACCEPTANCE-DATETIME>20250423154126
ACCESSION NUMBER:		0001214659-25-006280
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250423
DATE AS OF CHANGE:		20250423
EFFECTIVENESS DATE:		20250423

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Wendy's Co
		CENTRAL INDEX KEY:			0000030697
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING & DRINKING PLACES [5810]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				380471180
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-02207
		FILM NUMBER:		25861224

	BUSINESS ADDRESS:	
		STREET 1:		ONE DAVE THOMAS BLVD
		CITY:			DUBLIN
		STATE:			OH
		ZIP:			43017
		BUSINESS PHONE:		(614) 764-3100

	MAIL ADDRESS:	
		STREET 1:		ONE DAVE THOMAS BLVD
		CITY:			DUBLIN
		STATE:			OH
		ZIP:			43017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WENDY'S/ARBY'S GROUP, INC.
		DATE OF NAME CHANGE:	20080926

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRIARC COMPANIES INC
		DATE OF NAME CHANGE:	19931109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DWG CORP
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
</SEC-HEADER>
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<SEQUENCE>1
<FILENAME>o423253px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notice of Exempt Solicitation Pursuant to Rule
14a-103</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Name of Registrant: The Wendy&rsquo;s Co (WEN)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Name of person relying on exemption: As You Sow<SUP>&reg;</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Address of persons relying on exemption: 11461
San Pablo Ave, Suite 400, El Cerrito, CA 94530</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The attached written materials are submitted pursuant
to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.&nbsp;As You Sow<SUP>&reg;</SUP> does not beneficially own
more than $5 million of the class of subject securities, and this notice of exempt solicitation is therefore being provided on a voluntary
basis.</P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

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    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D"><B>11461 San Pablo Avenue, Suite 400&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"><B>El Cerrito, CA 94530</B></FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"><B>&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Wendy&rsquo;s Co (WEN)<BR>
Vote Yes: Item #6 &ndash; Single-Use Plastics &amp; Reusable Opportunities for Packaging</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting: May 21, 2025</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTACT: Kelly McBee | kmcbee@asyousow.org</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">THE RESOLUTION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders request that the Board issue a report, at reasonable expense
and excluding proprietary information, describing how Wendy&rsquo;s could reduce its plastic use by shifting away from single-use packaging
in alignment with the findings of the Pew Report, or other authoritative sources, to reduce its contribution to plastic pollution.<BR>
<BR>
</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The report should, at Board discretion:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Assess the reputational, financial, and operational risks associated with continuing to use substantial amounts of single-use plastic
packaging while plastic pollution grows;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Evaluate dramatically reducing the amount of plastic used in our packaging through transitioning to reusables; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Describe opportunities to pre-competitively work with peers to research and develop reusable packaging as an alternative to single-use
packaging.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUMMARY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Without immediate and sustained new commitments throughout the plastics
value chain, annual flows of plastics into oceans could nearly triple by 2040.<SUP>1</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Wendy&rsquo;s is part of a &ldquo;to go&rdquo; packaging culture,&nbsp;contributing
to plastic pollution of land and water. Even recyclable single-use plastics food and beverage containers create plastic pollution. The
growing plastic pollution crisis poses increasing risks to Wendy&rsquo;s. Corporations could face an annual financial risk of approximately
$100 billion should governments require them to cover the waste management costs of the packaging they produce.<SUP>2</SUP> Governments
around the world are increasingly enacting such policies, including five new U.S. state laws that impose fees on corporations for single-use
plastic (SUP) packaging.<SUP>3</SUP> The European Union has banned ten SUP pollutants and taxed some non-recycled plastic packaging.<SUP>4</SUP>
A French law requires 10% of packaging be reusable by 2027 and Portugal requires 30% reusable packaging by 2030.<SUP>5</SUP> Additionally,
consumer demand for sustainable packaging is increasing.<SUP>6</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.pewtrusts.org/-/media/assets/2020/10/breakingtheplasticwave_mainreport.pdf,
p.4</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.pewtrusts.org/-/media/assets/2020/10/breakingtheplasticwave_mainreport.pdf,
p.9</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.packworld.com/sustainable-packaging/recycling/article/22922253/ameripen-shares-key-lessons-from-early-epr-adopters</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://environment.ec.europa.eu/topics/plastics/single-use-plastics_en</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.greenpeace.org/international/story/51843/plastics-reuse-and-refill-laws</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.shorr.com/resources/blog/the-2022-sustainable-packaging-consumer-report/</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">The
                                                Wendy&rsquo;s Co | Single-Use Plastics &amp; Reusable Opportunities for Packaging</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Pew Charitable Trusts&rsquo; groundbreaking study, <I>Breaking the
Plastic Wave</I> (&ldquo;Pew Report&rdquo;), concluded that improved recycling alone is insufficient to address plastic pollution&mdash;instead,
recycling must be coupled with reductions in use, materials redesign, and substitution.<SUP>7</SUP> The Pew Report finds that reducing
plastic use is the most viable solution from environmental, economic, and social perspectives.<SUP>8</SUP><BR>
<BR>
</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Competitors McDonald&rsquo;s and Yum! Brands both acknowledge that
reusables will play a role in their future packaging use, with each company committing to evaluate and report on the opportunities posed
by switching to reusable packaging and its impacts related to SUP, other single-use packaging, and the environment.<SUP>9</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Our Company states it is committed to 100% recyclable, compostable,
and reusable packaging by 2026 but the company reports no progress toward permanently adopting reusable alternatives to single-use packaging.<SUP>10</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Nearly 100 additional consumer goods and retail companies have committed
to taking meaningful action towards permanent adoption of reusables and absolute cuts to the use of single-use plastic packaging.<SUP>11</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Our Company could avoid regulatory, environmental, and competitive
risks by adopting a comprehensive approach to researching and adopting reusable packaging.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RATIONALE FOR A YES
VOTE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Wendy&rsquo;s does not provide shareholders with sufficient
information on whether and how it will reduce its plastics use, exposing the company to financial, regulatory, and reputational risk.
</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.pewtrusts.org/-/media/assets/2020/10/breakingtheplasticwave_mainreport.pdf,
p.9</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.pewtrusts.org/-/media/assets/2020/10/breakingtheplasticwave_mainreport.pdf,
p.10</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.asyousow.org/press-releases/2023/3/16/mcdonalds-publish-report-reusable-packaging;
https://www.asyousow.org/blog/2024/9/20/agreements-at-hormel-yum-highlight-2024-circular-economy-proxy-season</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.wendys.com/sites/default/files/2024-05/Wendys-2023-Corporate-Responsibility-Report.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://gc-data.emf.org/</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">The
                                                Wendy&rsquo;s Co | Single-Use Plastics &amp; Reusable Opportunities for Packaging</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Wendy&rsquo;s has failed to align its packaging targets
with key initiatives, such as the Pew Report and the Global Commitment.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Wendy&rsquo;s lags peers in transitioning away from disposable packaging.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">DISCUSSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>1. Wendy&rsquo;s does not provide
shareholders with sufficient information on whether and how it will reduce its plastics use, exposing the company to financial, regulatory,
and reputational risk. </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers and governments across the globe are increasingly
holding producers accountable for plastic packaging pollution and the wide range of negative effects it has on human and
environmental health.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Global leaders from 193 U.N. Member States are in the process of negotiating a global treaty to end plastic pollution. Mandates
are being considered for legally binding plastic use reductions, recyclability, and transitions away from disposable packaging and towards
reusables.<SUP>12</SUP> Adoption of the agreement to negotiate a treaty was supported by a vast array of businesses and investors united
in recognizing plastic pollution as a severe threat to business&rsquo; social license to operate.<SUP>13</SUP> In addition, thirteen national
and regional global Plastics Pacts have formed in the last few years to uphold and accelerate corporate responsibility and a circular
economy for plastics.<SUP>14</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Extended Producer Responsibility (&ldquo;EPR&rdquo;) is a system designed
to manage unrecyclable and recyclable packaging alike, in which consumer goods producers are held responsible for all or most of the costs
of managing the disposable packaging associated with their products at its end-of-life. Nearly 70 EPR laws for packaging have been enacted
in countries and jurisdictions around the world.<SUP>15</SUP> Corporations could face an annual collective financial risk of approximately
$100 billion should governments continue, as expected, to require them to cover the waste management costs of the packaging they produce.<SUP>16</SUP>
In just the last few years, five new U.S. state producer responsibility laws were passed in Maine, Oregon, California, Colorado, and Minnesota.<SUP>17</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">EPR laws often encompass reducing virgin plastic use, making all packaging
recyclable, and transitioning from disposable to reusable packaging. A 2023 German law requires every business offering to-go purchases
to provide reusable containers,<SUP>18</SUP> while a recently enacted law in France bans on-site disposable packaging at restaurants all
together, building a fully reusable quick-service restaurant infrastructure.<SUP>19</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.unep.org/news-and-stories/speech/closing-end-plastic-pollution</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.businessforplasticstreaty.org/endorsers#brand-owners-and-retailers</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://ellenmacarthurfoundation.org/the-plastics-pact-network</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.oecd-ilibrary.org/environment/extended-producer-responsibility-epr-and-the-impact-of-online-sales_cde28569-en,
p. 10</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.pewtrusts.org/-/media/assets/2020/07/breakingtheplasticwave_report.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.swca.com/news/2025/01/unpacking-epr-series-the-basics-of-extended-producer-responsibility-epr-packaging-laws</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://www.mondaq.com/germany/food-and-drugs-law/1272810/new-obligations-for-take-away-food-as-of-the-beginning-of-the-year</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.ecologie.gouv.fr/sites/default/files/en_DP%20PJL.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">The
                                                Wendy&rsquo;s Co | Single-Use Plastics &amp; Reusable Opportunities for Packaging</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Wendy&rsquo;s has failed to analyze and disclose the growing risks
associated with its plastic packaging or assess the benefits of dramatically reducing the amount of plastic packaging used. The company
has set public intentions to increase the overall sustainability of its packaging,<SUP>20</SUP> yet has failed to match these intentions
with quantifiable, timebound goals, and disclosure of data.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Wendy&rsquo;s was one of the lowest scoring companies in <I>As You
Sow&rsquo;s</I> Plastic Promises Scorecard which evaluated 225 corporations on their actions to prevent plastic packaging pollution. Wendy&rsquo;s
earned an overall grade of &ldquo;D-&rdquo; and an &ldquo;F&rdquo; grade in both Plastic Reduction and Reusable Packaging. These poor
scores were largely due to the absence of specific plastic reduction and reusables goals and the company&rsquo;s complete lack of any
plastic-packaging-specific data, such as tonnage of plastic packaging used.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The company discloses data on the percentage of its total packaging
that is either recyclable, compostable, or reusable, but unfortunately fails to define the amount within each packaging category and further
fails to define &ldquo;recyclable&rdquo; &ndash; a term that is easily greenwashed. The largest corporate collaboration on plastic pollution,
the Ellen MacArthur Foundation New Plastics Economy Global Commitment (Global Commitment), defines recyclable packaging to include only
those plastics that have a 30% recycling rate across multiple regions that collectively represent at least 400 million inhabitants. For
packaging to be labeled as recyclable it must be recycled in-practice and at scale. Wendy&rsquo;s failure to define &ldquo;recyclable,&rdquo;
leaves investors to assume that its &ldquo;recyclable packaging&rdquo; is only technically recyclable, not recyclable in-practice, exposing
the company to greater risks associated with plastic pollution. Finally, Wendy&rsquo;s fails to disclose if it has successfully transitioned
any of its packaging away from single-use to reusables.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Companies that do not move swiftly to reduce their use of single-use
plastic for packaging also risk reputational damage and lost customers. As recent polls indicate, consumers want companies to take action
on plastics. Eighty percent of respondents in one recent poll favored requiring companies to reduce plastic packaging, increase the use
of reusable packaging, and take responsibility for their plastic waste.<SUP>21</SUP>&nbsp;In an April 2024 poll, 90% of those polled were
in favor of finding alternatives to single-use plastics and 88% called for elimination of unnecessary and avoidable plastic use.<SUP>22</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>2. Wendy&rsquo;s has failed to
align its packaging targets with key initiatives, such as the Pew Report and the Global Commitment.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In 2020, the watershed Pew Report concluded that reduction of plastic
waste is the most viable solution from environmental, economic, and social perspectives. Without immediate and sustained new commitments
across the plastics value chain, annual flows of plastics into oceans could nearly triple by 2040.<SUP>23</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Pew Report states that existing corporate commitments are insufficient
to tackle ocean plastic pollution and that corporations must reduce their virgin plastic use by one-third through a variety of strategies,
including designing packaging to be recyclable in-practice and at scale and eliminating or replacing single-use packaging with reusables.
Wendy&rsquo;s falls short on each of these recommendations, lacking both an overall plastic reduction goal and a reusables goal, and failing
to ensure recyclability in-practice.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://www.wendys.com/sites/default/files/2024-05/Wendys-2023-Corporate-Responsibility-Report.pdf,
p.43</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://usa.oceana.org/press-releases/u-s-voters-support-policies-that-reduce-single-use-plastics/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://www.nrdc.org/bio/daniel-rosenberg/poll-people-want-action-plastics-health-and-wildlife</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.systemiq.earth/wp-content/uploads/2020/07/BreakingThePlasticWave_MainReport.pdf</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">The
                                                Wendy&rsquo;s Co | Single-Use Plastics &amp; Reusable Opportunities for Packaging</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Wendy&rsquo;s is also notably absent from participating in the largest
pre-competitive corporate movement to address plastic pollution, the Global Commitment. Hundreds of participating companies and entities
have adopted goals in a variety of specially targeted categories to drastically stem plastic flows into the ocean by 2025, including taking
action on the Pew Report recommendations (reduce plastic use, make all packaging recyclable in-practice, and transition to reusable and
refillable formats).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Wendy&rsquo;s lags peers in transitioning away from disposable packaging.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In contrast to Wendy&rsquo;s, more than sixty consumer goods and retail
companies have pledged to reduce use of virgin plastic packaging and are reporting on their progress, including competitors McDonald&rsquo;s
and Yum! Brands. McDonald&rsquo;s and Yum! Brands also each recently announced commitments to evaluate and report on the opportunities
and risks posed by switching to reusable packaging, and the risks related to single-use plastic and other single-use packaging on the
environment. The new reports are anticipated in Q2 2025 and will likely include new actions and potential goal frameworks for reusables.<SUP>24</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Starbucks is actively embracing reusable packaging with new global
reusable container goals, including a Borrow-A-Cup program and the recent facilitation of personal reusable mugs at all company-operated
stores and drive-throughs in the U.S. and Canada, which is expected to reduce plastic use by thousands of tons.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Wendy&rsquo;s notes a collaboration with NextGen Consortium to research
opportunities for advanced and reusable packaging,<SUP>25</SUP> a good first step, yet it has failed to state if and how it will leverage
these learnings into any company-specific pilots, permanent operations, or new goals for reusable packaging.<BR>
<BR>
</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RESPONSE TO WENDY&rsquo;S
BOARD OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In the company&rsquo;s opposition statement, Wendy&rsquo;s makes three
assertions: 1) The company is adequately addressing packaging; 2) Wendy&rsquo;s is a member of packaging collaborations; and 3) The company
reports on packaging.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Wendy&rsquo;s action to reduce plastic packaging is inadequate. The
company lacks targeted efforts to reduce its plastic use, transition to reusables, or even ensure recyclability in-practice. It has yet
to commit to leveraging any research or pilot learnings of its industry collaborations, and publishes no plastic or reusable-specific
data, such as overall tonnage used. These insufficiencies prevent investors from adequately assessing the company&rsquo;s exposure to
risks from plastic pollution.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Conducting a holistic evaluation of its packaging will benefit Wendy&rsquo;s
by informing it on how best to reduce its single-use plastic, make all packaging recyclable, compostable or reusable in-practice and at
scale, make reusable and refillable packaging alternatives a permanent offering, and establish benchmarks for public reporting on progress.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://www.asyousow.org/blog/2024/9/20/agreements-at-hormel-yum-highlight-2024-circular-economy-proxy-season</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.wendys.com/sites/default/files/2024-05/Wendys-2023-Corporate-Responsibility-Report.pdf</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">The
                                                Wendy&rsquo;s Co | Single-Use Plastics &amp; Reusable Opportunities for Packaging</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vote &ldquo;Yes&rdquo; on this Shareholder Proposal asking Wendy&rsquo;s
to publish a report on opportunities to reduce plastics use and transition to reusable packaging. </B>Wendy&rsquo;s has fallen behind
peers like McDonald&rsquo;s, Yum! Brands, and Starbucks in committing to reduce plastic use, make all packaging recyclable in-practice,
permanently integrate reusable packaging, and publicly share data on progress. The company has failed to sufficiently evaluate opportunities
to reduce plastic use to mitigate its contributions to plastic pollution and maintain its global competitiveness. Accordingly, Wendy&rsquo;s
is vulnerable to reputational damage and new governmental regulation without robust and immediate action to evaluate plastic reduction
and reusable packaging use.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>--</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions, please contact Kelly McBee, As You Sow, kmcbee@asyousow.org</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE,
U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION
OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR
MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY,
PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD<I>.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
