WASHINGTON, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
        Pursuant To Section 13 or 15 (d) of the Securities Exchange Act of 1934

            Date of Report (Date of earliest event reported): March 31, 2005

                             TRIARC COMPANIES, INC.
            (Exact name of registrant as specified in its charter)

       DELAWARE                       1-2207                       38-0471180
   -----------------              --------------                 --------------
   (State or Other                (Commission                  (I.R.S. Employer
   Jurisdiction of                File Number)               Identification No.)

   280 Park Avenue
   New York, NY                                              10017
   (Address of principal executive offices)                  (Zip Code)

   Registrant's telephone number, including area code:   (212)  451-3000

   (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ]  Written communications pursuant to Rule 425 under the Securities Act 
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act 
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the 
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the 
     Exchange Act (17 CFR 240.13e-4(c))

Item 1.01.  Entry into a Material Definitive Agreement.

     On  March  31,  2005,  the  Performance   Compensation   Subcommittee  (the
"Subcommittee") of the Board of Directors of Triarc Companies,  Inc.  ("Triarc")
set the  performance  criteria for determining  "Performance  Goal Bonus Awards"
payable  under  Triarc's  1999  Executive  Bonus Plan (the "1999  Plan") for the
fiscal  year  ending  January  1,  2006  (the  "Plan  Year").   Previously,  the
Subcommittee had designated  Messrs.  Nelson Peltz,  Triarc's Chairman and Chief
Executive Officer, Peter W. May, Triarc's President and Chief Operating Officer,
Edward P. Garden,  Triarc's Vice Chairman,  Brian L. Schorr,  Triarc's Executive
Vice President and General Counsel, Francis T. McCarron, Triarc's Executive Vice
President and Chief Financial  Officer,  and Gregory H. Sachs,  the Chairman and
Chief Financial Officer of Deerfield & Company LLC  ("Deerfield"),  a subsidiary
of Triarc,  as eligible to receive  Performance Goal Bonus Awards under the 1999
Plan for the Plan Year.

     For Messrs.  Peltz,  May,  Garden,  Schorr and  McCarron,  the  performance
criteria  with respect to their  Performance  Goal Bonus Awards will be based on
the attainment of specific levels of performance by Triarc (or operational units
of Triarc) during the Plan Year with reference to the following criteria:

(1)      adjusted earnings per share;
(2)      Adjusted EBITDA margin for Arby's, LLC (without Sybra);
(3)      Adjusted EBITDA margin for Sybra, Inc.;
(4)      Adjusted EBITDA margin for Deerfield;
(5)      successful completion of acquisitions or dispositions;
(6)      successful completion of financings or refinancings;
(7)      total return on investments per GAAP on a consolidated basis;
(8)      pre-tax net realized capital gains per GAAP;
(9)      stock price increase at year-end; and
(10)     net investment income per GAAP.

     The  amount  of  Performance  Goal  Bonus  Award  that may be earned by any
individual  is up to a  multiple  of their  base  salary  based on the  level of
attainment  of the criteria  listed  above,  with a maximum  annual award to any
individual of $5.0 million.

     With regard to Mr. Sachs, the Subcommittee  determined that the performance
criteria  with  respect to his  Performance  Goal Bonus  Award would be based on
Deerfield's  consolidated net income, plus (without  duplication and only to the
extent such amount was deducted in  calculating  such  consolidated  net income)
interest expense,  income taxes,  depreciation  expense and amortization expense
("EBITDA"),  subject to  approval  by Triarc's  stockholders,  at Triarc's  2005
Annual  Meeting of  Stockholders,  of an  amendment to the 1999 Plan to add such
criteria as an additional performance criteria upon which Performance Goal Bonus
Awards may be based. Such performance  criteria is in accordance with Mr. Sachs'
employment  agreement with  Deerfield and Deerfield  Capital  Management  LLC, a
subsidiary of Deerfield, which provides, among other things, that Mr. Sachs will
be entitled to receive an annual  "Additional  Bonus" equal to 8% of Deerfield's
EBITDA in excess of $8.0  million.  Under the 1999 Plan,  the  Performance  Goal
Bonus  Award that may be earned by Mr.  Sachs in any year is subject to the same
$5.0 million  maximum as described  above.  In addition,  pursuant to Mr. Sachs'
employment  agreement,  Mr. Sachs is also entitled to receive a bonus in respect
of each fiscal year equal to 8% of the first $8.0 million of Deerfield's EBITDA
(the "Annual Bonus"). However, the employment agreement also provides that in no
event will the aggregate of the Annual Bonus and Additional Bonus in respect of
any fiscal year exceed $5.0 million.


Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf by the undersigned
hereunto duly authorized.

                                  TRIARC COMPANIES, INC.

                                  By:  /S/ STUART I. ROSEN
                                       Stuart I. Rosen
                                       Senior Vice President, Associate General
                                         Counsel and Secretary

Dated: April 6, 2005