This excerpt taken from the MKC 10-K filed Jan 28, 2008.
Item 9B. Other Information
In connection with the retirement of Mr. Lawless as Chief Executive Officer effective January 1, 2008, the Registrant entered into a consulting agreement with Mr. Lawless, the current Chairman of the Registrants Board of Directors. The agreement provides that Mr. Lawless, when and as requested by Mr. Wilson, the Registrants current Chief Executive Officer, will provide consulting services and advice to the Registrant and participate in various external activities and events for the benefit of the Registrant. The agreement, which was approved by the Compensation Committee of the Registrants Board of Directors on January 22, 2008 and was executed on January 23, 2008, has a term of twelve months beginning January 1, 2008 and may be renewed for additional periods of time thereafter upon mutual written agreement. Mr. Lawless is to provide up to 400 hours of consulting services per year to the Registrant, subject to his reasonable availability. For his services and commitments, the Registrant will pay Mr. Lawless a consulting fee at a rate equal to $20,000 per month for each month during the term of the agreement. The Registrant will also reimburse Mr. Lawless for reasonable expenses that he incurs in providing these services.
This excerpt taken from the MKC 10-K filed Jan 27, 2005.
Item 9B. Other Information
On January 25, 2005, the Registrant entered into a $400,000,000 five year credit agreement with Bank of America, N.A., as administrative agent, and the other financial institutions party thereto (the Credit Agreement). The Credit Agreement replaced two existing credit agreements which were terminated on January 25, 2005: (i) a $225,000,000 five year credit agreement among the Registrant, Wachovia Bank, National Association, as administrative agent, and the other financial institutions party thereto, dated as of June 19, 2001 (as amended and modified from time to time), and (ii) a $125,000,000 364-day credit agreement among the Registrant, Wachovia Bank, National Association, as administrative agent, and the other financial institutions party thereto, dated as of June 19, 2001 (as amended and modified from time to time).
Loans under the Credit Agreement are to be repaid not later than the maturity date, and may be prepaid under certain circumstances as stated in the Credit Agreement. The unpaid principal amount of any loans outstanding, accrued and unpaid interest, and other amounts owing under the Credit Agreement may be declared to be immediately due and payable if any event of default occurs and is continuing. Upon notice to the administrative agent, the Registrant may request an increase in the aggregate commitments under the Credit Agreement by an amount not exceeding $100,000,000, provided that the aggregate commitments may not exceed $500,000,000. The Registrant has limited rights of recourse against third parties under the Credit Agreement. A copy of the Credit Agreement, without schedules and exhibits, is attached hereto as Exhibit 10(xv).