Document:

MKC - 11.30.2014 - Ex. 10(i)

EXHIBIT 10(i)

THE McCORMICK

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

Amended and Restated Effective January 1, 2005

TABLE OF CONTENTS

Article 1 .  General Provisions1
Section 1.1.Purpose.    1
Section 1.2.History of the Plan.    1
Section 1.3.Effective Date.    1
Article 2 .  Definitions and Construction2
Section 2.1.Definitions.    2
Section 2.2.Construction.    5
Article 3 .  Eligibility, Benefit Amounts and Vesting6
Section 3.1.Eligibility.    6
Section 3.2.Special Rules for Calculating Benefits.    6
Section 3.3.Senior Executive Program Benefit.    6
Section 3.4.Executive Program Benefit.    8
Section 3.5.Foreign Service Senior Executive Program Benefit.    9
Section 3.6.Management Program Benefit.    10
Section 3.7.Special Program Benefit.    10
Section 3.8.Vesting and Nonforfeitability of Benefits.    10
Article 4 .  Payment of Plan Benefits11
Section 4.1.Default Forms of Payment.    11
Section 4.2.Cash Out of Small Benefits.    11
Section 4.3.Alternate Forms of Payment.    11
Section 4.4.Time of Benefit Payments.    12
Section 4.5.Election of Alternate Time and Form of Payment.    12
Section 4.6.Beneficiary in the Event of Death.    13
Article 5 .  Administration of the Plan14
Section 5.1.Designation of Committee.    14
Section 5.2.Authority of Committee.    14
Section 5.3.Agents.    14
Section 5.4.Binding Effect of Decisions.    14
Section 5.5.Indemnity of Committee.    14
Section 5.6.Employer Information.    15
Section 5.7.Finality of Decisions.    15
Article 6 .  Claims Procedures16
Section 6.1.Presentation of Claim.    16
Section 6.2.Notification of Decision.    16
Section 6.3.Review of a Denied Claim.    16
Section 6.4.Decision on Review.    17
Section 6.5.Section 409A of the Code.    17

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Article 7 .  Amendment and Termination19
Section 7.1.Amendment.    19
Section 7.2.Termination    19
Section 7.3.Contractual Obligation.    19
Section 7.4.Section 409A of the Code.    19
Article 8 .  Trust21
Section 8.1.Establishment of the Trust.    21
Section 8.2.Automatic Funding of Trust.    21
Section 8.3.Interrelationship of the Plan and the Trust.    21
Section 8.4.Distributions From the Trust.    21
Article 9 .  Miscellaneous22
Section 9.1.Status of Plan.    22
Section 9.2.Unsecured General Creditor.    22
Section 9.3.Employer’s Liability.    22
Section 9.4.Nonassignability.    22
Section 9.5.Not a Contract of Employment.    22
Section 9.6.Furnishing Information.    23
Section 9.7.Governing Law.    23
Section 9.8.Required or Permitted Notices.    23
Section 9.9.Successors.    23
Section 9.10.Severability.    24
Section 9.11.Payment on Behalf of Person Unable to Manage Affairs.    24
Section 9.12.Distribution in the Event of Taxation.    24
Section 9.13.Insurance.    24
Section 9.14.Section 409A of the Code.    24
Section 9.15.Other Benefits and Agreements.    24
Article 10 .  Grandfathered Benefits26
Section 10.1.Grandfathered Benefits.    26

APPENDIX A            The McCormick Supplemental Executive Retirement Plan, 
as amended and restated June 19, 2001

EXHIBIT 1            Sample Participation Agreements

McCormick Supplemental Executive Retirement Plan        Table of Contents

Article 1.  General Provisions
Section 1.1.    Purpose.  
This Plan is designed to restore benefits that would have accrued under the Pension Plan but are restricted due to the limits on compensation imposed by Sections 415 and 401(a)(17) of the Code and to provide supplemental retirement benefits to senior executives in management positions selected by the Committee.  Benefits provided under the Plan are structured to facilitate an orderly transition within the ranks of senior management and to provide for an equitable retirement benefit for such individuals consistent with competitive conditions in the marketplace.  
Section 1.2.    History of the Plan.  
		
	(a)
	Effective June 19, 2001, the Company amended and restated the Plan.  The terms of the Plan, as set forth in the 2001 restatement, continue to apply to Grandfathered Benefits, which are not subject to Section 409A of the Code, and are set forth in Appendix A of the current restatement.

		
	(b)
	On December 24, 2004, the Company adopted a resolution to amend the Plan to the extent necessary to comply with Section 409A of the Code.  As part of this resolution, the Company undertook to administer the Plan in accordance with a reasonable interpretation of Section 409A of the Code.  This resolution was effective January 1, 2005.  

		
	(c)
	In accordance with the December 24, 2004, resolution and amendment, the Plan has been operated in good faith compliance with Section 409A of the Code and the applicable guidance since January 1, 2005. 

Section 1.3.    Effective Date.
The Plan, as amended and restated in this document, is effective January 1, 2005.   
Article 2.      Definitions and Construction
Section 2.1.    Definitions.
For purposes of this Plan, unless otherwise clearly apparent from the context, the following phrases or terms shall have the meanings indicated:
		
	(a)
	Affiliated Group.  The Company and all subsidiary corporations which are participating employers under the Pension Plan.

		
	(b)
	Article.  An Article of the Plan.

		
	(c)
	Benefit Commencement Date.  The date on which an Employee’s benefit under the Plan commences as determined under Section 4.4.

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	(d)
	Benefit Trigger.  The earliest to occur of (1) a Change in Control Event, (2) the Employee’s Disability, or (3) the Employee’s Separation from Service.  

		
	(e)
	Board.  The Board of Directors of the Company.

		
	(f)
	Cause. Any willful and continuous failure by the Employee to substantially perform his duties with the Company (unless the failure to perform is due to the Employee’s Disability) or any willful misconduct or gross negligence by the Employee which results in material economic harm to the Company, or any conviction of the Employee of a felony.  No act or failure to act shall be considered “willful” for purposes of this definition if the Employee reasonably believed in good faith that such act or failure to act was in, or not opposed to, the best interests of the Company.  In the event of a willful and continuous failure by the Employee to substantially perform his duties, the Company shall notify the Employee in writing of such failure to perform, and the Employee shall have a period of thirty (30) days after such notice to resume substantial performance of his duties.

		
	(g)
	Change in Control Event.  The occurrence of one or more of the following events: 

		
	(1)
	the consolidation or merger of the Company with or into another entity where the Company is not the continuing or surviving corporation, or pursuant to which shares of the Company’s capital stock are converted into cash, securities or other property, except for any consolidation or merger of the Company in which the holders (excluding any “Substantial Stockholders” as defined in Section 4, “Common Stock,” subsection (b)(2)(H) of the Certificate of Incorporation of the Company as in effect as of the date hereof (the “Charter”)) of the Company’s (A) voting common stock, (B) non-voting common stock, and (C) other classes of voting stock, if any, immediately before the consolidation or merger shall, upon consummation of the consolidation or merger, own in excess of 50% of the voting stock of the surviving corporation;

		
	(2)
	any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company;

		
	(3)
	any person (as such term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended) becoming the beneficial owner (as defined in Section 4, “Common Stock,” subsection (b)(2)(C) of the Charter), directly or indirectly, of securities of the Company representing more than 13% (the “Specified Percentage”) of the voting power of all the outstanding securities of the Company having the right to vote in an election of the Board (after giving effect, to the extent applicable, to the operation of Section 4, “Common Stock,” subsection (b) of the Charter) (including, without limitation, any securities of the Company that any such person has the right to acquire pursuant to any agreement, or upon exercise of conversion rights, warrants or options, or otherwise, which shall be deemed beneficially owned by such person), provided, however, that in 

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the event that the vote limitation with respect to Substantial Stockholders set forth in Section 4, “Common Stock,” subsection (b) of the Charter becomes inoperative by virtue of the operation of Section 4, “Common Stock,” subsection (b)(12) of the Charter, or otherwise, the “Specified Percentage” shall be increased, without requirement for further action, to 35%; or
		
	(4)
	individuals, who constitute the entire Board elected by the Company’s stockholders at its most recent annual meeting of stockholders and any new directors who have been appointed to the Board by a vote of at least a majority of the directors then in office, having ceased for any reason to constitute a majority of the members of the Board.

Notwithstanding the definition of Change in Control Event set forth in this Section 2.1(g), if a Change in Control Event occurs and such event does not constitute a “change in ownership,” “change in effective control,” or “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code, Employees shall vest in their Plan benefits as provided in Section 3.8, but such event shall not be treated as a Benefit Trigger.  
		
	(h)
	Claimant.  The person or persons described in Article 6 who apply for benefits or amounts that may be payable under the Plan.  

		
	(i)
	Code.  The Internal Revenue Code of 1986, as amended.

		
	(j)
	Committee.  Either of the Committees designated in Article 5, as applicable.

		
	(k)
	Company.  McCormick & Company, Incorporated, and any successors or assigns.

		
	(l)
	Constructive Discharge.  An Employee’s Separation from Service as a result of, and within a period of thirty (30) days after the occurrence of, any of the following events:

		
	(1)
	Re-assignment of the Employee to a position which is at a substantially lower level in the organizational structure than his previous position, as defined by any one or a combination of the following factors: reporting relationship, compensation compared to others in the organization, and authority, duties and responsibilities; 

		
	(2)
	Substantial diminution in the Employee’s authority, duties or responsibilities, or the assignment of duties and responsibilities which are unsuitable for an individual having the position, experience and stature of the Employee; 

		
	(3)
	Substantial reduction in the Employee’s total compensation (including salary, bonus opportunity, deferred compensation, stock options, retirement programs and other benefits); 

		
	(4)
	Relocation of the Employee’s principal workplace to a location which is more than 50 miles from the Employee’s previous principal workplace; or 

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	(5)
	Any failure by the Company to require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform under the Plan in the same manner and to the same extent that the Company would be required to perform thereunder with respect to the Employee if the transaction or event resulting in a successor had not taken place. 

		
	(m)
	Disabled/Disability.  “Totally and Permanently Disabled” within the meaning of the Company’s long-term disability plan, provided that such disability constitutes a “disability” within the meaning of Treas. Reg. § 1.409A-3(i)(4).

		
	(n)
	Employee.  A participant in the Pension Plan who is employed by one or more members of the Affiliated Group.

		
	(o)
	ERISA.  The Employee Retirement Income Security Act of 1974, as amended.

		
	(p)
	Grandfathered Benefits.  An Employee’s benefit under the Plan, to the extent that such benefit was earned and vested (within the meaning of Section 409A of the Code) before January 1, 2005.

		
	(q)
	Participation Agreement.  A contract between an Employee and the Company, as described in Section 7.3.

		
	(r)
	Plan.  The McCormick Supplemental Executive Retirement Plan, as amended and restated as of January 1, 2005.

		
	(s)
	Pension Plan.  The McCormick Pension Plan.

		
	(t)
	Separation from Service.  A termination of an Employee’s employment relationship with the Affiliated Group that constitutes a “separation from service” within the meaning of Section 409A of the Code.

		
	(u)
	Trust.  The McCormick Supplemental Executive Retirement Trust or such other trust as may be established by a member of the Affiliated Group to fund benefits under this Plan.  The Plan, notwithstanding the creation of the Trust, is intended to be unfunded for purposes of the Code and Title I of ERISA.

Section 2.2.    Construction.
For purposes of the Plan, unless the contrary is clearly indicated by the context, 
		
	(a)
	the use of the masculine gender shall also include within it meaning the feminine and vice versa,

		
	(b)
	the use of the singular shall also include within its meaning the plural and vice versa, and

		
	(c)
	the word “include” shall mean to include without limitation.

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Article 3.      Eligibility, Benefit Amounts and Vesting
Section 3.1.    Eligibility.
		
	(a)
	An Employee shall only be eligible for coverage under this Plan if such Employee has reached age 50 and is a senior executive in a management position, and Employee’s benefit under the Pension Plan is reduced by Section 401(a)(17) or Section 415 of the Code .  An Employee shall only be eligible for a Program under Section 3.3, Section 3.4, Section 3.5, or Section 3.7 if the Employee is selected to participate in such a Program by the Committee.  

		
	(b)
	In selecting an Employee for coverage under the Plan, the Committee shall specify whether the amount of the Employee’s benefit under the Plan shall be determined under the “Senior Executive Program” as provided in Section 3.3, the “Executive Program” as provided in Section 3.4, the “Foreign Service Senior Executive Program” as provided in   Section 3.5, “Management Program” as provided in Section 3.6 of the Plan, or a “Special Program” as provided in Section 3.7 of the Plan (each such benefit, a “Program”), and such selection shall be evidenced by a Participation Agreement.  For the avoidance of doubt, no Employee shall be eligible for a benefit under more than one Program with respect to the same period of service. 

Section 3.2.    Special Rules for Calculating Benefits.
		
	(a)
	For purposes of calculating an Employee’s benefit under this Article 3, the fact that the Employee would not be able to commence payment under the Pension Plan (or a pension or retirement plan provided by a subsidiary or affiliate of the Company located outside the United States which formerly employed the Employee) on the Benefit Commencement Date because he would not yet have reached a certain age on the Benefit Commencement Date shall be disregarded.  In such circumstances, the value of the benefit under the Pension Plan (or applicable non-U.S. plan) on the Benefit Commencement Date shall be the actuarial equivalent of the benefit under such plan calculated as if it were payable on the Benefit Commencement Date using actuarial assumptions (including early retirement factors) as determined by the Committee.  

		
	(b)
	For purposes of calculating an Employee’s benefit under Sections 3.3, 3.4, or 3.5, the term “annual bonus” shall not include any payment made to an Employee pursuant to a cash-based long-term incentive award.

Section 3.3.    Senior Executive Program Benefit.  
		
	(a)
	Employees Who Participated in Pension Plan Before December 1, 2001.

For an Employee who has been selected by the Committee to receive benefits under the Senior Executive Program set forth in this Section 3.3 and who participated in the Pension Plan at any time before December 1, 2001, the benefit shall be equal to the amount described in subparagraph (1) minus the amount described in subparagraph (2):

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	(1)
	The Employee’s benefit that would have been payable under the Pension Plan on the Benefit Commencement Date in the single life annuity form of payment, disregarding the limitations of Sections 415 and 401(a)(17) of the Code as they may be implemented in the Pension Plan, calculated as if he had attained an adjusted retirement age on the Benefit Commencement Date, determined as follows:  

		
	(A)
	The adjusted retirement age will be the Employee’s actual attained age on the Benefit Commencement Date increased by one month for each month of service after age 55 during which the Employee participated in the Plan.  However, the adjusted retirement age cannot be greater than 65.  

		
	(B)
	In the benefit calculation, credited service and average monthly earnings will be determined to the adjusted retirement age, assuming that the Employee’s rate of pay in effect immediately preceding the date of his Benefit Trigger had remained in effect until his adjusted retirement age.  

		
	(C)
	Average monthly earnings shall include 90% of 1/12th of the average of the five highest annual bonuses earned by the Employee in any five of the ten calendar years immediately prior to his Benefit Trigger.  

		
	(2)
	The benefit that the Employee is actually eligible to receive under the Pension Plan on the Benefit Commencement Date under the single life annuity form of payment.

		
	(b)
	Employees Who Did Not Participate in Pension Plan Before December 1, 2001.

For an Employee who has been selected by the Committee to receive benefits under the Senior Executive Program set forth in this Section 3.3 and who did not participate in the Pension Plan at any time before December 1, 2001, the benefit shall be equal to the amount described in subparagraph (1) minus the amount described in subparagraph (2), times the multiplier described in subparagraph (3):
		
	(1)
	The Employee’s benefit that would have been payable under the Pension Plan on the Benefit Commencement Date in the single life annuity form of payment, disregarding the limitations of Sections 415 and 401(a)(17) of the Code as they may be implemented in the Pension Plan, calculated as if he had attained an adjusted retirement age on the Benefit Commencement Date, determined as follows:  

		
	(A)
	The adjusted retirement age will be the Employee’s actual attained age on the Benefit Commencement Date increased by one month for each month of service after age 55 during which the Employee participated in the Plan.  However, the adjusted retirement age cannot be greater than 65.  

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	(B)
	In the benefit calculation, credited service and average monthly earnings will be determined to the adjusted retirement age, assuming that the Employee’s rate of pay in effect immediately preceding the date of his Benefit Trigger had remained in effect until his adjusted retirement age.  

		
	(2)
	The benefit that the Employee is actually eligible to receive under the Pension Plan on the Benefit Commencement Date under the single life annuity form of payment.

		
	(3)
	If the Employee was in compensation tier D at the time of his Benefit Trigger, the multiplier shall be 1.4; if the Employee was in compensation tier C or higher at the time of his Benefit Trigger, the multiplier shall be 1.5; provided, however, that the Committee may increase the multiplier with respect to any Employee. 

Section 3.4.    Executive Program Benefit. 
		
	(a)
	Employees Who Participated in Pension Plan Before December 1, 2001.

For an Employee who has been selected by the Committee to receive benefits under the Executive Program set forth in this Section 3.4 and who participated in the Pension Plan at any time before December 1, 2001, the benefit shall be equal to the amount described in subparagraph (1) minus the amount described in subparagraph (2):
		
	(1)
	The Employee’s benefit that would have been payable under the Pension Plan on the Benefit Commencement Date in the single life annuity form of payment, disregarding the limitations of Sections 415 and 401(a)(17) of the Code as they may be implemented in the Pension Plan, calculated as if average monthly earnings had included 90% of 1/12th of the average of the five highest annual bonuses earned by the Employee in any five of the ten calendar years immediately prior to his Benefit Trigger.

		
	(2)
	The benefit that the Employee is actually eligible to receive under the Pension Plan on the Benefit Commencement Date under the single life annuity form of payment.

		
	(b)
	Employees Who Did Not Participate in Pension Plan Before December 1, 2001.

For an Employee who has been selected by the Committee to receive benefits under the Executive Program set forth in this Section 3.4 and who did not participate in the Pension Plan at any time before December 1, 2001, the benefit shall be equal to the amount described in subparagraph (1) minus the amount described in subparagraph (2), times the multiplier described in subparagraph (3):
		
	(1)
	The Employee’s benefit that would have been payable under the Pension Plan on the Benefit Commencement Date in the single life annuity form of payment, 

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disregarding the limitations of Sections 415 and 401(a)(17) of the Code as they may be implemented in the Pension Plan.
		
	(2)
	The benefit that the Employee is actually eligible to receive under the Pension Plan on the Benefit Commencement Date under the single life annuity form of payment.

		
	(3)
	If the Employee was in compensation tier D at the time of his Benefit Trigger, the multiplier shall be 1.4; if the Employee was in compensation tier C or higher at the time of his Benefit Trigger, the multiplier shall be 1.5.

Section 3.5.    Foreign Service Senior Executive Program Benefit.  
For an Employee who has been selected by the Committee to receive benefits under the Foreign Service Senior Executive Program set forth in this Section 3.5 and who participated in the Pension Plan at any time before December 1, 2001, and so long as such Employee (i) on the date of his Benefit Trigger is working in the United States for a member of the Affiliated Group, and (ii) has worked in the United States for at least three years at a member of the Affiliated Group, the benefit shall be equal to the amount described in subparagraph (1) minus the amounts described in subparagraphs (2) and (3):
		
	(1)
	The Employee’s benefit that would have been payable under the Pension Plan on the Benefit Commencement Date in the single life annuity form of payment, including in such calculation all periods of service by the Employee with any subsidiary or affiliate of the Company located outside the United States, and disregarding the limitations of Sections 415 and 401(a)(17) of the Code as they may be implemented in the Pension Plan, calculated as if he had attained an adjusted retirement age on the Benefit Commencement Date, determined as follows:

		
	(A)
	The adjusted retirement age will be the Employee’s actual attained age on the Benefit Commencement Date increased by one month for each month of service after age 55 during which the Employee participated in the Plan.  However, the adjusted retirement age cannot be greater than 65.  

		
	(B)
	In the benefit calculation, credited service and average monthly earnings will be determined to the adjusted retirement age, assuming that the Employee’s rate of pay in effect immediately preceding the date of his Benefit Trigger had remained in effect until his adjusted retirement age.  

		
	(C)
	Average monthly earnings shall include 90% of 1/12th of the average of the five highest annual bonuses earned by the Employee in any five of the ten calendar years immediately prior to his Benefit Trigger.

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	(2)
	The benefit that the Employee is actually eligible to receive under the Pension Plan on the Benefit Commencement Date under the single life annuity form of payment.

		
	(3)
	The benefit that the Employee is actually eligible to receive on the Benefit Commencement Date under any pension or retirement plan provided by a subsidiary or affiliate of the Company located outside the United States which formerly employed the Employee.

Section 3.6.    Management Program Benefit.
For an Employee who has met the eligibility criteria to receive benefits set forth in Section 3.1 but has not been selected by the Committee to receive a benefit under any specific Program under the Plan, the benefit shall be equal to the amount described in subparagraph (a) minus the amount described in subparagraph (b):
		
	(a)
	The benefit that would have been payable under the Pension Plan on the Benefit Commencement Date in the single life annuity form of payment, disregarding the limitations of Sections 415 and 401(a)(17) of the Code as they may be implemented in the Pension Plan.

		
	(b)
	The benefit that the Employee is actually eligible to receive under the Pension Plan on the Benefit Commencement Date under the single life annuity form of payment.   

Section 3.7.    Special Program Benefit.
For an Employee who has been selected by the Committee to receive benefits under the Special Program set forth in this Section 3.7, the benefit shall be equal to the amount described in his employment agreement approved by the Committee and designated a “Special Program Benefit” therein. 
Section 3.8.    Vesting and Nonforfeitability of Benefits.  
The right of an Employee or any other person to a benefit under this Plan shall be deemed to vest and become nonforfeitable upon the earliest of:
		
	(a)
	the date on which the Employee reaches age 55;

		
	(b)
	the date of a Change in Control Event; 

		
	(c)
	the date on which the Employee becomes Disabled; or

		
	(d)
	the date immediately preceding the date of such Employee’s Separation from Service as a result of death, a Constructive Discharge or a discharge by the Company without Cause.

Article 4.     Payment of Plan Benefits
Section 4.1.    Default Forms of Payment.  
Except as provided in Section 4.2 or Section 4.5:
		
	(a)
	If the Employee’s Benefit Trigger is his Disability or his Separation from Service and he is married on the Benefit Commencement Date, his benefit shall be paid in the form of a fifty (50) percent joint and survivor annuity with his spouse as the survivor annuitant.  

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	(b)
	If the Employee’s Benefit Trigger is his Disability or his Separation from Service and he is unmarried on the Benefit Commencement Date, his benefit shall be paid in the form of a single life annuity.

		
	(c)
	If the Employee’s Benefit Trigger is a Change in Control Event, his benefit shall be paid in a lump sum.  

Section 4.2.    Cash Out of Small Benefits.
If an Employee’s benefit on his Benefit Commencement Date would be the actuarial equivalent of a lump sum payment of less than the limit set forth in Section 402(g) of the Code ($15,500 in 2008), the benefit shall be paid in a lump sum.  
Section 4.3.    Alternate Forms of Payment.
		
	(a)
	Benefits under the Plan paid due to a Separation from Service or Disability may be payable in the following actuarially equivalent forms (to the extent available under the Pension Plan):

		
	(1)
	 a single life annuity;

		
	(2)
	a 50%, 66 and 2/3%, 75% or 100% joint and survivor annuity;

		
	(3)
	an annuity described in Section 4.3(a)(1) or (2) with guaranteed payments for the first 5, 10, or 15 years; 

		
	(4)
	any other form of payment permitted by the Committee that would be treated as an actuarially equivalent life annuity within the meaning of Treas. Reg. § 1.409A-2(b)(2)(ii)(B); and, 

		
	(5)
	to the extent required by Section 4.2, a lump sum.  

		
	(b)
	Each form of payment under the Plan shall be the actuarial equivalent of Employee’s benefit calculated as a single life annuity beginning on his Benefit Commencement Date.  Actuarial equivalence shall be determined under this Plan by using the actuarial assumptions that are used for that purpose under the Pension Plan as in effect when such actuarial equivalence under this Plan is being determined.  Any actuarially equivalent benefits calculated under this Section shall be based on the Employee’s actual attained age at the time of the calculation.

Section 4.4.    Time of Benefit Payments.  
		
	(a)
	Except to the extent that a different time of payment is elected pursuant to Section 4.5, if the Employee’s Benefit Trigger is his Separation from Service, the Employee’s Benefit Commencement Date shall be determined as follows and the following rules shall apply:

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	(1)
	Except as provided in Section 4.4(a)(2), the Employee’s Benefit Commencement Date shall be the first of the month following the later of his Separation from Service or the date on which he attains age 55.

		
	(2)
	No payment shall be made during the six-month period immediately following the Employee’s Separation from Service (other than in the case of the Employee’s death).  

		
	(3)
	Any payments otherwise due during the six-month period immediately following the Employee’s Separation from Service shall be paid on the first business day that occurs six months following the Employee’s Separation from Service (or, if earlier, the date of the Employee’s death).  During this six-month period, the amounts otherwise payable to the Employee shall accrue interest at the 30-day Treasury Bill rate in effect for November of the year before the year in which the Employee experiences a Separation from Service. 

		
	(b)
	If an Employee’s Benefit Trigger is a Change in Control Event, the Employee’s Benefit Commencement Date shall be the date of the Change in Control Event.  

		
	(c)
	Except to the extent that a different time of payment is elected pursuant to Section 4.5, if an Employee’s Benefit Trigger is his Disability, the Employee’s Benefit Commencement Date shall be the first of the month following the later of the date of his Disability or the date on which he attains age 55.

Section 4.5.    Election of Alternate Time and Form of Payment.  
		
	(a)
	In General.  Except as provided in Section 4.2, before his Benefit Commencement Date, an Employee may elect to receive his benefit following a Separation from Service or Disability in any form permitted under Section 4.3(a) that is treated as an actuarially equivalent life annuity (within the meaning of Treas. Reg. § 1.409A-2(b)(2)(ii)(B)) with respect to benefit that he would have received under the single life annuity form of payment.  An Employee shall not be permitted to change his form of benefit after his Benefit Commencement Date.

		
	(b)
	Changes to Form of Payment.  An Employee may file an election to change his time of payment upon a Separation from Service or Disability to an alternate time of payment permitted by the Committee or to change his form of payment upon a Separation from Service or Disability to a form of payment permitted under Section 4.3(a) that is not treated as an actuarially equivalent life annuity (within the meaning of Treas. Reg. § 1.409A-2(b)(2)(ii)(B)) with respect to the form of benefit that he would have received under Section 4.1(a) or Section 4.1(b), provided that such change is made at the time and in the manner designated by the Committee, and subject to the following conditions:

		
	(1)
	the election to change the time or form of payment shall not take effect until twelve (12) months after the election is made;

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	(2)
	the election to change the time or form of payment must be filed at least 12 months prior to the date on which payments to the Employee are otherwise scheduled to commence; and

		
	(3)
	the first payment with respect to which such election to change the time or form of payment is made must be deferred for a period of 5 years from the date such payment would otherwise have been made.

An Employee may file separate elections to change the time or form of payment for payments upon a Separation from Service and Disability.  For purposes of this Section 4.5(b), a series of installment payments over a period of five years or less shall be treated as a single payment, and an election between actuarially equivalent life annuities shall be permitted at any time permitted under Section 409A of the Code.  
Section 4.6.    Beneficiary in the Event of Death.
Upon the death of an Employee eligible for coverage under the Plan before the Employee’s Benefit Commencement Date, the surviving spouse of such Employee, if any, shall be paid a benefit equal to 50% of the benefit the Employee would have been entitled to under the Plan had he experienced a Separation from Service on the day immediately preceding his death.  If the Employee dies before age 55, the surviving spouse’s benefit shall commence payment on the first day of the month following the date on which the Employee would have reached age 55, and the surviving spouse’s benefit shall be calculated as if the Employee had reached age 55, but based on the Employee’s actual compensation and years of service as of his date of death.  If death occurs after the Employee has begun to receive payment of his benefit under the Plan, the beneficiary shall receive any benefit to which he is entitled under the form in which the benefit was being paid.  If the Employee is unmarried and has not yet commenced his or her benefit at the time of the Employee’s death, the Employee’s beneficiaries, heirs, or estate shall not be entitled to a benefit under the Plan. 
Article 5.     Administration of the Plan
Section 5.1.    Designation of Committee.  
This Plan shall be administered by the Compensation Committee of the Board of Directors or the Management Committee of the Company, as the case may be.  The Compensation Committee reviews and approves the participation and benefits for the Company’s “executive officers,” as defined in the rules promulgated under the Securities Exchange Act of 1934, as amended, and any other Employees that it designates.  The Management Committee reviews and approves the participation and benefits for all other executives.  Members of the Management Committee may participate in this Plan.  
Section 5.2.    Authority of Committee.
The Committee shall have the discretion and authority to (a) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan and (b) decide or resolve 

McCormick Supplemental Executive Retirement Plan        Page 12

any and all questions including interpretations of this Plan and facts that are relevant to the administration of the Plan, as may arise in connection with the Plan.  Any individual serving on the Committee who is a participant shall not vote or act on any matter relating solely to himself or herself.  When making a determination or calculation, the Committee shall be entitled to rely on information furnished by an Employee, the Company or a member of the Affiliated Group.
Section 5.3.    Agents.  
In the administration of this Plan, the Committee may, from time to time, employ or designate agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel who may be counsel to the Company.
Section 5.4.    Binding Effect of Decisions.  
The decision or action of the Committee with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated by the Committee hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan.
Section 5.5.    Indemnity of Committee.  
The Company and each member of the Affiliated Group shall indemnify and hold harmless the members of the Committee, and any employee to whom duties of the Committee may be delegated, against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Committee or any of its members or any such employee, in which case the member(s) or employee(s) who engaged in the misconduct shall not be eligible for indemnification.
Section 5.6.    Employer Information.  
To enable the Committee to perform its functions, each member of the Affiliated Group shall supply full and timely information to the Committee on all matters relating to the compensation of its Employees, the date and circumstances of the Disability, death or Separation from Service of its Employees, and such other pertinent information as the Committee may reasonably require. 
Section 5.7.    Finality of Decisions.
Any actions taken hereunder, including any valuation of the amount, or designation of a recipient, or any payment to be made hereunder, shall be binding and conclusive on all persons for all purposes. 

Article 6.     Claims Procedures
Section 6.1.    Presentation of Claim.  

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Any Employee or beneficiary of a deceased Employee (such Employee or beneficiary being referred to below as a “Claimant”) may deliver to the Committee a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan.  If such a claim relates to the contents of a notice received by the Claimant, the claim must be made within thirty (30) days after such notice was received by the Claimant.  The claim must state with particularity the determination desired by the Claimant.  All other claims must be made within one hundred eighty (180) days of the date on which the event that caused the claim to arise occurred.  The claim must state with particularity the determination desired by the Claimant.
Section 6.2.    Notification of Decision.  
The Committee shall consider a Claimant’s claim and shall notify the Claimant in writing or by electronic means:
		
	(a)
	that the Claimant’s requested determination has been made, and that the claim has been allowed in full; or

		
	(b)
	that the Committee has reached a conclusion contrary, in whole or in part, to the Claimant’s requested determination, and in that event, such notice shall set forth in a manner calculated to be understood by the Claimant:

		
	(1)
	the specific reason(s) for the denial of the claim, or any part of it;

		
	(2)
	specific reference(s) to pertinent provisions of the Plan upon which such denial was based;

		
	(3)
	a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such material or information is necessary; and

		
	(4)
	an explanation of the review procedures and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review.

Any such notice shall be provided within 90 days after receipt of the claim by the Plan, unless special circumstances require an extension of time for processing the claim for up to a maximum of an additional 90 days.  The Claimant will receive written notification if any such extension is necessary.
Section 6.3.    Review of a Denied Claim.  
Within sixty (60) days after receiving a notice from the Committee that a claim has been denied, in whole or in part, a Claimant (or the Claimant’s duly authorized representative) may file with the Committee a written request for a review of the denial of the claim.  Thereafter, but not later than thirty (30) days after the review procedure began, the Claimant (or the Claimant’s duly authorized representative):

McCormick Supplemental Executive Retirement Plan        Page 14

		
	(a)
	may review and request copies of pertinent documents, records, and other information relevant to the claim for benefits;

		
	(b)
	may submit written comments, documents, records, and other information relating to the claim for benefits (regardless of whether such comments, documents, records, or other information was submitted or considered in connection with the initial claim); and/or

		
	(c)
	may request a hearing, which the Committee may grant.

No claim shall be reviewed if the Claimant (or the Claimant’s duly authorized representative) fails to file the written request for review in a timely manner.  
A Claimant who fails to request a review (and fails to have a duly authorized representative seek review on his behalf) in accordance with this Section 6.3 shall not be permitted to bring an action under ERISA to enforce his rights under the Plan.
Section 6.4.    Decision on Review.  
The Committee shall render its decision on review promptly, and not later than sixty (60) days after the filing of a written request for review of the denial, unless a hearing is held or other special circumstances require additional time, in which case the Committee’s decision must be rendered within one hundred twenty (120) days after such date.  The Claimant will receive written notification if any extension beyond the original sixty (60) days is necessary.  Such decision must be written in a manner calculated to be understood by the Claimant, and it must contain:
		
	(a)
	specific reasons for the decision;

		
	(b)
	specific reference(s) to the pertinent Plan provisions upon which the decision was based;

		
	(c)
	a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies  of, all documents, records, and other information relevant to the claim for benefits; and

		
	(d)
	a statement of the Claimant's right to bring an action under Section 502(a) of ERISA.

Section 6.5.    Section 409A of the Code.
If an Employee or beneficiary believes he or she is entitled to benefits but has not received them, the Employee or beneficiary must accept any payment made under the Plan and make prompt and reasonable, good faith efforts to collect the remaining portion of the payment, as determined under section 1.409A-3(g) of the Treasury Regulations.  For this purpose (and as determined under such regulation), efforts to collect the payment will be presumed not to be prompt, reasonable, good faith efforts, unless the Employee or beneficiary provides notice to the Committee within 90 days of the latest date upon which the payment could have been timely made in accordance with the terms of the Plan and the regulations under Section 409A of the 

McCormick Supplemental Executive Retirement Plan        Page 15

Code, and unless, if not paid, the Employee or beneficiary takes further enforcement measures within 180 days after such latest date. 
Article 7.     Amendment and Termination 
Section 7.1.    Amendment.
The Company may, at any time, amend or modify the Plan in whole or in part; provided that (a) no amendment or modification shall decrease or restrict the value of an Employee’s benefit in existence at the time the amendment or modification is made, calculated as if the Employee had experienced a Separation from Service as of the effective date of the amendment or modification, and (b) after a Change in Control, no amendment or modification shall adversely affect the vesting, calculation or payment of benefits hereunder to any Employee or beneficiary or diminish any other rights or protections any Employee or beneficiary would have had, but for such amendment or modification, unless such affected Employee or beneficiary consents in writing to such amendment.
Section 7.2.    Termination 
While the Company intends to maintain this Plan for as long as necessary, the Company reserves the right to terminate it at any time for whatever reason it may deem appropriate, subject to the requirements of Section 7.1 that apply with respect to any amendment to terminate the Plan.  In the event of the termination of the Plan (and any other plan required to be aggregated with this Plan pursuant to Section 409A of the Code), the Company may, in its discretion, elect to distribute to each Employee the full amount of his benefit under the Plan in a lump sum no earlier than the 13th month and no later than the 24th month after the termination of the Plan, provided that the termination of the Plan is not proximate to a downturn in the Company’s financial heath and the Company does not adopt any new arrangement that would have been aggregated with the Plan under Section 409A within three years following the date of the Plan’s termination.  If a Change in Control Event occurs that results in the payment of benefits to Employees, then the Plan shall terminate automatically immediately following the payment of such benefits, and no further benefits shall accrue under the Plan following such Change in Control Event.
Section 7.3.    Contractual Obligation.
Notwithstanding Section 7.1, the Company intends to assume a contractual commitment to pay the benefits described under this Plan and such commitment shall be evidenced by individual contracts entered into between the Company and each covered Employee for whom benefits accrue under the Plan.  The contracts shall be substantially in the form attached as Exhibit 1 to the Plan.  
Section 7.4.    Section 409A of the Code.
If the Company determines that any provision of the Plan is or might be inconsistent with the restrictions imposed by Section 409A of the Code, such provision shall be deemed to be 

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amended to the extent that the Company determines necessary to bring it into compliance with Section 409A of the Code.  Any such deemed amendment shall be effective as of the earliest date such amendment is necessary under Section 409A of the Code.  No amendment or termination pursuant to Section 7.1 of the Plan shall be effective to the extent that it would result in a violation of any requirement under Section 409A of the Code.  
Article 8.     Trust
Section 8.1.    Establishment of the Trust.  
The Company may utilize one or more Trusts to which the Affiliated Group may transfer such assets as the members of the Affiliated Group determine in their sole discretion to assist in meeting their obligations under the Plan.  Any Trust shall conform to the restrictions under Section 409A of the Code relating to the funding of nonqualified deferred compensation plans.  Benefits under the Plan may also be paid out of the general assets of the Company or a member of the Affiliated Group.  
Nothing contained in this Plan and no action taken pursuant to the provisions of this Plan shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and the Employee or any other person.  
Section 8.2.    Automatic Funding of Trust.
Upon a Change in Control, (a) if it has not done so already, the Company shall establish a Trust, and (b) the members of the Affiliated Group shall contribute amounts to such Trust (or any pre-existing Trust or Trusts) sufficient to fund all benefits due under the Plan.  
Section 8.3.    Interrelationship of the Plan and the Trust.
The provisions of the Plan and the Participation Agreement shall govern the rights of an Employee to receive distributions pursuant to the Plan.  The provisions of the Trust shall govern the rights of the members of the Affiliated Group, Employees and the creditors of the Company and members of the Affiliated Group to the assets transferred to the Trust.
Section 8.4.    Distributions From the Trust.  
The obligations of each member of the Affiliated Group under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such distribution shall reduce such employer’s obligations under the Plan.
Article 9.     Miscellaneous 
Section 9.1.    Status of Plan.  
The Plan is intended to be a plan that is not qualified within the meaning of Section 401(a) of the Code and that “is unfunded and is maintained by an employer primarily for the purpose of 

McCormick Supplemental Executive Retirement Plan        Page 17

providing deferred compensation for a select group of management or highly compensated employees” within the meaning of ERISA.  The Plan shall be administered and interpreted to the extent possible in a manner consistent with that intent. 
Section 9.2.    Unsecured General Creditor.  
Employees and their beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of the Company or a member of the Affiliated Group or in any property or assets held in a Trust maintained with respect to the Plan.  For purposes of the payment of benefits under this Plan, any and all of the assets of the Company and each member of the Affiliated Group, shall be, and shall remain, the general, unpledged unrestricted assets of the Company or member of the Affiliated Group.  Any employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future.  To the extent that any person acquires a right to receive payments from the Company under this Plan, such rights shall be no greater than the right of any unsecured general creditor of the Company.  
Section 9.3.    Employer’s Liability.  
An employer’s liability for the payment of benefits shall be defined only by the Plan and the Employee’s Participation Agreement.  An employer shall have no obligation to an Employee under the Plan except as expressly provided in the Plan and his Participation Agreement.
Section 9.4.    Nonassignability.  
Neither an Employee nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in actual receipt, the amount, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable.  Except as required by law or by a “qualified domestic relations order” (as defined in Section 414(p)(1)(B) of the Code) that can be construed and executed in a manner consistent with the requirements of Section 409A of the Code, no part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by an Employee or any other person, or be transferable by operation of law in the event of an Employee’s or any other person’s bankruptcy or insolvency.  
Section 9.5.    Not a Contract of Employment.  
The terms and conditions of this Plan and the Employee’s Participation Agreement shall not be deemed to constitute a contract of employment between any member of the Affiliated Group and the Employee.  Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and with or without notice, except as otherwise provided in a written employment agreement.  Nothing in this Plan or any Participation Agreement under the Plan shall be deemed to give an Employee the right to be retained in the service of any employer as an employee or to interfere with the right of any employer to discipline or discharge the Employee at any time.

McCormick Supplemental Executive Retirement Plan        Page 18

Section 9.6.    Furnishing Information.  
Each Employee and beneficiary shall cooperate with the Committee by furnishing any and all information requested by the Committee and take such other actions as may be requested in order to facilitate the administration of the Plan and the payments of benefits hereunder, including but not limited to taking such physical examinations as the Committee may deem necessary.
Section 9.7.    Governing Law.  
The provisions of this Plan shall be construed and interpreted according to ERISA and the internal laws of the State of Maryland without regard to its conflicts of laws principles, to the extent not preempted by ERISA.
Section 9.8.    Required or Permitted Notices.
Any notice or filing required or permitted to be given to the Committee under this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below:
McCormick & Company, Incorporated
18 Loveton Circle
Sparks, Maryland 21152
Attn:  Vice President – Human Relations

Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or the receipt for registration or certification.
Any notice or filing required or permitted to be given to an Employee under this Plan shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Employee.
Section 9.9.    Successors.  
The provisions of this Plan shall bind and inure to the benefit of the Employee’s employer and its successors and assigns, the Employee, the Employee’s beneficiaries and their successors and assigns.
Section 9.10.      Severability.
If any provision of the Plan shall be held unlawful or otherwise invalid or unenforceable in whole or in part, the unlawfulness, invalidity, or unenforceability shall not affect any other provision of the Plan, each of which shall remain in full force and effect.
Section 9.11.      Payment on Behalf of Person Unable to Manage Affairs.   

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If the Committee shall find that any person to whom any amount is payable under this Plan is unable to care for his affairs because of illness or accident, or is a minor, any payment due (unless a prior claim therefor shall have been made by a duly appointed guardian, committee or other legal representative) may be paid to the spouse, a child, a parent, or a brother or sister, or to any person deemed by the Committee to have incurred expense for such person otherwise entitled to payment, in such manner and proportions as the Committee may determine.  The Committee may require proof of minority, incompetence, incapacity or guardianship, as it may deem appropriate prior to distribution of the benefit.  Any such payment shall be a complete discharge of the liabilities of the Company under this Plan.
Section 9.12.      Distribution in the Event of Taxation.  
The Committee may distribute all or a portion of the Employee’s benefit to the extent necessary to pay any FICA or income taxes which may be owed by the Employee on his benefit under the Plan and to the extent permitted by Section 409A of the Code.  
Section 9.13.    Insurance.  
The Company and members of the Affiliated Group, on their own behalf or on behalf of the trustee of the Trust, and, in their sole discretion, may apply for and procure insurance on the life of the Employee, in such amounts and in such forms as the Company may choose.  The employers or the trustee of the Trust, as the case may be, shall be the sole owner and beneficiary of any such insurance.  The Employee shall have no interest whatsoever in any such policy or policies, and at the request of the employers shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the employers have applied for insurance.  
Section 9.14.      Section 409A of the Code.
No provision in the Plan shall be interpreted or construed to (a) create any liability for the Company or an employer related to a failure to comply with Section 409A of the Code or (b) transfer any liability for a failure to comply with Section 409A of the Code from an Employee, an Employee’s spouse, beneficiary, estate or other individual to the Company or a member of the Affiliated Group.  
Section 9.15.      Other Benefits and Agreements.
The benefits provided for an Employee and Employee’s beneficiary under the Plan are in addition to any other benefits available to such Employee under any other plan or program for employees of the Employee’s employer.  The Plan shall supplement and shall not supersede, modify or amend any other such plan or programs except as may otherwise be expressly provided.

Article 10.     Grandfathered Benefits 

McCormick Supplemental Executive Retirement Plan        Page 20

Section 10.1.    Grandfathered Benefits.
The terms of the Plan in effect on December 31, 2004 are attached as Appendix A.  Appendix A applies to an Employee’s Grandfathered Benefits.  To the extent that an Employee’s benefit under the Plan was earned and vested after December 31, 2004, it is subject to the provisions of the Plan as amended and restated effective January 1, 2005 and any subsequent amendments and restatements of the Plan.  The purpose of Appendix A is to preserve the terms of the Plan that govern an Employee’s Grandfathered Benefits, and to prevent any Grandfathered Benefits from becoming subject to Section 409A of the Code.  No amendment to the Plan, including this Appendix A, which would constitute a “material modification” for purposes of Section 409A, shall be effective unless the amending instrument specifically provides that it is intended to materially modify the terms of this Appendix A and to cause the Grandfathered Benefits to become subject to Section 409A of the Code.

*        *        *        *        *

IN WITNESS WHEREOF, this Plan document has been executed on behalf of the Company as of November 25, 2008.  

ATTEST:                    McCORMICK & COMPANY, INCORPORATED

By:    /s/ W. Geoffrey Carpenter    11-25-08    By:    /s/ Cecile K. Perich    11-25-08
W. Geoffrey Carpenter    Date            Cecile K. Perich    Date        
Vice President                        Vice President 
General Counsel & Secretary                Human Relations

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The McCormick
Supplemental Executive Retirement Plan

Amended and Restated Effective January 1, 2005

Exhibit I

Sample Contracts

McCormick Supplemental Executive Retirement Plan        Page 22

McCormick Supplemental Executive Retirement Plan Agreement
(for certain senior executives hired before November 30, 2000)

This agreement is made as of the ___ day of __________, _____, by and between McCormick & Company, Incorporated, a corporation organized under the laws of the state of Maryland (the “Company”) and _________, an employee of the Company (“You” or “you”).  

WHEREAS, the Company sponsors the McCormick Supplemental Executive Retirement Plan (the “Plan”), which provides non-qualified retirement benefits to certain employees of the Company and its subsidiaries and has been restated effective January 1, 2005 to comply with certain changes in the law; and 

WHEREAS, the Company desires to enter into an agreement with respect to your participation in the Plan, which reflects the restated terms of the Plan (the “Agreement”); 

NOW, THEREFORE, you and the Company acknowledge and agree to the following terms:

I.Your Benefit.  
You are eligible for a benefit under the Senior Executive Program.  Your benefit shall equal the amount described in Section I(A) minus the amount described in Section I(B), calculated in accordance with the provisions of Sections I(C) and I(D), and subject to the vesting requirements of Section I(E).
		
	A.
	The benefit that would have been payable under the Pension Plan on your Benefit Commencement Date in the single life annuity form of payment, disregarding the limitations of Sections 415 and 401(a)(17) of the Internal Revenue Code of 1986, as amended (the “Code”) as they may be implemented in the Pension Plan, calculated as if you had attained an adjusted retirement age on the Benefit Commencement Date, determined as follows:

		
	1.
	The adjusted retirement age will be your actual attained age on the Benefit Commencement Date increased by one month for each month of service after age 55 during which you participated in the Plan.  However, the adjusted retirement age cannot be greater than 65.

		
	2.
	In the benefit calculation, credited service and average monthly earnings will be determined to the adjusted retirement age, assuming that your rate of pay in effect immediately preceding the 

McCormick Supplemental Executive Retirement Plan        Page 23

date of your Benefit Trigger had remained in effect until your adjusted retirement age.
		
	3.
	Average monthly earnings shall include 90% of 1/12th of the average of the five highest annual bonuses that you earned in any five of the ten calendar years immediately prior to your Benefit Trigger.

		
	B.
	The benefit that you are actually eligible to receive under the Pension Plan on the Benefit Commencement Date under the single life annuity form of payment.

		
	C.
	For purposes of calculating your benefit, the fact that you would not be able to commence payment under the Pension Plan on the Benefit Commencement Date because you would not yet have reached a certain age on the Benefit Commencement Date shall be disregarded.  In such circumstances, the value of the benefit under the Pension Plan on the Benefit Commencement Date shall be the actuarial equivalent of the benefit under the Pension Plan calculated as if it were payable on the Benefit Commencement Date using actuarial assumptions (including early retirement factors) as determined by the Committee.

		
	D.
	For purposes of calculating your benefit, the term “annual bonus” shall not include any payment made pursuant to a cash-based long-term incentive award.

		
	E.
	Your rights in your benefit under the Plan shall be deemed to vest and become nonforfeitable upon the earliest of: (1) the date on which you reach age 55; (2) the date of a Change in Control; (3) the date on which you become Disabled; or  (4) the date immediately preceding the date of your Separation from Service as a result of death, a Constructive Discharge or a discharge by the Company without Cause.

II.Benefit Commencement Date.
		
	A.
	Your “Benefit Trigger” is the earliest to occur of (1) a Change in Control Event, (2) your Disability, or (3) your Separation from Service with the Company.

		
	B.
	Except to the extent you elect a different time of payment as may be permitted by the Plan and the Committee, if your Benefit Trigger is your Separation from Service, your Benefit Commencement Date shall be determined as follows:

		
	1.
	Except as provided in Section II(B)(2) below, your Benefit Commencement Date shall be the first of the month following the 

McCormick Supplemental Executive Retirement Plan        Page 24

later of your Separation from Service or the date on which you attain age 55.
		
	2.
	No payment shall be made during the six-month period immediately following your Separation from Service (other than in the case of your death).  

		
	3.
	Any payments otherwise due during the six-month period immediately following your Separation from Service shall be paid on the first business day that occurs six months following your Separation from Service (or, if earlier, the date of your death).  During this six-month period, the amounts otherwise payable to you shall accrue interest at the 30-day Treasury Bill rate in effect for November of the year before the year in which you experience a Separation from Service.

		
	C.
	If your Benefit Trigger is a Change in Control Event, your Benefit Commencement Date shall be the date of the Change in Control Event.

		
	D.
	Except to the extent you elect a different time of payment as may be permitted by the Plan, if your Benefit Trigger is your Disability, your Benefit Commencement Date shall be the first of the month following the later of the date of your Disability or the date on which you attain age 55.

III.Form of Benefit.
A.    Except as provided in subsection III(B) or (C):
		
	1.
	If your Benefit Trigger is your Disability or your Separation from Service and you are married on the Benefit Commencement Date, your benefit shall be paid in the form of a fifty (50) percent joint and survivor annuity with your spouse as the survivor annuitant.

		
	2.
	If your Benefit Trigger is your Disability or your Separation from Service and you are unmarried on the Benefit Commencement Date, your benefit shall be paid in the form of a single life annuity.

		
	3.
	If your Benefit Trigger is a Change in Control Event, your benefit shall be paid in a lump sum.

		
	B.
	If your benefit on your Benefit Commencement Date would be the actuarial equivalent of a lump sum payment of less than the limit set forth in Section 402(g) of the Code ($15,500 in 2008), the benefit shall be paid in a lump sum.

		
	C.
	Except as provided in Section III(B), benefits under the Plan paid due to a Separation from Service or Disability may be payable in the following 

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actuarially equivalent forms (to the extent permitted under The McCormick Pension Plan at the time your benefit commences): (1) a single life annuity; (2) a 50%, 66 and 2/3%, 75% or 100% joint and survivor annuity; (3) an annuity described in Section III(C)(1) or (2) with guaranteed payments for the first 5, 10, or 15 years; and (4) any other form of payment permitted by the Committee that would be treated as an actuarially equivalent life annuity within the meaning of Treas. Reg. § 1.409A-2(b)(2)(ii)(B).
IV.Death Benefit.  
Upon your death before your Benefit Commencement Date, your surviving spouse, if any, shall be paid a benefit equal to 50% of the benefit you would have been entitled to under the Plan had you experienced a Separation from Service on the day immediately preceding your death.  If you die before age 55, the surviving spouse’s benefit shall commence payment on the first day of the month following the date on which you would have reached age 55, and the surviving spouse’s benefit shall be calculated as if you had reached age 55, but based on your actual compensation and years of service as of your date of death.  If death occurs after you have begun to receive payment of your benefit under the Plan, the beneficiary shall receive any benefit to which you are entitled under the form in which the benefit was being paid.  If you are unmarried and have not yet commenced your benefit at the time of your death, your beneficiaries, heirs, or estate shall not be entitled to a benefit under the Plan.
V.Amendment and Termination.
		
	A.
	The Company may, at any time, amend or modify the Plan in whole or in part; provided that (1) no amendment or modification shall decrease or restrict the value of your benefit in existence at the time the amendment or modification is made, calculated as if you had experienced a Separation from Service as of the effective date of the amendment or modification, and (2) after a Change in Control, no amendment or modification shall adversely affect the vesting, calculation or payment of benefits hereunder to you or your beneficiary or diminish any other rights or protections you or your beneficiary would have had, but for such amendment or modification, unless you or your beneficiary consent in writing to such amendment.

		
	B.
	While the Company intends to maintain the Plan for as long as necessary, the Company reserves the right to terminate it at any time for whatever reasons it may deem appropriate, subject to the requirements of subsection (V)(A) that apply with respect to any amendment to terminate the Plan.  In the event of the termination of the Plan (and any other plan required to be aggregated with this Plan pursuant to Section 409A of the Code), the Company may, in its discretion, elect to distribute to you the full amount 

McCormick Supplemental Executive Retirement Plan        Page 26

of your benefit under the Plan in a lump sum no earlier than the 13th month and no later than the 24th month after the termination of the Plan.  If a Change in Control Event occurs that results in the payment of benefits to you, then the Plan shall terminate automatically immediately following the payment of such benefits, and no further benefits shall accrue under the Plan following such Change in Control Event.
		
	C.
	If the Company determines that any provision of the Plan is or might be inconsistent with the restrictions imposed by Section 409A of the Code, such provision shall be deemed to be amended to the extent that the Company determines necessary to bring it into compliance with Section 409A of the Code.  Any such deemed amendment shall be effective as of the earliest date such amendment is necessary under Section 409A of the Code.  No amendment or termination described in Sections V(A) or (B) of this Agreement shall be effective to the extent that it would result in a violation of any requirement under Section 409A of the Code.

VI.Miscellaneous Terms.
		
	A.
	The terms and conditions of the Plan and this Agreement shall not be deemed to constitute a contract of employment between you and the Company or any of its subsidiaries.  Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and with or without notice, except as otherwise provided in a written employment agreement.  Nothing in the Plan, this Agreement, or any other contract under the Plan shall be deemed to give you the right to be retained in the service of any employer as an employee or to interfere with the right of any employer to discipline or discharge you at any time.

		
	B.
	The Committee shall have the discretion and authority to (1) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of the Plan and (2) decide or resolve any and all questions including interpretations of the Plan and facts that are relevant to the administration of the Plan, as may arise in connection with the Plan.

		
	C.
	The terms used in this Agreement shall have the same definition as the identified terms used in the Plan.

		
	D.
	This Agreement shall not confer any rights or privileges on you greater than those provided under the Plan.  This Agreement is subject to the terms and provisions of the Plan and, in the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall govern.

McCormick Supplemental Executive Retirement Plan        Page 27

		
	E.
	This Agreement supersedes any previous agreements between you and the Company or any of its subsidiaries regarding supplemental or executive retirement plan benefits.

		
	F.
	This Agreement shall be binding upon and inure to the benefit of the Company, its subsidiaries, successors, and assigns and you and your heirs, executors, administrators, and legal representatives.

		
	G.
	This Agreement shall be construed in accordance with and governed by the laws of the state of Maryland.

IN WITNESS WHEREOF, the Company have caused this Agreement to be executed by its duly authorized officers, and you have hereunto set your hand, as of the date appearing on page one.

McCORMICK & COMPANY, INCORPORATED

                                        
[Name of Employee]            Alan D. Wilson
Chairman, President and Chief Executive Officer

                    
ATTEST:

                    
                                        
W. Geoffrey Carpenter
Vice President, General Counsel & Secretary 

McCormick Supplemental Executive Retirement Plan        Page 28

McCormick Supplemental Executive Retirement Plan Agreement
(for certain senior executives hired after November 30, 2000)

This agreement is made as of the ___ day of ________, 20__, by and between McCormick & Company, Incorporated, a corporation organized under the laws of the state of Maryland (the “Company”) and _________________, an employee of the Company (“You” or “you”).  

WHEREAS, the Company sponsors the McCormick Supplemental Executive Retirement Plan (the “Plan”), which provides non-qualified retirement benefits to certain employees of the Company and its subsidiaries and has been restated effective January 1, 2005 to comply with certain changes in the law; and 

WHEREAS, the Company desires to enter into an agreement with respect to your participation in the Plan, which reflects the restated terms of the Plan (the “Agreement”); 

NOW, THEREFORE, you and the Company acknowledge and agree to the following terms:

I.Your Benefit.  
You are eligible for a benefit under the Senior Executive Program.  Your benefit shall equal the amount described in Section I(A) multiplied by the amount in Section I(C), minus the amount described in Section I(B), calculated in accordance with the provisions of Section I(D) and subject to the vesting requirements of Section I(E).
		
	A.
	The benefit that would have been payable under the Pension Plan on your Benefit Commencement Date in the single life annuity form of payment, disregarding the limitations of Sections 415 and 401(a)(17) of the Internal Revenue Code of 1986, as amended (the “Code”) as they may be implemented in the Pension Plan, calculated as if you had attained an adjusted retirement age on the Benefit Commencement Date, determined as follows:

		
	1.
	The adjusted retirement age will be your actual attained age on the Benefit Commencement Date increased by one month for each month of service after age 55 during which you participated in the Plan.  However, the adjusted retirement age cannot be greater than 65.

		
	2.
	In the benefit calculation, credited service and average monthly earnings will be determined to the adjusted retirement age, assuming that your rate of pay in effect immediately preceding the 

McCormick Supplemental Executive Retirement Plan        Page 29

date of your Benefit Trigger had remained in effect until your adjusted retirement age.
		
	B.
	The benefit that you are actually eligible to receive under the Pension Plan on the Benefit Commencement Date under the single life annuity form of payment.

		
	C.
	If you are in compensation tier D at the time of your Benefit Trigger, the multiplier shall be 1.4; if you are in compensation tier C or higher at the time of your Benefit Trigger, the multiplier shall be 1.5.

		
	D.
	For purposes of calculating your benefit, the fact that you would not be able to commence payment under the Pension Plan on the Benefit Commencement Date because you would not yet have reached a certain age on the Benefit Commencement Date shall be disregarded.  In such circumstances, the value of the benefit under the Pension Plan on the Benefit Commencement Date shall be the actuarial equivalent of the benefit under the Pension Plan calculated as if it were payable on the Benefit Commencement Date using actuarial assumptions (including early retirement factors) as determined by the Committee.

		
	E.
	Your rights in your benefit under the Plan shall be deemed to vest and become nonforfeitable upon the earliest of: (1) the date on which you reach age 55; (2) the date of a Change in Control; (3) the date on which you become Disabled or (4) the date immediately preceding the date of your Separation from Service as a result of death, a Constructive Discharge or a discharge by the Company without Cause.

II.Benefit Commencement Date.
		
	A.
	Your “Benefit Trigger” is the earliest to occur of (1) a Change in Control Event, (2) your Disability, or (3) your Separation from Service with the Company.

		
	B.
	Except to the extent you elect a different time of payment as may be permitted by the Plan and the Committee, if your Benefit Trigger is your Separation from Service, your Benefit Commencement Date shall be determined as follows:

		
	1.
	Except as provided in Section II(B)(2) below, your Benefit Commencement Date shall be the first of the month following the later of your Separation from Service or the date on which you attain age 55.

McCormick Supplemental Executive Retirement Plan        Page 30

		
	2.
	No payment shall be made during the six-month period immediately following your Separation from Service (other than in the case of your death).

		
	3.
	Any payments otherwise due during the six-month period immediately following your Separation from Service shall be paid on the first business day that occurs six months following your Separation from Service (or, if earlier, the date of your death).  During this six-month period, the amounts otherwise payable to you shall accrue interest at the 30-day Treasury Bill rate in effect for November of the year before the year in which you experience a Separation from Service.

		
	C.
	If your Benefit Trigger is a Change in Control Event, your Benefit Commencement Date shall be the date of the Change in Control Event.

		
	D.
	Except to the extent you elect a different time of payment as may be permitted by the Plan, if your Benefit Trigger is your Disability, your Benefit Commencement Date shall be the first of the month following the later of the date of your Disability or the date on which you attain age 55.

III.Form of Benefit.
A.    Except as provided in subsection III(B) or (C):
		
	1.
	If your Benefit Trigger is your Disability or your Separation from Service and you are married on the Benefit Commencement Date, your benefit shall be paid in the form of a fifty (50) percent joint and survivor annuity with your spouse as the survivor annuitant.

		
	2.
	If your Benefit Trigger is your Disability or your Separation from Service and you are unmarried on the Benefit Commencement Date, your benefit shall be paid in the form of a single life annuity.

		
	3.
	If your Benefit Trigger is a Change in Control Event, your benefit shall be paid in a lump sum.

		
	B.
	If your benefit on your Benefit Commencement Date would be the actuarial equivalent of a lump sum payment of less than the limit set forth in Section 402(g) of the Code ($15,500 in 2008), the benefit shall be paid in a lump sum.

		
	C.
	Except as provided in Section III(B), benefits under the Plan paid due to a Separation from Service or Disability may be payable in the following actuarially equivalent forms (to the extent permitted under The McCormick Pension Plan at the time your benefit commences): (1) a 

McCormick Supplemental Executive Retirement Plan        Page 31

single life annuity; (2) a 50%, 66 and 2/3%, 75% or 100% joint and survivor annuity; (3) an annuity described in Section III(C)(1) or (2) with guaranteed payments for the first 5, 10, or 15 years; and (4) any other form of payment permitted by the Committee that would be treated as an actuarially equivalent life annuity within the meaning of Treas. Reg. § 1.409A-2(b)(2)(ii)(B).

IV.Death Benefit.  
Upon your death before your Benefit Commencement Date, your surviving spouse, if any, shall be paid a benefit equal to 50% of the benefit you would have been entitled to under the Plan had you experienced a Separation from Service on the day immediately preceding your death.  If you die before age 55, the surviving spouse’s benefit shall commence payment on the first day of the month following the date on which you would have reached age 55, and the surviving spouse’s benefit shall be calculated as if you had reached age 55, but based on your actual compensation and years of service as of your date of death.  If death occurs after you have begun to receive payment of your benefit under the Plan, the beneficiary shall receive any benefit to which you are entitled under the form in which the benefit was being paid.  If you are unmarried and have not yet commenced your benefit at the time of your death, your beneficiaries, heirs, or estate shall not be entitled to a benefit under the Plan.
V.Amendment and Termination.
		
	A.
	The Company may, at any time, amend or modify the Plan in whole or in part; provided that (1) no amendment or modification shall decrease or restrict the value of your benefit in existence at the time the amendment or modification is made, calculated as if you had experienced a Separation from Service as of the effective date of the amendment or modification, and (2) after a Change in Control, no amendment or modification shall adversely affect the vesting, calculation or payment of benefits hereunder to you or your beneficiary or diminish any other rights or protections you or your beneficiary would have had, but for such amendment or modification, unless you or your beneficiary consent in writing to such amendment.

		
	B.
	While the Company intends to maintain the Plan for as long as necessary, the Company reserves the right to terminate it at any time for whatever reasons it may deem appropriate, subject to the requirements of subsection (V)(A) that apply with respect to any amendment to terminate the Plan.  In the event of the termination of the Plan (and any other plan required to be aggregated with this Plan pursuant to Section 409A of the Code), the Company may, in its discretion, elect to distribute to you the full amount 

McCormick Supplemental Executive Retirement Plan        Page 32

of your benefit under the Plan in a lump sum no earlier than the 13th month and no later than the 24th month after the termination of the Plan.  If a Change in Control Event occurs that results in the payment of benefits to you, then the Plan shall terminate automatically immediately following the payment of such benefits, and no further benefits shall accrue under the Plan following such Change in Control Event.
		
	C.
	If the Company determines that any provision of the Plan is or might be inconsistent with the restrictions imposed by Section 409A of the Code, such provision shall be deemed to be amended to the extent that the Company determines necessary to bring it into compliance with Section 409A of the Code.  Any such deemed amendment shall be effective as of the earliest date such amendment is necessary under Section 409A of the Code.  No amendment or termination described in Sections V(A) or (B) of this Agreement shall be effective to the extent that it would result in a violation of any requirement under Section 409A of the Code.

VI.Miscellaneous Terms.
		
	A.
	The terms and conditions of the Plan and this Agreement shall not be deemed to constitute a contract of employment between you and the Company or any of its subsidiaries.  Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and with or without notice, except as otherwise provided in a written employment agreement.  Nothing in the Plan, this Agreement, or any other contract under the Plan shall be deemed to give you the right to be retained in the service of any employer as an employee or to interfere with the right of any employer to discipline or discharge you at any time.

		
	B.
	The Committee shall have the discretion and authority to (1) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of the Plan and (2) decide or resolve any and all questions including interpretations of the Plan and facts that are relevant to the administration of the Plan, as may arise in connection with the Plan.

		
	C.
	The terms used in this Agreement shall have the same definition as the identified terms used in the Plan.

		
	D.
	This Agreement shall not confer any rights or privileges on you greater than those provided under the Plan.  This Agreement is subject to the terms and provisions of the Plan and, in the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall govern.

McCormick Supplemental Executive Retirement Plan        Page 33

		
	E.
	This Agreement supersedes any previous agreements between you and the Company or any of its subsidiaries regarding supplemental or executive retirement plan benefits.

		
	F.
	This Agreement shall be binding upon and inure to the benefit of the Company, its subsidiaries, successors, and assigns and you and your heirs, executors, administrators, and legal representatives.

		
	G.
	This Agreement shall be construed in accordance with and governed by the laws of the state of Maryland.

IN WITNESS WHEREOF, the Company have caused this Agreement to be executed by its duly authorized officers, and you have hereunto set your hand, as of the date appearing on page one.

McCORMICK & COMPANY, INCORPORATED

                                        
[Name of Employee]            Alan D. Wilson
Chairman, President and Chief Executive Officer

                    
ATTEST:

                    
                                        
W. Geoffrey Carpenter
Vice President, General Counsel & Secretary 

McCormick Supplemental Executive Retirement Plan        Page 34

McCormick Supplemental Executive Retirement Plan Agreement
(for certain executives hired before November 30, 2000)

This agreement is made as of the ___ day of __________, _____, by and between McCormick & Company, Incorporated, a corporation organized under the laws of the state of Maryland (the “Company”) and _________, an employee of the Company (“You” or “you”).  

WHEREAS, the Company sponsors the McCormick Supplemental Executive Retirement Plan (the “Plan”), which provides non-qualified retirement benefits to certain employees of the Company and its subsidiaries and has been restated effective January 1, 2005 to comply with certain changes in the law; and 

WHEREAS, the Company desires to enter into an agreement with respect to your participation in the Plan, which reflects the restated terms of the Plan (the “Agreement”); 

NOW, THEREFORE, you and the Company acknowledge and agree to the following terms:

I.Your Benefit.  
You are eligible for a benefit under the Executive Program.  Your benefit shall equal the amount described in Section I(A) minus the amount described in Section I(B), calculated in accordance with the provisions of Sections I(C) and I(D), and subject to the vesting requirements of Section I(E).
		
	A.
	The benefit that would have been payable under the Pension Plan on your Benefit Commencement Date in the single life annuity form of payment, disregarding the limitations of Sections 415 and 401(a)(17) of the Internal Revenue Code of 1986, as amended (the “Code”) as they may be implemented in the Pension Plan. 
 
Your benefit will be calculated as if your average monthly earnings had included 90% of 1/12 th of the average of the five highest annual bonuses that you earned in any five of the ten calendar years immediately prior to your Benefit Trigger.

		
	B.
	The benefit that you are actually eligible to receive under the Pension Plan on the Benefit Commencement Date under the single life annuity form of payment.

		
	C.
	For purposes of calculating your benefit, the fact that you would not be able to commence payment under the Pension Plan on the Benefit Commencement Date because you would not yet have reached a certain age on the Benefit Commencement Date shall be disregarded.  In such 

McCormick Supplemental Executive Retirement Plan        Page 35

circumstances, the value of the benefit under the Pension Plan on the Benefit Commencement Date shall be the actuarial equivalent of the benefit under the Pension Plan calculated as if it were payable on the Benefit Commencement Date using actuarial assumptions (including early retirement factors) as determined by the Committee.
		
	D.
	For purposes of calculating your benefit, the term “annual bonus” shall not include any payment made pursuant to a cash-based long-term incentive award.

		
	E.
	Your rights in your benefit under the Plan shall be deemed to vest and become nonforfeitable upon the earliest of: (1) the date on which you reach age 55; (2) the date of a Change in Control; (3) the date on which you become Disabled, or (4) the date immediately preceding the date of your Separation from Service as a result of death, a Constructive Discharge or a discharge by the Company without Cause.

II.Benefit Commencement Date.
		
	A.
	Your “Benefit Trigger” is the earliest to occur of (1) a Change in Control Event, (2) your Disability, or (3) your Separation from Service with the Company.

		
	B.
	Except to the extent you elect a different time of payment as may be permitted by the Plan and the Committee, if your Benefit Trigger is your Separation from Service, your Benefit Commencement Date shall be determined as follows:

		
	1.
	Except as provided in Section II(B)(2) below, your Benefit Commencement Date shall be the first of the month following the later of your Separation from Service or the date on which you attain age 55.

		
	2.
	No payment shall be made during the six-month period immediately following your Separation from Service (other than in the case of your death).

		
	3.
	Any payments otherwise due during the six-month period immediately following your Separation from Service shall be paid on the first business day that occurs six months following your Separation from Service (or, if earlier, the date of your death).  During this six-month period, the amounts otherwise payable to you shall accrue interest at the 30-day Treasury Bill rate in effect for November of the year before the year in which you experience a Separation from Service.

McCormick Supplemental Executive Retirement Plan        Page 36

		
	C.
	If your Benefit Trigger is a Change in Control Event, your Benefit Commencement Date shall be the date of the Change in Control Event.

		
	D.
	Except to the extent you elect a different time of payment as may be permitted by the Plan, if your Benefit Trigger is your Disability, your Benefit Commencement Date shall be the first of the month following the later of the date of your Disability or the date on which you attain age 55.

III.Form of Benefit.
A.    Except as provided in subsection III(B) or (C):
		
	1.
	If your Benefit Trigger is your Disability or your Separation from Service and you are married on the Benefit Commencement Date, your benefit shall be paid in the form of a fifty (50) percent joint and survivor annuity with your spouse as the survivor annuitant.

		
	2.
	If your Benefit Trigger is your Disability or your Separation from Service and you are unmarried on the Benefit Commencement Date, your benefit shall be paid in the form of a single life annuity.

		
	3.
	If your Benefit Trigger is a Change in Control Event, your benefit shall be paid in a lump sum.

		
	B.
	If your benefit on your Benefit Commencement Date would be the actuarial equivalent of a lump sum payment of less than the limit set forth in Section 402(g) of the Code ($15,500 in 2008), the benefit shall be paid in a lump sum.

		
	C.
	Except as provided in Section III(B), benefits under the Plan paid due to a Separation from Service or Disability may be payable in the following actuarially equivalent forms (to the extent permitted under The McCormick Pension Plan at the time your benefit commences): (1) a single life annuity; (2) a 50%, 66 and 2/3%, 75% or 100% joint and survivor annuity; (3) an annuity described in Section III(C)(1) or (2) with guaranteed payments for the first 5, 10, or 15 years; and (4) any other form of payment permitted by the Committee that would be treated as an actuarially equivalent life annuity within the meaning of Treas. Reg. § 1.409A-2(b)(2)(ii)(B).

IV.Death Benefit.  
Upon your death before your Benefit Commencement Date, your surviving spouse, if any, shall be paid a benefit equal to 50% of the benefit you would have been entitled to under the Plan had you experienced a Separation from Service on the day immediately preceding your death.  If you die before age 55, the surviving 

McCormick Supplemental Executive Retirement Plan        Page 37

spouse’s benefit shall commence payment on the first day of the month following the date on which you would have reached age 55, and the surviving spouse’s benefit shall be calculated as if you had reached age 55, but based on your actual compensation and years of service as of your date of death.  If death occurs after you have begun to receive payment of your benefit under the Plan, the beneficiary shall receive any benefit to which you are entitled under the form in which the benefit was being paid.  If you are unmarried and have not yet commenced your benefit at the time of your death, your beneficiaries, heirs, or estate shall not be entitled to a benefit under the Plan.
V.Amendment and Termination.
		
	A.
	The Company may, at any time, amend or modify the Plan in whole or in part; provided that (1) no amendment or modification shall decrease or restrict the value of your benefit in existence at the time the amendment or modification is made, calculated as if you had experienced a Separation from Service as of the effective date of the amendment or modification, and (2) after a Change in Control, no amendment or modification shall adversely affect the vesting, calculation or payment of benefits hereunder to you or your beneficiary or diminish any other rights or protections you or your beneficiary would have had, but for such amendment or modification, unless you or your beneficiary consent in writing to such amendment.

		
	B.
	While the Company intends to maintain the Plan for as long as necessary, the Company reserves the right to terminate it at any time for whatever reasons it may deem appropriate, subject to the requirements of subsection (V)(A) that apply with respect to any amendment to terminate the Plan.  In the event of the termination of the Plan (and any other plan required to be aggregated with this Plan pursuant to Section 409A of the Code), the Company may, in its discretion, elect to distribute to you the full amount of your benefit under the Plan in a lump sum no earlier than the 13th month and no later than the 24th month after the termination of the Plan.  If a Change in Control Event occurs that results in the payment of benefits to you, then the Plan shall terminate automatically immediately following the payment of such benefits, and no further benefits shall accrue under the Plan following such Change in Control Event.

		
	C.
	If the Company determines that any provision of the Plan is or might be inconsistent with the restrictions imposed by Section 409A of the Code, such provision shall be deemed to be amended to the extent that the Company determines necessary to bring it into compliance with Section 409A of the Code.  Any such deemed amendment shall be effective as of the earliest date such amendment is necessary under Section 409A of the Code.  No amendment or termination described in Sections V(A) or (B) of 

McCormick Supplemental Executive Retirement Plan        Page 38

this Agreement shall be effective to the extent that it would result in a violation of any requirement under Section 409A of the Code.
VI.Miscellaneous Terms.
		
	A.
	The terms and conditions of the Plan and this Agreement shall not be deemed to constitute a contract of employment between you and the Company or any of its subsidiaries.  Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and with or without notice, except as otherwise provided in a written employment agreement.  Nothing in the Plan, this Agreement, or any other contract under the Plan shall be deemed to give you the right to be retained in the service of any employer as an employee or to interfere with the right of any employer to discipline or discharge you at any time.

		
	B.
	The Committee shall have the discretion and authority to (1) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of the Plan and (2) decide or resolve any and all questions including interpretations of the Plan and facts that are relevant to the administration of the Plan, as may arise in connection with the Plan.

		
	C.
	The terms used in this Agreement shall have the same definition as the identified terms used in the Plan.

		
	D.
	This Agreement shall not confer any rights or privileges on you greater than those provided under the Plan.  This Agreement is subject to the terms and provisions of the Plan and, in the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall govern.

		
	E.
	This Agreement supersedes any previous agreements between you and the Company or any of its subsidiaries regarding supplemental or executive retirement plan benefits.

		
	F.
	This Agreement shall be binding upon and inure to the benefit of the Company, its subsidiaries, successors, and assigns and you and your heirs, executors, administrators, and legal representatives.

		
	G.
	This Agreement shall be construed in accordance with and governed by the laws of the state of Maryland.

McCormick Supplemental Executive Retirement Plan        Page 39

IN WITNESS WHEREOF, the Company have caused this Agreement to be executed by its duly authorized officers, and you have hereunto set your hand, as of the date appearing on page one.

McCORMICK & COMPANY, INCORPORATED

                                        
[Name of Employee]            Alan D. Wilson
Chairman, President and Chief Executive Officer

                    
ATTEST:

                    
                                        
W. Geoffrey Carpenter
Vice President, General Counsel & Secretary 

McCormick Supplemental Executive Retirement Plan        Page 40

McCormick Supplemental Executive Retirement Plan Agreement
(for certain executives hired after November 30, 2000)

This agreement is made as of the ___ day of ________, 20__, by and between McCormick & Company, Incorporated, a corporation organized under the laws of the state of Maryland (the “Company”) and _________________, an employee of the Company (“You” or “you”).  

WHEREAS, the Company sponsors the McCormick Supplemental Executive Retirement Plan (the “Plan”), which provides non-qualified retirement benefits to certain employees of the Company and its subsidiaries and has been restated effective January 1, 2005 to comply with certain changes in the law; and 

WHEREAS, the Company desires to enter into an agreement with respect to your participation in the Plan, which reflects the restated terms of the Plan (the “Agreement”); 

NOW, THEREFORE, you and the Company acknowledge and agree to the following terms:

I.Your Benefit.  
You are eligible for a benefit under the Executive Program.  Your benefit shall equal the amount described in Section I(A) multiplied by the amount in Section I(C), minus the amount described in Section I(B), calculated in accordance with the provisions of Section I(D) and subject to the vesting requirements of Section I(E).
		
	A.
	The benefit that would have been payable under the Pension Plan on your Benefit Commencement Date in the single life annuity form of payment, disregarding the limitations of Sections 415 and 401(a)(17) of the Internal Revenue Code of 1986, as amended (the “Code”) as they may be implemented in the Pension Plan.

		
	B.
	The benefit that you are actually eligible to receive under the Pension Plan on the Benefit Commencement Date under the single life annuity form of payment.

		
	C.
	If you are in compensation tier D at the time of your Benefit Trigger, the multiplier shall be 1.4; if you are in compensation tier C or higher at the time of your Benefit Trigger, the multiplier shall be 1.5.

		
	D.
	For purposes of calculating your benefit, the fact that you would not be able to commence payment under the Pension Plan on the Benefit Commencement Date because you would not yet have reached a certain age on the Benefit Commencement Date shall be disregarded.  In such 

McCormick Supplemental Executive Retirement Plan        Page 41

circumstances, the value of the benefit under the Pension Plan on the Benefit Commencement Date shall be the actuarial equivalent of the benefit under the Pension Plan calculated as if it were payable on the Benefit Commencement Date using actuarial assumptions (including early retirement factors) as determined by the Committee.
		
	E.
	Your rights in your benefit under the Plan shall be deemed to vest and become nonforfeitable upon the earliest of: (1) the date on which you reach age 55; (2) the date of a Change in Control; (3) the date on which you become Disabled or (4) the date immediately preceding the date of your Separation from Service as a result of death, a Constructive Discharge or a discharge by the Company without Cause.

II.Benefit Commencement Date.
		
	A.
	Your “Benefit Trigger” is the earliest to occur of (1) a Change in Control Event, (2) your Disability, or (3) your Separation from Service with the Company.

		
	B.
	Except to the extent you elect a different time of payment as may be permitted by the Plan and the Committee, if your Benefit Trigger is your Separation from Service, your Benefit Commencement Date shall be determined as follows:

		
	1.
	Except as provided in Section II(B)(2) below, your Benefit Commencement Date shall be the first of the month following the later of your Separation from Service or the date on which you attain age 55.

		
	2.
	No payment shall be made during the six-month period immediately following your Separation from Service (other than in the case of your death).

		
	3.
	Any payments otherwise due during the six-month period immediately following your Separation from Service shall be paid on the first business day that occurs six months following your Separation from Service (or, if earlier, the date of your death).  During this six-month period, the amounts otherwise payable to you shall accrue interest at the 30-day Treasury Bill rate in effect for November of the year before the year in which you experience a Separation from Service.

		
	C.
	If your Benefit Trigger is a Change in Control Event, your Benefit Commencement Date shall be the date of the Change in Control Event.

McCormick Supplemental Executive Retirement Plan        Page 42

		
	D.
	Except to the extent you elect a different time of payment as may be permitted by the Plan, if your Benefit Trigger is your Disability, your Benefit Commencement Date shall be the first of the month following the later of the date of your Disability or the date on which you attain age 55.

III.Form of Benefit.
A.    Except as provided in subsection III(B) or (C):
		
	1.
	If your Benefit Trigger is your Disability or your Separation from Service and you are married on the Benefit Commencement Date, your benefit shall be paid in the form of a fifty (50) percent joint and survivor annuity with your spouse as the survivor annuitant.

		
	2.
	If your Benefit Trigger is your Disability or your Separation from Service and you are unmarried on the Benefit Commencement Date, your benefit shall be paid in the form of a single life annuity.

		
	3.
	If your Benefit Trigger is a Change in Control Event, your benefit shall be paid in a lump sum.

		
	B.
	If your benefit on your Benefit Commencement Date would be the actuarial equivalent of a lump sum payment of less than the limit set forth in Section 402(g) of the Code ($15,500 in 2008), the benefit shall be paid in a lump sum.

		
	C.
	Except as provided in Section III(B), benefits under the Plan paid due to a Separation from Service or Disability may be payable in the following actuarially equivalent forms (to the extent permitted under The McCormick Pension Plan at the time your benefit commences): (1) a single life annuity; (2) a 50%, 66 and 2/3%, 75% or 100% joint and survivor annuity; (3) an annuity described in Section III(C)(1) or (2) with guaranteed payments for the first 5, 10, or 15 years; and (4) any other form of payment permitted by the Committee that would be treated as an actuarially equivalent life annuity within the meaning of Treas. Reg. § 1.409A-2(b)(2)(ii)(B).

IV.Death Benefit.  
Upon your death before your Benefit Commencement Date, your surviving spouse, if any, shall be paid a benefit equal to 50% of the benefit you would have been entitled to under the Plan had you experienced a Separation from Service on the day immediately preceding your death.  If you die before age 55, the surviving spouse’s benefit shall commence payment on the first day of the month following the date on which you would have reached age 55, and the surviving spouse’s benefit shall be calculated as if you had reached age 55, but based on your actual 

McCormick Supplemental Executive Retirement Plan        Page 43

compensation and years of service as of your date of death.  If death occurs after you have begun to receive payment of your benefit under the Plan, the beneficiary shall receive any benefit to which you are entitled under the form in which the benefit was being paid.  If you are unmarried and have not yet commenced your benefit at the time of your death, your beneficiaries, heirs, or estate shall not be entitled to a benefit under the Plan.
V.Amendment and Termination.
		
	A.
	The Company may, at any time, amend or modify the Plan in whole or in part; provided that (1) no amendment or modification shall decrease or restrict the value of your benefit in existence at the time the amendment or modification is made, calculated as if you had experienced a Separation from Service as of the effective date of the amendment or modification, and (2) after a Change in Control, no amendment or modification shall adversely affect the vesting, calculation or payment of benefits hereunder to you or your beneficiary or diminish any other rights or protections you or your beneficiary would have had, but for such amendment or modification, unless you or your beneficiary consent in writing to such amendment.

		
	B.
	While the Company intends to maintain the Plan for as long as necessary, the Company reserves the right to terminate it at any time for whatever reasons it may deem appropriate, subject to the requirements of subsection (V)(A) that apply with respect to any amendment to terminate the Plan.  In the event of the termination of the Plan (and any other plan required to be aggregated with this Plan pursuant to Section 409A of the Code), the Company may, in its discretion, elect to distribute to you the full amount of your benefit under the Plan in a lump sum no earlier than the 13th month and no later than the 24th month after the termination of the Plan.  If a Change in Control Event occurs that results in the payment of benefits to you, then the Plan shall terminate automatically immediately following the payment of such benefits, and no further benefits shall accrue under the Plan following such Change in Control Event.

		
	C.
	If the Company determines that any provision of the Plan is or might be inconsistent with the restrictions imposed by Section 409A of the Code, such provision shall be deemed to be amended to the extent that the Company determines necessary to bring it into compliance with Section 409A of the Code.  Any such deemed amendment shall be effective as of the earliest date such amendment is necessary under Section 409A of the Code.  No amendment or termination described in Sections V(A) or (B) of this Agreement shall be effective to the extent that it would result in a violation of any requirement under Section 409A of the Code.

VI.Miscellaneous Terms.

McCormick Supplemental Executive Retirement Plan        Page 44

		
	A.
	The terms and conditions of the Plan and this Agreement shall not be deemed to constitute a contract of employment between you and the Company or any of its subsidiaries.  Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and with or without notice, except as otherwise provided in a written employment agreement.  Nothing in the Plan, this Agreement, or any other contract under the Plan shall be deemed to give you the right to be retained in the service of any employer as an employee or to interfere with the right of any employer to discipline or discharge you at any time.

		
	B.
	The Committee shall have the discretion and authority to (1) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of the Plan and (2) decide or resolve any and all questions including interpretations of the Plan and facts that are relevant to the administration of the Plan, as may arise in connection with the Plan.

		
	C.
	The terms used in this Agreement shall have the same definition as the identified terms used in the Plan.

		
	D.
	This Agreement shall not confer any rights or privileges on you greater than those provided under the Plan.  This Agreement is subject to the terms and provisions of the Plan and, in the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall govern.

		
	E.
	This Agreement supersedes any previous agreements between you and the Company or any of its subsidiaries regarding supplemental or executive retirement plan benefits.

		
	F.
	This Agreement shall be binding upon and inure to the benefit of the Company, its subsidiaries, successors, and assigns and you and your heirs, executors, administrators, and legal representatives.

		
	G.
	This Agreement shall be construed in accordance with and governed by the laws of the state of Maryland.

IN WITNESS WHEREOF, the Company have caused this Agreement to be executed by its duly authorized officers, and you have hereunto set your hand, as of the date appearing on page one.

McCORMICK & COMPANY, INCORPORATED

                                        
[Name of Employee]            Alan D. Wilson

McCormick Supplemental Executive Retirement Plan        Page 45

Chairman, President and Chief Executive Officer

ATTEST:

                    
                                        
W. Geoffrey Carpenter
Vice President, General Counsel & Secretary 

McCormick Supplemental Executive Retirement Plan        Page 46Exhibit 4.7

 

THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE
HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN PROVIDED. THE REGISTERED HOLDER
OF THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR A PERIOD
OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) EARLYBIRDCAPITAL, INC. (“EBC”)
OR AN UNDERWRITER OR SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF EBC OR OF ANY SUCH
UNDERWRITER OR SELECTED DEALER, EXCEPT IN ACCORDANCE WITH FINRA RULE 5110(G)(2).

 

THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF
THE CONSUMMATION BY BARINGTON/HILCO ACQUISITION CORP. (“COMPANY”) OF A MERGER, SHARE EXCHANGE, ASSET
ACQUISITION, SHARE PURCHASE, RECAPITALIZATION, REORGANIZATION OR OTHER SIMILAR BUSINESS COMBINATION WITH ONE OR MORE BUSINESSES
OR ENTITIES (“BUSINESS COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT
(DEFINED HEREIN)) AND [ ], 2016. VOID AFTER 5:00 P.M. NEW YORK CITY LOCAL TIME, ON THE EXPIRATION DATE (DEFINED HEREIN).

 

UNIT PURCHASE OPTION

 

FOR THE PURCHASE OF

 

200,000 UNITS

 

OF

 

BARINGTON/HILCO ACQUISITION CORP.

 

1.           Purchase
Option.

 

THIS CERTIFIES THAT, in consideration of
$100.00 duly paid by or on behalf of EarlyBirdCapital, Inc. (“Holder”), as registered owner of this Purchase
Option, to Barington/Hilco Acquisition Corp. (“Company”), Holder is entitled, at any time or from
time to time upon the later of the consummation of a Business Combination or [ ], 2016 [the first anniversary of the Effective
Date] (“Commencement Date”), and at or before 5:00 p.m., New York City local time, on the five year anniversary
of the effective date (“Effective Date”) of the Company’s registration statement (“Registration
Statement”) pursuant to which units are offered for sale to the public (“Offering”), but
not thereafter (“Expiration Date”), to subscribe for, purchase and receive, in whole or in part, up to
Two Hundred Thousand (200,000) units (“Units”) of the Company, each Unit consisting of one share of common
stock, par value $0.0001 per share (“Common Stock”), of the Company, one right (“Right(s)”)
entitling the Holder to receive one tenth (1/10) of a share of Common Stock upon consummation of a Business Combination and one
warrant (“Warrant(s)”) entitling the holder to purchase one-half (1/2) of one share of Common Stock.  Each
Right and Warrant is the same as the right and warrant included in the Units being registered for sale to the public by way of
the Registration Statement. If the Expiration Date is a day on which banking institutions are authorized by law to close, then
this Purchase Option may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During
the period ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Option.
This Purchase Option is initially exercisable at $11.00 per Unit so purchased; provided, however, that upon the occurrence of any
of the events specified in Section 6 hereof, the rights granted by this Purchase Option, including the exercise price per Unit
and the number of Units (and shares of Common Stock, Rights and Warrants) to be received upon such exercise, shall be adjusted
as therein specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price,
depending on the context.

 

    	 

    	 

    

 

2.           Exercise.

 

2.1         Exercise
Form. In order to exercise this Purchase Option, the exercise form attached hereto must be duly executed and completed and
delivered to the Company, together with this Purchase Option and payment of the Exercise Price for the Units being purchased payable
in cash or by certified check or official bank check or pursuant to Section 2.3 hereof. If the subscription rights represented
hereby shall not be exercised at or before 5:00 p.m., New York City local time, on the Expiration Date this Purchase Option shall
become and be void without further force or effect, and all rights represented hereby shall cease and expire.

  

2.2         Legend.
Each certificate for the securities purchased under this Purchase Option shall bear a legend as follows unless such securities
have been registered under the Securities Act of 1933, as amended (“Act”):

 

“The securities represented by this certificate have not
been registered under the Securities Act of 1933, as amended (“Act”) or applicable state law. The securities may not
be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant
to an exemption from registration under the Act and applicable state law.”

 

2.3         Cashless
Exercise.

 

2.3.1           Determination
of Amount. In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase Option is
exercisable (and in lieu of being entitled to receive shares of Common Stock, Rights and Warrants) in the manner required by Section
2.1, the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Purchase
Option into Units (“Cashless Exercise Right”) as follows: upon exercise of the Cashless Exercise Right,
the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of Units
(or that number of shares of Common Stock, Rights and Warrants comprising that number of Units) equal to the quotient obtained
by dividing (x) the “Value” (as defined below) of the portion of the Purchase Option being converted by (y) the Current
Market Value (as defined below). The “Value” of the portion of the Purchase Option being converted shall equal the
remainder derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of
this Purchase Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the
portion of the Purchase Option being converted. As used herein, the term “Current Market Value” per Unit at any date
means: (A) in the event that neither the Units, Rights nor Public Warrants are still trading, the remainder derived from subtracting
(x) the exercise price of the Warrants multiplied by the number of shares of Common Stock issuable upon exercise of the Warrants
underlying one Unit from (y) (i) the Current Market Price of the Common Stock multiplied by (ii) the number of shares of Common
Stock underlying one Unit, which shall include (x) the one-tenth (1/10) of a share the holder of a Unit will be entitled to receive
in connection with the Right included in each such Unit and (y) the one-half (1/2) of one share underlying the Warrant included
in each such Unit; (B) in the event that the Units, Common Stock and Warrants are still trading, (i) if the Units are listed on
a national securities exchange or quoted on the OTC Bulletin Board (or successor exchange), the average reported last sale price
of the Units in the principal trading market for the Units as reported by the exchange, Nasdaq or the Financial Industry Regulatory
Authority (“FINRA”), as the case may be, for the five trading days preceding the date in question; or
(ii) if the Units are not listed on a national securities exchange or quoted on the OTC Bulletin Board (or successor exchange),
but are traded in the residual over-the-counter market, the average reported last sale price for Units for the five trading days
preceding the date in question for which such quotations are reported by the OTC Markets or similar publisher of such quotations;
and (C) in the event that the Units are not still trading but the Common Stock and Warrants underlying the Units are still trading,
the Current Market Price of the Common Stock plus the product of (x) the Current Market Price of the Warrants and (y) the number
of shares of Common Stock underlying the Warrants included in one Unit (including the shares of Common Stock underlying the Rights).
The “Current Market Price” shall mean (i) if the Common Stock or Warrants (as the case may be) are listed
on a national securities exchange or quoted on the OTC Bulletin Board (or successor exchange), the average reported last sale price
of the Common Stock (or Warrants) in the principal trading market for the Common Stock as reported by the exchange, Nasdaq or FINRA,
as the case may be, for the five trading days preceding the date in question; (ii) if the Common Stock or Warrants (as the case
may be) are not listed on a national securities exchange or quoted on the OTC Bulletin Board (or successor exchange), but are traded
in the residual over-the-counter market, the average reported last sale price for the Common Stock (or Warrants) for the five trading
days preceding the date in question for which such quotations are reported by the OTC Markets or similar publisher of such quotations;
and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or (ii) above, such price as
the Board of Directors of the Company shall determine, in good faith. In the event the Warrants have expired and are no longer
exercisable, no “Value” shall be attributed to the Warrants underlying this Purchase Option.

 

    	2

    	 

    

 

2.3.2           Mechanics
of Cashless Exercise. The Cashless Exercise Right may be exercised by the Holder on any business day on or after the Commencement
Date and not later than the Expiration Date by delivering the Purchase Option with the duly executed exercise form attached hereto
with the cashless exercise section completed to the Company, exercising the Cashless Exercise Right and specifying the total number
of Units the Holder will purchase pursuant to such Cashless Exercise Right.

 

2.4         No
Obligation to Net Cash Settle. Notwithstanding anything to the contrary contained in this Purchase Option, in no event will
the Company be required to net cash settle the exercise of the Purchase Option or the Rights or Warrants underlying the Purchase
Option. The holder of the Purchase Option will not be entitled to exercise the Purchase Option or the Warrants underlying such
Purchase Option unless it exercises such Purchase Option pursuant to the Cashless Exercise Right or a registration statement is
effective, or an exemption from the registration requirements is available at such time and, if the holder is not able to exercise
the Purchase Option, the Purchase Option and/or the underlying Warrants, as applicable, will expire worthless.

 

3.           Transfer.

 

3.1         General
Restrictions. The registered Holder of this Purchase Option, by its acceptance hereof, agrees that it will not sell, transfer,
assign, pledge or hypothecate this Purchase Option (or the shares of Common Stock, Rights or Warrants underlying this Purchase
Option) for a period of one year (including a period of 180 days pursuant to Rule 5110(g)(1) of the Conduct Rules of FINRA) following
the Effective Date to anyone other than (i) EBC or an underwriter or selected dealer in connection with the Offering, or (ii) a
bona fide officer or partner of EBC or of any such underwriter or selected dealer. On and after the first anniversary of the Effective
Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make
any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed,
together with the Purchase Option and payment of all transfer taxes, if any, payable in connection therewith. The Company shall
within five business days transfer this Purchase Option on the books of the Company and shall execute and deliver a new Purchase
Option or Purchase Options of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate
number of Units purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

 

3.2         Restrictions
Imposed by the Act. The securities evidenced by this Purchase Option shall not be transferred unless and until (i) the
Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from
registration under the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction
of the Company (the Company hereby agreeing that the opinion of Graubard Miller shall be deemed satisfactory evidence of the availability
of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement relating to
such securities has been filed by the Company and declared effective by the Securities and Exchange Commission (the “Commission”)
and compliance with applicable state securities law has been established.

 

4.           New
Purchase Options to be Issued.

 

4.1         Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Option may be exercised or assigned in
whole or in part.  In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Option
for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price (except
to the extent that the Holder elects to exercise this Purchase Option by means of a cashless exercise as provided in Section 2.3
above) and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a new Purchase Option of like
tenor to this Purchase Option in the name of the Holder evidencing the right of the Holder to purchase the number of Units purchasable
hereunder as to which this Purchase Option has not been exercised or assigned.

 

    	3

    	 

    

 

4.2         Lost
Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this
Purchase Option and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver
a new Purchase Option of like tenor and date. Any such new Purchase Option executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

  
 

5.           Registration
Rights.

 

5.1         Demand
Registration.

 

5.1.1           Grant
of Right. The Company, upon written demand (“Initial Demand Notice”) of the Holder(s) of at least
51% of the Purchase Options and/or the underlying securities (“Majority Holders”), agrees to use its
best efforts to register (the “Demand Registration”) under the Act on one occasion, all or any portion
of the Purchase Options requested by the Majority Holders in the Initial Demand Notice and all of the securities underlying such
Purchase Options, including the Units, Rights, Warrants and shares of Common Stock underlying the Rights and Warrants underlying
the Purchase Option, as well as any other securities issuable to EBC pursuant to that certain business combination marketing agreement
dated as of [__], 2015 (collectively, the “Registrable Securities”). On such occasion, the Company will
use its best efforts to file a registration statement or a post-effective amendment to the Registration Statement covering the
Registrable Securities within sixty days after receipt of the Initial Demand Notice and use its best efforts to have such registration
statement or post-effective amendment declared effective as soon as possible thereafter. The demand for registration may be made
at any time after the closing of a Business Combination.  The Initial Demand Notice shall specify the number of shares
of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. The Company will notify all holders
of the Purchase Options and/or Registrable Securities of the demand within ten days from the date of the receipt of any such Initial
Demand Notice. Each holder of Registrable Securities who wishes to include all or a portion of such holder’s Registrable
Securities in the Demand Registration (each such holder including shares of Registrable Securities in such registration, a “Demanding
Holder”) shall so notify the Company within fifteen (15) days after the receipt by the holder of the notice from
the Company. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the
Demand Registration, subject to Section 5.1.4. The Company shall not be obligated to effect more than one (1) Demand Registration
under this Section 5.1 in respect of all Registrable Securities.

 

5.1.2           Effective
Registration. A registration will not count as a Demand Registration until the registration statement filed with the Commission
with respect to such Demand Registration has been declared effective and the Company has complied with all of its obligations under
this Agreement with respect thereto.

 

5.1.3           Underwritten
Offering. If the Majority Holders so elect and such holders so advise the Company as part of the Initial Demand Notice, the
offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten offering.
In such event, the right of any holder to include its Registrable Securities in such registration shall be conditioned upon such
holder’s participation in such underwriting and the inclusion of such holder’s Registrable Securities in the underwriting
to the extent provided herein. All Demanding Holders proposing to distribute their securities through such underwriting shall enter
into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Majority
Holders.

 

    	4

    	 

    

 

5.1.4           Reduction
of Offering. If the managing underwriter or underwriters for a Demand Registration that is to be an underwritten offering advises
the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the
Demanding Holders desire to sell, taken together with all other shares of Common Stock or other securities which the Company desires
to sell and the shares of Common Stock, if any, as to which registration has been requested pursuant to written contractual piggy-back
registration rights held by other shareholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum
number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution
method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable,
the “Maximum Number of Shares”), then the Company shall include in such registration: (i) first,
the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders (pro rata in accordance
with the number of shares that each such Person has requested be included in such registration, regardless of the number of shares
held by each such Person (such proportion is referred to herein as “Pro Rata”)) that can be sold without
exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (i), the shares of Common Stock or other securities that the Company desires to sell that can be sold
without exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (i) and (ii), the shares of Common Stock or other securities registrable pursuant to the
terms of the Registration Rights Agreement between the Company and the initial investors in the Company and EBC (and/or its designees),
dated as of [__], 2015 (the “Registration Rights Agreement” and such registrable securities, the “Investor
Securities”) as to which “piggy-back” registration has been requested by the holders thereof, Pro Rata,
that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth, to the extent that the Maximum Number of
Shares have not been reached under the foregoing clauses (i), (ii), and (iii), the shares of Common Stock or other securities
for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with such
persons and that can be sold without exceeding the Maximum Number of Shares.

 

5.1.5           Withdrawal.
If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all
of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from
such offering by giving written notice to the Company and the underwriter or underwriters of their request to withdraw prior to
the effectiveness of the registration statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest
of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then the Company does not have to
continue its obligations under Section 5.1 with respect to such proposed offering.

 

5.1.6           Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of one
legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities, but the Holders
shall pay any and all underwriting commissions. The Company agrees to use its reasonable best efforts to qualify or register the
Registrable Securities in such states as are reasonably requested by the Majority Holder(s); provided, however, that in no event
shall the Company be required to register the Registrable Securities in a state in which such registration would cause (i) the
Company to be obligated to qualify to do business in such state, or would subject the Company to taxation as a foreign corporation
doing business in such jurisdiction or (ii) the principal shareholders of the Company to be obligated to escrow their shares
of capital stock of the Company. The Company shall use its best efforts to cause any registration statement or post-effective amendment
filed pursuant to the demand rights granted under Section 5.1.1 to remain effective for a period of nine consecutive months from
the effective date of such registration statement or post-effective amendment.

 

  5.2         Piggy-Back
Registration.

 

5.2.1           Piggy-Back
Rights. If at any time during the seven year period commencing on the Effective Date the Company proposes to file a registration
statement under the Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable
for, or convertible into, equity securities, by the Company for its own account or for shareholders of the Company for their account
(or by the Company and by shareholders of the Company including, without limitation, pursuant to Section 5.1), other than a registration
statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or
offering of securities solely to the Company’s existing shareholders, (iii) for an offering of debt that is convertible
into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice
of such proposed filing to the holders of Registrable Securities as soon as practicable but in no event less than ten (10) days
before the anticipated filing date, which notice shall describe the amount and type of securities to be included in such offering,
the intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters, if any, of the offering,
and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the sale of such number of shares
of Registrable Securities as such holders may request in writing within five (5) days following receipt of such notice (a “Piggy-Back
Registration”). The Company shall cause such Registrable Securities to be included in such registration and shall
use its best efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Registrable
Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of
the Company and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s)
of distribution thereof. All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration
that involves an underwriter or underwriters shall enter into an underwriting agreement in customary form with the underwriter
or underwriters selected for such Piggy-Back Registration.

 

    	5

    	 

    

 

5.2.2           Reduction
of Offering. If the managing underwriter or underwriters for a Piggy-Back Registration that is to be an underwritten offering
advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of shares of Common Stock
which the Company desires to sell, taken together with shares of Common Stock, if any, as to which registration has been demanded
pursuant to written contractual arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable
Securities as to which registration has been requested under this Section 5.2, and the shares of Common Stock, if any, as to which
registration has been requested pursuant to the written contractual piggy-back registration rights of other shareholders of the
Company, exceeds the Maximum Number of Shares, then the Company shall include in any such registration:

 

(a)           If
the registration is undertaken for the Company’s account: (A) first, the shares of Common Stock or other securities
that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other
securities, if any, comprised of  Registrable Securities and Investor Securities, as to which registration has been requested
pursuant to the applicable written contractual piggy-back registration rights of such security holders, Pro Rata, that can be sold
without exceeding the Maximum Number of Shares; and (C) third, to the extent that the Maximum Number of shares has not been
reached under the foregoing clauses (A) and (B), the shares of Common Stock or other securities for the account of other persons
that the Company is obligated to register pursuant to written contractual piggy-back registration rights with such persons and
that can be sold without exceeding the Maximum Number of Shares;

 

(b)           If
the registration is a “demand” registration undertaken at the demand of holders of Investor Securities, (A) first,
the shares of Common Stock or other securities for the account of the demanding persons, Pro Rata, that can be sold without exceeding
the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (A) and (B), the shares of Registrable Securities, Pro Rata, as to which registration has been requested pursuant
to the terms hereof, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the
Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or
other securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements
with such persons, that can be sold without exceeding the Maximum Number of Shares; and

 

(c)           If
the registration is a “demand” registration undertaken at the demand of persons other than either the holders of Registrable
Securities or of Investor Securities, (A) first, the shares of Common Stock or other securities for the account of the demanding
persons that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clause (A), the shares of Common Stock or other securities that the Company desires to
sell that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (A) and (B), collectively the shares of Common Stock or other securities comprised
of Registrable Securities and Investor Securities, Pro Rata, as to which registration has been requested pursuant to the terms
hereof and of the Registration Rights Agreement, as applicable, that can be sold without exceeding the Maximum Number of Shares;
and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C),
the shares of Common Stock or other securities for the account of other persons that the Company is obligated to register pursuant
to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares.

 

    	6

    	 

    

 

5.2.3           Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities
in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of
the registration statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a
demand pursuant to written contractual obligations) may withdraw a registration statement at any time prior to the effectiveness
of the registration statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders
of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 5.2.4.

 

5.2.4           Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of one
legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities but the Holders
shall pay any and all underwriting commissions related to the Registrable Securities. In the event of such a proposed registration,
the Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen days written notice
prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for
each applicable registration statement filed (during the period in which the Purchase Option is exercisable) by the Company until
such time as all of the Registrable Securities have been registered and sold. The Holders of the Registrable Securities shall exercise
the “piggy-back” rights provided for herein by giving written notice, within ten days of the receipt of the Company’s
notice of its intention to file a registration statement. The Company shall use its best efforts to cause any registration statement
filed pursuant to the above “piggyback” rights to remain effective for at least nine months from the date that the
Holders of the Registrable Securities are first given the opportunity to sell all of such securities.

 

5.3         General
Terms.

 

5.3.1           Indemnification.
The Company shall, to the fullest extent permitted by applicable law, indemnify the Holder(s) of the Registrable Securities to
be sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning
of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”),
against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably
incurred in investigating, preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether
arising out of any action between the underwriter and the Company or between the underwriter and any third party or otherwise)
to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement
but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the
underwriters contained in Section 5 of the Underwriting Agreement between the Company, EBC and the other underwriters named therein
dated the Effective Date. The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their
successors and assigns, shall severally, and not jointly, indemnify the Company, its officers and directors and each person, if
any, who controls the Company within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against all loss,
claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating,
preparing or defending against any claim whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise,
arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion
in such registration statement to the same extent and with the same effect as the provisions contained in Section 5 of the Underwriting
Agreement pursuant to which the underwriters have agreed to indemnify the Company.

 

5.3.2           Exercise
of Purchase Options. Nothing contained in this Purchase Option shall be construed as requiring the Holder(s) to exercise their
Purchase Options or Warrants underlying such Purchase Options prior to or after the initial filing of any registration statement
or the effectiveness thereof.

 

    	7

    	 

    

 

5.3.3           Documents
Delivered to Holders. If the registration includes an underwritten public offering, the Company shall furnish EBC, as representative
of the Holders participating in any of the foregoing offerings, a signed counterpart, addressed to the participating Holders, of
(i) an opinion of counsel to the Company, dated the effective date of such registration statement and dated the date of the closing
under the underwriting agreement related thereto, and (ii) a “cold comfort” letter dated the effective date of such
registration statement and a letter dated the date of the closing under the underwriting agreement signed by the independent public
accountants who have issued a report on the Company’s financial statements included in such registration statement, in each
case covering substantially the same matters with respect to such registration statement (and the prospectus included therein)
and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements,
as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in
underwritten public offerings of securities. The Company shall also deliver promptly to EBC, as representative of the Holders participating
in the offering, the correspondence and memoranda described below and copies of all correspondence between the Commission and the
Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the
registration statement and permit EBC, as representative of the Holders, to do such investigation, upon reasonable advance notice,
with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to comply
with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties and
opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent
and at such reasonable times and as often as EBC, as representative of the Holders, shall reasonably request. The Company shall
not be required to disclose any confidential information or other records to EBC, as representative of the Holders, or to any other
person, until and unless such persons shall have entered into reasonable confidentiality agreements (in form and substance reasonably
satisfactory to the Company), with the Company with respect thereto.

 

5.3.4           Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any
Holders whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably
acceptable to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and
such managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms
as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any underwriting
agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the
representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be made to and for
the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or agreements with
the Company or the underwriters except as they may relate to such Holders and their intended methods of distribution. Such Holders,
however, shall agree to such covenants and indemnification and contribution obligations for selling shareholders as are customarily
contained in agreements of that type used by the managing underwriter. Further, such Holders shall execute appropriate custody
agreements and otherwise cooperate fully in the preparation of the registration statement and other documents relating to any offering
in which they include securities pursuant to this Section 5. Each Holder shall also furnish to the Company such information regarding
itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably
required to effect the registration of the Registrable Securities.

 

5.3.5           Rule
144 Sale. Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation pursuant
to Sections 5.1 or 5.2 to use its best efforts to obtain the registration of Registrable Securities held by any Holder where such
Holder would then be entitled to sell under Rule 144 within any three-month period (or such other period prescribed under Rule
144 as may be provided by amendment thereof) all of the Registrable Securities then held by such Holder without volume limitations.

 

5.3.6           Supplemental
Prospectus. Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event as a result
of which the prospectus included in the registration statement, as then in effect, includes an untrue statement of a material fact
or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing, such Holder will immediately discontinue disposition of Registrable Securities pursuant to
the registration statement covering such Registrable Securities until such Holder’s receipt of the copies of a supplemental
or amended prospectus, and, if so desired by the Company, such Holder shall deliver to the Company (at the expense of the Company)
or destroy (and deliver to the Company a certificate of such destruction) all copies, other than permanent file copies then in
such Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice.

 

    	8

    	 

    

 

6.           Adjustments.

 

6.1         Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Units underlying the Purchase Option shall
be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1           Stock
Dividends - Split-Ups. If after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock or by a split-up of shares of Common
Stock or other similar event, then, on the effective date thereof, the number of shares of Common Stock underlying each of the
Units purchasable hereunder (which shall include one-tenth (1/10) of one share of Common Stock the Holder of a Unit will receive
upon conversion of the Right included in each Unit upon consummation of a Business Combination) shall be increased in proportion
to such increase in outstanding shares. In such case, the number of shares of Common Stock, and the exercise price applicable thereto,
underlying the Rights and the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance with
the terms of the Rights and the Warrants, as the case may be.

 

6.1.2           Aggregation
of Shares. If after the date hereof, and subject to the provisions of Section 6.3, the number of outstanding shares of Common
Stock is decreased by a consolidation, combination or reclassification of shares of Common Stock or other similar event, then,
on the effective date thereof, the number of shares of Common Stock underlying each of the Units purchasable hereunder shall be
decreased in proportion to such decrease in outstanding shares. In such case, the number of shares of Common Stock, and the exercise
price applicable thereto, underlying the Rights and the Warrants underlying each of the Units purchasable hereunder shall be adjusted
in accordance with the terms of the Rights and the Warrants, as the case may be

 

6.1.3           Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such shares of Common
Stock, or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation
or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization
of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the property
of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of
this Purchase Option shall have the right thereafter (until the expiration of the right of exercise of this Purchase Option) to
receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the
kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of shares of Common
Stock of the Company obtainable upon exercise of this Purchase Option and underlying the Rights and Warrants immediately prior
to such event; and if any reclassification also results in a change in shares of Common Stock covered by Section 6.1.1 or 6.1.2,
then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3
shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

6.1.4           Changes
in Form of Purchase Option. This form of Purchase Option need not be changed because of any change pursuant to this Section,
and Purchase Options issued after such change may state the same Exercise Price and the same number of Units as are stated in the
Purchase Options initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Options
reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement
Date or the computation thereof.

 

6.2         Substitute
Purchase Option. In case of any consolidation of the Company with, or merger of the Company with, or merger of the Company
into, another corporation (other than a consolidation or merger which does not result in any reclassification or change of the
outstanding shares of Common Stock), the corporation formed by such consolidation or merger shall execute and deliver to the Holder
a supplemental Purchase Option providing that the holder of each Purchase Option then outstanding or to be outstanding shall have
the right thereafter (until the stated expiration of such Purchase Option) to receive, upon exercise of such Purchase Option, the
kind and amount of shares of stock and other securities and property receivable upon such consolidation or merger, by a holder
of the number of shares of Common Stock of the Company for which such Purchase Option might have been exercised immediately prior
to such consolidation, merger, sale or transfer. Such supplemental Purchase Option shall provide for adjustments which shall be
identical to the adjustments provided in Section 6. The above provision of this Section shall similarly apply to successive consolidations
or mergers.

 

    	9

    	 

    

 

6.3         Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of shares of Common
Stock or Warrants upon the exercise of the Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of any
fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction
up to the nearest whole number of shares of Common Stock, Warrants or other securities, properties or rights.

 

7.           Reservation
and Listing. The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common
Stock, solely for the purpose of issuance upon exercise of this Purchase Option (including the shares of Common Stock underlying
the Rights and Warrants), such number of shares of Common Stock or other securities, properties or rights as shall be issuable
upon the exercise thereof. The Company covenants and agrees that, upon exercise of this Purchase Option and payment of the Exercise
Price therefor, all shares of Common Stock and other securities issuable upon such exercise shall be duly and validly issued, fully
paid and non-assessable and not subject to preemptive rights of any stockholder. Until this Purchase Option becomes exercisable,
the Company shall use its best efforts to cause the Units, shares of Common Stock, Rights and Warrants to be listed (subject to
official notice of issuance) on all securities exchanges (or, if applicable on the OTC Bulletin Board or any successor trading
market) on which the Units, shares of Common Stock, Rights and Warrants issued to the public in connection herewith may then be
listed and/or quoted and thereafter, until the Expiration Date, shall use its best efforts to cause the shares of Common Stock
to be listed (subject to official notice of issuance) on all securities exchanges (or, if applicable on the OTC Bulletin Board
or any successor trading market) on which the shares of Common Stock issued to the public in connection herewith may then be listed
and/or quoted.

 

8.           Certain
Notice Requirements.

 

8.1         Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent as a
stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company.
If, however, at any time prior to the expiration of the Purchase Options and their exercise, any of the events described in Section
8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days
prior to the date fixed as a record date or the date of closing the transfer books for the determination of the shareholders entitled
to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed
dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer
books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given
to the other shareholders of the Company at the same time and in the same manner that such notice is given to the shareholders.

 

8.2         Events
Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following
events: (i) if the Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling them to
receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out
of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, or
(ii) the Company shall offer to all the holders of its shares of Common Stock any additional shares of capital stock of the Company
or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe
therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or merger)
or a sale of all or substantially all of its property, assets and business shall be proposed.

 

8.3         Notice
of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to
Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice
shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate
by the Company’s President and Chief Financial Officer.

 

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8.4         Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Option shall be in writing and shall
be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Option, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to
the following address or to such other address as the Company may designate by notice to the Holders:

 

Barington/Hilco Acquisition Corp.

888 Seventh Avenue, 17th Floor

New York, New York 10019

Attn: Chief Executive Officer

Fax.: [__]

Email: [__]

 

9.           Miscellaneous.

 

9.1         Amendments.
The Company and EBC may from time to time supplement or amend this Purchase Option without the approval of any of the Holders in
order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with
any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and EBC may deem necessary or desirable and that the Company and EBC deem shall not adversely affect the interest of the Holders.
All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement
of the modification or amendment is sought.

 

9.2         Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Purchase Option.

 

9.3         Entire
Agreement. This Purchase Option (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Option) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and
supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4         Binding
Effect. This Purchase Option shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and
their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Option or any provisions
herein contained.

 

9.5         Governing
Law; Submission to Jurisdiction. This Purchase Option shall be governed by and construed and enforced in accordance with the
laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding
or claim against it arising out of, or relating in any way to this Purchase Option shall be resolved by submitting it to JAMS in
New York County, New York, for its decision and determination in accordance with Expedited Procedures of JAMS’ Comprehensive
Arbitration Rules and Procedures. The parties to any such arbitration shall be entitled to make one motion for summary judgment
within 60 days of the commencement of the arbitration, which shall be decided by the arbitrator[s] prior to the commencement of
the hearings. If the amount in controversy in the arbitration exceeds $1.5 million, the arbitration shall be heard by three arbitrators,
unless the parties agree to one arbitrator. The decision shall be final and enforceable by any court having jurisdiction over the
party from whom enforcement is sought.  The cost of such arbitrators and arbitration services, together with the prevailing
party’s legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.  

 

9.6         Waiver,
Etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Option shall not
be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Option or any
provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Option.
No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Option shall be effective
unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought;
and no waiver of any such breach, non-compliance or non- fulfillment shall be construed or deemed to be a waiver of any other or
subsequent breach or non-compliance.

 

    	11

    	 

    

 

9.7         Execution
in Counterparts. This Purchase Option may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same
agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto.

 

9.8         Exchange
Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Option, Holder agrees that, at any
time prior to the complete exercise of this Purchase Option by Holder, if the Company and EBC enter into an agreement (“Exchange
Agreement”) pursuant to which they agree that all outstanding Purchase Options will be exchanged for securities or
cash or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

IN WITNESS WHEREOF, the Company has caused
this Purchase Option to be signed by its duly authorized officer as of the ____ day of ___________, 2015.

 

	 	BARINGTON/HILCO ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	12

    	 

    

 

Form to be used to exercise Purchase Option:

 

Barington/Hilco Acquisition Corp.

888 Seventh Avenue, 17th Floor

New York, New York 10019

Fax No.: [__]

Attn.: Chief Executive Officer

 

Date:_________________, 20___

 

The undersigned hereby elects irrevocably
to exercise the within Purchase Option to the extent of ___ Units originally covered by such Purchase Option (which will represent
the right to receive an aggregate of ___ shares of Common Stock) of Barington/Hilco Acquisition Corp. and hereby makes payment
of $____________ (at the rate of $_________ per Unit originally covered by such Purchase Option) in payment of the Exercise Price
pursuant thereto. Please issue the shares of Common Stock as to which this Purchase Option is exercised in accordance with the
instructions given below.

or

 

The undersigned hereby elects irrevocably
to convert its right to purchase _________ Units originally purchasable (which will represent the right to receive an aggregate
of __ shares of Common Stock) under the within Purchase Option by surrender of the unexercised portion of the attached Purchase
Option (with a “Value” based of $_______ based on a “Market Price” of $_______). Please issue the ____
shares of Common Stock as to which this Purchase Option is exercised in accordance with the instructions given below.

 

	 	 
	 	NOTICE:  The signature to this assignment must correspond with the name as written upon the face of the purchase option in every particular, without alteration or enlargement or any change whatever.

 

Signature(s) Guaranteed:

 

    	13

    	 

    

 

	 
	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

Name

 

	 
	(Print in Block Letters)

 

Address

 

	 

 

    	14

    	 

    

 

Form to be used to assign Purchase Option:

 

ASSIGNMENT

 

(To be executed by the registered Holder
to effect a transfer of the within Purchase Option):

 

FOR VALUE RECEIVED,______________________________________________
does hereby sell, assign and transfer unto___________________________________________ the right to purchase __________ Units of
Barington/Hilco Acquisition Corp. (“Company”) evidenced by the within Purchase Option and does hereby
authorize the Company to transfer such right on the books of the Company.

 

Dated: ___________________, 20__

 

	 	 
	 	Signature
	 	 
	 	 
	 	NOTICE:  The signature to this assignment must correspond with the name as written upon the face of the purchase option in every particular, without alteration or enlargement or any change whatever.

 

Signature(s) Guaranteed:

 

	 
	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

  

    	15

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