Document:

Exhibit 10.7

 

INTERCOMPANY REVOLVING NOTE

 

	
  $200,000,000

  	
   

  	
  March 30, 2006

  

 

FOR VALUE
RECEIVED, the undersigned, MERISANT COMPANY, a Delaware corporation (“Borrower”), hereby
irrevocably promises to pay on April 1, 2011 (the “Final Payment Date”)
to the order of MERISANT COMPANY 2, SÀRL, a limited liability company organized
and existing under the laws of Switzerland (together with its successors and
assigns, “Lender”),
the principal sum of TWO HUNDRED MILLION AND 00/100 DOLLARS ($200,000,000), or
if less, the aggregate unpaid principal amount of all advances made hereunder,
together with interest on the principal balance of each such advance hereunder
from time to time unpaid at the rates provided below until payment in full
thereof.

 

Lender may, in
its sole discretion, make advances to Borrower upon Borrower’s request
therefor, in an aggregate amount outstanding at any time not to exceed
$200,000,000.

 

Interest shall
accrue on the principal balance of each advance from time to time outstanding
hereunder at a rate per annum equal to (i) the LIBOR Rate for the Interest
Reset Date next preceding the applicable Interest Payment Date plus (ii)
twenty-five one hundredths of one percent (0.25%) , or at such other rate as
prescribed by statute.

 

For purposes
of this Revolving Note:

 

“Interest Reset Date”
shall mean April 1, 2006, and thereafter the first day of each January, April,
July and October, commencing with July 1, 2006.

 

“LIBOR Rate” shall
mean the rate per annum as determined by the Lender (rounded upwards, if
necessary, to the nearest 1/16th of one percent) based on the rates at which
U.S. Dollar deposits for a period closest in approximation to ninety (90) days
are displayed on page “LIBOR-USD FIX 3 MONTH” screen of the Bloomburg L.P.
service or such other page as may replace the LIBOR-USD FIX 3 MONTH page on
that service for the purpose of displaying the London interbank offered rates
of major banks as of 11:00 a.m. (London time) two (2) business days prior to
the first day of such interest period (it being understood that if at least two
(2) such rates appear on such page, the rate of interest will be the arithmetic
mean of such displayed rates); provided that in the event no such rate is
shown, the LIBOR Rate shall be the rate per annum (rounded upwards, if
necessary, to the nearest 1/16th of one percent) based on the rates at which
U.S. Dollar deposits for a period closest in approximation to such interest
period are displayed on page “LIBOR” of the Reuters Monitor Money Rates Service
or such other page as may replace the LIBOR page on that service for the
purpose of displaying London interbank offered rates of major banks as of 11:00
a.m. (London time) two (2) Business Days prior to the first day of such
interest period (it being understood that if at least two (2) such rates appear
on such page, the rate will be the arithmetic mean of such displayed rates);
provided further that in the event fewer than two (2) such rates are displayed,
or if no such rate is relevant, the rate shall be the arithmetic mean of the
rates quoted by major banks in New York City, selected by the Lender, at
approximately 11:00 a.m. (New York City time) on the first day of such interest

 

 

period to
leading European banks for U.S. Dollar deposits for a period closely
approximating such interest period.

 

Borrower shall
pay interest on the principal balance of each advance outstanding hereunder to
Lender in arrears on the Final Payment Date.

 

If any payment
of interest or principal hereunder becomes due and payable on a day other than a
business day, the maturity thereof shall be extended to the next succeeding
business day and, with respect to payments of principal, interest thereon shall
be payable at the then applicable rate during such extension.

 

Both principal
and interest hereunder are payable in lawful money of the United States of
America to the depositary bank of Lender in the United States as designated by
Lender from time to time for deposit in the depositary account of Lender, in
immediately available funds no later than 12:00 p.m. (Chicago time) on the date
such payments are due. Each advance made by Lender to Borrower, and all
payments made on account of principal hereof, shall be recorded by Lender and,
prior to any transfer hereof, endorsed on the grid attached hereto which is a
part of this Revolving Note; provided, however, that the failure
to make a notation of any advance under or payment on this Revolving Note shall
not limit or otherwise affect the obligation of Borrower hereunder.

 

Demand,
presentment, protest and notice of nonpayment and protest, notice of intention
to accelerate maturity, notice of acceleration of maturity, and notice of
dishonor are hereby waived by Borrower.

 

If Borrower
shall fail to make payment of principal or interest when due hereunder, the obligations
evidenced by this Revolving Note shall, at the option of Lender, and without
notice or demand by Lender, be immediately due and payable.

 

In no
contingency or event whatsoever shall interest charged hereunder, however such
interest may be characterized or computed, exceed the highest rate permissible
under any law which a court of competent jurisdiction shall, in a final
determination, deem applicable hereto.

 

Whenever
possible each provision of this Revolving Note shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this
Revolving Note shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining
provisions of this Revolving Note.

 

The
indebtedness evidenced hereby may be prepaid in whole or in part at any time
and from time to time without premium or penalty.

 

The address of
Lender for notices received hereunder shall be: 
10 S. Riverside Plaza, Suite 850, Chicago, Illinois 60606,
facsimile:  312/840-5569, telephone:  312/840-5088, Attention:  Chief Financial Officer.

 

2

 

THIS REVOLVING
NOTE SHALL BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO
DETERMINED, IN ACCORDANCE WITH THE INTERNAL LAWS (INCLUDING 735 ILCS §105/5-1
ET SEQ. BUT OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS) OF THE
STATE OF ILLINOIS.

 

 

	
   

  	
  MERISANT
  COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Anthony
  J. Nocchiero

  	
   

  
	
   

  	
   

  	
  Name:/s/ Anthony
  J. Nocchiero

  
	
   

  	
   

  	
  Title:Vice
  President, Chief Financial Officer

  

 

3

 

ATTACHMENT TO REVOLVING NOTE

 

DATED

 

March 30, 2006

 

ADVANCES AND PAYMENTS OF PRINCIPAL

 

	
  DATE

  	
   

  	
  AMOUNT OF

  ADVANCE

  	
   

  	
  AMOUNT OF

  PRINCIPAL

  PAID

  	
   

  	
  UNPAID

  PRINCIPAL

  BALANCE

  	
   

  	
  NOTATION

  MADE BY

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

4Exhibit
10.8

 

Delaware
North Companies, Inc.

Target
Incentive Plan Document

 

Plan Objective

 

The purpose of the incentive plan
(hereinafter referred to as the “incentive plan”) is to provide an opportunity
through which the company can reward the performance of eligible associates for
achievement of financial and business objectives.

 

Definitions

 

“Incentive” means an award, with adjustments
(if any), paid pursuant to the provisions of the incentive plan.

 

“Financial Plan Target” means the financial
measure that actual financial results will be compared to for purposes of
determining incentive eligibility. The financial plan target is the annual
financial plan developed by the subsidiary, unit or department for the
applicable plan year, approved by the applicable level of management. DNC
corporate finance will review any necessary adjustments to the financial plan
target during the plan year based on new business, loss of business, or other
extraordinary circumstances. Senior management will approve any adjustments to
the financial plan target. If a new unit is acquired during a calendar year and
no approved profit plan has been prepared for that unit, a pro-forma for the
new unit will be used for the remainder of that calendar year, and bonus
compensation will be calculated based on the year-end financial results of the
unit compared to the pro-forma.

 

“Committee” means the compensation committee
consisting of members of the board of directors.

 

“Eligible Associates” are associates working
in the positions that have been approved by the committee as incentive
eligible.

 

“Plan Year” means the 12-month period
beginning January 1st and ending December 31st.

 

“Eligible Compensation” means base salary as
of December 31st of the plan year.

 

“Retirement” means an eligible associate who
terminates employment with a minimum age of 65 and at least five years of
service or 55 with at least 10 years of service and does not accept employment
with another employer.

 

“Incentive Target” is that percentage of an
associate’s eligible compensation, which will be partially or fully paid if
financial and business objectives are achieved at the levels pre-established by
the committee.

 

 

 

	
   

  	
  Page
  1 of 4

  	
  Issued
  June 2004

  

 

 

 

 

Administration of the Incentive
Plan

 

The committee has the sole authority to
interpret and administer the incentive plan in accordance with determinations
adopted by it.

 

Eligibility

 

Eligibility to participate in the incentive
plan is limited to associates employed in positions that have been approved by
the committee as incentive eligible.

 

Eligible associates must be actively employed
on the day the incentive is paid out (on or about March 15th of the year
following the plan year) to receive an incentive payment. Eligible associates
who are hired, promoted, or transferred during the plan year into an incentive
eligible position may be awarded a pro-rata incentive payment earned during the
plan year based upon full months of service in the eligible position during the
plan year. An associate who is on an approved leave of absence will receive
payment upon return to work.

 

Eligible associates must be employed in the
current incentive eligible position for at least sixty (60) days in the plan
year to be eligible for a pro-rata payment.

 

An associate who is eligible for retirement
and retires during the plan year will be eligible to receive a pro-rata
incentive payment earned during that plan year based on the number of full
months he or she was employed during the plan year.

 

Eligible associates who are on an approved leave
of absence during the plan year will be eligible for pro-rata incentive payment
based on full months of service during the plan year unless otherwise
prohibited by law.

 

The pro-rata incentive for full months of
service will be calculated according to the following schedule:

 

	
  Full Months of Service

  	
   

  	
  Hired or
  Promoted

  	
   

  	
  Retirement
  or Leave of Absence

  
	
  January

  	
   

  	
  100%
  of target

  	
   

  	
  8%
  of target

  
	
  February

  	
   

  	
  92%
  of target

  	
   

  	
  17%
  of target

  
	
  March

  	
   

  	
  83%
  of target

  	
   

  	
  25%
  of target

  
	
  April

  	
   

  	
  75%
  of target

  	
   

  	
  33%
  of target

  
	
  May

  	
   

  	
  67%
  of target

  	
   

  	
  42%
  of target

  
	
  June

  	
   

  	
  58%
  of target

  	
   

  	
  50%
  of target

  
	
  July

  	
   

  	
  50%
  of target

  	
   

  	
  58%
  of target

  
	
  August

  	
   

  	
  42%
  of target

  	
   

  	
  67%
  of target

  
	
  September

  	
   

  	
  33%
  of target

  	
   

  	
  75%
  of target

  
	
  October

  	
   

  	
  25%
  of target

  	
   

  	
  83%
  of target

  
	
  November

  	
   

  	
  17%
  of target

  	
   

  	
  92%
  of target

  
	
  December

  	
   

  	
  0%
  of target

  	
   

  	
  100%
  of target

  

 

 

	
   

  	
  Page
  2 of 4

  	
   

  

 

 

 

 

An eligible associate who transfers into a
position with a different incentive target will be eligible for a pro-rata
incentive based on the number of months in each eligible position in accordance
with the schedule above. If a transfer occurs mid-month, the incentive target
for the position that the associate was in the majority of the days in the
month will apply for that month.

 

An eligible associate who transfers into a
position that is not incentive eligible will be eligible for a pro-rata
incentive based on the number of full months of service in the eligible
position during the plan year in accordance with the schedule above.

 

Eligible associates who are on a corrective counseling
plan may not be eligible for an incentive payment based on the nature and
severity of the issue. Associates that have received an indefinite counseling
in the plan year for which the incentive is being paid, or in the period
following the plan year before payment is made, will not be eligible for an
incentive payment.

 

Additionally, evidence of any lack of
compliance with a law, regulation, policy or accounting standard will result in
a reduction or elimination of an associate’s incentive payment based on the
compensation committee’s assessment of the issue, the eligible associate’s
culpability, and potential exposure to DNC. Issue of the above nature not
reported in a voluntary manner will be more heavily weighted.

 

Associate Incentive Potential

 

Incentive targets will be recommended by home
office human resources and approved by the committee.

 

Incentive Measurement

 

Senior management will provide guidance
annually on business strategies from which financial and business objectives
will be developed for each incentive eligible associate. The immediate manager
of each eligible associate will be responsible for ensuring that financial and
business objectives are established based on senior management’s direction and
that performance against those objectives is measured.

 

The weight of financial and business
objectives for purposes of incentive eligibility may change annually based on
business strategies.

 

Calculation of Associate
Incentive Payments

 

Payment for achievement of financial
objectives will be calculated using a pre-determined minimum threshold and
scale of actual performance relative to the financial plan target for the
eligible associate’s financial scope of responsibility. The committee may
approve other financial objectives and metrics for specific positions based on
business objectives. The corporate finance group will review the calculation of
actual performance to financial

 

	
   

  	
  Page
  3 of 4

  	
   

  

 

 

 

plan target for each department, subsidiary,
business unit or group prior to senior management’s approval of payment for
financial objective achievement.

 

The eligible associate’s immediate manager
will evaluate payment for business objectives using the pre-determined metrics
approved by senior management.

 

Based upon the assessment of actual
performance relative to the financial and business objectives, a recommended incentive
payment will be calculated, approved by the next two levels of management, and
submitted to the committee for final approval. The committee has the sole discretion
to approve or adjust the amount. Decisions made by the committee are final and
binding.

 

Method of Incentive Payment

 

The incentive payment will be calculated
based upon a percentage of eligible compensation and will be paid in a lump sum
after the completion of the annual audit, on or about March 15th of the year
following the plan year.

 

All incentive payments will be subject to
applicable tax and withholdings.

 

Effect of Benefit Plans

 

Approved incentive amounts will not be
included in the computation of health & welfare or 401(k) benefits unless
otherwise stated in a benefit plan document or as required by statute.

 

Determinations of the Committee

 

The committee will, subject to the provisions
of the incentive plan, establish processes and make determinations and will take
such other action in connection with or in relation to accomplishing the
objectives of the incentive plan, as it deems necessary or advisable.

 

Amendment and Termination

 

The committee reserves the rights to suspend,
amend or terminate the incentive plan at any time without prior consent or
notification to participants.

 

	
   

  	
  Page
  4 of 4

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