Definition of 'Mercenary' Men at Arms

[Saxonian]

I recently found a pile of old lead in a cupboard (well, that's what I told wife anyway! )that will just about make up a Free Company army from Storm of Arrows.
I saw in the v.2 rulebook that average drilled MaA's listed as 'Mercenary' can be upgraded to superior undrilled.
By definition, everything in the Free Company list is a mercenary, yet none of them are actually listed as such.
Does this rule apply? Specifically to the "Well-equipped Men-at-Arms and Companions" in the optional troops section.

Cheers.

[Saxonian]

Ok, just looked at the list again, and realised that the question is moot - there is a max of 12 bases, which can be any of three different troop types.
So actually no need to use the upgrade option.

[berthier]

This actually only applies to the mounted Mercenary men-at-arms (i.e., knights) and not dismounted men-at-arms.