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                                                                   EXHIBIT 10.13

                              AMENDED AND RESTATED
                         CORPORATE GOVERNANCE AGREEMENT

          THIS AMENDED AND RESTATED CORPORATE GOVERNANCE AGREEMENT is made as of
September 5, 2002, among MDCP Acquisitions plc, a public limited company
incorporated under the laws of Ireland (the "COMPANY"), each of the MDCP
Co-Investors, Dr. Michael W.J. Smurfit ("MWJS"), Gary McGann ("GMCG"), Anthony
Smurfit ("APJS"), Ian Curley ("IJC"), and each of the Persons listed on the
SCHEDULE OF OTHER INVESTORS attached hereto (each, an "OTHER INVESTOR" and
collectively, the "OTHER INVESTORS"). MWJS, GMcG, APJS and IJC are collectively
referred to herein as the "MANAGEMENT INVESTORS" and individually as a
"MANAGEMENT INVESTOR". The Other Investors and the Management Investors are
collectively referred to herein as "MINORITY INVESTORS" and in the singular as a
"MINORITY INVESTOR." The MDCP Co-Investors and the Minority Investors are
collectively referred to herein as the "INVESTORS" and in the singular as an
"INVESTOR". Except as otherwise indicated herein, capitalized terms used herein
are defined in Section 3 hereof.

          WHEREAS, MDCP Acquisitions I is making the Take-Over Offer; and

          WHEREAS, the Investors propose to enter into this Agreement in order
to establish certain governance provisions relating to the Company and its
Subsidiaries; and

          WHEREAS, this Agreement amends and restates in its entirety that
certain Corporate Governance Agreement, dated as of July 4, 2002, by and among
the Company and certain of the Investors (the "EXISTING AGREEMENT").

          NOW, THEREFORE, the parties hereto agree as follows:

     Section 1. VOTING. From and after the date that the Take-Over Offer has
become or been declared unconditional in all respects (the "EFFECTIVE DATE") and
until the provisions of this Section 1 cease to be effective, each Investor
shall vote all of his Ordinary Shares and any other voting securities of the
Company over which such Investor has voting control and shall take all other
reasonably necessary or desirable actions within his control in his capacity as
a stockholder of the Company only (including, without limitation, attendance at
meetings in person or by proxy for purposes of obtaining a quorum and execution
of written consents in lieu of meetings), and the Company shall take all
reasonably necessary or desirable actions within its control (including, without
limitation, calling special board and stockholder meetings), so that:

     1A. AUTHORIZED NUMBER. The authorized number of directors on the Company's
Board of Directors (the "BOARD") shall initially be established at nine (9)
directors;

     1B. BOARD COMPOSITION. The following individuals shall be elected to the
Board:

          (i) four representatives designated by MDCP IV Global Investments LP
(the "MDCP IV GLOBAL DIRECTORS");

          (ii) MWJS;

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          (iii) GMcG;

          (iv) APJS;

          (v) IJC; and

          (vi) one representative designated by MDCP III Global Investments LP
(the "MDCP III GLOBAL DIRECTOR").

     1C. SUBSIDIARY BOARDS. At the election of the MDCP Co-Investor Majority
exercised at any time, the composition of the board of directors of all or any
of the of the Company's Subsidiaries (a "SUBSIDIARY BOARD") shall be the same
as, or as close to proportionately equivalent as possible to, that of the Board;
PROVIDED that, without limiting the generality of the foregoing, but subject to
any limitations under applicable law, at the request of any Management Investor,
such Management Investor shall be appointed to the board of directors of JSG or
any principal operating company of the Company.

     1D. COMMITTEES. Any committees of the Board or a Subsidiary Board shall be
created only upon the approval of a majority of the members of the Board;
provided that any committee that is responsible for administration of the
Management Equity Plan shall ensure not make any determinations with respect
thereto prior to consulting with GMcG, and if GMcG no longer serves on the
Board, the Company's chief executive officer.

     1E. REMOVAL.

          (i) Until the rights of MDCP IV Global Investments LP to elect a
director pursuant to this Section 1 are terminated or unless a representative
becomes ineligible to serve as a director as a matter of law, the removal from
the Board or a Subsidiary Board (with or without cause) of any MDCP IV Global
Director shall be at the written request of MDCP IV Global Investments LP, but
only upon such written request and under no other circumstances. Until the
rights of MDCP IV Global Investments LP to elect a director pursuant to this
Section 1 are terminated or unless a representative becomes ineligible to serve
as a director as a matter of law, in the event that any MDCP IV Global Director
ceases to serve as a member of the Board, a Subsidiary Board or any committee
during his term of office, the resulting vacancy on the Board, the Subsidiary
Board or such committee shall be filled by a representative designated by MDCP
IV Global Investments LP as provided hereunder.

          (ii) MWJS shall resign, or be removed as a member of the Board, any
Subsidiary Board and any committees by a vote of a majority of Ordinary Shares
then held by the Investors, as of any date after November 1, 2002 that he no
longer is employed as the chairman of the Company and its subsidiaries or JSG
and its subsidiaries (with it being understood that in the event that MWJS does
not resign, each Investor shall take any and all actions necessary to effectuate
such removal);

          (iii) GMcG shall resign, or be removed as a member of the Board, any
Subsidiary Board and any committees by a vote of a majority of Ordinary Shares
then held by the Investors, as of any date after November 1, 2002 that he no
longer is employed as the chief executive officer of the Company and its
subsidiaries or JSG and its subsidiaries (with it being

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understood that in the event that GMcG does not resign, each Investor shall take
any and all actions necessary to effectuate such removal);

          (iv) APJS shall resign, or be removed as a member of the Board, any
Subsidiary Board and any committees by a vote of a majority of Ordinary Shares
then held by the Investors, as of any date after November 1, 2002 that he no
longer is employed as the chief operations officer of the Company and its
subsidiaries or chief operations officer of JSG and its subsidiaries (with it
being understood that in the event that APJS does not resign, each Investor
shall take any and all actions necessary to effectuate such removal); and

          (v) IJC shall resign, or be removed as a member of the Board, any
Subsidiary Board and any committees by a vote of a majority of Ordinary Shares
then held by the Investors, as of any date after November 1, 2002 that he no
longer is employed as the chief financial officer of the Company and its
subsidiaries or chief financial officer of JSG and its subsidiaries (with it
being understood that in the event that IJC does not resign, each Investor shall
take any and all actions necessary to effectuate such removal).

          (vi) Until the rights of MDCP III Global Investments LP to elect a
director pursuant to this Section 1 are terminated or unless a representative
becomes ineligible to serve as a director as a matter of law, the removal from
the Board or a Subsidiary Board (with or without cause) of the MDCP III Global
Director shall be at the written request of MDCP III Global Investments LP, but
only upon such written request and under no other circumstances. Until the
rights of MDCP III Global Investments LP to elect a director pursuant to this
Section 1 are terminated or unless a representative becomes ineligible to serve
as a director as a matter of law, in the event that the MDCP III Global Director
ceases to serve as a member of the Board, a Subsidiary Board or any committee
during his term of office, the resulting vacancy on the Board, the Subsidiary
Board or such committee shall be filled by a representative designated by MDCP
III Global Investments LP as provided hereunder.

     1F. BOARD MEETINGS; EXPENSES. The Company shall hold not less than four
meetings per year of the Board and any Subsidiary Board in which the Management
Investors have exercised rights pursuant to paragraph 1C hereof. Unless
otherwise determined by the Board, three such board meetings per annum shall
take place in Dublin, Ireland and one such board meeting per annum shall take
place in Chicago, Illinois; PROVIDED that the Company shall use reasonable
efforts to coordinate the date of any Company board meeting to occur in Chicago
around the date that there is a board meeting for Smurfit-Stone Container
Corporation in order to maximize cost savings. The Company shall pay the
reasonable out-of-pocket expenses incurred by each director in connection with
attending the meetings of the Board, any Subsidiary Board and any committee
thereof. To the extent practicable, the Company shall distribute any agendas,
reports or other materials to be reviewed or covered at any meeting of the Board
prior to the meeting of the Board.

     1G. REPLACEMENT OF MWJS, GMCG, APJS AND IJC. Subject to the rights of any
such Person to appoint a Purchased Equity Director pursuant to paragraph 1I, in
the event that any of MWJS, GMcG, APJS or IJC is removed or resigns from the
Board, any Subsidiary Board or any committee thereof, MDCP IV Global Investments
LP shall be entitled to appoint any replacement director. Unless otherwise
agreed to in writing by MDCP IV Global Investments LP, any such director
appointed by MDCP IV Global Investments

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LP pursuant to this paragraph 1G shall be deemed an additional MDCP IV Global
Director for purposes of this Agreement.

          1H. INCREASE IN SIZE OF THE BOARD. At the election of MDCP IV Global
Investments LP, the authorized number of directors on the Board may be increased
to no more than thirteen directors. In the event that the size of the Board is
increased in accordance with this paragraph 1H, MDCP IV Global Investments LP
shall be entitled to appoint any individuals to serve as directors as a result
of the increase in the size of the Board. Unless otherwise agreed to in writing
by MDCP IV Global Investments LP, any such director appointed by MDCP IV Global
Investments LP pursuant to this paragraph 1H shall be deemed an additional MDCP
IV Global Director for purposes of this Agreement.

          1I. PURCHASED EQUITY DIRECTOR. Each Purchased Equity Holder who,
together with his Affiliates and/or Family Group, owns (i) prior to a Listing,
Ordinary Shares, as of any date of determination, with an aggregate investment
cost (i.e., subscription price or purchase price paid for Ordinary Shares plus
any other amounts contributed to or invested in the Company not specifically for
the acquisition of Ordinary Shares or loans made to the Company) of not less
than E50,000,000 or (ii) on and after a Listing, (x) a number of Ordinary
Shares, which when multiplied by the per share listing price on the securities
market on which the Ordinary Shares are listed, has an aggregate value equal to
not less than E50,000,000 or (y) Ordinary Shares with an aggregate investment
cost (i.e., subscription price or purchase price paid for Ordinary Shares plus
any other amounts contributed to or invested in the Company not specifically for
the acquisition of Ordinary Shares or loans made to the Company) of not less
than 50% of the aggregate investment cost (i.e., subscription price or purchase
price paid for Ordinary Shares plus any other amounts contributed to or invested
in the Company not specifically for the acquisition of Ordinary Shares or loans
made to the Company) of the Ordinary Shares held by such Purchased Equity Holder
and his or its Affiliates and Family Group as of the Settlement Date, then such
Purchased Equity Holder or (if such holder is an individual), upon such holder's
death, a descendant of such Purchased Equity Holder (any such Person, an
"ELIGIBLE PURCHASED EQUITY HOLDER") shall have the right to appoint one member
of the Board (a "PURCHASED EQUITY DIRECTOR"). The condition specified in clauses
(i) and (ii) of this paragraph 1I are referred to herein as the "MINIMUM
INVESTMENT CONDITION." Until such date as the applicable Minimum Investment
Condition has no longer been satisfied or unless a Purchased Equity Director
becomes ineligible to serve as a director as a matter of law, the removal from
the Board, a Subsidiary Board or any committee (with or without cause) of any
Purchased Equity Director shall be at the written request of the appointing
Eligible Purchased Equity Holder, but only upon such written request and under
no other circumstances; PROVIDED that in the event that a Purchased Equity
Director (without the consent of the Board) becomes an employee of, serves as a
director of, or otherwise provides services for, any Person (other than
Smurfit-Stone Container Corp. and its Subsidiaries) that competes with a
material business of the Group Companies, such Purchased Equity Director shall
be removed upon the written request of MDCP IV Global Investments LP. Until the
rights of any Eligible Purchased Equity Holder to elect a director pursuant to
this paragraph 1I are terminated or unless a Purchased Equity Director becomes
ineligible to serve as a director as a matter of law, in the event that any
Purchased Equity Director ceases to serve as a member of the Board, a Subsidiary
Board or any committee during his term of office, the resulting vacancy on the
Board, the Subsidiary Board or such committee shall be filled by a
representative designated by the Eligible Purchased Equity Holder originally

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appointing such Purchased Equity Director as provided hereunder. As of and after
the date that any Eligible Purchased Equity Holder ceases to satisfy the
applicable Minimum Investment Condition or the Purchased Equity Director has
become ineligible to serve as a director as a matter of law, at the election of
MDCP IV Global Investments LP, the Purchased Equity Director shall resign or be
removed from the Board, and the Investors shall take all actions to remove such
Purchased Equity Director. In the event that the Purchased Equity Director
resigns or is removed as a result of an Eligible Purchased Equity Holder's
failure to satisfy the Minimum Investment Condition, MDCP IV Global Investments
LP shall be entitled to appoint any individuals to serve as directors as a
result of the resignation or removal of the Purchased Equity Director. Unless
otherwise agreed to in writing by MDCP IV Global Investments LP, any such
director appointed by MDCP IV Global Investments LP pursuant to this paragraph
1I shall be deemed an additional MDCP IV Global Director for purposes of this
Agreement. Notwithstanding anything else to the contrary in this paragraph 1I,
(A) in no event shall any Purchased Equity Holder have any rights pursuant to
clause (ii) of this paragraph 1I unless such Purchased Equity Holder at some
point prior to a Listing satisfied the condition specified in clause (i) hereof,
(B) Purchased Equity Holders, in the aggregate and subject to the conditions set
forth in this paragraph 1I, shall not be able to appoint more than one Purchased
Equity Director to serve on the Board at any one time, and (C) in no event shall
any Purchased Equity Holder have any right to appoint a Purchased Equity
Director at a time when such Person is a member of the Board, has nominated a
member of the Board, and has the right by contract (other than this paragraph
1I), operation of law or sufficient voting power through ownership of Ordinary
Shares to elect, appoint or nominate a member of the Board.

     1J. PROCESS. Any appointment or removal of a director shall be effected by
delivery to the Company's registered office of written notice signed by the
Investor or Investors making such appointment or removal and shall take effect
upon such delivery or, if later, any effective date stated in the notice.

     Section 2. CERTAIN GOVERNANCE RIGHTS.

     2A. AFFILIATE TRANSACTIONS. The Company shall not, without the prior
consent of its Board (including, as long as any such Person serves on the Board,
at least one Management Investor or if no Management Investor serves on the
Board, the Purchased Equity Director as long as such individual serves on the
Board), from and after the Effective Date, enter into, or permit any Subsidiary
to enter into, any transaction with any Person or group of related Persons that
are not Independent Third Parties (each, an "AFFILIATED PERSON") or with any
Person in which any such Affiliated Person owns more than a 25% beneficial
interest; PROVIDED that the consent of any Management Investor or the Purchased
Equity Director shall not be required with respect to contracts in the ordinary
course of business of the Company or its Subsidiaries or contracts that are
negotiated on an arm's-length basis and are on terms which are commercially
reasonable.

     2B. ACCOUNTING POLICIES. The Company shall not for purposes of calculating
or determining whether any management incentive target had been achieved or
satisfied, change any accounting policy of the Company in a manner that would
adversely affect the calculation of any management incentive target or
performance; PROVIDED that the Company may change such accounting policy if,
under the supervision of the Board, management incentive targets or bonuses are
calculated or using the former accounting policy.

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     2C. AFFIRMATIVE COVENANTS. From and after the Effective Date, the Company
covenants to the Management Investors that it shall:

          (i) permit any representatives designated by the Management Investors,
upon reasonable notice and during normal business hours and such other times as
the Management Investors may reasonably request, to (a) visit and inspect any of
the properties of the Company and its Subsidiaries, (b) examine the corporate
and financial records of the Company and its Subsidiaries and (c) discuss the
affairs, finances and accounts of any such Persons with the directors, officers,
key employees and independent accountants of the Company and its Subsidiaries;
PROVIDED that the Company shall have the right to have a member of the Board or
a representative of the Board present in connection with the exercise of rights
by the Management Investors pursuant to this paragraph 2C(i); PROVIDED further
that all of the information disclosed to the Management Investors or their
representatives pursuant to this paragraph 2C(i) shall be treated as
confidential and shall not be disclosed to any third Person (and the Management
Investors and their representatives shall, at the request of the Company,
execute customary confidentiality agreements in respect thereof, prior to
gaining access to any such information);

          (ii) have issued the entire equity interests available for issuance
under the Company's Management Equity Plan to members of the management of JSG
or other persons recommended by the Company's chief executive officer;

          (iii) allocate all equity interests under the Company's Management
Equity Plan not later than 120 days after the Effective Date and only after
receiving the recommendation of the Company's chief executive officer as to how
such equity interests should be allocated (with it being understood that the
Company shall not unreasonably withhold its approval or unnecessarily delay its
decision with respect to such recommendations); and

          (iv) reallocate equity interests purchased from departing members of
management in the manner determined by the Company's chief executive officer in
consultation with the Company's Compensation Committee as to how such equity
interests should be reallocated (which consultation may occur after the
reallocation has occurred); PROVIDED that notwithstanding this clause (iv), no
equity interests may be reallocated to any Management Investor or its successors
or assigns without the consent of the Company's Compensation Committee.

     Section 3. DEFINITIONS.

     "AFFILIATE" means, with respect to any Person, any Person controlling,
controlled by or under common control with, such Person.

     "FAMILY GROUP" means, with respect to any Person, such Person's spouse,
siblings, descendants and siblings' descendants (and any trust solely for the
benefit of such Person, his spouse, siblings, descendants and siblings'
descendants).

     "5% OWNER" means any Person that owns 5% or more of the Company's Ordinary
Shares on a fully-diluted basis.

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     "INDEPENDENT THIRD PARTY" means any Person who, immediately prior to the
contemplated transaction, is not a 5% Owner, is not controlling, controlled by
or under common control with any 5% Owner and is not the spouse or descendent
(by birth or adoption) of any 5% Owner.

     "JSG" means Jefferson Smurfit Group plc, an Irish public limited company.

     "LISTING" means the admission of all or any part of the Ordinary Shares to
the Official List of The Irish Stock Exchange Limited or the Official List of
the UK Listing Authority, and to trading on the market for listed securities of
the London Stock Exchange or to trading on the Alternative Investment Market or
the taking effect of any granting of permission to deal in the same on any
recognized investment exchange (as that term is used in the Financial Services
Act 1986) or the registration of all or any of the Ordinary Shares (or
equivalent securities of any Subsidiary or American Depository Receipts with
respect to any of the forgoing) on Form F-1, F-2 or F-3 (or any similar
long-form or short-form registrations) pursuant to the United States Securities
Act of 1933 (as amended) or any similar US federal law, or any similar listing
or registration by the Company of the Ordinary Shares on the public stock
exchange or securities market in any other jurisdiction.

     "MDCP CO-INVESTOR MAJORITY" means the holders of a majority of the Ordinary
Shares held by all MDCP Co-Investors.

     "MDCP CO-INVESTORS" means, collectively, MDCP IV Global Investments LP,
MDCP III Global Investments LP, MDSE III Global Investments LP and any Affiliate
of the foregoing that owns or holds Ordinary Shares as of the date of
determination and "MDCP Co-Investor" means any of the MDCP Co-Investors.

     "ORDINARY SHARES" means the Company's Ordinary Shares, having the rights
set forth in the Company's Articles of Association.

     "PERSON" means an individual, a partnership, a limited liability company an
unlimited liability company, a company limited by guarantee, a corporation, an
association, a joint stock company, a trust, a joint venture, an unincorporated
organization and a governmental entity or any department, agency or political
subdivision thereof.

     "PURCHASED EQUITY HOLDER" means any Person party to the Existing Agreement
that has acquired Ordinary Shares on or before the Settlement Date.

     "SALE OF THE COMPANY" means the sale of the Company to an Independent Third
Party or affiliated group of Independent Third Parties pursuant to which such
party or parties acquire (i) capital stock of the Company possessing the voting
power to elect a majority of the Company's board of directors (whether by
merger, consolidation or sale or transfer of the Company's capital stock) or
(ii) all or substantially all of the Company's assets determined on a
consolidated basis.

     "SETTLEMENT DATE" means the date for settlement of consideration after the
date that the Take-Over Offer has become or been declared unconditional in all
respects

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     "SUBSIDIARY" means, with respect to any Person, any corporation, limited
liability company, partnership, association or other business entity of which
(i) if a corporation, a majority of the total voting power of stock entitled
(without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries
of that Person or a combination thereof, or (ii) if a limited liability company,
partnership, association or other business entity, a majority of the partnership
or other similar ownership interest thereof is at the time owned or controlled,
directly or indirectly, by any Person or one or more Subsidiaries of that person
or a combination thereof. For purposes hereof, a Person or Persons shall be
deemed to have a majority ownership interest in a limited liability company,
partnership, association or other business entity if such Person or Persons
shall be allocated a majority of limited liability company, partnership,
association or other business entity gains or losses or shall be or control the
managing general partner of such limited liability company, partnership,
association or other business entity. Reference to any "Subsidiary" of the
Company shall be given effect only at such times as the Company has one or more
Subsidiaries.

     "TAKE-OVER OFFER" means an offer for the entire issued and to be issued
share capital of JSG made by the Company or one of its Subsidiaries.

     Section 4. MISCELLANEOUS.

     4A. REMEDIES. Each of the parties to this Agreement shall be entitled to
enforce its rights under this Agreement specifically, to recover damages and
costs (including reasonable attorneys fees) caused by any breach of any
provision of this Agreement and to exercise all other rights existing in its
favor. The parties hereto agree and acknowledge that money damages would not be
an adequate remedy for any breach of the provisions of this Agreement and that
any party may in its sole discretion apply to an court of law or equity of
competent jurisdiction (without posting any bond or deposit) for specific
performance and/or other injunctive relief in order to enforce or prevent any
violations of the provisions of this Agreement.

     4B. CONSENT TO AMENDMENTS. Except as otherwise expressly provided herein,
the provisions of this Agreement may be amended and the Company may take any
action herein prohibited, or omit to perform any act herein required to be
performed by it, only if the Company has obtained the written consent of the
holders of a majority of the Ordinary Shares then held by Investors and their
permitted transferees; provided that if any such amendment, modification or
waiver would negatively affect (i) any Investor in an adversely discriminatory
manner relative to the other Investors voting in favor of such amendment,
modification, or waiver, such amendment, modification or waiver shall be
effective against any Investor adversely affected only with the written consent
of such Investor, (ii) the Management Investors in an adversely discriminatory
manner relative to the other Investors, such amendment, modification or waiver
shall be effective against any Management Investor adversely affected only with
the written consent of such Management Investor or with the written consent of a
majority of the Management Investors or (iii) the Minority Investors in an
adversely discriminatory manner relative to the MDCP Co-Investors, such
amendment, modification or waiver shall be effective against any Minority
Investor adversely affected only with the written consent of such Minority
Investor or with the written consent of the holders of a majority of the
Ordinary Shares held by Minority Investors. In addition, any amendment,
modification or waiver of the provisions of

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Section 2 which affects the Management Group (as defined in paragraph 4J) in an
adversely discriminatory manner relative to the Investors voting in favor of
such amendment, modification, or waiver shall be effective against the
Management Group only if such amendment, modification or waiver has been
approved by the holders of a majority of the Ordinary Shares held by the
Management Group. No other course of dealing between the Company and the holder
of any Ordinary Shares or any delay in exercising any rights hereunder or under
the Articles of Association shall operate as a waiver of any rights of any such
holders.

     4C. SUCCESSORS AND ASSIGNS. Except as otherwise expressly provided herein,
all covenants and agreements contained in this Agreement by or on behalf of any
of the parties hereto shall bind and inure to the benefit of the respective
successors and assigns of the parties hereto whether so expressed or not. The
rights and obligations of any MDCP Co-Investor under this Agreement and the
agreements contemplated hereby may be assigned by such MDCP Co-Investor at any
time, in whole or in part, to any investment fund controlling, controlled by or
under common control with such MDCP Co-Investor, or any successor thereto or to
any co-investment vehicle for the benefit of all or some of the employees of
Madison Dearborn Partners, LLC or any successor thereto. Furthermore, without
the consent of any other party hereto, but subject to the limitation on the
number of directors set forth in paragraph 1H, each of MDCP IV Global
Investments LP and MDCP III Global Investments LP shall be entitled to assign
all or any portion of its rights to appoint directors pursuant to paragraph 1B,
paragraph 1G or paragraph 1H to any other Person to whom it is transferring or
has transferred equity securities of the Company. In the event that the MDCP
Co-Investor Majority determines that any amendment to this Agreement is
necessary or desirable to effectuate the assignment and the granting of rights
to a Person in accordance with the immediately foregoing sentence, each Investor
party hereto shall execute and deliver to the Company a counterpart of any
amendment that is consistent with the rights that may be assigned by MDCP IV
Global Investments LP or MDCP III Global Investments LP pursuant to the
immediately foregoing sentence; PROVIDED that in the event that any Investor
fails to deliver his or its counterpart to such amendment, such amendment shall
nonetheless be effective against such Investor notwithstanding any provision of
paragraph 4B that would suggest that the separate consent of such Investor was
necessary to effectuate such amendment. In the event that at any time after
November 1, 2002, (i) MWJS ceases to be the chairman of the Company or JSG, (ii)
GMcG ceases to be the chief executive officer of the Company or JSG, (iii) APJS
ceases to be the chief operating officer of the Company or JSG, or (iv) IJC
ceases to be the chief financial officer of the Company or JSG, the rights of
such person under Section 2 shall automatically, and without further action on
the part of any Person hereto, be assigned to such Person's successor with the
Company, who shall succeed to all of such Person's rights under Section 2
hereof. Prior to transferring any Ordinary Shares to any co-investor, each of
the MDCP Co-Investors shall, as a condition to such transfer, require such
co-investor to execute an agreement for the benefit of the Management Investors
pursuant to which such co-investor will vote its Ordinary Shares in favor of the
appointment of the Management Investors (and to the extent rights have arisen
pursuant to paragraph 1I, the Purchased Equity Director) to the Board to the
extent required by Section 1 of this Agreement. Notwithstanding anything else to
the contrary set forth herein, in no event shall MDCP IV Global Investments LP
be entitled to assign all or any portion of its rights pursuant to paragraph 1I
without the consent of the Company and each of the Management Investors.

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     4D. SEVERABILITY. Whenever possible, each provision of this Agreement shall
be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be prohibited by or invalid
under applicable law, such provision shall be ineffective only to the extent of
such prohibition or invalidity, without invalidating the remainder of this
Agreement.

     4E. COUNTERPARTS. This Agreement may be executed simultaneously in two or
more counterparts, any one of which need not contain the signatures of more than
one party, but all such counterparts taken together shall constitute one and the
same Agreement.

     4F. DESCRIPTIVE HEADINGS; INTERPRETATION. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a Section of
this Agreement. The use of the word "including" in this Agreement shall be by
way of example rather than by limitation.

     4G. GOVERNING LAW; FORUM. The Agreement and the exhibits and schedules
hereto shall be governed by and construed in accordance with the laws of
Ireland. Any suit or action brought against any Management Investor hereunder
should be brought exclusively in the courts of Ireland (it being understood
that, except as set forth in this sentence, nothing contained in this paragraph
4G shall limit any party's rights to bring any suit against any party (other
than the Management Investors) or with respect to the subject matter hereof in
any other jurisdiction).

     4H. NOTICES. All notices, demands or other communications to be given or
delivered under or by reason of the provisions of this Agreement shall be in
writing and shall be deemed to have been given when delivered personally to the
recipient, one day after being sent to the recipient by reputable express
courier service by overnight mail (charges prepaid) or by facsimile. Such
notices, demands and other communications shall be sent to the Investors and to
the Company at the address indicated below:

          IF TO THE COMPANY:

               MDCP ACQUISITIONS PLC
               c/o Arthur Cox
               Earlsfort Centre
               Earlsfort Terrace
               Dublin 2
               Ireland
               Attention:  James O'Dwyer
               Facsimile:  +353-1-618-0618

          WITH COPIES TO:

               To the MDCP Co-Investors (at the address set forth below)

               AND TO:

<Page>

               Kirkland & Ellis
               200 East Randolph Drive
               Chicago, IL  60601
               USA
               Attention:  William S. Kirsch, P.C.
               Facsimile:  (312) 861-2200

          IF TO THE MDCP CO-INVESTORS:

               c/o Madison Dearborn Partners, LLC
               Three First National Plaza
               Suite 3800
               Chicago, Illinois 60602
               USA
               Attention:  Samuel M. Mencoff
               Facsimile:  (312) 895-1001

          WITH COPIES TO:

               Kirkland & Ellis
               200 East Randolph Drive
               Chicago, IL  60601
               USA
               Attention:  William S. Kirsch, P.C.
               Facsimile:  (312) 861-2200

          IF TO ANY MANAGEMENT INVESTOR:

               c/o William Fry Solicitors
               Fitzwilton House
               Wilton Place
               Dublin 2
               Ireland
               Attention:  Owen O'Connell
               Facsimile:  +353-1-639-5333

          IF TO ANY OTHER INVESTOR:

               To such Other Investor at the address set forth on the SCHEDULE
               OF OTHER INVESTORS attached hereto

or to such other address or to the attention of such other person as the
recipient party has specified by prior written notice to the sending party.

     4I. EFFECTIVENESS. This Agreement shall become effective and binding upon
each party upon execution of this Agreement by each of the Company and such
party.

<Page>

     4J. RIGHTS OF MANAGEMENT GROUP. The Management Investors have entered into
this Agreement on their own behalf and, for the purposes of Section 2 of this
Agreement, on behalf of the participants in the Company's 2002 Management Equity
Plan (the "MANAGEMENT GROUP") but the Management Investors shall be entitled in
their absolute discretion to exercise (or omit to do so) all powers, authorities
and rights granted in Section 2 of this Agreement without recourse to or
consultation with the Management Group. No member of the Management Group shall
have any claim or right against the Management Investors on account of the
manner in which he has exercised or failed to exercise any of the said powers,
rights and authorities and each member of the Management Group waives any and
all rights which he may hereafter have or acquire as a result of the exercise or
manner of exercise or failure to exercise any of the said powers, rights and
authorities whether or not in so doing the Management Investors have acted
recklessly or negligently. In no event shall any member of the Management Group
(other than the Management Investors) have any right themselves to bring an
action or suit against the Company, any MDCP Co-Investor or any other Person for
breach of this Agreement.

     4K. TERMINATION. Other than paragraph 1I (which shall terminate upon the
earlier of the date that the Minimum Investment Condition is no longer satisfied
and a Sale of the Company), the provisions of this Agreement shall terminate
automatically upon the earlier of (i) a Listing and (ii) a Sale of the Company.

                                     * * * *

<Page>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date first written above.

                                         MDCP ACQUISITIONS PLC

                                         By:        /s/ SAMUEL M. MENCOFF
                                                  ------------------------------
                                         Its:
                                                  ------------------------------

                                         MDCP IV GLOBAL INVESTMENTS LP

                                         By:   MDP IV Global GP, LP
                                         Its:  General Partner

                                         By:   MDP Global Investors Limited
                                         Its:  General Partner

                                         By:        /s/ SAMUEL M. MENCOFF
                                                  ------------------------------
                                         Its:
                                                  ------------------------------

                                         MDCP III GLOBAL INVESTMENTS LP

                                         By:   MDP III Global GP, LP
                                         Its:  General Partner

                                         By:   MDP Global Investors Limited
                                         Its:  General Partner

                                         By:        /s/ SAMUEL M. MENCOFF
                                                  ------------------------------
                                         Its:
                                                  ------------------------------

                                         MDSE III GLOBAL INVESTMENTS LP

                                         By:   MDP III Global GP, LP
                                         Its:  General Partner

                                         By:   MDP Global Investors Limited
                                         Its:  General Partner

                                         By:        /s/ SAMUEL M. MENCOFF
                                                  ------------------------------
                                         Its:
                                                  ------------------------------

<Page>

                                         /s/ DR. MICHAEL W.J. SMURFIT
                                         ---------------------------------------
                                         Dr. Michael W.J. Smurfit

                                         /s/ GARY McGANN
                                         ---------------------------------------
                                         Gary McGann

                                         /s/ ANTHONY P.J. SMURFIT
                                         ---------------------------------------
                                         Anthony P.J. Smurfit

                                         /s/ IAN J. CURLEY
                                         ---------------------------------------
                                         Ian J. Curley

               [SIGNATURE PAGE TO CORPORATE GOVERNANCE AGREEMENT]

<Page>

                                         DBCP EUROPE GP (JERSEY) LIMITED

                                         By: /s/ DIARMUID CUMMINS
                                            ------------------------------------
                                            Name:  Diarmuid Cummins
                                            Title: Attorney in fact

               SIGNATURE PAGE TO CORPORATE GOVERNANCE AGREEMENT

<Page>

                                     J.P. MORGAN PARTNERS GLOBAL INVESTORS, L.P.

                                     By:  JPMP GLOBAL INVESTORS, L.P.,
                                          its general partner

                                     By:  JPMP CAPITAL CORP.,
                                          its general partner

                                     By:  /s/ [ILLEGIBLE]
                                          ------------------------------------
                                          Name:
                                          Title:

                                     J.P. MORGAN PARTNERS GLOBAL INVESTORS
                                     (CAYMAN), L.P.

                                     By:  JPMP GLOBAL INVESTORS, L.P.,
                                          a general partner

                                     By:  JPMP CAPITAL CORP.,
                                          its general partner

                                     By:  /s/ [ILLEGIBLE]
                                          ------------------------------------
                                          Name:
                                          Title:

                                     J.P. MORGAN PARTNERS GLOBAL
                                     INVESTORS A, L.P.

                                     By:  JPMP GLOBAL INVESTORS, L.P.,
                                          its general partner

                                     By:  JPMP CAPITAL CORP.,
                                          its general partner

                                     By:  /s/ [ILLEGIBLE]
                                          ------------------------------------
                                          Name:
                                          Title:

               SIGNATURE PAGE TO CORPORATE GOVERNANCE AGREEMENT

<Page>

                                     J.P. MORGAN PARTNERS GLOBAL INVESTORS
                                     (CAYMAN)II, L.P.

                                     By:  JPMP GLOBAL INVESTORS, L.P.,
                                          a general partner

                                     By:  JPMP CAPITAL CORP.,
                                          its general partner

                                     By:  /s/ [ILLEGIBLE]
                                          ------------------------------------
                                          Name:
                                          Title:

                                     J.P. MORGAN PARTNERS (BHCA), L.P.

                                     By:  JPMP MASTER FUND MANAGER, L.P.,
                                          its general partner

                                     By:  JPMP CAPITAL CORP.,
                                          its general partner

                                     By:  /s/ [ILLEGIBLE]
                                          ------------------------------------
                                          Name:
                                          Title:

               SIGNATURE PAGE TO CORPORATE GOVERNANCE AGREEMENT

<Page>

                                       ARTHUR STREET PORTFOLIO, L.P.

                                       By:  MLIM DivPEP I, LLC,
                                            its general partner

                                       By:  MLIM Private Equity, L.P.,
                                            its managing member

                                       By:  Portfolio Administration &
                                            Management Ltd.,
                                            its general partner

                                       By:  /s/ FRANK M. MACLOCE
                                            ----------------------------------
                                            Name:  Frank M. Macloce
                                            Title: Vice President

                                       ARTHUR STREET FUND, L.P.

                                       By:  MLIM DivPEP I, LLC,
                                            its general partner

                                       By:  MLIM Private Equity, L.P.,
                                            its managing member

                                       By:  Portfolio Administration &
                                            Management Ltd.,
                                            its general partner

                                       By:  /s/ FRANK M. MACLOCE
                                            ----------------------------------
                                            Name:  Frank M. Macloce
                                            Title: Vice President

                                       VESEY STREET PORTFOLIO, L.P.

                                       By:  MLIM DivPEP I, LLC,
                                            its general partner

                                       By:  MLIM Private Equity, L.P.,
                                            its managing member

                                       By:  Portfolio Administration &
                                            Management Ltd.,
                                            its general partner

                                       By:  /s/ FRANK M. MACLOCE
                                            ----------------------------------
                                            Name:  Frank M. Macloce
                                            Title: Vice President

               SIGNATURE PAGE TO CORPORATE GOVERNANCE AGREEMENT

<PAGE>

                                       VESEY STREET FUND, L.P.

                                       By:  MLIM DivPEP I, LLC,
                                            its general partner

                                       By:  MLIM Private Equity, L.P.,
                                            its managing member

                                       By:  Portfolio Administration &
                                            Management Ltd.,
                                            its general partner

                                       By:  /s/ FRANK M. MACLOCE
                                            ----------------------------------
                                            Name:  Frank M. Macloce
                                            Title: Vice President

                                       PASSAGE PORTFOLIO, L.P.

                                       By:  MLIM DivPEP I, LLC,
                                            its general partner

                                       By:  MLIM Private Equity, L.P.,
                                            its managing member

                                       By:  Portfolio Administration &
                                            Management Ltd.,
                                            its general partner

                                       By:  /s/ FRANK M. MACLOCE
                                            ----------------------------------
                                            Name:  Frank M. Macloce
                                            Title: Vice President

               SIGNATURE PAGE TO CORPORATE GOVERNANCE AGREEMENT

<PAGE>

                                       SPECIAL CO-INVEST I

                                       By:  /s/ WILLIAM S. KIRSCH
                                            ----------------------------------
                                       Its:
                                            ----------------------------------

               SIGNATURE PAGE TO CORPORATE GOVERNANCE AGREEMENT

<Page>

                                       SCHWERIN COMPANY, L.L.C.

                                       By:  /s/ [ILLEGIBLE]
                                            ----------------------------------
                                       Its:  Member-Manager
                                            ----------------------------------

               SIGNATURE PAGE TO CORPORATE GOVERNANCE AGREEMENT

<Page>

                                             /s/ PAUL J. MAGNELL
                                            ----------------------------------
                                             Paul J. Magnell

               SIGNATURE PAGE TO CORPORATE GOVERNANCE AGREEMENT

<Page>

                                       NORTHWESTERN UNIVERSITY

                                       By:  /s/ WILLIAM H. McLEAN
                                            ----------------------------------
                                            William H. McLean

                                       Its:  Vice President & Chief Investment
                                             Officer
                                            ----------------------------------

               SIGNATURE PAGE TO CORPORATE GOVERNANCE AGREEMENT

<Page>

                                       RANDOLPH STREET PARTNERS V

                                       By:  /s/ WILLIAM S. KIRSCH
                                            ----------------------------------
                                            William S. Kirsch

                                       Its:  Managing Partner
                                            ----------------------------------

               SIGNATURE PAGE TO CORPORATE GOVERNANCE AGREEMENT

<Page>

                           SCHEDULE OF OTHER INVESTORS

DBCP Europe GP (Jersey) Limited
PO Box 87,
22 Grenville Street,
St. Helier,
Jersey JE4 8PX

J.P. Morgan Partners Global Investors, L.P.
Equity Investments
60 Wall Street
New York, NY  10260

J.P. Morgan Partners Investors (Cayman), L.P.
Equity Investments
60 Wall Street
New York, NY  10260

J.P. Morgan Partners Global Investors A, L.P.
Equity Investments
60 Wall Street
New York, NY  10260

J.P. Morgan Partners Global Investors
   (Cayman) II, L.P.
Equity Investments
60 Wall Street
New York, NY  10260

J.P. Morgan Partners (BHCA), L.P.
Equity Investments
60 Wall Street
New York, NY  10260

Arthur Street Portfolio, L.P.
800 Scudders Mill Road
Plainsboro, NJ  08536

Arthur Street Fund, L.P.
800 Scudders Mill Road
Plainsboro, NJ  08536

Vesey Street Portfolio, L.P.
800 Scudders Mill Road
Plainsboro, NJ  08536

<Page>

Vesey Street Fund, L.P.
800 Scudders Mill Road
Plainsboro, NJ  08536

Passage Portfolio, L.P.
800 Scudders Mill Road
Plainsboro, NJ  08536

Special Co-Invest I
Three First National Plaza
Suite 3800
Chicago, IL  60602

Schwerin Company, L.L.C.
P.O. Box 608
1 Bayview Avenue
Oyster Bay, NY  11771

Paul J. Magnell
11076 Shippey Lane
Rapid City, MI  49676

Northwestern University
Investment Office
633 Clark Street
Evanston, IL  60208

Randolph Street Partners V
200 East Randolph Drive
Chicago, IL  60601<Page>

===============================================================================

                                                                   EXHIBIT 10.14

                   -------------------------------------------

                              MDCP ACQUISITIONS PLC

                   -------------------------------------------

                              AMENDED AND RESTATED
                           2002 MANAGEMENT EQUITY PLAN

===============================================================================

<Page>

                              MDCP ACQUISITIONS PLC
                              AMENDED AND RESTATED
                           2002 MANAGEMENT EQUITY PLAN

     1. TITLE AND PURPOSE. This plan shall be known as the Amended and Restated
MDCP Acquisitions plc 2002 Management Equity Plan (as amended, supplemented or
restated from time to time, this "Plan"). This Plan is intended to promote the
long-term growth and profitability of MDCP Acquisitions plc, an Irish public
limited company (the "Company"). Under this Plan, the Company will issue
Ordinary Shares, Class A Convertible Shares, Class B Convertible Shares, Class C
Convertible Shares and/or Class D Convertible Shares to Participants. This Plan
was adopted by the Board on September 3, 2002 and amends and restates in its
entirety that certain MDCP Acquisitions plc 2002 Management Equity Plan.
Capitalized terms used and not otherwise defined herein have the meanings
indicated for such terms in Section 10 of this Plan.

     2. ADMINISTRATION. This Plan shall be administered by the Board. The Board
shall have full power to (a) establish and amend rules for the administration of
this Plan, but subject to the amendment provisions of this Plan and the
Management Equity Agreement, (b) correct any defect or omission and to reconcile
any inconsistency in this Plan or in the Management Equity Agreement to the
extent the Board deems desirable to carry into effect this Plan or the terms of
the Management Equity Agreement, and (c) delegate certain duties of the Board
hereunder to one or more agents to assist in the administration of this Plan.
The Company's chief executive officer (or, until November 1, 2002, the Company's
chief executive officer designate) shall (x) select Participants and shall
determine the number of Ordinary Shares and Convertible Shares to be sold to
each Participant, subject in each case to the approval of the Board (which
approval will not be unreasonably withheld, nor will a decision on its grant or
withholding be unreasonably delayed) and (y) determine to whom Convertible
Shares or Ordinary Shares repurchased from Participants shall be reissued (which
determination shall be made in consultation with the Board (which consultation
may occur after reissue in the case of individual recruits)); PROVIDED that all
such issuances or reissues to the Company's chairman, chief executive officer,
chief operations officer or chief financial officer shall require the consent of
the Board (which may be given or withheld in the Board's absolute discretion)
prior to such issuance or reissue. The Board may act by a majority of a quorum
present at a meeting.

     3. SHARES RESERVED FOR THIS PLAN. An aggregate of 15,633,333 Ordinary
Shares shall be reserved for issuance pursuant to this Plan (as may be adjusted
(including with respect to the conversion of Convertible Shares) pursuant to the
following sentence, "Shares"), of which 8,133,333 Ordinary Shares (which shall
represent 10% of the sum of the issued Ordinary Shares in the capital of the
Company (on a fully-diluted basis after taking into account the conversion of
all Convertible Shares into Ordinary Shares) on the date for settlement of
consideration in connection with the Take-Over Offer plus any Ordinary Shares
reserved for issuance hereunder but not then issued) shall be reserved for
issuance upon conversion (either direct or indirect) of Class D Convertible
Shares. In order to prevent the dilution or enlargement of rights of Ordinary
Shares or Convertible Shares issued or sold under this Plan generally, in the
event of a reorganization, recapitalization, stock split, stock dividend,
combination of shares, merger, consolidation or other change in the Ordinary
Shares or Convertible Shares, the Board shall make appropriate changes (which
changes shall be subject to confirmation by the Company's auditors) in the
number and type of Ordinary Shares and Convertible Shares authorized by this

                                       2
<Page>

Plan, the number and type of Ordinary Shares covered by conversion of the Class
D Convertible Shares, the number and type of Class D Convertible Shares covered
by conversion of the Class A Convertible Shares, Class B Convertible Shares and
Class C Convertible Shares, respectively, and the prices specified therein.

     4. ISSUANCE OF ORDINARY SHARES AND CONVERTIBLE SHARES. All issuances of
Ordinary Shares and Convertible Shares pursuant to this Plan shall be pursuant
to and in accordance with a written agreement between the Company and the
Participants expressly issuing such Ordinary Shares or Convertible Shares (the
"Management Equity Agreement") and no Participant shall have any rights in
respect of any Ordinary Shares or Convertible Shares issued under this Plan
unless and until such Participant has executed and delivered the Management
Equity Agreement and has paid the purchase price and/or conversion price
therefor. The Management Equity Agreement shall provide, among other things, the
Company (and such other persons as the Company shall designate) the right to
repurchase from such Participant some or all of his or her Convertible Shares
(and Ordinary Shares issuable upon conversion of Convertible Shares) upon the
termination of such Participant's employment or service as an officer or
director with the Group Companies for any reason. If any Shares are repurchased
by the Company, such Shares shall again be available for reissuance under this
Plan.

     5. CERTAIN TERMS OF ORDINARY SHARES AND CONVERTIBLE SHARES.

          (a) PURCHASE PRICE. Class A Convertible Shares, Class B Convertible
Shares and Class C Convertible Shares issued under this Plan shall be issued for
a purchase price equal to E.001 per share. Ordinary Shares issued under this
Plan shall be issued for a purchase price equal to 100% of the fair market value
thereof as of the date of issuance.

          (b) POWER TO ISSUE CONVERTIBLE SHARES. All Ordinary Shares and
Convertible Shares issued under this Plan shall be subject to such terms and
conditions set forth in this Plan, the Management Equity Agreement and the
Articles of Association. The Convertible Shares issued to Participants on or
before 120 days after the date that the take-over offer of MDCP Acquisitions I
for Jefferson Smurfit Group plc (the "Take-Over Offer") becomes or is declared
unconditional in all respects shall be issued to each such Participant in the
following proportions: 40% of such shares shall be Class A Convertible Shares,
40% of such shares shall be Class B Convertible Shares and 20% of such shares
shall be Class C Convertible Shares.

          (c) CONVERSION PRICE. Each Class A Convertible Share, Class B
Convertible Share and each Class C Convertible Share shall, upon vesting,
convert into one Class D Convertible Share without payment of any conversion
price. The conversion price for each Class D Convertible Share into an Ordinary
Share shall be fixed by the Board, but shall be 100% of the fair market value of
an Ordinary Share on the date of issuance or sale to a Participant of any Class
A Convertible Share, Class B Convertible Share or Class C Convertible Share, as
applicable, less the purchase price for each Class A Convertible Share, Class B
Convertible Share or Class C Convertible Share, as applicable; PROVIDED that for
purposes of determining the conversion price of Convertible Shares issued on or
before January 17, 2003, 100% of the fair market value of an Ordinary Share
shall equal the result determined by dividing (i) the sum of (x) the aggregate
subscription price or purchase paid for Ordinary Shares of the Company acquired
by MDCP IV Global Investments LP, MDCP III Global Investments LP and MDSE III

                                       3
<Page>

Global Investments LP (collectively, the "MDCP INVESTORS") on and prior to
September 17, 2002 plus (ii) the aggregate amount contributed to or invested in
the Company by the MDCP Investor on or prior to September 17, 2002 by (ii) the
number of Ordinary Shares owned by the MDCP Investors on September 17, 2002.

          (d) VESTING OF CONVERTIBLE SHARES. Except as otherwise provided in the
Management Equity Agreement, (i) 40% of the Convertible Shares issued pursuant
to this Plan shall be Class A Convertible Shares which shall become time vested
in accordance with the schedule set forth in the Management Equity Agreement,
(ii) 40% of the Convertible Shares issued pursuant to this Plan shall be Class B
Convertible Shares which shall become vested upon achievement of certain
performance targets as set forth in the Management Equity Agreement, and (iii)
20% of the Convertible Shares issued pursuant to this Plan shall be Class C
Convertible Shares which shall become vested upon achievement of certain
performance targets as set forth in the Management Equity Agreement.

          (e) CONVERSION PROCEDURES. Each Class A Convertible Share, Class B
Convertible Share and Class C Convertible Share shall automatically convert into
one Class D Convertible Share only upon the vesting of such Class A Convertible
Share, Class B Convertible Share or Class C Convertible Share, respectively, and
each Class D Convertible Share shall convert into one Ordinary Share only upon
payment of the conversion price for such Ordinary Share, delivery of the
certificate representing the Class D Convertible Shares being converted and
satisfaction of other conditions to conversion specified herein, in the
Management Equity Agreement and the Company's Articles of Association. Each
Class D Convertible Share shall be converted into an Ordinary Share by written
notice of the holder thereof to the Company (to the attention of the Chief
Executive Officer or Secretary) in the manner provided by the Management Equity
Agreement. Any holder of any Class D Convertible Shares shall be required, as a
condition precedent to such holder's conversion of such Class D Convertible
Shares at such person's expense, to supply the Board with such evidence,
representations, agreements or assurances as necessary in order to confirm the
propriety of the sale of securities by reason of such conversion under
applicable securities laws or requirements of any applicable governmental
authority, and the Company shall not be obligated to issue any Ordinary Shares
issuable upon conversion of any Class D Convertible Shares until all such
evidence, representations, agreements and assurances shall have been supplied to
and reviewed by the Board. No holder of Convertible Shares shall have any rights
as a holder of Ordinary Shares under this Plan until and unless such Ordinary
Shares are issued and delivered to such holder of Convertible Shares. The
conversion price paid upon the conversion of any Convertible Share granted under
this Plan shall be added to the general funds of the Company and may be used for
any proper corporate purpose.

          (f) CONVERSION. No Convertible Share issued hereunder or under the
Management Equity Agreement, or upon conversion of any other class of
Convertible Shares, shall be convertible after the seventh anniversary of the
Underlying Date of Issuance. When used herein, the "Underlying Date of Issuance"
means (i) with respect to any Class A Convertible Share, Class B Convertible
Share or Class C Convertible Share, the date of issuance for such Convertible
Share and (ii) with respect to any Class D Convertible Share, the date of
issuance for the Class A Convertible Share, the Class B Convertible Share or the
Class C Convertible Share from which such Class D Convertible Share has been
converted.

                                       4
<Page>

     6. ADDITIONAL PROVISIONS.

          (a) LISTING, REGISTRATION AND COMPLIANCE WITH LAWS AND REGULATIONS.
All Ordinary Shares and/or Convertible Shares issued pursuant to this Plan shall
be subject to the requirement that if the listing, registration or qualification
upon any securities exchange or under any state or federal securities or other
law or regulation of such Ordinary Shares or any Convertible Shares or the
consent or approval of any governmental regulatory body, is necessary as a
condition to or in connection with the issuance or conversion hereunder of such
Ordinary Shares or Convertible Shares, no such Ordinary Shares or Convertible
Shares may be issued or converted (as the case may be) unless such listing,
registration, qualification, consent or approval shall have been effected or
obtained free of any conditions not acceptable to the Board acting in good
faith; PROVIDED that to the extent such issuance or conversion is prohibited or
delayed as a result thereof, any time limit on issuance or conversion expiring
during such prohibited period shall automatically be extended until the 30th day
after the expiration of such period. The recipient of such Ordinary Shares or
Convertible Shares will supply the Company with such certificates,
representations and information as the Company shall request and shall otherwise
cooperate with the Company in obtaining such listing, registration,
qualification, consent or approval. In the case of officers and other persons
subject to insider trading or short swing profits laws, rules or regulations,
the Board may at any time impose any limitations upon the conversion of
Convertible Shares that are necessary in order to comply with such insider
trading and short swing profits laws, rules and regulations. If the Company, as
part of an offering of securities or otherwise, finds it desirable because of
federal or state regulatory requirements to reduce the period during which any
Convertible Shares may be converted, the Board may, in its discretion and
without the holders' consent, so reduce such period on not less than 10 days'
written notice to the holders thereof. Without limiting rights that any
Participant has pursuant to any other agreement to which such Participant is a
party, nothing contained herein shall obligate the Company to register any
Ordinary Shares, Convertible Shares or other securities under applicable
securities laws.

          (b) NON-TRANSFERABILITY. The Ordinary Shares and Convertible Shares
issued under this Plan are subject to restrictions on transfer set forth in the
Management Equity Agreement.

          (c) TAXES. The Company shall be entitled, if necessary or desirable,
to withhold (or secure or require payment from a Participant in lieu of
withholding) the amount of any withholding or other tax due with respect to any
amount payable and/or shares issuable under this Plan, and the Company may defer
such payment or issuance unless indemnified to its satisfaction.

          (d) NO RIGHT TO EMPLOYMENT CONFERRED.

     (i)  Nothing in this Plan or (in the absence of an express provision to the
          contrary) in the Management Equity Agreement shall confer on any
          person any right to continue in the employment of, or to serve as an
          officer or director for, any Group Company or interfere in any way
          with the right of any Group Company to terminate such person's
          employment at any time.

                                       5
<Page>

     (ii) Neither this Plan nor the Management Equity Agreement shall form part
          of any contract of employment or contract for services between any
          Group Company and any Participant;

     (iii) The benefit to each Participant of participation in this Agreement
          and the Management Equity Plan shall not form any part of his
          remuneration or count as his remuneration for any purpose and shall
          not be pensionable; and

     (iv) If a Participant ceases to be employed by any Group Company, he shall
          not be entitled to compensation for the loss of any right or benefit
          or prospective right or benefit under this Plan and the Management
          Equity Agreement whether by way of damages for unfair dismissal,
          wrongful dismissal, breach of contract or otherwise.

          7. AMENDMENT. At any time the Board may make such administrative
additions or amendments as it deems advisable under this Plan. If any addition
or amendment is not administrative, such amendment shall be effective if it has
received the prior written consent of (a) the Board and (b) (i) as long as Gary
McGann serves as the chief executive officer of the Company, Gary McGann, (ii)
after Gary McGann no longer serves as the chief executive officer of the
Company, any of Dr. Michael W.J. Smurfit, Anthony P.J. Smurfit or Ian J. Curley,
as long as any such Person remains a senior executive officer of the Company, or
(iii) the holders of a majority of the Convertible Shares (and Ordinary Shares
issued upon conversion of the Convertible Shares) issued hereunder that are then
outstanding.

          8. TERMINATION. This Plan shall terminate on December 31, 2008. No
securities shall be issued under this Plan after this Plan's termination, but
the termination of this Plan shall not have any other effect.

          9. FINANCIAL STATEMENTS. Upon the reasonable request to the Chief
Executive Officer or the Board of any Participant then holding Ordinary Shares
or Convertible Shares issued hereunder, the Company will provide or make
available for inspection by such Participant copies of the annual audited
financial statements of the Company.

          10. DEFINITIONS.

               (a) "ASSOCIATED COMPANY" means any company having an Equity Share
Capital of which not less than 20% in nominal value is beneficially owned by any
Group Company.

               (b) "BOARD" means the Company's Compensation Committee or if a
Compensation Committee no longer exists, the Company's Board of Directors.

               (c) "CLASS A CONVERTIBLE SHARES" has the meaning given to such
term in the Company's Articles of Association.

               (d) "CLASS B CONVERTIBLE SHARES" has the meaning given to such
term in the Company's Articles of Association.

                                       6
<Page>

               (e) "CLASS C CONVERTIBLE SHARES" has the meaning given to such
term in the Company's Articles of Association.

               (f) "CLASS D CONVERTIBLE SHARES" has the meaning given to such
term in the Company's Articles of Association.

               (g) "COMPANY" as applied as of any given time shall mean MDCP
Acquisitions plc, except that if prior to the given time any corporation or
other entity shall have acquired all or a substantial part of the assets of the
Company (as herein defined), and shall have agreed to assume the obligations of
the Company under this Plan, then such corporation or other entity shall be
deemed to be the Company at the given time.

               (h) "CONVERTIBLE SHARES" means, collectively, Class A Convertible
Shares, Class B Convertible Shares, Class C Convertible Shares and Class D
Convertible Shares.

               (i) "EQUITY SHARE CAPITAL" shall have the meaning assigned in
Section 155 of the Companies Act, 1963.

               (j) "GROUP COMPANIES" means the Company, Jefferson Smurfit Group
plc and their respective Subsidiaries and Associated Companies and "GROUP
COMPANY" means any of the Group Companies.

               (k) "PARTICIPANT" means any eligible employee, director or
officer of the Company, Jefferson Smurfit Group plc or any of their respective
Subsidiaries.

               (l) "PERSON" means an individual, a partnership, a limited
liability company an unlimited liability company, a company limited by
guarantee, a corporation, an association, a joint stock company, a trust, a
joint venture, an unincorporated organization and a governmental entity or any
department, agency or political subdivision thereof.

               (m) "SUBSIDIARY" means, with respect to any Person, any
corporation, limited liability company, partnership, association or other
business entity of which (i) if a corporation, not less than 50% of the total
voting power of stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof
is at the time owned or controlled, directly or indirectly, by that Person or
one or more of the other Subsidiaries of that Person or a combination thereof,
or (ii) if a limited liability company, partnership, association or other
business entity, a majority of the partnership or other similar ownership
interest thereof is at the time owned or controlled, directly or indirectly, by
any Person or one or more Subsidiaries of that person or a combination thereof.
For purposes hereof, a Person or Persons shall be deemed to have a majority
ownership interest in a limited liability company, partnership, association or
other business entity if such Person or Persons shall be allocated a majority of
limited liability company, partnership, association or other business entity
gains or losses or shall be or control the managing general partner of such
limited liability company, partnership, association or other business entity.

                                     * * * *

                                       7

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