Document:

Exhibit 4.15

PERSONAL AND
CONFIDENTIAL                       9th February 2007

Anthony P.J. Smurfit

Villa Hermosa

9 Blvd de Suisse

98000 Monaco

 

 

Dear Tony:

 

On behalf of Smurfit Kappa plc, a public limited company formed under
the laws of Ireland (“SKP”), we are pleased to offer to you, with effect from
the date hereof (the “Effective Date”) the following terms and conditions of
employment by SKP.

 

1.                                                You will be employed as Group
Chief Operations Officer of SKP on the same terms and conditions upon which you
are currently employed by Smurfit Kappa Group Limited. In your capacity as   group chief operations officer, you shall
report to the Company’s  group chief
executive officer and manage the day-to-day operations of SKP and its
subsidiaries. As long as you remain employed by SKP or one of its subsidiaries,
you shall devote substantially all of your business time and attention to SKP
and its subsidiaries and use your best efforts in furtherance of your
responsibilities for SKP and its subsidiaries; provided that, with the prior
consent of the SKP Board of Directors (the “Board”), you shall be entitled to
serve on the board of directors of up to two companies or organizations as long
as such service does not materially interfere with your obligations to SKP and
its subsidiaries. 

2.                                                Effective as of the Effective
Date, your base salary will be €848,162 per annum, paid in equal instalments in
accordance with SKP’s payroll practices. Your base salary is subject to
increase from time to time at the sole discretion of the Board.  All remuneration or payments payable to you
pursuant to this paragraph 2 or otherwise shall be subject to such tax and
other statutory deductions as are required to be deducted at source and
remitted to the appropriate revenue authorities.

3.                                                You will be entitled to (a) 30
days’ vacation annually (exclusive of public holidays), (b) use of a leased
automobile paid for by a Group Company (which automobile shall be the current
model used by you or an equivalent, renewed every four years, together with
tax, insurance, operating and maintenance costs), (c) reimbursement of
expenses, properly vouched in accordance with Group Company policies, (d)
business class travel (first class travel, where appropriate), and (e)
membership of two golf or similar clubs selected by you. In addition, for as
long as you are the Group chief operations officer, you will provide services
at the headquarters for the Group Companies in Dublin, Ireland, subject to
frequent temporary travel overseas.

 

4.                                                You will be eligible to
participate in the existing Management Incentive Plan and any equity based
incentive plans of SKP and its subsidiaries as well as any new incentive plans
that may be created for senior executives, all in accordance with their terms.
Each of these employee benefit plans will ultimately be subject to the
supervision and periodic review of the Board or its compensation committee;
provided that your benefit package in the aggregate shall not be decreased.

5.                                                You agree that, other than
upon a dismissal for cause, SKP may terminate your employment at any time upon
12 months prior notice in writing. The Company may, at its sole option,
dispense with such notice and, in such circumstances, you will be entitled to a
payment in lieu of such notice (or part thereof) of an amount equal to the sum
of (a) your annual salary as of the date of termination, plus (b) the highest
annual bonus for the most recent three years, plus (c) the regular pension
contributions made by SKP or its subsidiaries in respect of your annual salary,
plus (d) the cash value of any perks or benefits to which you are entitled as a
result of your employment (other than participation in equity-like incentive
schemes). 

6.                                                SKP agrees that you may
terminate your employment on giving SKP 12 months prior notice in writing. On
or at any time after the giving of such notice, SKP reserves the right to pay
you, in lieu of notice, the then unexpired notice period. The amount of such
payment in lieu of notice shall be calculated by reference to the preceding
paragraph.

7.                                                You agree that if you are
dismissed for cause you will not be entitled to any notice of the termination
of your employment.

8.                                                When used herein, “cause”
shall mean (a) the commission of actual or attempted fraud, embezzlement,
theft, misappropriation, serious misconduct or gross default by you against or
in respect of a Group Company or your duties for a Group Company, which relates
to a material amount or which results in a criminal conviction or settlement
with criminal penalties or future restrictions or in material loss or damage to
that Group Company or other Group Companies; (b) the refusal or failure by you
to carry out your duties to a Group Company to a material degree, following a
written warning that dismissal may result; (c) conviction of a crime in
relation to the business or assets of a Group Company, which has, in the
reasonable opinion of the Board, a material adverse effect upon any Group
Company or its shareholders, other than (i) a violation of the Road Traffic
Acts and (ii) a criminal matter in respect of which you have been indemnified
by a Group Company and are entitled to indemnification, (d) knowing violation
of the Foreign Corrupt Practices Act, or (e) material breach of a material,
formal agreement in writing (other than this letter agreement) between you and
SKP or the Group Company by which you are employed; provided that for the
avoidance of doubt, the exclusion from this clause (e) of this letter agreement
shall not exclude breach thereof from being deemed the basis for “cause”
termination pursuant the provisions of any of clauses (a) through (d) of this
paragraph 8. For the avoidance of doubt, the termination of your employment by
a Group Company shall not be for “cause” if it results wholly or mainly from
(v) your death or disability, (w) your retirement on grounds of age or pursuant
to an early retirement plan of the Group Company that employs you, (x) your
voluntary resignation (unless you are subject to internal or external
proceedings likely to lead to a termination for “cause” at the time of such
resignation), (y) your redundancy, or (z) the Group Company that employs you
ceasing for any reason to

 2
 

be a Group
Company. When used herein, “Group Companies” means SKP and each of its
subsidiaries and Associated Companies and “Group Company” means any such
company and “Associated Company” means any company having an Equity Share
Capital (as defined in Section 155 of the Companies Act 1963) of which not less
than 20% in nominal value is beneficially owned by any Group Company.

9.                                                You agree that in the event
that your employment is terminated, you shall not during the Restricted Period:
(i) within the Restricted Area or any part thereof, carry on either directly or
indirectly, on his own behalf or on behalf of any other person, firm, company
or entity, any material business of the same or similar kind to that in which
any of the Group Companies were materially engaged in the year preceding such
termination, (ii) induce or attempt to induce any employee of any Group Company
to leave the employ of the Group Companies, or in any way interfere with the
relationship between any Group Company and any employee thereof and or (iii)
call on, solicit the custom or business of or service any customer, supplier,
licensee, licensor or other business relation of any Group Company in order to
induce or attempt to induce such person or entity to cease doing or reduce the
amount of business with any Group Company, or in any way interfere with the
relationship between any such customer, supplier, licensee or business relation
and any Group Company (including but not limited to making any negative
statements or communications about any Group Company, or any employee, director
or stockholder thereof). When used herein, (A) “Restricted Period” means the
one-year period from the date of termination; and (B) “Restricted Area” means
any area of the world where any Group Company conducted a material portion of
its business in the twelve-month period immediately preceding your termination
date. The restrictions contained in this paragraph 9 shall not restrict you
from passively owning not more than 1% of the outstanding equity securities of
a publicly traded company that competes with the Group Companies.

10.                                          You agree that all trade
secrets, confidential operations, processes or dealings, or any information
concerning the organization, business, finances, transactions and affairs,
other than information that becomes publicly available other than through
breach of this provision by you, shall be kept confidential both during the
term of this letter agreement and thereafter. All notes, memoranda, reports and
information compiled by you during your employment (in whatever form compiled)
regarding the business, affairs and operations of the Group Companies shall be
and at all times remain the property of the Group Companies.

11.                                          Upon execution of this letter
agreement by each party hereto, this letter agreement shall be binding and
enforceable upon each party hereto. This letter agreement shall, effective as
of the Effective Date, amend and supersede any other agreements with SKP and/or
any of its subsidiaries regarding the subject matter hereof to which you are a
party; provided that your employment hereunder by SKP shall be deemed to be
contiguous with your previous employment with Smurfit Kappa Group Limited,
Smurfit Kappa Corporation Limited and/or their subsidiaries. In addition, you
agree that you hereby release and waive, without any claims or demands, all
rights under the “two-year” letter with MDCP Acquisitions plc (now known as
Smurfit Kappa Corporation Limited) dated 4 July 2002.

 3
 

 

12.                                          This letter agreement may be
executed in multiple counterparts (including by facsimile), each of which shall
constitute one and the same original. 
This letter agreement shall be construed in accordance with the laws of
the Republic of Ireland.

	
  

  	
   

  	
  SMURFIT KAPPA
  PLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Michael
  O’Riordan

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Company
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Acknowledged and
  Accepted:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Anthony
   P. J. Smurfit

  	
   

  	
   

  	
   

  
	
  Anthony P.J.
  Smurfit

  	
   

  	
   

  	
   

  

 

 4Exhibit
4.16

PERSONAL AND
CONFIDENTIAL                                  
9 February 2007

 

 

Gary McGann

Cherryfield

Stonehouse

Donnybrook

Dublin 4

 

 

Dear Gary:

 

On behalf of Smurfit Kappa plc, a public limited company formed under
the laws of Ireland (“SKP”), we are pleased to offer to you, with effect from
the date hereof (the “Effective Date”) the following terms and conditions of
employment by SKP.

 

1.                                                You will be employed as Group
chief executive officer of SKP on the same terms and conditions upon which you
are currently employed by Smurfit Kappa Group Limited. In your capacity as  group chief executive officer, you shall
report to the SKP’s Board of Directors (the “Board”) and discharge all normal
responsibilities of a chief executive officer. As long as you remain employed
by SKP or one of its subsidiaries, you shall devote substantially all of your
business time and attention to SKP and its subsidiaries and use your best
efforts in furtherance of your responsibilities for SKP and its subsidiaries; provided
that, with the prior consent of the Board, you shall be entitled to serve on
the board of directors of up to three companies or organizations as long as
such service does not materially interfere with your obligations to SKP and its
subsidiaries. 

2.                                                Effective as of the Effective
Date, your base salary will be €1,202,325 per annum, paid in equal instalments
in accordance with SKP’s payroll practices. Your base salary is subject to
increase from time to time at the sole discretion of the Board.  All remuneration or payments payable to you
pursuant to this paragraph 2 or otherwise shall be subject to such tax and
other statutory deductions as are required to be deducted at source and
remitted to the appropriate revenue authorities.

3.                                                You will be entitled to (a) 30
days’ vacation annually (exclusive of public holidays), (b) use of a leased
automobile paid for by a Group Company (which automobile shall be the current
model used by you or an equivalent, renewed every four years, together with
tax, insurance, operating and maintenance costs), (c) reimbursement of
expenses, properly vouched in accordance with Group Company policies, (d)
business class travel (first class travel, where appropriate), and (e)
membership of two golf or similar clubs selected by you. In addition, for as
long as you are the Group chief executive officer, you will provide services at
the headquarters for the Group Companies in Dublin, Ireland, subject to
frequent temporary travel overseas.

 

4.                                                You will be eligible to
participate in the existing Management Incentive Plan and any equity based
incentive plans of SKP and its subsidiaries as well as any new incentive plans
that may be created for senior executives, all in accordance with their terms.
Each of these employee benefit plans will ultimately be subject to the
supervision and periodic review of the Board or its compensation committee;
provided that your benefit package in the aggregate shall not be decreased.

5.                                                You agree that, other than
upon a dismissal for cause, SKP may terminate your employment at any time upon
12 months prior notice in writing. The Company may, at its sole option,
dispense with such notice and, in such circumstances, you will be entitled to a
payment in lieu of such notice (or part thereof) of an amount equal to the sum
of (a) your annual salary as of the date of termination, plus (b) the highest
annual bonus for the most recent three years, plus (c) the regular pension
contributions made by SKP or its subsidiaries in respect of your annual salary,
plus (d) the cash value of any perks or benefits to which you are entitled as a
result of your employment (other than participation in equity-like incentive
schemes). 

6.                                                SKP agrees that you may
terminate your employment on giving SKP 12 months prior notice in writing. On
or at any time after the giving of such notice, SKP reserves the right to pay
you, in lieu of notice, the then unexpired notice period. The amount of such
payment in lieu of notice shall be calculated by reference to the preceding
paragraph.

7.                                                You agree that if you are
dismissed for cause you will not be entitled to any notice of the termination
of your employment.

8.                                                When used herein, “cause”
shall mean (a) the commission of actual or attempted fraud, embezzlement,
theft, misappropriation, serious misconduct or gross default by you against or
in respect of a Group Company or your duties for a Group Company, which relates
to a material amount or which results in a criminal conviction or settlement
with criminal penalties or future restrictions or in material loss or damage to
that Group Company or other Group Companies; (b) the refusal or failure by you
to carry out your duties to a Group Company to a material degree, following a
written warning that dismissal may result; (c) conviction of a crime in
relation to the business or assets of a Group Company, which has, in the
reasonable opinion of the Board, a material adverse effect upon any Group
Company or its shareholders, other than (i) a violation of the Road Traffic
Acts and (ii) a criminal matter in respect of which you have been indemnified
by a Group Company and are entitled to indemnification, (d) knowing violation
of the Foreign Corrupt Practices Act, or (e) material breach of a material,
formal agreement in writing (other than this letter agreement) between you and
SKP or the Group Company by which you are employed; provided that for the
avoidance of doubt, the exclusion from this clause (e) of this letter agreement
shall not exclude breach thereof from being deemed the basis for “cause”
termination pursuant the provisions of any of clauses (a) through (d) of this
paragraph 8. For the avoidance of doubt, the termination of your employment by
a Group Company shall not be for “cause” if it results wholly or mainly from
(v) your death or disability, (w) your retirement on grounds of age or pursuant
to an early retirement plan of the Group Company that employs you, (x) your
voluntary resignation (unless you are subject to internal or external
proceedings

 2
 

likely to lead
to a termination for “cause” at the time of such resignation), (y) your
redundancy, or (z) the Group Company that employs you ceasing for any reason to
be a Group Company. When used herein, “Group Companies” means SKP and each of
its subsidiaries and Associated Companies and “Group Company” means any such
company and “Associated Company” means any company having an Equity Share
Capital (as defined in Section 155 of the Companies Act 1963) of which not less
than 20% in nominal value is beneficially owned by any Group Company.

9.                                                You agree that in the event
that your employment is terminated, you shall not during the Restricted Period:
(i) within the Restricted Area or any part thereof, carry on either directly or
indirectly, on his own behalf or on behalf of any other person, firm, company
or entity, any material business of the same or similar kind to that in which
any of the Group Companies were materially engaged in the year preceding such
termination, (ii) induce or attempt to induce any employee of any Group Company
to leave the employ of the Group Companies, or in any way interfere with the
relationship between any Group Company and any employee thereof and or (iii)
call on, solicit the custom or business of or service any customer, supplier,
licensee, licensor or other business relation of any Group Company in order to
induce or attempt to induce such person or entity to cease doing or reduce the
amount of business with any Group Company, or in any way interfere with the
relationship between any such customer, supplier, licensee or business relation
and any Group Company (including but not limited to making any negative
statements or communications about any Group Company, or any employee, director
or stockholder thereof). When used herein, (A) “Restricted Period” means the
one-year period from the date of termination; and (B) “Restricted Area” means
any area of the world where any Group Company conducted a material portion of
its business in the twelve-month period immediately preceding your termination
date. The restrictions contained in this paragraph 9 shall not restrict you
from passively owning not more than 1% of the outstanding equity securities of
a publicly traded company that competes with the Group Companies.

10.                                          You agree that all trade
secrets, confidential operations, processes or dealings, or any information
concerning the organization, business, finances, transactions and affairs,
other than information that becomes publicly available other than through
breach of this provision by you, shall be kept confidential both during the
term of this letter agreement and thereafter. All notes, memoranda, reports and
information compiled by you during your employment (in whatever form compiled)
regarding the business, affairs and operations of the Group Companies shall be
and at all times remain the property of the Group Companies.

11.                                          Upon execution of this letter
agreement by each party hereto, this letter agreement shall be binding and
enforceable upon each party hereto. This letter agreement shall, effective as
of the Effective Date, amend and supersede any other agreements with SKP and/or
any of its subsidiaries regarding the subject matter hereof to which you are a
party; provided that your employment hereunder by SKP shall be deemed to be
contiguous with your previous employment with Smurfit Kappa Group Limited,
Smurfit Kappa Corporation Limited and/or their subsidiaries. In addition, you
agree that you hereby release and waive, without any claims or demands, all
rights under the “two-year” letter with MDCP Acquisitions plc (now known as
Smurfit Kappa Corporation Limited) dated 4 July 2002.

 3
 

12.                                          This letter agreement may be
executed in multiple counterparts (including by facsimile), each of which shall
constitute one and the same original. 
This letter agreement shall be construed in accordance with the laws of
the Republic of Ireland.

	
  

  	
   

  	
  SMURFIT KAPPA
  PLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Michael
  O’Riordan

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Company
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Acknowledged and
  Accepted:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/
  Gary McGann

  	
   

  	
   

  	
   

  
	
  Gary McGann

  	
   

  	
   

  	
   

  

 

 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]