Document:

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                                                                     EXHIBIT 4.3
                                                                     -----------

                                   ENODIS PLC
                          EMPLOYEE STOCK PURCHASE PLAN

1.    PURPOSE.

      The purpose of this Plan is to provide an opportunity for Employees of
Designated Subsidiaries of ENODIS PLC (the "Corporation") to purchase American
Depositary Shares, each representing ordinary shares of the Corporation, and
thereby to have an additional incentive to contribute to the prosperity of the
Corporation. It is the intention of the Corporation that the Plan qualify as an
"Employee Stock Purchase Plan" under Section 423 of the Internal Revenue Code of
1986, as amended.

2.    DEFINITIONS.

      As used in this Plan, the following terms have the following meanings.

      (a) "ADSs" shall mean American Depositary Shares, each of which represents
four Ordinary Shares deposited with the Depositary or such other number of
Ordinary Shares or other securities of the Corporation as may be represented by
such ADSs from time to time. The ADSs are evidenced by American depositary
receipts.

      (b) "BOARD" shall mean the Board of Directors of the Corporation.

      (c) "CHANGE OF CONTROL" shall mean a change in the ownership or effective
control of a corporation, or in the ownership of a substantial portion of the
assets of a corporation, in each case within the meaning of Code Section 280G.

      (d) "CODE" shall mean the Internal Revenue Code of 1986, of the United
States of America, as amended. Any reference to a section of the Code herein
shall be a reference to any successor or amended section of the Code.

      (e) "COMMITTEE" shall mean a committee of at least three persons appointed
by the Board.

      (f) "COMPENSATION" shall mean wages, as defined in Code Section 3401(a),
determined without regard to any rules that limit compensation included in wages
based on the nature or location of the employment or services performed, and all
other payments made for such period for services as an Employee for which the
Designated Subsidiary is required to furnish the Participant a written statement
under Code Sections 6041(d), 6051(a)(3) and 6052 (commonly referred to as W-2
earnings), but excluding reimbursements or other expense allowances, fringe
benefits, moving expenses, deferred compensation, and welfare benefits. In
addition to the foregoing, Compensation includes any amount that would have been
included in the foregoing description, but for the Participant's election to
defer payment of such amount under Code Section 125, 402(e)(3), 402(h)(1)(B),
403(b) or 457(b) and certain contributions described in Code Section 414(h)(2)
that are picked up by the employing unit and treated as employer contributions.
The Committee shall have the authority to determine and approve all forms of pay
to be included in the definition of Compensation and may change the definition
on a prospective basis.

      (g) "CORPORATION" shall mean Enodis plc, a public limited company
organized under the laws of England and Wales and registered as Company No.
109849 with The Registrar of Companies for England and Wales.
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      (h) "DEPOSITARY" shall mean The Bank of New York, as depositary pursuant
to the Deposit Agreement among the Depositary, the Corporation and all owners
and beneficial owners from time to time of American depositary receipts issued
thereunder.

      (i) "DESIGNATED PERCENTAGE" shall have the meaning set forth in Section
7.3.

      (j) "DESIGNATED PERIOD" shall mean, with respect to a Participant's ADSs
purchased during an Offering Period, a period of time beginning on the January 1
or July 1 following the Offering Period and ending upon the earlier of (i) two
years after the Entry Date of that Offering Period; (ii) the termination of the
participant's employment; (iii) the occurrence of a Hardship; or (iv) subject to
the approval of the Board, the occurrence of a Change of Control of either the
Designated Subsidiary employing the Participant or of the Corporation.

      (k) "DESIGNATED SUBSIDIARY" shall mean a Subsidiary organized under the
laws of any state or territory of the United States or Canada or any province
thereof which is controlled, directly or indirectly, by the Corporation. Control
for these purposes shall mean possession of more than fifty percent of the
voting control or the capital of the entity.

      (l) "EMPLOYEE" shall mean an individual classified as an employee (within
the meaning of Code Section 3401(c) and the regulations thereunder) by a
Designated Subsidiary on such Designated Subsidiary's payroll records during the
relevant participation period.

      (m) "ENTRY DATE" shall mean the first day of an Offering Period.

      (n) "FAIR MARKET VALUE" shall mean, with respect to ADSs, the closing sale
price for such ADSs on the New York Stock Exchange on the date that such value
is determined, if that date is a Trading Day, or if that date is not a Trading
Day, or if no sales were reported on that date, the closing sale price on the
last Trading Day prior thereto on which a sale was made, as reported in The Wall
Street Journal or such other source as the Committee deems reliable.

      (o) "HARDSHIP" shall mean a request by the Participant of distribution of
ADSs held pursuant to Section 9 and/or Participant funds deducted with respect
to an Offering Period by reason of an immediate and heavy financial need of the
Participant on account of:

                (i) expenses previously incurred by or necessary to obtain for
                    the Participant, the Participant's spouse, or any dependent
                    of the Participant (as defined in Section 152 of the Code)
                    medical care described in Section 213(d) of the Code;

               (ii) costs directly related to the purchase (excluding mortgage
                    payments) of a principal residence for the Participant;

              (iii) payment of tuition, related educational fees, and room and
                    board expenses for the next 12 months of post-secondary
                    education for the Participant, the Participant's spouse, or
                    any dependent of the Participant; or

               (iv) the need to prevent the eviction of the Participant from his
                    or her principal residence or foreclosure on the mortgage of
                    the Participant's principal residence.

An immediate and heavy financial need of a Participant shall be deemed to occur
only if the Participant satisfies all of the following requirements:

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                (i) The withdrawal is not in excess of the amount of the
                    immediate and heavy financial need of the Participant.

               (ii) The Participant has obtained all distributions, other than
                    hardship distributions, and all non-taxable loans currently
                    available under all plans maintained by any Designated
                    Subsidiary.

          (p) "OFFERING PERIOD" shall mean the period defined in Section 4.

          (q) "ORDINARY SHARES" shall mean the ordinary shares, nominal value 50
     pence each, of the Corporation.

          (r) "PARTICIPANT" shall mean a participant in the Plan as described in
     Section 5.

          (s) "PLAN" shall mean this Employee Stock Purchase Plan.

          (t) "PURCHASE DATE" shall mean the last day of the Offering Period.

          (u) "PURCHASE PRICE" shall have the meaning set forth in Section 7.3.

          (v) "SUBSIDIARY" shall mean any corporation (other than the
     Corporation), limited liability company or other business entity in an
     unbroken chain of corporations, limited liability companies or other
     business entities or a combination thereof beginning with the Corporation,
     as described in Code Section 424(f) and which is a subsidiary of the
     Corporation within the meaning of Section 736 of the U.K. Companies Act
     1985.

          (w) "TRADING DAY" shall mean a day on which The New York Stock
     Exchange is open for trading.

3.        ELIGIBILITY.

         Any Employee (including an Employee who is also a director) regularly
employed on a full-time or part-time (but not less than 20 hours per week on a
regular schedule) basis by any Designated Subsidiary on an Entry Date shall be
eligible to participate in the Plan with respect to the Offering Period
commencing on such Entry Date; provided that the Board may establish
administrative rules requiring that employment commence some minimum period
(e.g., one pay period) prior to an Entry Date to be eligible to participate with
respect to the Offering Period beginning on that Entry Date. No Employee may
participate in the Plan if immediately after an option is granted the Employee
owns or is considered to own (within the meaning of Code Section 424(d))
securities, including Ordinary Shares which the Employee may purchase under
outstanding options granted by the Corporation, conferring five percent (5%) or
more of the total combined voting power or value of all classes of stock of the
Corporation or of any of its Subsidiaries. All Employees who participate in the
Plan shall have the same rights and privileges under the Plan, except for
differences that may be mandated by local law and that are consistent with
Section 7.2. The Board may impose restrictions on eligibility and participation
of Employees to facilitate compliance with United States federal or state
securities laws, Canadian federal or provincial securities laws or other foreign
laws.

4.        OFFERING PERIODS.

         The Plan shall be implemented by Offering Periods each commencing on
January 1 or July 1, in each case continuing for six months thereafter until the
last Trading Day on or before June 30 or December 31, respectively, or until the
Plan is terminated pursuant to Section 13 hereof; provided, however, that the
first

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Offering Period shall commence on the later of (i) January 1, 2001; (ii) the
effective date of such securities registration(s) covering the ADSs that may be
issued under the Plan as are recommended by counsel to the Corporation; and
(iii) the distribution of such materials as are determined by the Committee to
the Employees eligible to participate in the Plan describing the terms and
conditions of the Plan. The Entry Date of the first Offering Period shall be
confirmed by the Board. The first Offering Period shall end on June 30, 2001.
The Board may determine to suspend one or more Offering Periods and to make no
sales under the Plan until the Board determines to begin a new Offering Period.
The Board may also change the duration of future Offering Periods (including the
commencement dates thereof); provided that an Offering Period may not exceed 12
months in duration.

5.        PARTICIPATION.

          5.1   An Employee who is eligible to participate in the Plan in
accordance with Section 3 may become a Participant by completing and submitting,
prior to any Entry Date as prescribed by the Committee, a completed payroll
deduction authorization and Plan enrollment form provided by the Corporation or
by following an electronic or other enrollment process as prescribed by the
Committee. The Employee's participation shall continue during successive
offering periods until the Employee terminates his or her participation. The
Employee shall determine (and prior to each Offering Period as prescribed by the
Committee may change) his or her level of payroll deductions at a fixed amount
or at the rate of any whole percentage of the Employee's Compensation, not to
exceed fifteen percent (15%) of the Employee's Compensation, but in either case
not to exceed the limitation specified in Section 7.2. All payroll deductions
may be held by the Corporation and commingled with its other corporate funds
where administratively appropriate. The Corporation shall maintain a separate
bookkeeping account for each Participant under the Plan and the amount of each
Participant's payroll deductions shall be credited to such account. A
Participant may not make any additional payments into such account.

          5.2   A Participant may withdraw all, but not less than all, of the
funds in his or her account at any time and may terminate further deductions
during an Offering Period; provided that the Committee may establish
administrative rules requiring that notice of such withdrawal or termination
must be received by his or her employer some minimum period (e.g., one pay
period) prior to a Purchase Date. During an Offering Period, a Participant may
not increase or decrease his or her amount or rate of payroll deductions.

6.        TERMINATION OF EMPLOYMENT.

          In the event any Participant terminates employment with all of the
Designated Subsidiaries for any reason (including death) prior to the expiration
of an Offering Period, the Participant's participation in the Plan shall
terminate and all amounts credited to the Participant's account shall be paid to
the Participant or, in the case of death, to the Participant's estate or
designated beneficiary. Whether a termination of employment has occurred shall
be determined by the Committee. The Committee may also establish rules regarding
when leaves of absence or changes of employment status will be considered to be
a termination of employment, including rules regarding transfer of employment
among Designated Subsidiaries and the Corporation. The Committee may establish
termination of employment procedures for this Plan that are independent of
similar rules established under other benefit plans of the Corporation and its
Subsidiaries.

7.        OFFERING.

          7.1   (a) Subject to adjustment as set forth in Section 10, the
maximum number of ADSs which may be issued or transferred pursuant to Section 8
shall be 3,000,000. Notwithstanding the foregoing, but subject to adjustment as
set forth in Section 10, the maximum number of Ordinary Shares represented by
ADSs issued or transferred pursuant to Section 8 shall not exceed 12,000,000.
The Board may determine that during any particular Offering Period(s) no more
than a portion of these ADSs may be sold. If, on a

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given Purchase Date, the number of ADSs with respect to which options are to be
exercised exceeds the number of ADSs designated by the Board for that Offering
Period or remaining then available under the Plan, the Committee shall make a
pro rata reduction of the number of ADSs to be purchased or transferred under
Section 8 in as uniform a manner as shall be practicable and as it shall
determine to be equitable.

                (b) No option to purchase ADSs may be granted under the Plan if,
as a result of such grant, the total number of Ordinary Shares issued or
issuable under options or other rights granted within the preceding ten years
under the Plan and all other employee share schemes established by the
Corporation would exceed 10% of the ordinary share capital outstanding at the
time of grant.

          7.2   Subject to Section 7.1, each eligible Employee who has elected
to participate during an Offering Period, as provided in Section 5.1, shall be
granted an option on the Entry Date to purchase that number of whole ADSs which
may be purchased with the payroll deductions accumulated on behalf of such
Employee during such Offering Period at the Purchase Price for such Offering
Period. Notwithstanding the foregoing, the number of ADSs (or other securities)
that a Participant may purchase under the Plan (and any other plans meeting the
requirements of Section 423 under the Code maintained by the Corporation or its
Subsidiaries) is limited as follows: the Fair Market Value of such ADSs (or
other securities) shall not exceed twenty-five thousand dollars (U.S.$25,000)
for each calendar year in which such an option has been granted. The Fair Market
Value of the ADSs to be purchased during an Offering Period shall be determined
at the Entry Date at which such option is granted. The foregoing two sentences
shall be interpreted so as to comply with Code Section 423(b)(8).

          7.3   The purchase price (the "Purchase Price") per ADS under each
option shall be the lower of: (i) a percentage (not less than eighty-five
percent (85%)) established by the Board ("Designated Percentage") of the Fair
Market Value of an ADS on the Entry Date and (ii) the Designated Percentage of
the Fair Market Value of an ADS on the Purchase Date; provided that the Purchase
Price per ADS shall never be less than the U.S. dollar equivalent, on the
relevant Purchase Date, of the aggregate nominal value of the Ordinary Shares
represented by the ADS (for example, currently each ADS represents four Ordinary
Shares of nominal value 50 pence each, so the Purchase Price of an ADS could not
be less than the U.S. dollar equivalent of 2 pounds sterling). The Board may
change the Designated Percentage with respect to any future Offering Period, but
not below eighty-five percent (85%), and the Board may determine with respect to
any prospective Offering Period that the Purchase Price shall be the Designated
Percentage of the Fair Market Value of an ADS on the Purchase Date. Until
otherwise designated by the Committee, the Designated Percentage shall be 85%.

8.        PURCHASE OF AMERICAN DEPOSITARY SHARES.

          8.1   On each Purchase Date, the Participants' options shall be
exercised automatically in full pursuant to Section 7. On such date or as soon
thereafter as is practicable, the Corporation will cause the ADSs so purchased
to be issued for or transferred to the account of each Participant and delivered
to a registered broker dealer to be held as described in Section 9. In order to
cause the ADSs to be so issued or transferred, the Corporation may, in the
discretion of the Committee, either (i) purchase ADSs from time to time; (ii)
purchase Ordinary Shares, from time to time, and deliver them to the Depositary
for deposit against the issuance of ADSs; or (iii) issue new Ordinary Shares and
deliver them to the Depositary for deposit against the issuance of ADSs.
Notwithstanding any other provision in the Plan, (x) the Corporation or its
designee may make such provisions and take such action as it deems necessary or
appropriate for the withholding of taxes and/or social insurance which the
Corporation or its Designated Subsidiary is required by law or regulation of any
governmental authority to withhold; and (y) the Corporation shall not issue or
transfer any ADSs or Ordinary Shares under the Plan unless the Plan has been
approved by the holders of the Ordinary Shares prior to the first Purchase Date.
The Corporation shall pay SDRT. Each Participant, however, shall be responsible
for payment of all individual tax liabilities arising under the Plan.

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          8.2   Funds that were deducted from the Participants' pay but that
were not applied to the purchase of ADSs on a Purchase Date (because a whole ADS
could not be purchased with such funds or because of a reduction under Section
7.1) shall be rolled forward and added to the Participants' accounts for the
next Offering Period or shall be paid to a Participant upon request if the
request is made prior to a date established for each Offering Period.

9.        DELIVERY OF RECORDS AND RETENTION BY BROKER.

          As soon as practicable after the exercise of an option, the
Corporation shall deliver to the Participant a broker's record of the ADSs
purchased and held by a broker in an account for the Participant and a record of
the Purchase Price and other customary tax information.

          The Committee shall require that ADSs be retained with such broker for
the Designated Period and/or may establish other procedures to permit tracking
of dispositions during the Designated Period. At the end of the Designated
Period, a participant may direct that an American depositary receipt be executed
and delivered to him or her or at his or her direction (or, in the case of
death, to his or her estate or designated beneficiary) evidencing his or her
ADSs. During the Designated Period, all dividends in respect of a Participant's
ADSs held by such broker shall be paid to the Participant.

10.       ADJUSTMENT UPON RECAPITALIZATION.

          If after the grant of an option, but prior to the purchase of ADSs
under an option, there is any increase or decrease in the number of outstanding
Ordinary Shares because of a stock split, stock dividend, combination,
recapitalization, spin-off, issuance of rights or similar transaction, then to
prevent dilution or loss of rights in shares underlying ADSs subject to options,
the number of ADSs to be purchased pursuant to an option, the price per ADS
covered by an option and the maximum number of ADSs which may be issued pursuant
to the Plan, as specified in Section 7.1, may be appropriately adjusted by the
Board, although the Board may consider that the appropriate adjustment has
already been made under the terms of the Deposit Agreement among the Depositary,
the Corporation and the owners of American depositary receipts. The Board shall
take any further actions which, in the exercise of its discretion, may be
necessary or appropriate under the circumstances.

11.       MERGER, LIQUIDATION AND OTHER CORPORATE TRANSACTIONS.

          11.1 If there is a Change of Control of Enodis or a Designated
Subsidiary, then the Board shall either (i) immediately terminate the Offering
Period and all outstanding options and promptly refund the amount of all payroll
deductions to the Participants, or in the case of death to a Participant's
estate or designated beneficiary; or (ii) accelerate the Purchase Date to any
date prior to the Change of Control.

          11.2 If any person becomes bound or entitled to acquire Ordinary

Shares in the Corporation under Sections 428 to 430F of the U.K. Companies Act
1985; or if under Section 425 of that Act a court sanctions a compromise or
arrangement proposed for the purposes of or in connection with a scheme for the
reconstruction of the Corporation; or if the Corporation passes a resolution for
voluntary dissolution or winding up, then the Board shall either (i) terminate
the Offering Period and all outstanding options and promptly refund the amount
of all payroll deductions to the Participants or, in the case of death, to a
Participant's estate or designated beneficiary; or (ii) accelerate the Purchase
Date to any date prior to such event or the consummation of such transaction if
possible, or if not possible, then within one month thereafter.

          11.3 If there is a proposed merger or consolidation of the Corporation
with or into another corporation in which there would be no Change of Control,
then, if the Corporation is the survivor, each

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option shall continue unchanged or, if the Corporation is not the survivor, an
equivalent option, as determined by the Board, shall be substituted by the
successor corporation or by the parent or a subsidiary of such successor
corporation.

12.       TRANSFERABILITY.

          Options granted to Participants, and ADSs held by brokers during
Designated Periods as described in Section 9, may not be voluntarily or
involuntarily assigned, transferred, pledged, or otherwise disposed of in any
way, and any attempted assignment, transfer, pledge, or other disposition shall
be null and void and without effect.

13.       AMENDMENT OR TERMINATION OF THE PLAN.

          13.1 The Plan shall continue through and until December 31, 2005
unless otherwise terminated in accordance with Section 13.2. Notwithstanding any
other provision of the Plan, the Board shall terminate the Plan unless it is
approved by the shareholders of the Corporation at a general meeting of the
Corporation prior to June 30, 2001.

          13.2 Subject to Section 13.3, the Board may, in its sole discretion,
insofar as permitted by law, terminate or suspend the Plan, or amend it in any
respect whatsoever, except that no amendment may adversely affect an outstanding
option or reduce a Participant's account balance. Upon a termination of the Plan
at any time other than at the end of an Offering Period, all amounts credited to
the Participants' accounts shall be paid to the Participants, or in the case of
death to a Participant's estate or designated beneficiary.

          13.3 Subject to Section 13.4, once the shareholders have approved the
Plan, no amendment materially benefitting the Participants shall be made to
Sections 3, 4, 5.1, 6, 7, 10, 11 or 13 or to any definitions in Section 2 that
affect the interpretation of any of these Sections, without the prior approval
of the shareholders of the Corporation at a general meeting of the Corporation.

          13.4 Section 13.3 shall not apply to a minor amendment to benefit the
administration of the Plan, to take account of a change in applicable law or to
obtain or maintain favorable tax, accounting or regulatory treatment of the
Plan, the Participants, the Corporation or any Subsidiary.

14.       ADMINISTRATION.

          The Committee will have the authority and responsibility for the day-
to-day administration of the Plan, the authority and responsibility specifically
provided in this Plan and any additional duty, responsibility and authority
delegated to the Committee by the Board, which may include any of the functions
assigned to the Board in this Plan. The Committee may delegate to one or more
individuals the day-to-day administration of the Plan. The Committee shall have
full power and authority to promulgate any rules and regulations which it deems
necessary for the proper administration of the Plan, to interpret the provisions
and supervise the administration of the Plan, to make factual determinations
relevant to Plan entitlements and to take all action in connection with
administration of the Plan as it deems necessary or advisable, consistent with
the delegation from the Board. Decisions of the Board and the Committee shall be
final and binding upon all participants. Any decision reduced to writing and
signed by a majority of the members of the Committee shall be fully effective as
if it had been made at a meeting of the Committee duly held. The Corporation
shall pay all expenses incurred in the administration of the Plan. No Committee
member shall be liable for any action or determination made in good faith with
respect to the Plan or any option granted hereunder.

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<PAGE>

15.       NO INTEREST TO BE CREDITED OR PAID.

          No interest shall be paid or credited to Participants with respect to
payroll deductions. No interest shall be added to any payments made pursuant to
the Plan.

16.      COMMITTEE RULES FOR FOREIGN JURISDICTIONS.

         The Committee may adopt rules or procedures relating to the operation
and administration of the Plan to accommodate the specific requirements of local
laws and procedures. Without limiting the generality of the foregoing, the
Committee is specifically authorized to adopt rules and procedures regarding
handling of payroll deductions, conversion of local currency, payroll tax,
withholding procedures and handling of American depositary receipts which vary
with local requirements.

17.       SECURITIES LAW REQUIREMENTS.

          The Corporation shall not be under any obligation to issue Ordinary
Shares or cause the issuance of ADSs upon the exercise of any option unless and
until the Corporation has determined that: (i) it and the Participant have taken
all actions required to register any securities to be issued, under all
applicable securities laws, or an exemption is available from the registration
requirements thereof; (ii) any applicable listing requirement of any stock
exchange on which the securities to be issued are listed has been satisfied; and
(iii) all other applicable provisions of state, federal and applicable foreign
law have been satisfied.

18.       GOVERNMENTAL REGULATIONS.

          This Plan and the Corporation's obligation to issue, transfer or
deliver ADSs or Ordinary Shares under the Plan shall be subject to the approval
of any governmental authority required in connection with the Plan and such
issuance, transfer or delivery.

19.       NO ENLARGEMENT OF EMPLOYEE RIGHTS.

          Nothing contained in this Plan shall be deemed to give any Employee
the right to be retained in the employ of the Corporation or any Designated
Subsidiary or to interfere with the right of the Corporation or Designated
Subsidiary to discharge any Employee at any time. In addition, an individual who
participates in the Plan shall, and does, by submitting a Subscription
Agreement, waive any rights to compensation or damages in consequence of the
termination of his employment for any reason whatsoever insofar as those rights
arise or may arise from his ceasing to have rights under or be entitled to
purchase any securities as a result of such termination.

20.       GOVERNING LAW.

          This Plan shall be governed by the laws of England, without regard to
that country's choice of law rules, except to the extent that this Plan is
intended to be construed to comply with Section 423 of the Code.

21.       EFFECTIVE DATE.

          This Plan shall be effective on the Entry Date of the first Offering
Period, as defined in Section 4.

22.       REPORTS.

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<PAGE>

          Individual accounts shall be maintained for each Participant in the
Plan. Statements of account shall be given to Participants at least annually,
which statements shall set forth the amounts of payroll deductions, the Purchase
Price, the number of shares purchased and the remaining cash balance, if any.

23.       DESIGNATION OF BENEFICIARY FOR OWNED SHARES.

          With respect to ADSs purchased by the Participant pursuant to the Plan
and held for the account of the Participant, the Participant may be permitted to
file a written designation of beneficiary. The Participant may change such
designation of beneficiary at any time by written notice. Subject to local legal
requirements, in the event of a Participant's death, the Corporation or its
assignee shall deliver such ADSs to the designated beneficiary.

          Subject to local law, in the event of the death of a Participant and
in the absence of a beneficiary validly designated who is living at the time of
such Participant's death, the Corporation shall deliver such ADSs to the
executor or administrator of the estate of the Participant, or if no such
executor or administrator has been appointed (to the knowledge of the
Corporation), the Corporation in its sole discretion, may deliver (or cause its
assignee to deliver) such ADSs to the spouse, dependent or relative of the
Participant, or if no spouse, dependent or relative is known to the Corporation,
then to such other person as the Corporation may determine.
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       This document constitutes part of a prospectus covering securities
           that have been registered under the Securities Act of 1933

                     Enodis plc Employee Stock Purchase Plan
                             SUBSCRIPTION AGREEMENT

     1.  My Personal Information:

<TABLE>
<S>                                                               <C>           <C>
Legal Name (Please Print)
                          --------------------------------------                ------------------------
                          Last             First           (MI)                    Direct Employer

----------------------------------------------------------------  ------------  ------------------------
                          Street Address                            Location          Department

----------------------------------------------------------------                ------------------------
               City, State/Province, Country, Zip                                  Daytime Telephone

----------------------------------------------------------  ------------------  ------------------------
Social Security/Insurance No.                                Employee I.D. No.        E-Mail Address
</TABLE>

     2.  Definitions: Each capitalized term in this Subscription Agreement shall
have the same meaning that the term has in the ESPP.

     3.  Subscription: I hereby elect to participate in the ESPP, and I
subscribe to purchase ADSs in accordance with this Subscription Agreement and
the ESPP. I have received a complete copy of the ESPP and a prospectus
describing the ESPP, and I understand that my participation in the ESPP is
subject to all of the provisions of the ESPP. This Subscription Agreement is
only effective if I am eligible to participate in the ESPP.

     4.  Payroll Deduction Authorization: I hereby authorize payroll deductions
from my Compensation during each Offering Period for the purchase of ADSs in the
amount or percentage specified below. I understand that my deductions for
purchases of ADSs may not exceed the lesser of 15% of my Compensation or U.S.
$21,250 per calendar year. I also understand that Enodis plc may limit the
number of ADSs available during an Offering Period and may reduce purchases of
ADSs for my account proportionately if subscriptions exceed the available number
of ADSs. If this happens, my unused deductions will be rolled forward to the
next Offering Period, or I may elect to have them paid to me.

Please deduct from my Compensation in each pay period:  $______________(fill in)
                                      or, the following percentage (circle one):

        1%  2%  3%  4%  5%  6%  7%  8%  9%  10%  11%  12%  13%  14%  15%

     5.  ESPP Accounts and Purchase Price: I understand that the payroll
deductions specified in paragraph 4 above will be credited to my account under
the ESPP. I may not make additional payments to my account. No interest will be
paid on funds credited to my account at any

<PAGE>

time. The payroll deductions will be applied to the purchase of ADSs on each
Purchase Date at the applicable Purchase Price, subject to the limitations
described in paragraph 4 above and in the ESPP.

     6.  Withdrawals; Deductions: I may discontinue my payroll deductions prior
to a Purchase Date, and I may receive a refund, without interest, of my
accumulated payroll deductions. I may increase or decrease the amount or rate of
my payroll deductions for future Offering Periods prior to the beginning of, but
not during, an Offering Period, under the rules and using the forms established
by the Committee.

     7.  No Delivery for Designated Period; No Transferability: I acknowledge
that, after each Purchase Date, the ADSs that I purchase will not be delivered
to me. Instead, they will be held for my account by a broker for a designated
period. This period will end upon the earlier of (i) eighteen months after the
Purchase Date of these ADSs; (ii) termination of my employment; (iii) the
occurrence of a Hardship; and (iv) subject to the approval of Enodis plc, the
occurrence of a change in control of either my direct employer or of Enodis plc.
I agree that during the designated period, I shall not sell or transfer my ADSs.

     8.  Taxes: I have reviewed the ESPP prospectus discussion of the federal
tax consequences of participation in the ESPP, and I have been given the time to
consult with tax consultants if I wished to do so. I hereby agree to notify my
employer in writing within thirty (30) days of any sale or other disposition of
any of my ADSs purchased under the ESPP if such disposition occurs within two
(2) years after the first day of the Offering Period during which the shares
were purchased, and I will make adequate provision to my employer for foreign,
federal, state or other tax withholding obligations, if any, which arise upon
the disposition of the shares. I agree that my employer may cause to be withheld
from my Compensation any amount necessary to meet applicable tax withholding
obligations incident to my participation in the ESPP, including any withholding
necessary to make available to my employer or Enodis plc any tax deductions or
benefits contingent on such withholding. [Note - for Canadian employees: Delete
second sentence above].

     9.  Designation of Beneficiary (optional): In the event of my death, I
hereby designate the following person or trust as my beneficiary to receive all
payments and shares due to me under the ESPP:

<TABLE>
<S>                                                                    <C>
Beneficiary Name (Please Print)                                        Relationship to Beneficiary (if any):
                               -------------------------------------
                               Last             First          (MI)

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

Street Address
              ------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------
City, State/Province, Country, Zip
</TABLE>

     10. Termination or Amendment of ESPP: I understand that Enodis plc has the
right to amend, suspend or terminate the ESPP at any time. If Enodis plc
terminates the ESPP for any reason, or if its shareholders do not approve the
ESPP by June 30, 2001, all amounts credited to my account under the ESPP will be
repaid to me without interest.

Date:                           Employee Signature
     ---------------------                        ------------------------------<PAGE>

                                                                     EXHIBIT 4.4

                  THE ENODIS 2001 EXECUTIVE SHARE OPTION SCHEME

                     Approved at the Annual General Meeting
                             held on 17 January 2001
--------------------------------------------------------------------------------

                                    CONTENTS

Rule                                                                     Page

Part A - Inland Revenue Approved ............................................  1

1.   Definitions And Interpretation .........................................  1

2.   Eligibility ............................................................  2

3.   Grant Of Options .......................................................  2

4.   Limits .................................................................  3

5.   Exercise Of Options ....................................................  4

6.   Takeover, Reconstruction And Winding-Up ................................  6

7.   Adjustment Of Options ..................................................  7

8.   Alterations ............................................................  8

9.   Miscellaneous ..........................................................  9

Part B - Unapproved ......................................................... 10

1.   Interaction With Part A ................................................ 10

2.   Eligibility ............................................................ 10

3.   Limits ................................................................. 10

4.   Exercise Of Options .................................................... 10

5.   Adjustment Of Options .................................................. 11

6.   Takeover, Reconstruction And Winding-Up ................................ 11

7.   Inland Revenue Approval ................................................ 11

<PAGE>

                        PART A - INLAND REVENUE APPROVED

1.       DEFINITIONS AND INTERPRETATION

1.1      In this Scheme, unless the context otherwise requires:-

         "the Board" means the board of directors of the Company or a committee
         appointed by them;

         "the Company" means Enodis plc (registered in England and Wales No.
         109849);

         "Financial Year" means a financial year of the Company within the
         meaning of section 742 of the Companies Act 1985;

         "the Grant Date" in relation to an option means the date on which the
         option was granted;

         "Group Member" means:-

         1.1.1    a Participating Company or a body corporate which is (within
                  the meaning of section 736 of the Companies Act 1985) the
                  Company's holding company or a subsidiary of the Company's
                  holding company; or

         1.1.2    a body corporate which is (within the meaning of section 258
                  of that Act) a subsidiary undertaking of a body corporate
                  within Rule 1.1.1 and has been designated by the Board for
                  this purpose;

         1.1.3    any other body corporate in relation to which a body corporate
                  within paragraph (a) or (b) above is able (whether directly or
                  indirectly) to exercise 20% or more of its equity voting
                  rights and has been designated by the Board for this purpose;

         "the London Stock Exchange" means the London Stock Exchange plc;

         "Participant" means a person who holds an option granted under this
         Scheme;

         "Participating Company" means the Company or any Subsidiary;

         "the Performance Conditions" are the conditions in the Schedule to this
         Scheme or such other conditions as the Remuneration Committee may
         specify at the time an option is granted;

         "the Remuneration Committee" means the remuneration committee of the
         Board;

         "Schedule 9" means Schedule 9 to the Taxes Act 1988;

         "Scheme" means the Enodis 2001 Executive Share Option Scheme as herein
         set out, comprising Part A (the Inland Revenue approved part) and Part
         B (the Unapproved Part) but subject to any alterations made under Rule
         8 below;

         "Subsidiary" means a body corporate which is a subsidiary of the
         Company (within the meaning of section 736 of the Companies Act 1985)
         and of which the Company has control (within the meaning of section 840
         of the Taxes Act 1988);

         "the Taxes Act 1988" means the Income and Corporation Taxes Act 1988;

         "Trustees" means the trustee or trustees for the time being of an
         employee benefit trust established for the benefit of beneficiaries
         including all or substantially all of the individuals eligible to
         participate in this Scheme by virtue of Rule 2 below;

<PAGE>

         and expressions not otherwise defined in this Scheme have the same
         meanings as they have in Schedule 9.

1.2      Any reference in this Scheme to any enactment includes a reference to
         that enactment as from time to time modified, extended or re-enacted.

1.3      Expressions in italics are for guidance only and do not form part of
         this Scheme.

2.       ELIGIBILITY

2.1      Subject to Rule 2.3, a person is eligible to be granted an option if
         (and only if) he is a full-time director or qualifying employee of a
         Participating Company.

2.2      For the purposes of Rule 2.1:-

         2.2.1    a person shall be treated as a full-time director of a
                  Participating Company if he is obliged to devote to the
                  performance of the duties of his office or employment with
                  that and any other Participating Company not less than 25
                  hours a week;

         2.2.2    a qualifying employee, in relation to a Participating Company,
                  is an employee of the Participating Company (other than one
                  who is a director of a Participating Company).

2.3      A person is not eligible to be granted an option under this Scheme at
         any time:-

         2.3.1    within the two years immediately preceding the date on which
                  he is bound to retire in accordance with the terms of his
                  contract of employment, or

         2.3.2    when he is not eligible to participate in this Scheme by
                  virtue of paragraph 8 of Schedule 9 (material interest in a
                  close company).

3.       GRANT OF OPTIONS

3.1      Subject to Rule 4, the Board may by deed grant or procure that some
         other person grants an option to acquire shares in the Company which
         satisfy the requirements of paragraphs 10 to 14 of Schedule 9 (fully
         paid up, unrestricted, ordinary share capital), at the Grant Date and,
         subject to Rule 7.5, at the date of exercise of the option, upon the
         terms set out in this Scheme and upon such other objective terms as the
         Board may specify, to any person who is eligible to be granted an
         option in accordance with Rule 2; and for this purpose an option to
         acquire includes an option to purchase and an option to subscribe.

3.2      The price at which shares may be acquired by the exercise of an option
         shall be determined by the Board before its grant, but shall not be
         less than:-

         3.2.1    if shares of the same class as those shares are listed in the
                  London Stock Exchange Daily Official List, the middle-market
                  quotation of shares of that class (as derived from that List)
                  on the dealing day immediately preceding the Grant Date (or
                  such other dealing day as may be agreed in advance with the
                  Inland Revenue) or, in the case of an option which is intended
                  to be a Qualifying Stock Option within the meaning of the US
                  Internal Revenue Code, the middle market quotation of shares
                  of that class (as derived from that list) on the Grant Date;

         3.2.2    if Rule 3.2.1 does not apply, the market value (within the
                  meaning of Part VIII of the Taxation of Chargeable Gains Act
                  1992) of shares of that class, as agreed in advance for the
                  purposes of this Scheme with the Shares Valuation Division of
                  the Inland Revenue, on the Grant Date (or such other day as
                  may be agreed in advance with the Inland Revenue); or

                                        2

<PAGE>

         3.2.3    in the case of an option to acquire shares only by
                  subscription, the nominal value of those shares.

3.3      Subject to Rule 3.4, an option may only be granted:-

         3.3.1    within the period of 6 weeks beginning with -

                  (a)      the date on which this Scheme is approved and adopted
                           by the Company (provided that no options may be
                           granted under Part A of the Scheme until it has been
                           approved by the Inland Revenue); or

                  (b)      the date on which Part A of this Scheme is approved
                           by the Inland Revenue under Schedule 9; or

                  (c)      the dealing day next following the date on which the
                           Company announces its results for any period; or

         3.3.2    at any other time when the circumstances are considered by the
                  Board to be sufficiently exceptional to justify its grant; and

         3.3.3    within the period of 10 years beginning with the date on which
                  this Scheme is adopted by the Company.

3.4      An option granted to any person:-

         3.4.1    shall not, except as provided in Rule 5.4, be capable of being
                  transferred by him; and

         3.4.2    shall lapse forthwith if he is adjudged bankrupt.

4.       LIMITS

4.1      No options shall be granted in any year which would, at the time they
         are granted, cause the number of shares in the Company which may be
         allocated under this Scheme in the period of 10 calendar years ending
         with that year under this Scheme or under any other executive share
         option scheme adopted by the Company to exceed such number as
         represents 5 per cent. of the ordinary share capital of the Company in
         issue at that time.

4.2      No options shall be granted in any year which would, at the time they
         are granted, cause the number of shares in the Company which may be
         allocated under this Scheme or under any other employees' share scheme
         adopted by the Company in the period of 10 calendar years ending with
         that year, to exceed such number as represents 10 per cent. of the
         ordinary share capital of the Company in issue at that time.

4.3      No more than 19,000,000 shares may be acquired pursuant to the exercise
         of options granted under the Scheme.

4.4      Any shares in the Company which have been issued or which may be issued
         to the Trustees to satisfy the exercise of any option granted under
         this Scheme shall be included for the purposes of the limits set out in
         Rules 4.1, 4.2 and 4.3.

4.5      The number of shares in relation to which options may be granted to any
         person in any Financial Year shall not exceed such number as has a
         market value equal to 200 per cent of the salary of such person, unless
         the Remuneration Committee is satisfied that there are exceptional
         circumstances; and for the purposes of this Rule:-

                                       3

<PAGE>

         4.5.1    a person's salary shall be taken to be his basic salary
                  (excluding benefits in kind), expressed as an annual rate,
                  payable by the Participating Companies to him at that time;
                  and

         4.5.2    where a payment of remuneration is made otherwise than in
                  sterling, the payment shall be treated as being of the amount
                  of sterling ascertained by applying such rate of exchange
                  published in a national newspaper as the Board shall
                  reasonably determine.

4.6      No person shall be granted options which would, at the time they are
         granted, cause the aggregate market value of the shares which he may
         acquire in pursuance of options granted to him under Part A of this
         Scheme or under any other share option scheme, not being a
         savings-related share option scheme, approved under Schedule 9 and
         established by the Company or by any associated company of the Company
         (and not exercised) to exceed or further exceed (pound)30,000 or such
         other limit imposed from time to time under paragraph 28(1) of Schedule
         9.

4.7      For the purposes of this Rule 4, the market value of the shares in
         relation to which an option was granted shall be calculated:-

         4.7.1    in the case of an option granted under this Scheme, as on the
                  day by reference to which the price at which shares may be
                  acquired by the exercise of that option was determined in
                  accordance with Rule 3.2;

         4.7.2    in the case of an option granted under any other approved
                  scheme, as at the time when it was granted or, in a case where
                  an agreement relating to the shares has been made under
                  paragraph 29 of Schedule 9, such earlier time or times as may
                  be provided in the agreement; and

         4.7.3    in the case of any other option, as on the day or days by
                  reference to which the price at which shares may be acquired
                  by the exercise of that option was determined.

4.8      Any option granted under this Scheme shall be limited and take effect
         so that the above limits are complied with.

4.9      Where the right to acquire shares was released or lapsed without being
         exercised, the shares concerned will be ignored when calculating the
         limits in this Rule 4 (other than the limit in Rule 4.5).

4.10     References in this Rule 4 to "allocation" shall mean, in relation to
         any share option scheme, placing unissued shares under option and, in
         relation to other types of employee share scheme, the allotment and
         issue of shares and references to "allocated" shall be construed
         accordingly.

5.       EXERCISE OF OPTIONS

5.1      The exercise of any option granted under this Scheme shall be effected
         in the form and manner prescribed by the Board and, unless the Board
         determines otherwise, any notice of exercise shall take effect only
         when received by the Company together with the relevant exercise monies
         or an agreement to provide such monies pursuant to arrangements
         acceptable to the Company.

5.2      Subject to Rules 5.4, 5.5, 6.1, 6.3 and 6.4, an option granted under
         this Scheme may not be exercised before the third anniversary of the
         Grant Date.

5.3      Subject to Rules 5.4, 5.5.1, 5.5.3, 6.1, 6.3, 6.4 and 6.5, an option
         granted under this Scheme may not be exercised if the Performance
         Conditions are not satisfied.

5.4      If any Participant dies, any option may (and must, if at all) be
         exercised by his personal representatives within 12 months after the
         date of his death provided that his death occurs at a time

                                       4

<PAGE>

         when either he is a director or employee of a Group Member or he is or
         would but for Rule 5.3 be entitled to exercise the option by virtue of
         Rule 5.5.

5.5      If any Participant ceases to be a director or employee of a Group
         Member (otherwise than by reason of his death), the following
         provisions apply in relation to any option granted to him:-

         5.5.1    if he so ceases by reason of injury, disability or redundancy
                  (within the meaning of the Employment Rights Act 1996), or by
                  reason only that his office or employment is in a company
                  which ceases to be a Group Member, or relates to a business or
                  part of a business which is transferred to a person who is not
                  a Group Member, the option may (and subject to Rule 5.4 must,
                  if at all) be exercised within the exercise period;

         5.5.2    if he so ceases by reason of retirement on or after reaching
                  the age at which he is bound to retire in accordance with the
                  terms of his contract of employment, the option may (and
                  subject to Rule 5.4 must, if at all) be exercised within the
                  exercise period, but subject to Rule 5.3;

         5.5.3    if he so ceases for any other reason, the option may not be
                  exercised at all unless the Board shall so permit, in which
                  event it may (and subject to Rule 5.4 must, if at all) be
                  exercised to the extent permitted by the Board within the
                  exercise period;

                  and in this Rule the exercise period is the period which shall
                  expire 12 months after his so ceasing or at such later time as
                  the Board shall determine not being more than 42 months after
                  the Grant Date or 42 months after the last date prior to his
                  so ceasing on which he exercised an option (not being one
                  granted under a savings-related share option scheme) in
                  circumstances in which paragraphs (a) and (b) of section
                  185(3) of the Taxes Act 1988 (income tax relief on exercise)
                  applied.

5.6      A Participant shall not be treated for the purposes of Rule 5.5 as
         ceasing to be a director or employee of a Group Member until such time
         as he is no longer a director or employee of any Group Member.

5.7      Notwithstanding any provision of this Scheme, an option may not be
         exercised after the expiration of the period of 10 years (or such
         shorter period as the Board may have determined before the grant of
         that option) beginning with the Grant Date.

5.8      A Participant shall not be eligible to exercise an option at any time
         when he is not eligible to participate in this Scheme by virtue of
         paragraph 8 of Schedule 9 (material interest in close company).

5.9      Within 30 days after an option has been exercised by any person, the
         Board shall allot to him (or a nominee for him) or, as appropriate,
         procure the transfer to him (or a nominee for him) of the number of
         shares in respect of which the option has been exercised, provided that
         the issue or transfer of those shares would be lawful in all relevant
         jurisdictions. For the avoidance of doubt, it is hereby confirmed that
         ordinary shares may be allotted or transferred in the form of American
         Depository Shares.

5.10     In a case where a Group Member or the Trustees are obliged to (or would
         suffer a disadvantage if it were not to) account for any tax (in any
         jurisdiction) for which the person in question is liable by virtue of
         the exercise of the option and/or for any social security contributions
         recoverable from the person in question (together, the "Tax
         Liability"), no shares shall be issued or transferred unless that
         person has either:

         5.10.1   made a payment to the Group Member or the Trustees of an
                  amount equal to the Tax Liability; or

                                       5

<PAGE>

         5.10.2   entered into arrangements acceptable to that or another Group
                  Member or the Trustees to secure that such a payment is made
                  (whether by authorising the sale of some or all of the shares
                  on his behalf and the payment to the Group Member or the
                  Trustees of the relevant amount out of the proceeds of sale or
                  otherwise).

5.11     All shares allotted under this Scheme shall rank equally in all
         respects with the shares of the same class then in issue except for any
         rights attaching to such shares by reference to a record date prior to
         the date of the allotment.

6.       TAKEOVER, RECONSTRUCTION AND WINDING-UP

6.1      If any person obtains control of the Company (within the meaning of
         section 840 of the Taxes Act 1988) as a result of making a general
         offer to acquire shares in the Company, or having obtained such control
         makes such an offer, the Board shall within 7 days of becoming aware of
         such occurrence notify every Participant of it and, subject to the
         option not having already lapsed under Rules 5.4, 5.5 and 5.7, any
         option may be exercised within one month (or such longer period as the
         Board may permit) of such notification.

6.2      For the purposes of Rule 6.1, a person shall be deemed to have obtained
         control of the Company if he and others acting in concert with him have
         together obtained control of it.

6.3      If any person becomes bound or entitled to acquire shares in the
         Company under sections 428 to 430F of the Companies Act 1985 or
         Articles 421 to 423 of the Companies (Northern Ireland) Order 1986, or
         if the Company passes a resolution for voluntary winding up, or if an
         order is made for the compulsory winding up of the Company, the Board
         shall forthwith notify every Participant of such occurrence and,
         subject to the option not having already lapsed under Rules 5.4, 5.5
         and 5.7, any option may be exercised within one month of such
         notification, but to the extent that it is not exercised within that
         period shall (notwithstanding any other provision of this Scheme) lapse
         on the expiration of that period.

6.4      If the Court sanctions a compromise or arrangement under section 425 of
         the Companies Act 1985 or Article 418 of the Companies (Northern
         Ireland) Order 1986, the Board shall forthwith notify every Participant
         of such occurrence and, subject to the option not having already lapsed
         under Rules 5.4, 5.5 and 5.7, any option may be exercised within one
         month of such notification, but to the extent that it is not exercised
         within that period shall (notwithstanding any other provision of this
         Scheme) lapse on the expiration of that period.

6.5      In relation to an option which would but for Rule 5.3 be exercisable by
         virtue of an event mentioned in Rule 6.1, 6.3 or 6.4, the Performance
         Conditions will continue to apply, but measured up to the first to
         occur of the events specified in this Rule 6 unless the Remuneration
         Committee, acting objectively and fairly and reasonably, decides
         otherwise. For this purpose, the term "Remuneration Committee" means
         the members of the Remuneration Committee immediately prior to the
         occurrence of the relevant event mentioned in Rule 6.1, 6.3 or 6.4.

6.6      If any company ("the acquiring company"):-

         6.6.1    obtains control of the Company as a result of making:-

                  (a)      a general offer to acquire the whole of the issued
                           ordinary share capital of the Company which is made
                           on a condition such that if it is satisfied the
                           person making the offer will have control of the
                           Company, or

                  (b)      a general offer to acquire all the shares in the
                           Company which are of the same class as the shares
                           which may be acquired by the exercise of options
                           granted under this Scheme, or

                                       6

<PAGE>

         6.6.2    obtains control of the Company in pursuance of a compromise or
                  arrangement sanctioned by the court under section 425 of the
                  Companies Act 1985 or Article 418 of the Companies (Northern
                  Ireland) Order 1986, or

         6.6.3    becomes bound or entitled to acquire shares in the Company
                  under sections 428 to 430F of that Act or Articles 421 to 423
                  of that Order,

         any Participant may at any time within the appropriate period (which
         expression shall be construed in accordance with paragraph 15(2) of
         Schedule 9), by agreement with the acquiring company, release any
         option granted under this Scheme which has not lapsed ("the old
         option") in consideration of the grant to him of an option ("the new
         option") which (for the purposes of that paragraph) is equivalent to
         the old option but relates to shares in a different company (whether
         the acquiring company itself or some other company falling within
         paragraph 10(b) or (c) of Schedule 9).

6.7      The new option shall not be regarded for the purposes of Rule 6.6 as
         equivalent to the old option unless the conditions set out in paragraph
         15(3) of Schedule 9 are satisfied, but so that the provisions of this
         Scheme shall for this purpose be construed as if:-

         6.7.1    the new option were an option granted under this Scheme at the
                  same time as the old option;

         6.7.2    except for the purposes of the definitions of "Group Member",
                  "Participating Company" and "Subsidiary" in Rule 1.1 and the
                  reference to "the Board" in Rule 5.7, the expression "the
                  Company" were defined as "a company whose shares may be
                  acquired by the exercise of options granted under this
                  Scheme";

         6.7.3    the Performance Conditions had been satisfied; and

         6.7.4    Rule 8.2 were omitted.

7.       ADJUSTMENT OF OPTIONS

7.1      Subject to Rule 7.3, in the event of any increase or variation of the
         share capital of the Company, whenever effected, the Board may make
         such adjustments as it considers appropriate under Rule 7.2.

7.2      An adjustment made under this Rule shall be to one or more of the
         following:-

         7.2.1    the number of shares in respect of which any option may be
                  exercised;

         7.2.2    the price at which shares may be acquired by the exercise of
                  any option;

         7.2.3    where any such option has been exercised but no shares have
                  been allotted or transferred pursuant to such exercise, the
                  number of shares which may be so allotted or transferred and
                  the price at which they may be acquired;

         7.2.4    the number of shares referred to in Rule 4.3.

7.3      At a time when this Scheme is approved by the Inland Revenue under
         Schedule 9, no adjustment under Rule 7.2 shall be made without the
         prior approval of the Inland Revenue.

7.4      An adjustment under Rule 7.2 may have the effect of reducing the price
         at which shares may be subscribed for on the exercise of an option to
         less than their nominal value, but only if and to the extent that the
         Board shall be authorised to capitalise from the reserves of the
         Company a sum equal to the amount by which the nominal value of the
         shares in respect of which the option is

                                       7

<PAGE>

         exercised and which are to be allotted pursuant to such exercise
         exceeds the price at which the shares may be subscribed for and to
         apply that sum in paying up such amount on such shares; and so that on
         exercise of any option in respect of which such a reduction shall have
         been made the Board shall capitalise that sum (if any) and apply the
         same in paying up that amount.

7.5      If the shares subject to an option cease to satisfy the requirements of
         paragraphs 10 to 14 of Schedule 9 at any time after the Grant Date
         then:

         7.5.1    the Board shall as soon as practicable notify the Inland
                  Revenue of this;

         7.5.2    the Company will not be required to allot or procure the
                  transfer of shares which satisfy those requirements upon the
                  exercise of an option;

         7.5.3    for the avoidance of doubt, all unexercised options shall
                  continue to exist; and

         7.5.4    the Scheme shall continue to exist but if the Inland Revenue
                  withdraw their approval of the Scheme under Schedule 9, it
                  shall continue to exist as an unapproved share option scheme.

8.       ALTERATIONS

8.1      Subject to Rules 8.2, 8.4 and 8.5, the Board may at any time alter this
         Scheme (having regard to the fact that, if an alteration which does not
         solely relate to the Performance Conditions is made at a time when this
         Scheme is approved by the Inland Revenue under Schedule 9, the approval
         will not thereafter have effect until the Inland Revenue have approved
         the alteration).

8.2      Subject to Rule 8.3, no alteration to the advantage of the person to
         whom options may be granted shall be made under Rule 8.1 to any of the
         provisions concerning eligibility, the limits on individual
         participation and the number of shares which may be issued under the
         Scheme, the terms of exercise and adjustment of options, or this Rule,
         without the prior approval by ordinary resolution of the members of the
         Company in general meeting.

8.3      Rule 8.2 shall not apply to:-

         8.3.1    any minor alteration to benefit the administration of this
                  Scheme, to take account of a change in legislation or to
                  obtain or maintain favourable tax, exchange control or
                  regulatory treatment for Participants or any Group Member; or

         8.3.2    any alteration solely relating to the Performance Conditions.

8.4      No alteration to the disadvantage of any Participant shall be made
         under Rule 8.1 unless:-

         8.4.1    the Board shall have invited every relevant Participant to
                  give an indication as to whether or not he approves the
                  alteration, and

         8.4.2    the alteration is approved by a majority of those Participants
                  who have given such an indication.

8.5      No alteration which solely relates to the Performance Conditions
         subject to which an option has been granted shall be made under Rule
         8.1 unless:-

         8.5.1    there shall have occurred an event which shall have caused the
                  Board reasonably to consider that the Performance Conditions
                  would not, without the alteration, achieve its original
                  purpose and the altered Performance Conditions are no more
                  difficult to satisfy, and

                                       8

<PAGE>

         8.5.2    the Board shall act fairly and reasonably in making the
                  alteration.

9.       MISCELLANEOUS

9.1      The rights and obligations of any individual under the terms of his
         office or employment with any Group Member shall not be affected by his
         participation in this Scheme or any right which he may have to
         participate in it and an individual who participates in it shall waive
         any and all rights to compensation or damages in consequence of the
         termination of his office or employment for any reason whatsoever
         insofar as those rights arise or may arise from his ceasing to have
         rights under or be entitled to exercise any option under this Scheme as
         a result of such termination.

9.2      In the event of any dispute or disagreement as to the interpretation of
         this Scheme, or as to any question or right arising from or related to
         this Scheme, the decision of the Board shall be final and binding upon
         all persons.

9.3      Any decision of the Board in relation to a person who is a director of
         the Company is subject to the approval of the Remuneration Committee.

9.4      Any notice or other communication under or in connection with this
         Scheme may be given by personal delivery or by sending the same by
         post, in the case of a company to its registered office, and in the
         case of an individual to his last known address, or, where he is a
         director or employee of a Group Member, either to his last known
         address or to the address of the place of business at which he performs
         the whole or substantially the whole of the duties of his office or
         employment.

9.5      This Scheme and all options granted under it shall be governed by and
         construed in accordance with the law of England and Wales.

                                       9

<PAGE>

                               PART B - UNAPPROVED

1.       INTERACTION WITH PART A

         The provisions of Part A shall, save where otherwise specified below,
         apply in relation to options under Part B.

2.       ELIGIBILTY

2.1      Subject to rule 2.2 of Part B, a person is eligible to be granted an
         option under Part B if (and only if) he is an executive director or an
         employee of a Participating Company.

2.2      A person is not eligible to be granted an option under Part B any time
         within the two years immediately preceding the date on which he is
         bound to retire in accordance with the terms of his contract of
         employment.

3.       LIMITS

3.1      Rule 4.6 of Part A shall not apply to any options granted under Part B.

4.       EXERCISE OF OPTIONS

4.1      Within 30 days after an option has been exercised by any person, the
         Board shall allot to him (or a nominee for him) or, as appropriate,
         procure the transfer to him (or a nominee for him) of the number of
         shares in respect of which the option has been exercised, provided
         that:-

         4.1.1    the Board considers that the issue or transfer of those shares
                  would be lawful in all relevant jurisdictions; and

         4.1.2    in a case where a Group Member or the Trustees is obliged to
                  (or would suffer a disadvantage if it were not to) account for
                  any tax (in any jurisdiction) for which the person in question
                  is liable by virtue of the exercise of the option and/or for
                  any social security contributions recoverable from the person
                  in question (together, the "Tax Liability"), that person has
                  either:

                  (a)      made a payment to the Group Member or the Trustees of
                           an amount equal to the Tax Liability; or

                  (b)      entered into arrangements acceptable to that or
                           another Group Member or the Trustees to secure that
                           such a payment is made (whether by authorising the
                           sale of some or all of the shares on his behalf and
                           the payment to the Group Member or the Trustees of
                           the relevant amount out of the proceeds of sale or
                           otherwise) and, where that person has entered into a
                           joint election with his employing company to transfer
                           the liability for the secondary National Insurance to
                           him, the Inland Revenue has approved such
                           arrangements; and

                  in the case of either (a) or (b) above, where the Board
                  determines prior to the grant of the option (or following the
                  grant of the option with the consent of the relevant
                  Participant) that the person in question shall make an
                  agreement with his employing company that some or all of the
                  liability for secondary National Insurance should be recovered
                  from him, then such shares shall not be so allotted or
                  transferred to him unless he has entered into such agreement
                  in writing.

4.1.3    All shares allotted under this Scheme shall rank equally in all
         respects with the shares of the same class then in issue except for any
         rights attaching to such shares by reference to a record date prior to
         the date of the allotment.

                                       10

<PAGE>

5.       ADJUSTMENT OF OPTIONS

5.1      In the event of any increase or variation of the share capital of the
         Company or a demerger or other event affecting the Company, whenever
         effected, the Board may make such adjustments as it considers
         appropriate under this Rule.

5.2      An adjustment made under this Rule shall be to one or more of the
         following:-

         5.2.1    the number of shares in respect of which any option may be
                  exercised;

         5.2.2    the price at which shares may be acquired by the exercise of
                  any option;

         5.2.3    where any such option has been exercised but no shares have
                  been allotted or transferred pursuant to such exercise, the
                  number of shares which may be so allotted or transferred and
                  the price at which they may be acquired;

         5.2.4    the number of shares referred to in Rule 4.3.

5.3      An adjustment under this Rule may have the effect of reducing the price
         at which shares may be subscribed for on the exercise of an option to
         less than their nominal value, but only if and to the extent that the
         Board shall be authorised to capitalise from the reserves of the
         Company a sum equal to the amount by which the nominal value of the
         shares in respect of which the option is exercised and which are to be
         allotted pursuant to such exercise exceeds the price at which the
         shares may be subscribed for and to apply that sum in paying up such
         amount on such shares; and so that on exercise of any option in respect
         of which such a reduction shall have been made the Board shall
         capitalise that sum (if any) and apply the same in paying up that
         amount.

6.       TAKEOVER, RECONSTRUCTION AND WINDING-UP

6.1      If the Court sanctions a compromise or arrangement under section 425 of
         the Companies Act 1985 or Article 418 of the Companies (Northern
         Ireland) Order 1986 then options shall neither become exercisable nor
         lapse upon such compromise or arrangement becoming effective provided
         that the Board may at its discretion, and acting fairly and reasonably,
         subject to the option not having already lapsed under Rules 5.4, 5.5
         and 5.7:

         6.1.1    permit options to become exercisable for such period and on
                  such terms as the Board may determine and the Board may
                  determine that options shall lapse at the end of any such
                  period; or

         6.1.2    provide that any option shall lapse upon such compromise or
                  arrangement become effective.

6.2      In relation to an option which would but for Rule 5.3 be exercisable by
         virtue of an event mentioned in Rule 6.1, 6.3 or 6.4, the Performance
         Conditions will continue to apply, but measured up to the first to
         occur of the events specified in this Rule 6 unless the Remuneration
         Committee, at its absolute discretion, decides otherwise. For this
         purpose, the term "Remuneration Committee" means the members of the
         Remuneration Committee immediately prior to the occurrence of the
         relevant event mentioned in Rule 6.1, 6.3 or 6.4.

7.       INLAND REVENUE APPROVAL

7.1      Rules 2.3.2, 3.2.2, 5.8 and 7.3 of Part A shall not apply to options
         granted under Part B of this Scheme.

7.2      There shall be no need to seek Inland Revenue approval or agreement for
         anything done under Part B of this Scheme.

                                       11

<PAGE>

                        SCHEDULE: PERFORMANCE CONDITIONS

1.       Subject to Rules 5 and 6 of the Scheme, 50% of the Option Shares in
         respect of a Performance Period may only be transferred to the extent
         the conditions specified in paragraphs 3 and 5 below are satisfied; and
         the remaining 50% of the Option Shares in respect of a Performance
         Period may only be transferred to the extent the condition specified in
         paragraphs 4 and 5 below are satisfied.

2.       For the purpose of this Schedule:

         (i)      The "First Comparator Companies" are the constituents of the
                  FTSE Mid 250 Index (excluding investment trusts) at the
                  beginning of the relevant Performance Period, excluding those
                  companies which are not quoted on the London Stock Exchange on
                  the last day of the relevant Performance Period.

         (ii)     "Option Shares" means the shares in relation to which an
                  option is granted;

         (iii)    "Performance Period" means any period of three, four or five
                  Financial Years beginning with the Financial Year in which an
                  option granted.

         (iv)     "The Retail Prices Index" is the general index of retail
                  prices (for all items) published by the Office for National
                  Statistics or, if that index is not published for the month in
                  question, any substituted index or index figures published by
                  that Office.

         (v)      "Total Shareholder Return" of a company over any period is a
                  combination of its share price and dividend performance, which
                  shall be calculated as specified in paragraph 3(a) below.

         (vi)     The "Second Comparator Companies" are BBA Group plc, Bodycote
                  International plc, Chubb plc, Cookson Group plc, AB
                  Electrolux, FKI plc, Glynwed International plc, Halma plc,
                  Ingersoll-Rand Company, Invensys plc, Illinois Tool Works Inc,
                  Kidde plc, Lancer Inc, Manitowoc Inc, Maytag Corporation,
                  Middleby Inc, The Morgan Crucible Company plc, Spirax-Sarco
                  Engineering plc, Tomkins plc, Travis Perkins plc, Wolseley
                  plc.

         (vii)    Unless the context otherwise admits, words and expressions in
                  this Schedule have the same meanings as they have in Rule 1 of
                  the Scheme.

3.       (a)      The Total Shareholder Return of the Company and each of the
                  First Comparator Companies over the relevant Performance
                  Period shall be computed by comparing the average net return
                  index of the relevant companies as calculated by Datastream
                  (excluding Saturdays and Sundays) in the 6 months preceding
                  the beginning of the Performance Period with their average net
                  return index (calculated in the same manner) in the 6 months
                  preceding the end of the relevant Performance Period, provided
                  that where Datastream is unable to provide the necessary
                  information, the Remuneration Committee may rely upon such
                  other sources of information as it considers appropriate.

         (b)      All of the First Comparator Companies (excluding the Company)
                  shall be ranked by the resulting Total Shareholder Return
                  figures, with the company with the highest figure having the
                  highest ranking, and median and upper quartile performance
                  shall be determined on such basis as the Remuneration
                  Committee, acting reasonably, may specify from time to time.

                                       12

<PAGE>

         (c)      The percentage of the Option Shares in respect of which an
                  option may be exercised depends upon the Company's Total
                  Shareholder Return relative to the median and upper quartile
                  performance specified in paragraph (b) above, as follows:

                  -------------------------------------------------------------
                  The Company's Performance               % Exercisable

                  -------------------------------------------------------------
                  1.       Upper Quartile or above        50%
                  -------------------------------------------------------------
                  2.       Less than Upper Quartile but   Pro-rata between 50%
                           better than Median             and 17.5%
                  -------------------------------------------------------------
                  3.       Better than Median             17.5%
                  -------------------------------------------------------------
                  4.       Median or below                0%
                  -------------------------------------------------------------

         (d)      For the avoidance of doubt, it is hereby confirmed that to the
                  extent that the Company's performance is below upper quartile
                  at the end of the third Financial Year of the Performance
                  Period, the Performance Conditions shall be retested as at the
                  end of the four and fifth Financial Years of the Performance
                  Period, with the intent that if the Company's Total
                  Shareholder Return ranking relative to the First Comparator
                  Group improves, a greater proportion of the Option Shares may
                  be transferred (but not exceeding 50%).

4.       The performance condition in this paragraph 4 will operate on exactly
         the same basis as the condition in paragraph 3 above, except that the
         comparator companies are the Second Comparator Companies.

5.       (a)      The Performance Condition in this paragraph 5 is that the
                  earnings per share of the Company for the final Financial Year
                  of the relevant Performance Period must have exceeded its
                  earnings per share for the Financial Year last preceding the
                  beginning of that Performance Period by an amount which, when
                  expressed as a fraction of the last mentioned earnings per
                  share is not less than ((R2-R1)/R1) where R1 is the Retail
                  Prices Index for the last month in the earlier year and R2 is
                  the Retail Prices Index for the last month in the later year.

         (b)      For this purposes of this condition, the earnings per share of
                  the Company shall exclude exceptional items and shall be
                  calculated on such basis as the Remuneration Committee, acting
                  reasonably, may specify from time to time.

6.       The Remuneration Committee may make such adjustments to any or all of
         the performance conditions in this Schedule as it considers appropriate
         to take account of:

         (a)      any increase or variation of the share capital of the Company;

         (b)      any change to the accounting standards adopted by the Company;

         (c)      there being no earnings per share of the Company for any
                  relevant financial year;

         (d)      a change in the calculation of Total Shareholder Return;

         (e)      the occurrence of an event specified in Rules 5 and 6 of the
                  Plan; or

         (f)      any other factors which are in the opinion of the Remuneration
                  Committee relevant.

                                       13

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