Document:

Exhibit 4.2

 

31 August 2005

 

 

Mr M J Roney

 

PRIVATE

FOR THE
ATTENTION OF THE ADDRESSEE ONLY

 

Dear Mike

 

Further to our discussion I am pleased to confirm the following terms
and conditions of your employment as Chief Executive Officer, Bunzl plc.

 

The following terms and conditions of employment with Bunzl plc (“the
Company”) replaces all previous statements and agreements between yourself and
the Company and/or any subsidiary companies of Bunzl plc and is the entire
agreement in respect of your terms and conditions of employment with the
Company.

 

	
  Position

  	
   

  	
  Chief Executive Officer of the Company. You
  will perform and render such duties and services as are customarily performed
  and rendered by somebody holding such a position and shall perform such other
  duties as may from time to time be reasonably assigned to him by the
  Company’s Board of Directors (the “Board”) that may be required from you
  consistent with the responsibilities and authority of your position. In
  addition, you shall serve on the Board.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You
  undertake, to comply with the advice, directions, orders, policies,
  regulations and standards of the Company and the Board as promulgated from
  time to time and shall not directly or indirectly carry on any other business
  activities without the prior written consent of the Board, which may be
  withheld in the Board’s sole discretion.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You may be required in the course of your
  employment to be engaged in work on behalf of the Company or any member of
  the Bunzl Group from time to time.

  

 

 

	
   

  	
   

  	
  You will devote your entire work time,
  attention, knowledge, skills, energies and best efforts to the performance of
  your duties and services under the terms of your appointment and to the
  furtherance of the business and interests of the Company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You will report to the Board of the Company
  through the Chairman.

  
	
   

  	
   

  	
   

  
	
  Hours of work

  	
   

  	
  You agree that the nature of your
  employment including your seniority and the scope of your responsibilities is
  such that your working time can be determined by you in a manner consistent
  with your employment. Accordingly, you have no normal working hours but are
  required to work during the Company’s normal business hours and for such
  other hours as are necessary to discharge the duties and responsibilities of
  this position.

  
	
   

  	
   

  	
   

  
	
  Salary

  	
   

  	
  Your basic annual salary will be £680,000
  per annum effective from the date of appointment. Salary is paid monthly on
  or around day 17 of each month by bank transfer and is subject to statutory
  deductions. Salary is deemed to accrue on a daily basis and is payable part
  in arrears and part in advance.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Your next salary review will be 1 January
  2007 and annually thereafter on 1 January. The Company shall not be obliged to increase the salary payable under
  this Agreement. Any revision shall not be less than the existing rate
  prevailing prior to such review.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You shall not be entitled to receive any
  other salary or fees as an ordinary or executive director or employee of the
  Company or any associated company and you shall, as the Company may direct,
  either waive your right to any such salary or fees, or account for the same
  to the Company.

  
	
   

  	
   

  	
   

  
	
  Effective date

  	
   

  	
  1 November 2005 or later date as agreed

  
	
   

  	
   

  	
   

  
	
  Location

  	
   

  	
  This appointment will be based at 110 Park
  Street, London, W1K 6NX. You will however be required to work in other
  locations, either on a temporary or on a permanent basis in accordance with
  the needs of the business. If however you are required to make a permanent
  move involving a relocation of your main home then the Company will offer you
  relocation assistance in accordance with the Company’s relocation policy in
  force at the time.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You will be required to undertake
  substantial travelling and to attend at various locations on a world-wide
  basis in accordance with the requirements of your duties.

  

 

2

 

	
  Continuous employment

  	
   

  	
  Employment with your previous employer does
  not count as continuous employment and the commencement of your continuous
  employment is the date on which you take up your appointment.

  
	
   

  	
   

  	
   

  
	
  Bonus scheme

  	
   

  	
  For 2005 your bonus will be based on the
  enclosed scheme. Your 2005 bonus will be determined on full year performance
  appropriately prorated.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Details of any future scheme for which you
  are eligible will be determined from time to time by the Remuneration
  Committee. You acknowledge that you have no right to receive a bonus and that
  the Remuneration Committee is under no obligation to operate a bonus scheme
  and you shall not acquire such a right merely by virtue of having received
  one or more bonus payments during the course of your employment.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  In addition you will be a member of the Bunzl
  plc Deferred Annual Share Bonus Scheme (subject to the rules of that scheme).
  Essentially, it provides for the cash element of the annual bonus the
  Employee earns under the terms of the Bunzl Executive Bonus Scheme to be
  doubled, subject to the total value of bonus earned in any one year being no
  more than 105% of basic annual salary for the year.

   

  The amount of bonus earned under the Bonus
  Scheme will be paid in cash in the normal way. The amount in excess of this,
  up to the 105% of basic annual salary limit, will be paid in the form of
  Bunzl shares to be held in the Bunzl General Employee Benefit Trust and
  deferred until 1 March in the third year after the year in which the award is
  made.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Provided you remain in the employment of
  Bunzl for the full period of deferral the shares will automatically transfer
  to you on the expiry of the deferral period, subject to normal dealing rules
  constraints. There are certain limited provisions for the shares to transfer
  to you prior to the expiry of the deferral period, which are defined in the
  rules of the plan.

  
	
   

  	
   

  	
   

  
	
  Long term incentive plan

  	
   

  	
  You will be eligible to participate in the
  following Share Schemes for the Company in accordance with the rules of the
  various schemes, which are in force from time to time.

  

 

3

 

	
   

  	
   

  	
  •     Bunzl plc 2004 Long Term
  Incentive Plan. Options/performance shares are granted/ awarded at the
  absolute discretion of the Remuneration Committee of the Board.

   

  •     Bunzl plc Savings Related
  Share Option Scheme.

   

  The Company reserves the right to alter the
  rules, replace or withdraw such schemes at any time.

  
	
   

  	
   

  	
   

  
	
  Restricted share award to buy out existing
  entitlements

  	
   

  	
  On appointment an entitlement to 175,000 Bunzl
  shares will be awarded to you. The entitlement to the shares will be deferred
  under the rules set out in an agreement until three years after the date of
  award. The key elements of the agreement are as follows.

   

  All shares will vest if:

  •     you
  are still employed by the Company three years after the award,

   

  or
  earlier if:

  •     the Company
  terminates your employment within the three year period for any reason other
  than gross misconduct, or

  •     your
  employment terminates due to compassionate reasons such as death, disability
  or sickness, or

  •     your employment is
  terminated following a change of control of the Company.

   

  The entitlement to shares is lost if you resign from
  the Company within the three year period.

   

  During the deferral period the shares will not be
  eligible for dividends nor hold voting rights.

  
	
   

  	
   

  	
   

  
	
  Pension provision

  	
   

  	
  You will receive a pension allowance of 30%
  of base salary. This allowance will be paid monthly through the payroll and
  is subject to normal deductions and is not taken into account for bonus
  purposes. You may if you wish choose to join the Defined Contribution section
  of the Bunzl Pension Plan. Any Company contributions made to this scheme will
  be off-set against your pension allowance.

   

  Your normal retirement date is 60 years of
  age.

  
	
   

  	
   

  	
   

  
	
  Life insurance

  	
   

  	
  Life insurance cover of 4x base salary will be provided by
  the Company. This will be deemed a taxable benefit should you not join the
  Bunzl Pension Plan. Should you join the Bunzl Pension Plan only the portion
  of life cover over the cap will be deemed taxable.

  

 

4

 

	
  Vehicle/vehicle allowance

  	
   

  	
  You will
  be eligible for a car in accordance with the Company car policy. Selection is
  subject to authorisation by the Chairman. Such vehicle is fully expensed for
  both business and private use.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You are required to ensure that such
  vehicle is maintained in good roadworthy order and in a condition, which
  reflects positively on the Company. Any accidents involving injury or damage
  to the vehicle, no matter how minor, must be reported to the Company at the
  earliest opportunity.

   

  Whenever using a Company allocated vehicle
  you must be in possession of a valid driving licence.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Alternatively you have elected to take a
  cash option applicable to your position (currently £15,000 per annum) in which event
  the Company expects you to maintain an appropriate vehicle to enable you to
  drive as and when necessary on Company business. You will be responsible for
  all road tax, maintenance, repair and other charges in connection with such
  vehicle. It must be insured on a comprehensive basis, including business use
  on behalf of the Company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The cash option will be paid monthly in
  equal instalments with your normal pay but will not be included as pay in any
  calculation regarding bonus or pension rights. Having accepted the cash
  option you are required to commit to this for a period equivalent to the
  normal car lease i.e. four years. Business mileage will be reimbursed at the
  prevailing rate, currently 20p per mile.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Should you at any stage convert back to a
  Company allocated vehicle, you agree that any financial consequences of doing
  this will be for your own account and the Company will neither reimburse you
  for any additional costs you incur as a result of such a switch nor seek to
  recover from you any additional costs which the Company may incur as a result
  of the switch.

  
	
   

  	
   

  	
   

  
	
  Holiday

  	
   

  	
  You are entitled to 25 working days holiday
  per year. In addition you will be entitled to public holidays in England with
  pay as they occur, currently totalling 8 days in a calendar year.

   

  The Company reserves the right to designate
  days of holiday over the Christmas period. The holiday year runs from 1
  January to 31 December and no holiday entitlement may be carried forward to
  subsequent years.

   

  All holidays must be approved in advance by
  the Chairman.

  

 

5

 

	
  Holiday pay

  	
   

  	
  Upon termination of employment for
  whatsoever reason and where the entire notice period is worked, pay in lieu
  of holiday entitlement not taken at the date of termination will be paid at
  the rate of 1/12th of the year’s entitlement for each complete calendar month
  of service rounded to the nearest whole day.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  In the event that you are not required to
  work all or part of your notice period then holiday will be deemed to be
  taken during the period you are not required to work and therefore no payment
  will be made in respect of any outstanding holiday entitlement. If, at the
  date of termination of employment, holiday has been taken in excess of
  entitlement it is agreed that the Company may deduct an amount in respect of
  each excess day taken at the prevailing daily rate. Prevailing daily rate is
  calculated as 1/260th of your annual basic salary.

  
	
   

  	
   

  	
   

  
	
  Expenses

  	
   

  	
  You will be entitled to be reimbursed for
  all reasonable out of pocket expenses which you have properly incurred in
  accordance with generally applicable policies, regulations and standards of
  the Company and the Board in performing and rendering duties and services
  under the terms of your employment. Such reimbursement shall also be subject
  to compliance with procedures established by the Company for maintaining
  records and receipts reflecting the expenses incurred and reporting such
  information as the Board may request from time to time regarding such
  expenses.

  
	
   

  	
   

  	
   

  
	
  Sickness

   

   

  	
   

  	
  Should you be unable to attend for work due
  to sickness or injury you are entitled to receive sick pay in accordance with
  the rules of the Company scheme at your normal rate of pay up to an aggregate
  of 6 months in any consecutive 12 month period. This payment will discharge
  any entitlement you may have to Statutory Sick Pay. The Company may require
  you to provide medical certificates in accordance with the rules of the Sick
  Pay Scheme.

  
	
   

  	
   

  	
   

  
	
  Medical

   

   

  	
   

  	
  You are entitled to membership of the
  Corporate Health Plan (currently with Norwich Union) for yourself, your
  spouse and your dependants under the age of 21. This will be expensed by the
  Company with the exception of any tax liability assessed and an annual excess
  currently £100 per person claiming in any one year. Membership is subject to
  the terms and conditions of the Plan from time to time in force and without
  prejudice to the Company’s right to alter, replace or withdraw the benefit in
  its absolute discretion.

  

 

6

 

	
  Relocation

  	
   

  	
  You will be entitled to the following
  relocation package from the Company.

   

  Business class air tickets will be provided
  by the Company for yourself and your accompanying dependants on taking up
  your appointment.

   

  In addition you will be entitled to claim
  the following costs associated with your relocation from Belgium to the UK:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •     Up to three visits to the
  UK of around 2 days duration, for you and your wife to review accommodation.
  Reimbursement of taxis, buses, gratuities, hotel accommodation and meals on
  the basis of actual and reasonable expenses incurred.

   

  •     Upon arrival in UK,
  reimbursement of the cost of suitable temporary accommodation for you and
  your family for a period of up to six months whilst you find permanent
  accommodation.

   

  •     Legal and professional
  services fees for the sale of your existing property and purchase or rental
  lease of a property in the UK. This includes stamp duty on the purchase of
  property.

   

  •     Costs incurred in respect
  of transporting personal effects and household goods by normal freight, to be
  the lower of two estimates. You will be required to agree in advance with the
  Director of Group HR the likely level of costs to be incurred.

   

  The Company
  cannot accept responsibility for damage to your personal possessions whilst
  in transit and it is the employee’s responsibility to ensure insurance is
  adequate. Once delivered you will be responsible for arranging and paying for
  insurance of personal effects.

   

  A
  Disturbance Allowance of £10,000 will be payable on moving into
  permanent accommodation. This allowance will be grossed up in respect of any
  tax payable.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  For the first two tax years following
  appointment the Company will provide tax advice for the set up of your tax
  affairs in the UK, the closing off of your Belgium tax affairs and the
  on-going reporting in the US. The budget for the advice will be fixed in
  agreement between yourself, the Director of Group HR and the tax advisor.

  

 

7

 

	
  Grievance and disciplinary procedure

  	
   

  	
  In the event you wish to raise any
  grievance relating to your employment you should apply in the first instance
  in writing to the Chairman of the Board. You will be invited to a meeting to
  discuss the issue. If the matter is not then settled, you should write to the
  Board of Directors setting out full details of the matter. Following a
  further meeting, the Board will inform you of its decision.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You will be given written reasons for any
  proposed disciplinary action or dismissal. You will be invited to attend a
  meeting with the Chairman of the Board to consider such disciplinary decision
  or dismissal. The Chairman will notify you of his decision. If you are
  dissatisfied with the decision you may appeal to the Board of Directors
  within 14 days of the Chairman’s decision.

  
	
   

  	
   

  	
   

  
	
  Data Protection Act

  	
   

  	
  The Company will maintain a personal file
  relating to your employment. The information held on you, either in hard copy
  or on computer files, will include sensitive personal data as defined in Part
  I(ii) of the Data Protection Act 1998. You hereby give explicit consent (as defined
  in the Act) to the processing of personal and sensitive personal data for
  normal employment purposes.

   

  You also consent to the transfer, storage
  and other processing (both electronically and manually) by the Company of any
  such data outside the European Economic Area (and in particular but without
  limitation to or in the United States and any other country in which the
  Company operates).

  
	
   

  	
   

  	
   

  
	
  Health & safety

  	
   

  	
  You have particular responsibilities with
  regard to the management of health and safety of employees of the Company and
  others who are affected by acts of the Company. In discharging these
  responsibilities you are required to ensure the adoption of safe methods of
  working and may not interfere with or misuse anything provided in the
  interests of health, safety and welfare. The Company will provide all
  reasonable assistance and training in relation to the management of health
  and safety.

  
	
   

  	
   

  	
   

  
	
  Business standards

  	
   

  	
  You are required to conduct yourself in a
  manner consistent with the Company’s stated Business Standards, a copy of
  which is enclosed.

  
	
   

  	
   

  	
   

  
	
  Security of information

  	
   

  	
  You are
  responsible for security of sensitive information in accordance with the
  provisions set out in Attachment A.  Notwithstanding the foregoing,
  nothing in this contract of employment shall preclude you from making a
  protected disclosure in accordance with the provisions of the Public
  Disclosure Act 1998.

  

 

8

 

	
  Inventions and patents

  	
   

  	
  You have responsibilities in respect of
  inventions and patents, which are detailed in Attachment A.

  
	
   

  	
   

  	
   

  
	
  Restrictions upon termination

  	
   

  	
  Upon termination of your employment with
  the Company (for whatever reason) you are subject to certain restrictions,
  which are detailed in Attachment A.

  
	
   

  	
   

  	
   

  
	
  Notice

  	
   

  	
  (a)           On
  appointment your will be entitled to receive 24 months notice in writing of
  termination of your employment from the Company save in the circumstances
  outlined in section (d) below. During the first 12 months of your employment
  this notice period will reduce on a quarterly basis by one month each
  quarter. During the period of months 13 to 24 of your employment, the notice
  period will continue to reduce quarterly but by two months each quarter so
  that at the end of 24 months and for
  the remaining period of your employment the Company will be obliged to
  provide you with 12 months notice, or

   

  at the
  Company’s sole discretion, without any due notice by paying to or for your
  benefit, a sum in lieu of the Notice Period or any unexpired part thereof.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)           You
  are required to give 6 months’ notice of termination in writing to the
  Company. If you serve such notice, the Company shall be entitled to pay to or
  for your benefit a sum in lieu of your working the Notice Period or thereof.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)           In
  the event that you are permanently disabled, which shall be deemed to be the
  case if you are absent due to sickness or injury beyond the 6 month period
  specified under the section headed “Sickness” above, the Company shall be
  entitled to terminate your employment by giving notice to you as specified in
  (a) above, less a period of 6 months.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (d)           The
  Company shall be entitled to terminate your employment immediately and
  without notice or payment if at any time during your employment you:

   

  •     become bankrupt (or equivalent
  in any other jurisdiction) or become the subject of an interim order under
  the Insolvency Act 1986 or make any arrangements or composition with your
  creditors; or

   

  •     be convicted of any
  criminal offence (other than one which, in the reasonable opinion of the
  Board, does not affect your position as an employee of the Company, bearing
  in mind the nature of your duties and the capacity in which you are
  employed); or

   

  •     commit any act of
  dishonesty whether relating to the Company, other employees or otherwise; or

  

 

9

 

	
   

  	
   

  	
  •     be guilty of any gross
  misconduct or any conduct calculated or tending to bring the Company or
  yourself into disrepute or be guilty of any material breach or material
  non-observance of any material provision of this Agreement; or

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •     cease to be capable of
  acting as a director pursuant to any UK statutes.

   

  Any delay or forbearance by the Company in
  exercising any right of termination shall not constitute a waiver of it.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (e)           If
  not terminated prior to your 60th birthday your employment will terminate
  without notice or payment on the last day of the month in which your 60th
  birthday falls.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (f)            During
  the whole or any part of any notice period the Company will be under no obligation
  to assign to you any duties or functions or to provide any work for you
  (“garden leave”) and may at any time suspend (“suspension”) you from the
  performance of any duties or exclude you from the premises of the Company.
  During any such period of garden leave or suspension you will remain an
  employee of the Company and shall continue to be entitled to salary and
  benefits. You will also continue to be bound by the provisions of this
  Agreement and may not undertake other paid employment, including self-employment,
  or services as a Director of, or under contract to, another company. You must
  continue at all times to conduct yourself with good faith towards the Company
  and not do anything which is harmful to the Company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (g)           Upon termination of employment for
  any reason you will immediately return to the Company all papers, documents,
  computer stored information held on hard disk or floppy disk, books,
  accounts, drawings, credit cards, Company car, keys and other property
  belonging to or relating to the Company or any company in the Bunzl Group
  which are then in your possession and upon the Company’s request immediately
  in writing resign any directorship or other office which you may hold in the
  Company or any other company in the Bunzl Group without compensation for loss
  of such directorship, and transfer any nominee or other shares beneficially
  owned by the Company or any such company in the Bunzl Group to such person or
  company as the Company shall nominate. If you fail to resign
  any such position, the Company and all relevant companies in the Group are
  hereby irrevocably authorised to appoint someone in his name and on his
  behalf to sign any documents and do anything necessary to give effect to this
  resignation.

  

 

10

 

	
   

  	
   

  	
  (h)           Notwithstanding
  the termination of your employment (whether terminated on notice, and whether
  terminated by you or by the Company for whatever reason) the provision of
  these clauses and Attachment A shall continue in full force and effect in
  accordance with their respective terms.

  
	
   

  	
   

  	
   

  
	
  Repatriation payment

  	
   

  	
  If your employment terminates in the first three
  years of employment, other than for reasons of gross misconduct or your
  resignation a Repatriation payment will be made to you. This payment will
  comprise as appropriate:

   

  •     school
  fees incurred (up to £125,000 in the first year of employment, up to £100,000
  in the second year of employment and up to
  £50,000 in the third year of employment) for your children to complete either
  examination courses or a school year which ever is appropriate to ensure
  their ongoing education with least disruption,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •     professional
  advice and legal fees incurred up to £30,000 for the sale of any property
  that you have purchased in the UK to enable you to take up this appointment,

   

  •     alternatively,
  should you choose to rent a property the Company will pay any charges
  incurred for the early termination of a lease agreement up to £75,000,

   

  •     removal
  and shipment of goods and one way flights for you and your family, costs
  incurred up to £50,000 for personal affects and furnishings etc. to an
  overseas location,

  
	
   

  	
   

  	
  •     disturbance
  allowance of £10,000 to cover incidental expenses of moving,

   

  •     fees
  up to £10,000 incurred for tax advice following relocation outside of the UK,

   

  •     all of
  the above components will be grossed up at the rate
  of 40% for tax.

  
	
   

  	
   

  	
   

  
	
  Dealings in shares

  	
   

  	
  During the period of your employment you
  shall comply with all applicable laws, regulations and rules (whether
  statutory or otherwise) in force from time to time relating to dealings in
  shares, including without limitation, the “Model Code” forming part of the
  Listing Rules published by the UK Listing Authority from time to time. A copy
  of the current Model Code is available from the Company Secretary.

  

 

11

 

	
  Enforcement of agreement

  	
   

  	
  The terms and conditions set out in this
  letter and its attachments form the agreement between yourself and the
  Company. No person who is not a party to this agreement (“Third Party”) has
  or shall have any rights under the Contracts (Rights of Third Parties) Act
  1999 to enforce any term of this agreement and no consent of any Third Party
  shall be required under that Act to any cancellations or variations of this agreement.

  

 

 

I
hope this covers all the salient points. If you have any queries, then please
do not hesitate to contact me for clarification. Alternatively, would you
please sign and return the enclosed copy of this letter and the attachments in
confirmation of your acceptance of this position on the terms and conditions as
set out above.

 

 

Yours sincerely

 

 

 

	
  /s/A. J. Habgood

  	
   

  
	
  Anthony Habgood

  
	
  Chairman

  

 

 

 

I confirm my acceptance of the terms and conditions as set out above. I
confirm they supersede all other agreements as stated in the second paragraph
of this letter.

 

 

	
  /s/M. J. Roney

  	
   

  	
  1 September 2005

  	
   

  
	
  M J Roney

  	
   

  	
  Date

  	
   

  

 

12

 

ATTACHMENT A

 

BUNZL PLC

 

Preventing disclosure of sensitive information

 

The relationship between Bunzl plc (“the Company”) and its employees is
founded on trust. In the course of employment by the Company, you may have
access to Sensitive Information (as defined below) in order that you may carry
out your duties. Disclosure of Sensitive Information to any customer or actual
or potential competitor could place the Company at a serious competitive
disadvantage and cause immeasurable financial and other damage to the business.
It is therefore essential to ensure that Sensitive Information is identified
and controls applied to prevent unauthorised disclosure. For the purposes of
this Attachment A, references to the Company are deemed to include Bunzl plc
and its subsidiary and associated companies from time to time.

 

Sensitive Information means all and any information (whether or not
recorded in documentary form or on computer disk or tape) relating to the
business methods, corporate plans, management systems, finances, maturing new
business opportunities or research and development projects of the Company or
relating to the marketing or sales of any past, present or future product or
service of the Company including, without limitation, sales information and
plans, market share and pricing statistics, marketing plans, market research
reports, sales techniques, price lists, discount structures, advertising and
promotional material, the names, addresses, telephone numbers and contact names
of customers and potential customers of and suppliers and potential suppliers
to the Company, the nature of their business operations, their requirements for
any product or service sold to or purchased by the Company and all confidential
aspects of their business relationship with the Company and any trade secrets,
secret formulae, processes, inventions, designs, know-how, discoveries,
technical information relating to the creation, production or supply of any
past, present or future product or service of the Company. It will include any
other information to which the Company shall attach an equivalent level of confidentiality
or in respect of which it shall owe an obligation of confidentiality to any
third party which:

 

•                  you shall acquire at any time during your employment by the Company
but which does not form part of your personal skill and experience; and

 

•                  is not readily ascertainable to persons not connected with the
Company either at all or without significant expenditure of labour, skill or
money.

 

In order to safeguard
the Company’s interests you must not:

 

•                  at any time whether during or after the termination of your
employment with the Company (unless expressly so authorised by the Company or
as a necessary part of the performance of your duties with the Company)
disclose to any person or other company or otherwise make use of any such
Sensitive Information; or

 

•                  at any time make any copy, abstract, summary or précis of the whole
or any part of any document or record, including computer program systems and
software, except when required to do so in the course of your employment, in
which event the copy, abstract, summary or précis shall be the property of the
Company.

 

13

 

For the protection of
such Sensitive Information you must:

 

a.                                       ensure
that any document originated or used by you and which contains Sensitive
Information is classified and annotated as follows:

 

•                  Confidential
– information which is intended for a restricted audience either internally or
externally. Such documents must be clearly marked with the appropriate
circulation list or explicitly provide the recipient with authority to pass the
information to another person/department where this is required for appropriate
action to be taken;

 

•                  Private
– information which is intended for the addressee(s) only;

 

In addition, envelopes
containing private information relating to individual employees should be
marked “Addressee Only”;

 

b.                                      not
disseminate information so classified outside the restricted circulation list
without the prior consent of the author or someone more senior;

 

c.                                       ensure
that all information identified as Confidential or Private is securely stored
or disposed of appropriately;

 

d.                                      ensure
that transmission of Sensitive Information over external networks, including
the Internet, such as through Internet e-mail, is subject to appropriate
protection; and

 

e.                                       return
to the Company immediately upon written request and in any event on termination
of your employment all documents, records (including computer-held records),
computer disks, other media and other papers and property belonging to the
Company and which are in your possession or control, including documents and
records you have made in the course of your employment.

 

Any breach of these
restrictions will render you liable to disciplinary action and/or to civil
proceedings to restrain you from disclosing the Sensitive Information to a
third party, or from making personal use of it without authority from the
Chairman of the Board, and for damages if loss to the Company results from any
unauthorised disclosure or use.

 

This restriction applies
only to Sensitive Information as described above and shall not prevent:

 

a.                                       any disclosure
or use authorised by the Company, required by law or made to enable you to
properly perform your duties:

 

b.                                      you from using
your personal skills in any business in which you are lawfully engaged without
using Sensitive Information:

 

c.                                       the use of such
Sensitive Information that is in or comes into the public domain in any way
without breach of these restrictions by you.

 

Inventions and patents

 

All discoveries, inventions, improvements, processes, designs or
copyright works, which have been discovered, developed, part developed or made
during the period of your employment with the Company either in the course of
work undertaken on behalf of the Company or relating to products or services
provided by the Company will be the sole property of the Company. You may not
disclose any details of such discovery, invention, improvement, process,
designs or copyright works to a third party without the prior written consent
of the Chairman of the Board of the Company. Such inventions or developments 

 

14

 

cannot be promoted or sold, either complete or in part, without prior
permission, in writing, from the Chairman.

 

You will be required to enter into such documents as may be necessary
or appropriate in order to vest title to such discovery, invention,
improvement, process, designs or copyright works in the Company and in the
meantime are required, notwithstanding termination of your employment, to do
all that is necessary to obtain patent or other protection and to hold all
rights in connection with the discovery, inventions, improvement, process,
design or copyright works in trust for the Company.

 

Restrictions upon termination

 

During the course of your employment you will have access to customers
as well as confidential information. In order to protect the Company’s business
and its relationship with its customers you must not at any time during the
twelve months immediately following the termination of your employment with the
Company (for whatever reason) or, if earlier, the date on which you commence
garden leave (as defined in your terms and conditions of employment) and
whether on your own account or on behalf of any other person, firm or company:

 

•                  solicit, entice
or endeavour to entice away from the Company any person employed by the Company
either at managerial level or in a sales capacity who had been so employed at
the date of termination of your employment and with whom you had contact during
the period of one year prior to that date;

 

•                  solicit
custom from or deal with any person firm or company who or which was a customer
of the Company at the date of termination of your employment or during the
period of one year prior to that date and with whom you had contact during that
period in relation to any products or services of a type sold or manufactured
by the Company in respect of the provision or sale of which you were concerned
to a material extent during your employment with the Company;

 

•                  in competition
with the Company engage in or undertake work of a similar nature to that
engaged in or undertaken by the Company in relation to the manufacture or sale
of products or the provision of services being products or services with which
you were concerned to a material extent and within the geographical area or
areas in which you were employed or for which you had responsibility at the
date of termination of your employment or during the period of one year prior
thereto.

 

In the event of any
infringement of these provisions the Company will take such steps as
appropriate to protect its position, which may include injunction proceedings
and/or a claim for damages.

 

 

	
  /s/A. J. Habgood

  	
   

  
	
  Anthony Habgood

  
	
  Chairman

  

 

 

I confirm that I will abide by the requirements and restrictions as set
out above.

 

 

	
  /s/M. J. Roney

  	
   

  	
  1 September 2005

  	
   

  
	
  M J Roney

  	
   

  	
  Date

  	
   

  

 

15Exhibit 4.3

 

9 December 2005

 

 

Mr B M May

 

PRIVATE

FOR THE
ATTENTION OF THE ADDRESSEE ONLY

 

Dear Brian

 

The following terms and conditions of employment with Bunzl plc (“the
Company”) replaces all previous statements and agreements between yourself and
the Company and/or any subsidiary companies of Bunzl plc and is the entire
agreement in respect of your terms and conditions of employment with the
Company.

 

	
  Position

  	
   

  	
  Finance Director reporting to the Chief
  Executive of the Company. You will perform and render such duties and
  services as are customarily performed and rendered by somebody holding such a
  position and shall perform such other duties as may from time to time be
  reasonably assigned to him by the Company’s Board of Directors (the “Board”)
  that may be required from you consistent with the responsibilities and
  authority of your position. In addition, you shall serve on the Board of
  Directors of the Company (the “Board”).

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You
  undertake, to comply with the advice, directions, orders, policies, regulations
  and standards of the Company and the Board as promulgated from time to time
  and shall not directly or indirectly carry on any other business activities
  without the prior written consent of the Board which may be withheld in the
  Board’s sole discretion.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You may be required in the course of your
  employment to be engaged in work on behalf of the Company or any member of
  the Bunzl Group from time to time.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You will devote your entire work time,
  attention, knowledge, skills, energies and best efforts to the performance of
  your duties and services under the terms of your appointment and to the
  furtherance of the business and interests of the Company.

  

 

 

	
  Hours of Work

  	
   

  	
  You agree that the nature of your
  employment including your seniority and the scope of your responsibilities is
  such that your working time can be determined by you in a manner consistent
  with your employment. Accordingly, you have no normal working hours but are
  required to work during the Company’s normal business hours and for such
  other hours as are necessary to discharge the duties and responsibilities of
  this position.

  
	
   

  	
   

  	
   

  
	
  Salary

  	
   

  	
  Your basic annual salary will be £375,000
  per annum. Salary is paid monthly on or around the 17th of each
  month by bank transfer and is subject to statutory deductions. Salary is
  deemed to accrue on a daily basis and is payable part in arrears and part in
  advance.

   

  Your next salary review will be 1 January
  2007 and annually thereafter on 1 January. The Company shall not be obliged to increase the salary payable under
  this Agreement. Any revision shall not be less than the existing rate
  prevailing prior to such review.

   

  You shall not be entitled to receive any
  other salary or fees as an ordinary or executive director or employee of the
  Company or any associated company and you shall, as the Company may direct,
  either waive your right to any such salary or fees, or account for the same
  to the Company.

  
	
   

  	
   

  	
   

  
	
  Effective date

  	
   

  	
  1 January 2006

  
	
   

  	
   

  	
   

  
	
  Location

  	
   

  	
  This appointment will be based at 110 Park
  Street, London, W1K 6NX or such other Central London location as the Company
  may stipulate. Alternatively you may be based in another location stipulated
  by the Company which would not involve you in a car journey to work taking in
  excess of approximately one and a quarter hours from your current home
  address. You will however be required to work in other locations on a
  temporary basis (i.e. unlikely to exceed a period of one week) in accordance
  with the needs of the business.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You will be required to undertake
  substantial travelling and to attend at various locations on a world-wide
  basis in accordance with the requirements of your duties.

  
	
   

  	
   

  	
   

  
	
  Continuous Employment

  	
   

  	
  Your continuous period of employment within
  the Bunzl Group commenced on 20 September 1993.

  
	
   

  	
   

  	
   

  
	
  Bonus Scheme

  	
   

  	
  For 2006 your bonus will relate to overall
  Group performance based on the budgeted eps target. Full details will be
  provided to you annually.

  

 

2

 

	
   

  	
   

  	
  Details of any future scheme for which you
  are eligible will be determined from time to time by the Remuneration
  Committee. You acknowledge that you have no right to receive a bonus and that
  the Remuneration Committee is under no obligation to operate a bonus scheme
  and you shall not acquire such a right merely by virtue of having received
  one or more bonus payments during the course of your employment.

   

  In addition you will be a member of the Bunzl
  plc Deferred Annual Share Bonus Scheme (subject to the rules of that scheme).
  Essentially, it provides for the cash element of the annual bonus the
  Employee earns under the terms of the Bunzl Executive Bonus Scheme to be
  doubled, subject to the total value of bonus earned in any one year being no
  more than 105% of basic annual salary for the year.

   

  The amount of bonus earned under the Bonus
  Scheme will be paid in cash in the normal way. The amount in excess of this,
  up to the 105% of basic annual salary limit, will be paid in the form of
  Bunzl shares to be held in the Bunzl General Employee Benefit Trust and
  deferred until March 1 in the third year after the year in which the award is
  made.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Provided you remain in the employment of
  Bunzl for the full period of deferral the shares will automatically transfer
  to you on the expiry of the deferral period, subject to normal dealing rules
  constraints. There are certain limited provisions for the shares to transfer
  to you prior to the expiry of the deferral period, which are defined in the
  rules of the plan.

  
	
   

  	
   

  	
   

  
	
  Long term incentive plan

  	
   

  	
  You remain eligible to participate in the
  following Share Schemes for the Company in accordance with the rules of the
  various schemes, which are in force from time to time.

   

  Bunzl plc 2004 Long Term Incentive Plan.

   

  •      Options/performance shares
  are granted/ awarded at the absolute discretion of the Remuneration Committee
  of the Board.

   

  •      Bunzl plc Savings Related
  Share Option Scheme.

   

  The Company reserves the right to alter the
  rules, replace or withdraw such schemes at any time.

  

 

3

 

	
  Pension

  	
   

  	
  You will continue to be eligible to
  participate in the Bunzl Senior Pension Scheme (“BSPS”). Participation in the
  BSPS is subject to the terms of the trust deed and rules governing the BSPS
  as amended from time to time. Membership of this scheme is voluntary and
  contributory and the members’ contribution for BSPS is currently 9% of
  pensionable salary.

   

  Your normal retirement date is 60 years of
  age.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BSPS membership entitles you to death in
  service life insurance cover in respect of yourself at four times your basic
  annual salary.

   

  BSPS is
  contracted out of the State Earnings Related Pension Scheme and national
  insurance contributions of members are accordingly payable at the reduced
  rate. A contracting-out certificate is in force to this effect.

  
	
   

  	
   

  	
   

  
	
  Pension Allowance

  	
   

  	
  As your current salary exceeds the
  pensionable salary limit (“the Cap”), you are eligible to receive a salary
  supplement (“the Supplement”) equal to 30% of the difference between the Cap
  and your actual basic annual salary, in each case as amended from time to
  time. The Supplement is payable in 12 equal instalments with your normal
  monthly salary and is subject to normal statutory deductions. The Supplement
  does not count for the purposes of bonus calculations and is not in itself
  pensionable. Adjustments to the Supplement whether as a result of a change in
  the Cap or in your base salary will be automatically implemented by payroll.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  As a further alternative or in addition to
  receiving the Supplement, the Company will provide (as long as no additional
  cost is incurred) all reasonable cooperation that you may request in
  procuring that payments are made to such alternative tax — advantageous
  retirement benefit scheme or schemes as may apply to you, and the Supplement
  and/or if you so request, your basic salary, shall be reduced pro rata to any
  such payments.

  
	
   

  	
   

  	
   

  
	
  Vehicle

  	
   

  	
  You will
  continue to be eligible for a car in accordance with the Company car policy.
  Selection is subject to authorisation by the Director of Group HR. Such
  vehicle is fully expensed for both business and private use.

  

 

4

 

	
   

  	
   

  	
  You are required to ensure that such
  vehicle is maintained in good roadworthy order and in a condition, which
  reflects positively on the Company. Any accidents involving injury or damage
  to the vehicle, no matter how minor, must be reported to the Company at the
  earliest opportunity.

   

  Whenever using a Company allocated vehicle
  you must be in possession of a valid driving licence.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Alternatively you have elected to take a
  cash option applicable to your position (currently £15,000 per annum) in which event
  the Company expects you to maintain an appropriate vehicle to enable you to
  drive as and when necessary on Company business. You will be responsible for
  all road tax, maintenance, repair and other charges in connection with such
  vehicle. It must be insured on a comprehensive basis, including business use
  on behalf of the Company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The cash option will be paid monthly in equal
  instalments with your normal pay but will not be included as pay in any
  calculation regarding bonus or pension rights. Having accepted the cash
  option you are required to commit to this for a period equivalent to the
  normal car lease i.e. four years. Business mileage will be reimbursed at the
  prevailing rate, currently 20p per mile.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Should you at any stage convert back to a
  Company allocated vehicle, you agree that any financial consequences of doing
  this will be for your own account and the Company will neither reimburse you
  for any additional costs you incur as a result of such a switch nor seek to
  recover from you any additional costs which the Company may incur as a result
  of the switch.

  
	
   

  	
   

  	
   

  
	
  Holiday

  	
   

  	
  You are entitled to 25 working days holiday
  per year.

   

  In addition you will be entitled to public
  holidays in England with pay as they occur, currently totalling 8 days in a
  calendar year.

   

  The Company reserves the right to designate
  days of holiday over the Christmas period.

   

  All holidays must be approved in advance by
  the Chief Executive.

  

 

5

 

	
  Holiday Pay

  	
   

  	
  The holiday year runs from 1 January to 31
  December and no holiday entitlement may be carried forward to subsequent
  years. Upon termination of employment for whatsoever reason and where the
  entire notice period is worked, pay in lieu of holiday entitlement not taken
  at the date of termination will be paid at the rate of 1/12th of the year’s
  entitlement for each complete calendar month of service rounded to the
  nearest whole day.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  In the event that you are not required to
  work all or part of your notice period then holiday will be deemed to be
  taken during the period you are not required to work and therefore no payment
  will be made in respect of any outstanding holiday entitlement. If, at the
  date of termination of employment, holiday has been taken in excess of
  entitlement it is agreed that the Company may deduct an amount in respect of
  each excess day taken at the prevailing daily rate. Prevailing daily rate is
  calculated as 1/260th of your annual basic salary.

  
	
   

  	
   

  	
   

  
	
  Expenses

  	
   

  	
  You will be entitled to be reimbursed for
  all reasonable out of pocket expenses which you have properly incurred in
  accordance with generally applicable policies, regulations and standards of
  the Company and the Board in performing and rendering duties and services
  under the terms of your employment. Such reimbursement shall also be subject
  to compliance with procedures established by the Company for maintaining
  records and receipts reflecting the expenses incurred and reporting such
  information as the Board may request from time to time regarding such
  expenses.

  
	
   

  	
   

  	
   

  
	
  Sickness

   

   

  	
   

  	
  Should you be unable to attend for work due
  to sickness or injury you are entitled to receive sick pay in accordance with
  the rules of the Company scheme at your normal rate of pay up to an aggregate
  of 6 months in any consecutive 12 month period. This payment will discharge
  any entitlement you may have to Statutory Sick Pay. The Company may require
  you to provide medical certificates in accordance with the rules of the Sick
  Pay Scheme.

  
	
   

  	
   

  	
   

  
	
  Medical

   

   

  	
   

  	
  You are entitled to membership of the
  Corporate Health Plan (currently with Norwich Union) for yourself, your
  spouse and your dependants under the age of 21. This will be fully expensed
  by the Company with the exception of any tax liability assessed. Membership
  is subject to the terms and conditions of the Plan from time to time in force
  and without prejudice to the Company’s right to alter, replace or withdraw
  the benefit in its absolute discretion.

  

 

6

 

	
  Grievance and Disciplinary Procedure

  	
   

  	
  In the event you wish to raise any
  grievance relating to your employment you should apply in the first instance
  either orally or in writing to the Director of Group HR.

   

  You will be given written reasons for any
  proposed disciplinary action or dismissal. You will be invited to attend a
  meeting with the Director of Group HR to consider such disciplinary decision
  or dismissal. The Director of Group HR will notify you of her decision. If
  you are dissatisfied with the decision you may appeal to the Chief Executive
  within 14 days of the Director of Group HR’s decision.

  
	
   

  	
   

  	
   

  
	
  Data Protection Act

  	
   

  	
  The Company will maintain a personal file
  relating to your employment. The information held on you, either in hard copy
  or on computer files, will include sensitive personal data as defined in Part
  I(ii) of the Data Protection Act 1998. You hereby give explicit consent (as
  defined in the Act) to the processing of personal and sensitive personal data
  for normal employment purposes.

   

  You also consent to the transfer, storage
  and other processing (both electronically and manually) by the Company of any
  such data outside the European Economic Area (and in particular but without
  limitation to or in the United States and any other country in which the
  Company operates).

  
	
   

  	
   

  	
   

  
	
  Health & Safety

  	
   

  	
  You have particular responsibilities with
  regard to the management of health and safety of employees of the Company and
  others who are affected by acts of the Company. In discharging these
  responsibilities you are required to ensure the adoption of safe methods of
  working and may not interfere with or misuse anything provided in the
  interests of health, safety and welfare. The Company will provide all
  reasonable assistance and training in relation to the management of health
  and safety.

  
	
   

  	
   

  	
   

  
	
  Business Standards

  	
   

  	
  You are required to conduct yourself in a
  manner consistent with the Company’s stated Business Standards, a copy of
  which is enclosed.

  
	
   

  	
   

  	
   

  
	
  Security of Information

  	
   

  	
  You are responsible for security of
  sensitive information in accordance with the provisions set out in Attachment
  A. Notwithstanding the foregoing, nothing in this contract of employment shall
  preclude you from making a protected disclosure in accordance with the
  provisions of the Public Disclosure Act 1998.

  
	
   

  	
   

  	
   

  
	
  Inventions and Patents

  	
   

  	
  You have responsibilities in respect of
  inventions and patents which are detailed in Attachment A.

  

 

7

 

	
  Restrictions upon Termination

  	
   

  	
  Upon termination of your employment with
  the Company (for whatever reason) you are subject to certain restrictions
  which are detailed in Attachment A.

  
	
   

  	
   

  	
   

  
	
  Notice

  	
   

  	
  (a)           The
  Company will provide 12 months notice, such notice to be given in writing and/or

   

  at the
  Company’s sole discretion, without any due notice by paying to or for your
  benefit, a sum in lieu of the Notice Period or any unexpired part thereof.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)           You are required to
  give 6 months’ notice of termination in writing to the Company. If you serve
  such notice, the Company shall be entitled to pay to or for your benefit a
  sum in lieu of your working the Notice Period or thereof.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)           In the event that you
  are permanently disabled, which shall be deemed to be the case if you are
  absent due to sickness or injury beyond the 6 month period specified under
  the section headed “Sickness” above, the Company shall be entitled to
  terminate your employment by giving notice to you as specified in (a) above,
  less a period of 6 months. In such circumstances the Company will recommend
  to the Trustees of the BSPS that you be considered for an ill-health pension
  under the rules of the Scheme. Should the current terms under the BSPS for
  ill health retirement be reduced or removed, an equivalent level to your
  existing benefit will be provided to you by the Company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (d)           The Company
  shall be entitled to terminate your employment immediately and without notice
  or payment if at any time during your employment you:

   

  •      become bankrupt (or
  equivalent in any other jurisdiction) or become the subject of an interim
  order under the Insolvency Act 1986 or make any arrangements or composition
  with your creditors; or

   

  •      be convicted of any criminal
  offence (other than one which, in the reasonable opinion of the Board, does
  not affect your position as an employee of the Company, bearing in mind the
  nature of your duties and the capacity in which you are employed); or

  

 

8

 

	
   

  	
   

  	
  •      commit any act of
  dishonesty whether relating to the Company, other employees or otherwise; or

   

  •      be guilty of any gross
  misconduct or any conduct calculated or tending to bring the Company or
  yourself into disrepute or be guilty of any material breach or material
  non-observance of any material provision of this Agreement; or

   

  •      cease to be capable of
  acting as a director pursuant to any UK statutes.

   

  Any delay or
  forbearance by the Company in exercising any right of termination shall not
  constitute a waiver of it.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (e)           If not terminated
  prior to your 60th birthday your employment will terminate without notice or
  payment on the last day of the month in which your 60th birthday falls.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (f)            During the whole or
  any part of any notice period the Company will be under no obligation to
  assign to you any duties or functions or to provide any work for you (“garden
  leave”) and may at any time suspend (“suspension”) you from the performance
  of any duties or exclude you from the premises of the Company. During any
  such period of garden leave or suspension you will remain an employee of the
  Company and shall continue to be entitled o salary and benefits. You will
  also continue to be bound by the provisions of this Agreement and may not
  undertake other paid employment, including self-employment, or services as a
  director of, or under contract to, another company. You must continue at all
  times to conduct yourself with good faith towards the Company and not do
  anything which is harmful to the Company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (g)           Upon termination of employment for any
  reason you will immediately return to the Company all papers, documents,
  computer stored information held on hard disk or floppy disk, books,
  accounts, drawings, credit cards, Company car, keys and other property
  belonging to or relating to the Company or any company in the Bunzl Group
  which are then in your possession and upon the Company’s request immediately
  in writing resign any directorship or other office which you may hold in the
  Company or any other company in the Bunzl Group without compensation for loss
  of such directorship, and transfer any nominee or other shares beneficially
  owned by the Company or any such company in the Bunzl Group to such person or
  company

  

 

9

 

	
   

  	
   

  	
  as the
  Company shall nominate. If you fail to resign any such
  position, the Company and all relevant companies in the Group are hereby
  irrevocably authorised to appoint someone in his name and on his behalf to
  sign any documents and do anything necessary to give effect to this
  resignation.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (h)           Notwithstanding the
  termination of your employment (whether terminated on notice, and whether
  terminated by you or by the Company for whatever reason) the provision of
  these clauses and Attachment A shall continue in full force and effect in
  accordance with their respective terms.

  
	
   

  	
   

  	
   

  
	
  Dealings in Shares

  	
   

  	
  During the period of your employment you
  shall comply with all applicable laws, regulations and rules (whether
  statutory or otherwise) in force from time to time relating to dealings in
  shares, including without limitation, the “Model Code” forming part of the
  Listing Rules published by the UK Listing Authority from time to time. A copy
  of the current Model Code is available from the Company Secretary.

  
	
   

  	
   

  	
   

  
	
  Enforcement of Agreement

  	
   

  	
  The terms and conditions set out in this
  letter and its attachments form the agreement between yourself and the
  Company. No person who is not a party to this agreement (“Third Party”) has
  or shall have any rights under the Contracts (Rights of Third Parties) Act
  1999 to enforce any term of this agreement and no consent of any Third Party
  shall be required under that Act to any cancellations or variations of this
  agreement.

  

 

If you have any queries then please do not hesitate
to contact me for clarification. Alternatively, would you please sign and
return the enclosed copy of this letter and the attachments in confirmation of
your acceptance of this position on the terms and conditions as set out above.

 

Yours sincerely

 

 

	
  /s/A. J. Habgood

  	
   

  
	
  Anthony Habgood

  
	
  Chairman

  

 

 

I confirm my acceptance of the terms and conditions as set out above. I
confirm they supersede all other agreements as stated in the second paragraph
of this letter.

 

 

	
  /s/B. M. May

  	
   

  	
  9 December 2005

  	
   

  
	
  B M May

  	
   

  	
  Date

  	
   

  

 

10

 

ATTACHMENT
A

 

BUNZL
PLC

 

Preventing Disclosure of Sensitive Information

 

The relationship between Bunzl plc (“the Company”) and its employees is
founded on trust. In the course of employment by the Company, you may have
access to Sensitive Information (as defined below) in order that you may carry
out your duties. Disclosure of Sensitive Information to any customer or actual
or potential competitor could place the Company at a serious competitive
disadvantage and cause immeasurable financial and other damage to the business.
It is therefore essential to ensure that Sensitive Information is identified
and controls applied to prevent unauthorised disclosure. For the purposes of
this Attachment A, references to the Company are deemed to include Bunzl plc
and its subsidiary and associated companies from time to time.

 

Sensitive Information means all and any information (whether or not
recorded in documentary form or on computer disk or tape) relating to the
business methods, corporate plans, management systems, finances, maturing new
business opportunities or research and development projects of the Company or
relating to the marketing or sales of any past, present or future product or
service of the Company including, without limitation, sales information and
plans, market share and pricing statistics, marketing plans, market research
reports, sales techniques, price lists, discount structures, advertising and
promotional material, the names, addresses, telephone numbers and contact names
of customers and potential customers of and suppliers and potential suppliers
to the Company, the nature of their business operations, their requirements for
any product or service sold to or purchased by the Company and all confidential
aspects of their business relationship with the Company and any trade secrets,
secret formulae, processes, inventions, designs, know-how, discoveries,
technical information relating to the creation, production or supply of any
past, present or future product or service of the Company. It will include any
other information to which the Company shall attach an equivalent level of
confidentiality or in respect of which it shall owe an obligation of
confidentiality to any third party which:

 

•      you shall acquire at any time during your employment by the Company but
which does not form part of your personal skill and experience; and

 

•      is not readily ascertainable to persons not connected with the Company
either at all or without significant expenditure of labour, skill or money.

 

In
order to safeguard the Company’s interests you must not:

 

•      at any time whether during or after the termination of your employment
with the Company (unless expressly so authorised by the Company or as a
necessary part of the performance of your duties with the Company) disclose to
any person or other company or otherwise make use of any such Sensitive
Information; or

 

•      at any time make any copy, abstract, summary or précis of the whole or
any part of any document or record, including computer program systems and
software, except when required to do so in the course of your employment, in
which event the copy, abstract, summary or précis shall be the property of the
Company.

 

For
the protection of such Sensitive Information you must:

 

a.             ensure that any document originated or used by you and which contains
Sensitive Information is classified and annotated as follows:

 

11

 

•      Confidential –
information which is intended for a restricted audience either internally or
externally. Such documents must be clearly marked with the appropriate
circulation list or explicitly provide the recipient with authority to pass the
information to another person/department where this is required for appropriate
action to be taken;

 

•      Private –
information which is intended for the addressee(s) only;

 

In
addition, envelopes containing private information relating to individual
employees should be marked “Addressee Only”;

 

b.             not disseminate information so classified outside the restricted
circulation list without the prior consent of the author or someone more
senior;

 

c.             ensure that all information identified as Confidential or Private is
securely stored or disposed of appropriately;

 

d.             ensure that transmission of Sensitive Information over external
networks, including the Internet, such as through Internet e-mail, is subject
to appropriate protection; and

 

e.             return to the Company immediately upon written request and in any event
on termination of your employment all documents, records (including
computer-held records), computer disks, other media and other papers and
property belonging to the Company and which are in your possession or control,
including documents and records you have made in the course of your employment.

 

Any
breach of these restrictions will render you liable to disciplinary action
and/or to civil proceedings to restrain you from disclosing the Sensitive
Information to a third party, or from making personal use of it without
authority from the Chief Executive of the Company, and for damages if loss to
the Company results from any unauthorised disclosure or use.

 

This
restriction applies only to Sensitive Information as described above and shall
not prevent:

 

a.             any
disclosure or use authorised by the Company, required by law or made to enable
you to properly perform your duties:

 

b.             you
from using your personal skills in any business in which you are lawfully
engaged without using Sensitive Information:

 

c.             the
use of such Sensitive Information that is in or comes into the public domain in
any way without breach of these restrictions by you.

 

Inventions and Patents

 

All discoveries, inventions, improvements, processes, designs or
copyright works, which have been discovered, developed, part developed or made
during the period of your employment with the Company either in the course of
work undertaken on behalf of the Company or relating to products or services
provided by the Company will be the sole property of the Company. You may not
disclose any details of such discovery, invention, improvement, process,
designs or copyright works to a third party without the prior written consent
of the Chief Executive of the Company. Such inventions or developments cannot
be promoted or sold, either complete or in part, without prior permission, in
writing, from the Chief Executive of the Company.

 

12

 

You will be required to enter into such documents as may be necessary
or appropriate in order to vest title to such discovery, invention,
improvement, process, designs or copyright works in the Company and in the
meantime are required, notwithstanding termination of your employment, to do
all that is necessary to obtain patent or other protection and to hold all
rights in connection with the discovery, inventions, improvement, process,
design or copyright works in trust for the Company.

 

Restrictions upon Termination

 

During the course of your employment you will have access to customers
as well as confidential information. In order to protect the Company’s business
and its relationship with its customers you must not at any time during the
twelve months immediately following the termination of your employment with the
Company (for whatever reason) or, if earlier, the date on which you commence
garden leave (as defined in your terms and conditions of employment) and
whether on your own account or on behalf of any other person, firm or company:

 

•      solicit,
entice or endeavour to entice away from the Company any person employed by the
Company either at managerial level or in a sales capacity who had been so
employed at the date of termination of your employment and with whom you had
contact during the period of one year prior to that date;

 

•      solicit custom from or deal with any person firm or company who or which
was a customer of the Company at the date of termination of your employment or
during the period of one year prior to that date and with whom you had contact
during that period in relation to any products or services of a type sold or
manufactured by the Company in respect of the provision or sale of which you
were concerned to a material extent during your employment with the Company;

 

•      in
competition with the Company engage in or undertake work of a similar nature to
that engaged in or undertaken by the Company in relation to the manufacture or
sale of products or the provision of services being products or services with
which you were concerned to a material extent and within the geographical area
or areas in which you were employed or for which you had responsibility at the
date of termination of your employment or during the period of one year prior
thereto.

 

In
the event of any infringement of these provisions the Company will take such
steps as appropriate to protect its position which may include injunction
proceedings and/or a claim for damages.

 

 

	
  /s/A. J. Habgood

  	
   

  
	
  Anthony Habgood

  
	
  Chairman

  

 

 

I confirm that I will abide by the requirements and restrictions as set
out above.

 

 

	
  /s/B. M. May

  	
   

  	
  9 December 2005

  	
   

  
	
  B M May

  	
   

  	
  Date

  	
   

  

 

13

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