Document:

<PAGE>

                                 LOAN AGREEMENT

      This Loan Agreement ("Agreement") is entered into as of January 9, 2001 by
and between JNI Corporation, a Delaware corporation (the "Company"), and Neal
Waddington, an individual ("Borrower").

                                    RECITALS

      A.    Borrower has accepted an offer of employment with the Company.

      B.    Borrower has found it necessary to request a loan from the Company.

      C.    To aid Borrower in his employment, the Company and Borrower desire
            that the Company shall loan to Borrower the total amount of Five
            Hundred Thousand Dollars ($500,000) under the terms and conditions
            as set forth below.

NOW, THEREFORE, the Company and Borrower agree as follows:

                                    AGREEMENT

      1.    The Company agrees to lend to Borrower the amount of Five Hundred
Thousand Dollars ($500,000) (the "Loan").

      2.    Concurrent with the execution and delivery of this Agreement,
Borrower shall execute and deliver to the Company a promissory note (the "Note')
in the amount of Five Hundred Thousand Dollars ($500,000) in the form attached
hereto as EXHIBIT A.

      3.    Borrower understands that the Loan provided for herein is not
transferable by Borrower.

      4.    This Agreement and the exhibits attached hereto constitute the full
and entire understanding and agreement between the parties hereto with regard to
the subject hereof. Neither this Agreement nor any term hereof may be amended,
waived, discharged or terminated other than by a written instrument signed by
the party against whom enforcement of any such amendment, waiver, discharge or
termination is sought.

      5.    Borrower understands that this Agreement does not constitute an
employment agreement or a promise by the Company to continue Borrower's
employment.

      6.    All notices and other communications required or permitted hereunder
shall be in writing and shall be deemed effectively given upon personal delivery
to the party to be notified or five (5) days after deposited with the United
States mail, by registered or certified mail, postage prepaid, addressed to the
address set forth on the signature page hereof, or such other address as either
party may furnish to the other party.

      7.    Neither party may assign the rights and/or duties under this
Agreement to a third party without the prior written consent of the other party
to this Agreement, PROVIDED, HOWEVER, that in the event that the Company is
merged into another corporation, or substantially all the

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outstanding stock or assets of the Company are sold to another corporation and
the surviving or acquiring corporation agrees in writing to be bound by the
rights and duties of the Company under this Agreement, then the Company may
assign its rights and duties hereunder to such acquiring or surviving
corporation, PROVIDED, FURTHER, that if Borrower is not afforded the same role
in the acquiring company (CEO of the acquiring company) or is required to
relocate or commute a distance of greater than twenty (20) miles, then the
remaining principal of the Note and all accrued interest thereon shall be
forgiven.

      8.    All exhibits attached hereto are incorporated herein by this
reference.

      9.    This Agreement shall be governed in all respects by the laws of the
State of California.

      10.   In case one or more provisions herein shall for any reason be held
to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not effect any other provision of this
Agreement, and this Agreement shall be construed as if such invalid, illegal or
unenforceable provision had not been contained herein.

      11.   Each party hereto agrees to do such further acts and things and to
execute, acknowledge and deliver or to cause to have executed, acknowledged and
delivered by such other and further instruments and documents as may reasonably
be requested by the other to carry out the purposes and intents of this
Agreement. This Agreement may be executed in counterparts and each counterpart
shall be deemed an original instrument.

      12.   THIS AGREEMENT, THE NOTE, AND ALL RELATED DOCUMENTATION ARE EXECUTED
VOLUNTARILY AND WITHOUT ANY DURESS OR UNDUE INFLUENCE ON THE PART OR BEHALF OF
THE PARITIES HERETO, WITH THE FULL INTENT OF CREATING THE OBLIGATIONS DESCRIBED
HEREIN AND THEREIN. THE PARTIES ACKNOWLEDGE THAT: (a) THEY HAVE READ SUCH
DOCUMENTATION; (b) THEY HAVE BEEN REPRESENTED IN THE PREPARATION, NEGOTIATION
AND EXECUTION OF SUCH DOCUMENTATION BY LEGAL COUNSEL OF THEIR OWN CHOICE OR THAT
THEY HAVE VOLUNTARILY DECLINED TO SEEK SUCH COUNSEL; (c) THEY UNDERSTAND THE
TERMS AND CONSEQUENCES OF THIS AGREEMENT, THE NOTE AND ALL RELATED DOCUMENTATION
AND THE OBLIGATIONS THEY CREATE; AND (d) THEY ARE FULLY AWARE OF THE LEGAL AND
BINDING EFFECT OF THIS AGREEMENT, THE NOTE AND THE OTHER DOCUMENTS CONTEMPLATED
BY THIS AGREEMENT.

INITIAL:  /s/ NW                                 INITIAL:  /s/ GP
         ----------                                       ---------
         (Borrower)                                       (Company)

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<PAGE>

      IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
date first written above.

BORROWER:                                  COMPANY:

                                           JNI Corporation

By: /s/ Neal Waddington
   -------------------------------------
Name:  Neal Waddington
                                           By:  /s/ Gloria Purdy
                                              ---------------------------------
Address:                                   Name:  Gloria Purdy
        --------------------------------        -------------------------------
                                           Title:  Chief Financial Officer
                                                 ------------------------------

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<PAGE>

                                                                       EXHIBIT A

                                 PROMISSORY NOTE

$500,000                                                         JNI Corporation
                                                                 January 9, 2001

      1.    For value received, the undersigned, Neal Waddington ("Borrower")
promises to pay to JNI Corporation, a Delaware corporation (the "Company"), or
order, with interest, the principal sum of Five Hundred Thousand Dollars
($500,000) (the "Principal"), loaned to Borrower pursuant to that certain Loan
Agreement between Borrower and the Company of even date herewith (the "Loan
Agreement").

      2.    The Principal shall bear simple interest at the rate of Five
Percent (5%) per annum.

      3.    Principal and interest shall be due and payable as follows:

            A.    All unpaid or unforgiven Principle plus all accrued and unpaid
                  or unforgiven interest thereon shall be due and payable at the
                  date of voluntary termination or cessation of the employment
                  of Borrower with the Company, ten (10) days following the date
                  of the involuntary termination of the employment of Borrower
                  with the Company, for cause; or

            B.    $250,000 of the Principal and all accrued interest on the
                  outstanding Principal balance shall be due and payable at each
                  anniversary date of this Note (whether or not Borrower is
                  employed by the Company).

      4.    In the event that Borrower's employment with the Company is
terminated without cause, then the provisions of paragraph 3 above shall not
apply and the outstanding Principal and accrued interest shall be forgiven.
"Cause" shall mean (i) any act of personal dishonesty taken by Borrower in
connection with the responsibilities as an employee that is intended to result
in substantial personal enrichment of Borrower, (ii) the conviction of a felony,
or (iii) a willful act by Borrower which constitutes gross misconduct injurious
to the Company.

      5.    Notwithstanding the provisions of paragraph 3, and subject to the
conditions set forth below, on the first and second anniversary dates of the
date of this Note (the "Forgiveness Date"), the Company will forgive an amount
equal to $250,000 of the Principal and all accrued interest on the outstanding
Principal balance. Such forgiveness shall be conditioned upon Borrower being an
employee of the Company as of the relevant Forgiveness Date and has not given
notice of resignation or been given notice of termination for cause. The
Borrower hereby authorizes any withholding from payroll and any other amounts
payable to Borrower by the Company and otherwise agrees to make adequate
provisions for any sums required to satisfy the federal, state and local
withholding obligations of the Company which arise in connection with the
forgiveness of Principal and interest under this Note.

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      Any portion of the Principal and all accrued interest which is not
forgiven pursuant to this paragraph or paragraph 4 shall be due and payable as
otherwise set forth in this Note.

      6.    If an action is instituted for collection of this Note, the
prevailing party is entitled to court costs and reasonable attorney's fees
incurred by the holder thereof.

      7.    This Note may be amended or modified, and provisions hereof may be
waived, only by the written agreement of Borrower and the Company. No delay or
failure by the Company in exercising any right, power or remedy hereunder shall
operate as a waiver of such right, power or remedy, and a waiver of any right,
power or remedy on any one occasion shall not operate as a bar or waiver of any
such right, power or remedy on any other occasion. Without limiting the
generality of the foregoing, the delay or failure by the Company for any period
of time to enforce collection of any amounts due hereunder shall not be deemed
to be waiver of any rights of the Company under contractor under law. The rights
of the Company under this Note are in addition to any other rights and remedies
which the Company may have.

      8.    This Note may be prepaid without penalty, in whole or in part, at
anytime. All amounts payable hereunder shall be payable in lawful money of the
United States of America.

      9.    This Note shall be construed and enforced in accordance with, and
the rights of the parties shall be governed by, the laws of the State of
California.

      10.   If any payment under this Note is not paid when due, then the
parties agree that (a) the Company's damages shall be difficult to estimate, (b)
interest shall cease to accrue on the Principal at the rate of Five Percent
(5%) per annum compounded annually and, as liquidated damages on account of
Borrower's default, the unpaid Principal and accrued interest (to the extent
permitted by law) shall bear interest at the default rate of 10% per annum, or
the highest rate allowed by law, whichever is lower, from said due date until
paid, and (c) the parties agree that such liquidated damages are a reasonable
estimate of the damages the Company will incur as a consequence of Borrower's
default.

BORROWER:

 /s/ Neal Waddington
--------------------------------
Neal Waddington

  1/9/01
--------------------------------
Date

                                       2<PAGE>

                                                                    Exhibit 10.8

SECTION 162(M) OFFICER

                       CONTINGENT STOCK PURCHASE AGREEMENT

      AGREEMENT dated as of          between SEALED AIR CORPORATION, a Delaware
corporation (the "Corporation"), and             (the "Employee").

      The Employee is now an officer of the Corporation and has been selected by
the Organization and Compensation Committee (the "Committee") of the Board of
Directors of the Corporation as one who is in a position to make a significant
contribution to the growth and success of the Corporation. Pursuant to the
Contingent Stock Plan of Sealed Air Corporation (the "Plan"), the Corporation
desires to provide an incentive to the Employee which will permit him to share
directly in the growth of the Corporation and to further identify his interests
with those of the stockholders of the Corporation.

      NOW, THEREFORE, the Corporation and the Employee mutually agree as
follows:

SECTION 1. PURCHASE AND SALE OF STOCK

      Subject to the terms and conditions hereinafter set forth, the Corporation
hereby sells to the Employee and the Employee purchases from the Corporation * *
shares of the $0.10 par value Common Stock of the Corporation ("Common Stock")
for a purchase price of $1.00 per share (subject to adjustment pursuant to
Section 7 of the Plan) (the "Issue Price"), receipt of which the Corporation
hereby acknowledges. The Corporation will deliver to the Employee a certificate
representing such shares of Common Stock within a reasonable time after
execution of this Agreement.

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SECTION 2.  REPRESENTATION

      The Corporation represents that all shares of Common Stock issued pursuant
to this Agreement will be duly authorized, validly issued, fully-paid and
nonassessable.

SECTION 3.  REPURCHASE OPTION AND PERIOD OF RESTRICTION

      During the period beginning on the date of this Agreement and ending on
the third anniversary of such date (the "Option Period"), the Common Stock
issued pursuant to this Agreement shall be subject to an option (the "Repurchase
Option") in favor of the Corporation to reacquire such Common Stock at a price
per share equal to the Issue Price. The Corporation shall have the right to
extend the period during which the Repurchase Option may become exercisable (the
"Extended Option Period") for such number of the shares (the "Extended Option
Shares") covered by this Agreement as shall be determined as described below.
Such right, which may be exercised more than once, shall be exercised by notice
(the "Extension Notice") to the Employee no later than the end of the Option
Period for the first Extended Option Period, or the then-current Extended Option
Period for any subsequent Extended Option Period, of the number of shares that
the Corporation designates as Extended Option Shares that shall remain subject
to the Repurchase Option through the next Extended Option Period. The number of
shares so designated as Extended Option Shares shall be determined by the
Corporation in its sole discretion based upon its estimate of the number of
shares then remaining subject to the Repurchase Option for which the related
compensation expense may exceed the Corporation's deduction limit under Section
162(m) of the Internal Revenue Code (based upon the assumption that the Employee
is a "covered employee" as that term is defined in such Section) for the taxable
year in which the Option Period or the then-current Extended Option Period, as
the case may be, ends after estimating all other compensation expected to be
paid to the Employee for such year.

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The term "Extended Option Period" shall mean, with respect to the first Extended
Option Period, the period ending on March 1 of the taxable year next following
the taxable year in which the Option Period ends or such later date as the
Corporation may designate in the first Extension Notice and, with respect to
each subsequent Extended Option Period, shall mean the period ending on March 1
of the next succeeding taxable year or such later date as the Corporation may
designate in the applicable Extension Notice. None of the shares of Common Stock
issued pursuant to this Agreement nor any interest therein shall be sold,
transferred or encumbered until the Repurchase Option as to such shares may no
longer become exercisable. The Repurchase Option shall become exercisable during
the Option Period or any Extended Option Period, as the case may be, upon the
termination of employment of the Employee with the Corporation or any of its
subsidiaries other than as a result of the Employee's death or permanent and
total disability.

SECTION 4. EXERCISE OF THE REPURCHASE OPTION

      The Repurchase Option shall be exercised in whole or in part by the
Corporation, if at all, by its sending written notice of such exercise to the
Employee at the address specified in or pursuant to Section 10 within 120 days
after the Employee's termination of employment. Such notice, which may be
delivered in person or sent by registered or certified mail, postage prepaid, or
by any other delivery service that provides written confirmation of delivery,
shall also set forth the address to which and the date on which the certificates
representing the Common Stock in respect of which the Repurchase Option is being
exercised, duly endorsed for transfer, should be sent, unless such certificates
are being held by the Corporation. The date specified shall not be less than ten
days nor more than thirty days from the date of such notice. The Employee or his
successor in interest with respect to such shares shall have no further rights
as a stockholder from and after the date so specified in such notice and agrees
that the Common Stock represented by

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such certificate shall be deemed canceled and returned to the treasury of the
Corporation and that the Employee will have no further incidents of ownership,
including the right to receive dividends or other distributions. If the
certificates are duly delivered in accordance with the written notice, the
Corporation shall promptly send to the Employee its check in the amount of the
Issue Price for such shares. The Corporation shall affix to the certificates any
required stock transfer stamps. If the certificates are not so delivered, the
Corporation shall deposit the required amount of payment in an escrow account in
the name of the Employee to be held therein until such certificates are
delivered to the Corporation and the Corporation shall immediately advise its
transfer agent of such action. In addition, if the certificates are not so
delivered, the Employee shall repay to the Corporation any dividends or other
distributions which may have become payable of record on or after the date on
which the Employee was required to deliver the certificates to the Corporation
and agrees to reimburse the Corporation all of its expenses (including
attorneys' fees) incurred in connection with any steps the Corporation may take
to cancel the certificates or to obtain the repayment of such dividends or other
distributions, or both.

SECTION 5. LEGEND ON STOCK CERTIFICATES

      Every certificate of Common Stock issued pursuant to this Agreement shall,
so long as the restrictions described in Section 3 remain in effect as to any of
the shares covered by such certificate, bear a legend in substantially the
following form:

                  This certificate and the shares represented hereby are held
            subject to the terms of the Contingent Stock Plan of Sealed Air
            Corporation which Plan provides that the shares issued pursuant
            thereto are subject to an option in favor of Sealed Air Corporation
            to reacquire such shares at a price which may be significantly lower
            than their fair market value and that neither such shares nor any
            interest therein may be sold, transferred or encumbered until the
            expiration of such option. If such option is exercised, the holder
            of the shares represented by this certificate will have no further
            rights with respect to such shares and this certificate will be
            deemed void. A copy of the Contingent Stock Plan is available

                                       4
<PAGE>

            for inspection at the executive offices of Sealed Air Corporation.

and shall have in effect a stop-transfer order with respect thereto. Upon
expiration of the Repurchase Option as to any of the shares covered by a
certificate of Common Stock issued pursuant to this Agreement, the Employee may
surrender to the Corporation the certificate representing such shares in
exchange for a new certificate or certificates free of such legend for the
shares for which the Repurchase Option has expired, PROVIDED that the
Corporation shall issue a certificate or certificates bearing such legend for
any of the shares covered by the surrendered certificate for which the
Repurchase Option has not yet expired.

SECTION 6. GOVERNMENT AND OTHER REGULATIONS AND RESTRICTIONS

      The obligations of the Corporation to issue Common Stock upon execution of
this Agreement shall be subject to all applicable laws, rules and regulations
and to such approvals by governmental agencies as may be required. The Employee
consents to the imprinting of the following legend on any certificate or
certificates evidencing such shares and to the entry of a stop-transfer order
with respect thereto in the records of the Corporation's transfer agent:

            The shares represented by this certificate may be sold, transferred
      or otherwise disposed of only if registered under the Securities Act of
      1933, as amended, or if in the opinion of counsel to Sealed Air
      Corporation, an exemption from registration is available.

SECTION 7.  REGISTRATION OF SHARES

      The Corporation shall be under no obligation to register any shares of
Common Stock under the Securities Act of 1933.

SECTION 8.  NO RIGHTS IN COMMON STOCK

      The Employee shall not have any interest in or be entitled to any voting
rights or dividends or other rights or privileges of stockholders of the
Corporation with respect to any shares of Common Stock issued pursuant to this
Agreement until the shares of Common Stock

                                       5
<PAGE>

are actually issued to the Employee and then only from the date the Employee
becomes the record owner thereof.

SECTION 9.  INJUNCTIVE RELIEF

      In addition to any other rights or remedies available to the Corporation
as a result of the breach of the Employee's obligations hereunder, the
Corporation shall be entitled to enforcement of such obligations by an
injunction or a decree of specific performance from a court with appropriate
jurisdiction and, in the event that the Corporation is successful in any suit or
proceeding brought or instituted by the Corporation to enforce any of the
provisions of this Agreement or on account of any damages sustained by the
Corporation by reason of the violation by the Employee of any of the terms and
conditions of this Agreement to be performed by the Employee, the Employee
agrees to pay to the Corporation all costs and expenses including attorneys'
fees reasonably incurred by the Corporation.

SECTION 10. NOTICES

      Any notice which either party hereto may be required or permitted to give
to the other shall be in writing and, except as otherwise required herein, may
be delivered personally or by mail to the Corporation at Park 80 East, Saddle
Brook, New Jersey 07663, attention of the Secretary of the Corporation, or to
the Employee at the address set forth below or at such other address as either
party may designate by notice to the other.

SECTION 11. SUBSIDIARIES

      The subsidiaries of the Corporation referred to in this Agreement are
those corporations, joint ventures or other entities in which the Corporation
owns, directly or indirectly, in the aggregate at least 50 percent of the voting
power of the classes of stock of such entity entitled to

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<PAGE>

vote and those partnerships, joint ventures and other entities in which the
Corporation owns, directly or indirectly, a 50% or more interest in the capital
account or earnings.

SECTION 12.  ADJUSTMENTS

      In the event of changes in the Common Stock of the Corporation after the
date of this Agreement by reason of any stock dividend, split-up, combination of
shares, reclassification, recapitalization, merger, consolidation,
reorganization, or liquidation: (a) the Repurchase Option and the restrictions
described in Section 3 and the requirement of a legend on stock certificates as
described in Sections 5 and 6 shall apply to any securities issued in connection
with any such change in respect of Common Stock issued pursuant to this
Agreement, and (b) appropriate adjustments shall be made by the Committee as to
(i) the number of shares to be delivered and the price per share to be paid by
the Corporation upon the exercise, in whole or in part, of the Repurchase
Option, (ii) the number of shares to be delivered and the Issue Price where such
change occurs after the date of this Agreement but before the date the stock
covered by this Agreement is delivered, and (iii) the number and class of shares
available under the Plan in the aggregate.

SECTION 13. SUCCESSORS

      The provisions of this Agreement shall be binding upon and inure to the
benefit of all successors of the Employee, including, without limitation, his
estate and the executors, administrators or trustees thereof, his heirs and
legatees and any receiver, trustee in bankruptcy or representative of his
creditors.

SECTION 14. CORPORATION'S RIGHT TO TERMINATE EMPLOYMENT

      Nothing contained in this Agreement shall confer upon the Employee a right
to continue in the employ of the Corporation or any of its subsidiaries or
interfere in any way with the right

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<PAGE>

of the Corporation or any of its subsidiaries to terminate the employment of the
Employee at any time, with or without cause.

SECTION 15.  PAYMENT OF WITHHOLDING TAX

      If, in the opinion of counsel for the Corporation, any federal, state or
local taxes or any other charges may now or later be required by law to be
withheld by the Corporation or one of its subsidiaries from the wages or salary
of the Employee by reason of this Agreement or otherwise with respect to the
Common Stock governed hereby, the Employee agrees to pay to the Corporation or
such subsidiary, as the case may be, on five days written demand from the
Corporation or such subsidiary an amount equal to such withholding tax or
charge.

SECTION 16. ACTION BY CORPORATION

      Neither the existence of this Agreement nor the issuance of Common Stock
pursuant hereto shall impair the right of the Corporation or its stockholders to
make or effect any of the adjustments, recapitalizations or other changes in the
Common Stock referred to in Section 12, any change in the Corporation's
business, any issuance of debt obligations or stock by the Corporation or any
grant of options with respect to stock of the Corporation.

SECTION 17.  INTERPRETATION

      The Employee agrees that all questions of interpretation and
administration of this Agreement shall be determined by the Committee in its
sole discretion and such determination shall be final, binding and conclusive
upon him. If the Committee is not acting, its functions shall be performed by
the Board of Directors of the Corporation, and each reference in this Agreement
to the Committee shall, in that event, be deemed to refer to the Board of
Directors.

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<PAGE>

SECTION 18.  APPLICABLE LAW

      This Agreement shall be governed and construed in accordance with the laws
of the State of Delaware.

SECTION 19. TERMS AND CONDITIONS OF CONTINGENT STOCK PLAN OF SEALED AIR
            CORPORATION

      The authority of the Corporation to enter into this Agreement and the
issuance of shares of Common Stock pursuant hereto is derived exclusively from
the Plan and from a resolution of the Committee granting the Employee the right
to purchase shares of Common Stock pursuant to the Plan (the "Resolution"). In
the event that any terms or conditions of this Agreement are in conflict with
any terms or conditions of the Plan or of the Resolution, the terms and
conditions of the Plan or Resolution shall control.

      IN WITNESS WHEREOF, the Corporation has caused this Agreement to be duly
executed under its corporate seal and the Employee has hereunto set his hand and
seal, all as of the day and year first above written.

                                            SEALED AIR CORPORATION

                                            By
                                              ----------------------------------
[Corporate Seal]

Attest:

--------------------------------
          Secretary

                                            ------------------------------[L.S.]
                                                  Employee
                                            Address of Employee:

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

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