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Exhibit 10.25  

 
 

Compensation Determinations
  
  concerning certain
  
  Executive Officers of Sealed Air Corporation
  
  February 16, 2005    
    

        On
February 16, 2005, the Organization and Compensation Committee (the "Committee") of the Board of Directors of Sealed Air Corporation (the "Corporation") made the following
decisions regarding the compensation of the executive officers who were named in the Summary Compensation Table of the Corporation's Proxy Statement for its 2004 Annual Meeting and who are expected to
be named in the Summary Compensation Table of the Corporation's Proxy Statement for its 2005 Annual Meeting. Decisions with respect to the compensation of William V. Hickey, President and Chief
Executive Officer, were made after consultation with the other non-management directors of the Corporation. 

        2005 Base Salary Increases and 2004 Cash Bonuses.    The Committee approved increases to the base
salaries of the executive officers effective as of March 1, 2005. The Committee also certified achievement of certain performance goals established early in 2004 under its Performance-Based
Compensation Program. The performance goals that were achieved related to 2004 diluted earnings per share and 2004 net income. Based on the achievement of such goals, the Committee could approve a
2004 cash bonus for Mr. Hickey in the amount of up to $539,000 and could approve stock awards during 2005 under the current Contingent Stock Plan or under the new 2005 Contingent Stock Plan to
each of the executive officers listed below in the amount of up to 42,900 shares of common stock. Subject to such cap for Mr. Hickey's 2004 cash bonus, the Committee approved cash bonuses of
$400,000 for Mr. Hickey and such other amounts for all of the executive officers on February 16, 2005 based on the Committee's judgment regarding achievement of financial goals,
including corporate operating profit and, where appropriate, divisional or regional operating profit, non-financial goals that were individually established for each of the executive
officers during the first quarter of 2004, and individual performance during 2004. Also, on February 16, 2005, the Committee granted an award to Mr. Hickey of 20,000 shares of common
stock under the current Contingent Stock Plan. 

        The
approved salaries and bonuses are as follows: 

	Executive Officer and Title
 
	 	2005

Salary

$
	 	2004 Cash

Bonus

$
	 
	William V. Hickey, President and Chief Executive Officer	 	480,000	 	400,000	 
	David H. Kelsey, Senior Vice President and Chief Financial Officer	 	337,000	 	146,250	 
	Robert A. Pesci, Senior Vice President	 	337,000	 	152,000	 
	J. Stuart K. Prosser, Senior Vice President	 	357,638	*	132,456	*
	Manuel Mondragón, Vice President	 	265,650	 	87,435	 
	H. Katherine White, Vice President, General Counsel and Secretary	 	280,000	 	80,000	 

	*
	Mr. Prosser's
compensation is paid in British pounds. The compensation shown for Mr. Prosser is based on 1 British pound equivalent to US$1.8855 as of February 16,
2005. 

        2005 Performance Goals.    On February 16, 2005, the Committee and the Board of Directors
approved amendments to the Corporation's Performance-Based Compensation Program, subject to approval of such amendments by the Corporation's stockholders at the 2005 Annual Meeting. Also on
February 16, 2005, the Committee and the Board of Directors approved the 2005 Contingent Stock Plan, which supersedes the current Contingent Stock Plan, subject to approval of the 2005
Contingent 

Stock
Plan by the Corporation's stockholders at the 2005 Annual Meeting. Subject to such stockholder approval, the Committee established performance goals under the amended Performance-Based
Compensation Program for cash bonuses for 2005 payable in 2006 and for awards to be made in 2006 under the 2005 Contingent Stock Plan for the officers listed above and for certain other key employees.
The 2005 performance goals were based upon diluted earnings per share, operating expenses as a percentage of net sales, net operating profit after tax, and net income. Achievement of all goals during
2005 would permit cash bonuses to be paid to each of such executive officers up to the maximum cash bonus specified in the amended Performance-Based Compensation Program, which is the greater of one
percent (1%) of the Corporation's net earnings for 2005 or $1 million, and stock awards to be made in 2006 under the 2005 Contingent Stock Plan in the amount of up to two-tenths of
1% (0.2%) of the issued and outstanding shares of the Corporation's common stock as of January 1, 2006. The Committee has the discretion to approve lower cash bonuses and stock awards to the
executive officers. The Committee also established individual cash bonus goals for each executive officer based upon financial goals, including corporate operating profit and, where applicable,
divisional and regional operating profit, as well as non-financial goals designed to align performance with the Corporation's business goals and strategies. 

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Compensation Determinations concerning certain Executive Officers of Sealed Air Corporation February 16, 2005QuickLinks
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Exhibit 10.26  

 
 

Salary, Cash Bonus and Other Compensation Arrangements
  
  for Certain Executive Officers of Sealed Air Corporation
  
  Named in Exhibit 10.25    
    

        The
Company's executive compensation program consists of salaries, annual cash bonuses tied to both financial and non-financial performance, and awards under the Contingent Stock Plan of
Sealed Air Corporation (which will be replaced by the 2005 Contingent Stock Plan of Sealed Air Corporation upon approval of the latter plan at the 2005 Annual Meeting). The named executive officers
also have other compensation arrangements described below. 

        Salary:    The Organization and Compensation Committee of the Board of Directors bases its decisions on salaries principally on
the responsibilities of each executive and on the Compensation Committee's evaluation of the market demand for executives of the capability and experience employed by the Company in relation to the
total compensation paid to the particular executive. 

        Cash Bonuses.    For 2005, the Compensation Committee has established cash bonus objectives for the executive officers, which in
all cases are subject to achievement of pre-established performance goals for 2005 set by the Compensation Committee under the Company's Performance-Based Compensation Program, as amended. Such goals
are described in Exhibit 10.25 to this Annual Report, which also describes the basis upon which individual cash bonus awards are set assuming that the performance goals for the year are achieved. Cash
bonus awards are also based on the factors mentioned above applicable to salary decisions. 

        Stock Awards.    Achievement of the pre-established performance goals for 2005 set by the Compensation Committee also apply to
awards that may be made during 2006 under the 2005 Contingent Stock Plan of Sealed Air Corporation, as described in Exhibit 10.25. 

        Other Compensation Arrangements.    

The
executive officers participate in the Company's broad-based benefit programs generally available to its salaried employees, including health, disability and life insurance programs and retirement
plans. 

The
Company pays the premium for life insurance policies owned by William V. Hickey and Robert A. Pesci. 

J.
Stuart K. Prosser has an agreement with the Company under which a portion of his salary is not "pensionable salary" under the pension plan in which he participates. 

William
V. Hickey, David H. Kelsey, Robert A. Pesci and H. Katherine White are each provided with the use of a company-leased car (including fuel), the value of which is taxable income to each of
them. The Company pays each of them $3,600 per year to reimburse the executive officer for the taxes incurred due to the compensation attributable to use of the company car. Mr. Prosser receives an
annual car allowance payable in cash in lieu of a company car. Mr. Mondragón is provided with the use of a company car and receives no reimbursement for taxes attributable to
such use. 

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Salary, Cash Bonus and Other Compensation Arrangements for Certain Executive Officers of Sealed Air Corporation Named in Exhibit 10.25Exhibit 10.27  

MEMO
VIA E-MAIL 

January 5,
2004 

	TO:	 	Graham Horlock
	COPY:	 	Susan Korthase
	FROM:	 	William V. Hickey
	SUBJECT:	 	Stuart Prosser Compensation

        The following compensation changes are approved for Stuart Prosser as of January 1, 2004, in connection with his additional responsibilities. 

        The
amounts were approved in U.S. Dollars and translated into U.K. Sterling at the compensation exchange rate. 

	1.
	Effective
Date:  January 1, 2004

	2.
	New
Compensation: 

	 
	 	U.S. $
	 	Fx

Rate
	 	£

	Base Salary	 	$	300,000	 	1.637	 	£183,262.07
	Bonus Objective	 	 	125,000	 	1.637	 	£  76,359.20
	 	 	
	 	 	 	

	 	 	$	425,000	 	1.637	 	£259,621.27

	3.
	Of
this amount, £149,239 of base salary are considered pensionable income. This is based on the budgeted 3.5% increase in salary over Stuart's previous (2003) salary of
£144,192. The balance of the salary increase should be considered due to Stuart's additional global responsibility and not pensionable.

	4.
	Next
Compensation Review: March 1, 2005. 

        Please
let me know if you have any questions or require further documentation on the compensation or pension matters. The formal personnel action form will follow shortly by fax. 

	 	 	/s/ William V. Hickey
	

 	
 	

W. V. Hickey

WVH:dfExhibit 10.28  

         

  

CLIFTON HOUSE, 1 MARSTON ROAD, ST. NEOTS CAMBS PE19 2HN

TEL +44(0)1480 224000 FAX +44(0)1480 224063 

13
January 2004 

Mr
J S Prosser

Sealed Air Limited

Clifton House

1 Marston Road

St. Neots

Cambridgeshire

PE19 2HN 

Dear
Stuart 

        The Sealed Air UK Pension Plan (the 'Plan')—Your own benefits

        You
will be aware that early retirement under the rules of the Plan requires Company consent. 

        The
purpose of this letter is to confirm Sealed Air Limited's consent to your taking retirement benefits on 31st December 2005, or at such other time as is mutually
agreed, and that the early retirement factors that will be applied in your case are as currently set out in the Plan Booklet. These are reproduced below for the avoidance of doubt. 

	Years Early
 
	 	Early Retirement Factor (%)

	1	 	100
	2	 	100
	3	 	100
	4	 	100
	5	 	100
	6	 	98
	7	 	96
	8	 	94
	9	 	91
	10	 	87

        Should
the Plan trustees wish to apply a different early retirement factor when you retire than those shown above, which would result in you receiving a lower pension than would
otherwise have applied under the terms of this letter, Sealed Air Limited will use its best endeavours to procure the trustees to use the above factors and will make such additional contributions to
the Plan as may be requested by the trustees, on the advice of the Plan's Actuary, to ensure the funding position of the Plan is not adversely effected by the application of the above factors, in
place of the factors which the trustees might otherwise wish to apply. I have copied this letter to Graham Horlock as Chairman of the Trustees for his information. 

        The
fact that the Company has already given its consent to your taking early retirement on the above terms should be taken account of when considering the funding of the Plan and in
respect of your own benefits when it comes to assessing the value of your accrued benefits on 'A Day' for the purposes of setting your own lifetime limit under the proposed UK tax regulations. 

Yours
sincerely 

/s/
William V. Hickey 

Mr
William V. Hickey
 Director

	cc.
	Graham
Horlock
 Chairman of The Sealed Air UK Pension Plan

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