Document:

Exhibit 4.16  

CELESTICA INC.  

 CELESTICA SHARE UNIT PLAN  

December 9, 2004 

CELESTICA INC.

CELESTICA SHARE UNIT PLAN  

1.         PURPOSE 

1.1       This Share Unit Plan has been established by the Company to provide incentives to certain of its employees and
consultants and its directors, to foster a responsible balance between short term and long term results, and to build and maintain a strong spirit of performance and entrepreneurship. 

2.         DEFINITIONS AND INTERPRETATION 

2.1       In this Share Unit Plan, the following terms have the following meanings: 

"Applicable
Law" means any applicable provision of law, domestic or foreign, including, without limitation, the Securities Act (Ontario), the
U.S. Securities Act of 1933, as amended, and the U.S. Securities Exchange Act 1934, as
amended, together with all regulations, rules, policy statements, rulings, notices, orders or other instruments promulgated thereunder and Stock Exchange Rules; 

"Associate"
means an associate as defined by the Securities Act (Ontario); 

"Beneficiary"
means any person designated by the Participant by written instrument filed with the Company to receive any amount, securities or property payable under the Plan in the event of a
Participant's death or, failing any such effective designation, the Participant's estate; 

"Board"
means the Board of Directors of the Company; 

"Change
in Control" means the occurrence of any of the following after the date hereof: 

	(i)
	the
acquisition by any person of beneficial ownership of securities of the Company which, directly or following conversion or exercise thereof, would entitle the holder
thereof to cast more than 50% of the votes attaching to all securities of the Company which may be cast to elect directors of the Company, other than the additional acquisition of securities by a
person beneficially owning such number of securities on the date hereof; or

	(ii)
	Incumbent
Directors ceasing to constitute a majority of the Board as a consequence of the solicitation of proxies through a proxy circular by persons other than
management; 

 

"Committee"
means the committee of the Board, as constituted from time to time, which may be appointed by the Board to, inter alia, interpret,
administer and implement the Plan, and includes any successor committee appointed by the Board for such purposes; 

"Company"
means Celestica Inc. and its respective successors and assigns, and any reference in the Plan to action by the Company means action by or under the authority of the Board or any
person or committee that has been designated for the purpose by the Company including, without limitation, the Committee; 

"Consultant"
means a consultant as defined in the Rule excluding investor relations persons and associated consultants as defined in the Rule; 

"Date
of Grant" of a Unit means the date the Unit is granted to a Participant under the Plan; 

"Designated
Affiliated Entity" means a person (including a trust or a partnership) or company in which the Company has a significant investment and which the Company designates as such for the
purposes of this Plan; 

"Director"
means a member of the Board; 

"Fiscal
Year" means the financial year of the Company; 

"Grant"
means a Performance Grant or a RSU Grant; 

"including"
means including without limitation; 

"Incumbent
Director" means any member of the Board who was a member of the Board immediately prior to the occurrence of a transaction, transactions or elections giving rise to a Change in Control
(other than a transaction approved by the Board) and any successor to an Incumbent Director who is recommended or elected or appointed to succeed an Incumbent Director by the affirmative vote of a
majority of the Incumbent Directors then on the Board; 

"Independent
Broker" means a registered broker which is independent under Stock Exchange Rules; 

"Market
Price" means the closing price per Share on the TSX or NYSE, as determined by the Company, on the day preceding the date of the determination; 

"NYSE"
means The New York Stock Exchange; 

"Participant"
means 

	(i)
	a
Director, 

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	(ii)
	a
permanent employee of the Company, a Subsidiary or a Designated Affiliated Entity, or

	(iii)
	a
Consultant of the Company, a Subsidiary, or a Designated Affiliated Entity, 

who
has been designated by the Company for participation in the Plan and who has agreed to participate in the Plan on such terms as the Company may specify; 

"Performance
Grant" means a grant to a Participant pursuant to Article 5 of Performance Units determined with reference to a stated dollar amount; 

"Performance
Unit" means a Unit allocated to a Participant under this Plan in accordance with Article 5 the vesting terms of which include the achievement of certain performance targets
specified and identified at the Date of Grant; 

"Plan"
means this Share Unit Plan, as amended and restated from time to time; 

"Release
Date" means, for a Performance Grant, the date or dates on which Performance Units shall be satisfied in the form of Shares and, for a RSU Grant, the date or dates on which Restricted Share
Units shall be satisfied in the form of Shares or cash; 

"Reorganization"
means any (i) capital reorganization, (ii) merger, (iii) amalgamation, (iv) offer for shares of the Company which if successful would entitle the offeror
to acquire all of the shares of the Company or all of one or more particular class(es) of shares of the Company to which the offer relates, (v) sale of a material portion of the assets
of the Company, or (vi) arrangement or other scheme of reorganization; 

"Restricted
Share Unit" means a Unit allocated to a Participant under this Plan in accordance with Article 5 the vesting terms of which do not include the achievement of performance targets
specified and identified at the Date of Grant; 

"Retirement"
means the retirement of a Participant from employment with the Company, a Subsidiary or a Designated Affiliated Entity in accordance with the normal retirement policy of his or her
employer; 

"RSU
Grant" means a grant to a Participant pursuant to Article 5 of Restricted Share Units determined with reference to a stated dollar amount; 

"Rule"
means the Multilateral Instrument 45-105 — Trades to Employees, Senior Officers, Directors and Consultants; 

"Shares"
means the Subordinate Voting Shares in the capital of the Company, and includes any shares of the Company into which such shares may be converted, reclassified, redesignated, subdivided,
consolidated, exchanged or otherwise changed, pursuant to a Reorganization or otherwise; 

3

 

"Stock
Exchange Rules" means the applicable rules of any stock exchange upon which shares of the Company are listed; 

"Subsidiary"
means a subsidiary of the Company as defined by the Business Corporations Act (Ontario); 

"TSX"
means The Toronto Stock Exchange; 

"Unit"
means a Restricted Share Unit or a Performance Unit; and 

"Year"
in respect of a Performance Unit means a calendar year commencing on the Date of Grant of the Performance Unit or on any anniversary of such date. 

2.2       In this Plan, unless the context requires otherwise, words importing the singular number may be construed to extend to
and include the plural number, and words importing the plural number may be construed to extend to and include the singular number. 

2.3       This Plan is established under the laws of the Province of Ontario and the rights of all parties and the construction of
each and every provision of the Plan and any Performance Units granted hereunder shall be construed according to the laws of the Province of Ontario. 

3.     GENERAL 

3.1       The transfer of an employee from the Company to a Subsidiary or a Designated Affiliated Entity, from a Subsidiary or a
Designated Affiliated Entity to the Company, or from one Subsidiary or Designated Affiliated Entity to another Subsidiary or Designated Affiliated Entity, shall not be considered a termination of
employment for the purposes of the Plan, nor shall it be considered a termination of employment if a Participant is placed on such other leave of absence which is considered by the Company as
continuing intact the employment relationship; in such a case, the employment relationship shall be continued until the later of the date when the leave equals ninety days or the date when a
Participant's right to reemployment shall no longer be guaranteed either by law or by contract, except that in the event active employment is not renewed at the end of the leave of absence, the
employment relationship shall be deemed to have ceased at the beginning of the leave of absence. 

3.2       No Shares may be issued from the treasury of the Company under this Plan. 

3.3       Subject to any Applicable Law, the Company will acquire issued and outstanding Shares in the market for the purposes of
satisfying its obligation to provide Shares to Participants under the Plan. If it does so, the Company shall utilize the services of an Independent Broker. 

3.4       From time to time the Company may, in addition to its powers under the Plan, add to or amend any of the provisions of the
Plan or terminate the Plan or amend the terms of any Unit granted under the Plan; provided, however, that (i) any approvals required under any applicable law or Stock Exchange Rules are
obtained, and (ii) no such amendment or termination shall be made at any time which has the effect of adversely affecting the existing rights of a Participant under the Plan without his or her
consent in writing unless the Company, at its option, acquires such existing rights at an amount equal to the fair market value of such rights at such time as verified by an independent valuator. 

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3.5       The determination by the Company of any question which may arise as to the interpretation or implementation of the Plan
or any of the Units granted hereunder shall be final and binding on all Participants and other persons claiming or deriving rights through any of them. 

3.6       The Plan shall enure to the benefit of and be binding upon the Company, its successors and assigns. The interest of any
Participant under the Plan or in any Unit shall not be transferable or alienable by him or her either by pledge, assignment or in any other manner, except to a spouse or a personal holding company or
family trust controlled by a Participant, the shareholders or beneficiaries of which, as the case may be, are any combination of the Participant, the Participant's spouse, the Participant's minor
children or the Participant's minor grandchildren, and after his or her lifetime shall enure to the benefit of and be binding upon the Participant's Beneficiary. 

3.7       The Company's obligation to provide Shares in accordance with the terms of the Plan and any Units granted hereunder is
subject to compliance with Applicable Law applicable to the distribution of such Shares. As a condition of participating in the Plan, each Participant agrees to comply with all such Applicable Law and
agrees to furnish to the Company all information and undertakings as may be required to permit compliance with such Applicable Law. 

3.8       The Company, a Subsidiary or a Designated Affiliated Entity may withhold from any amount payable to a Participant, either
under this Plan, or otherwise, such amount as may be necessary so as to ensure that the Company, the Subsidiary or Designated Affiliated Entity will be able to comply with the applicable provisions of
any federal, provincial, state or local law relating to the withholding of tax or other required deductions, including on the amount, if any, includable in the income of a Participant. The Company
shall also have the right in its discretion to take such steps in accordance with applicable law as it considers necessary to satisfy any such withholding tax liability. 

3.9       A Participant shall not have the right or be entitled to exercise any voting rights, receive dividends or have or be
entitled to any other rights as a shareholder in respect of any Units unless and until satisfied in the form of Shares. 

3.10     Neither designation of an employee as a Participant nor the grant of any Units to any Participant entitles any
Participant to the grant, or any additional grant, as the case may be, of any Units under the Plan. Neither the Plan nor any action taken thereunder shall interfere with the right of the employer of a
Participant to terminate a Participant's employment at any time. Neither the period of notice, if any, nor any payment in lieu thereof, upon termination of employment shall be considered as extending
the period of employment for the purposes of the Plan. 

3.11     No member of the Board or the Committee shall be liable for any action or determination made in good faith in connection
with the Plan and members of the Board and the Committee shall be entitled to indemnification and reimbursement from the Company in respect of any claim relating thereto. 

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3.12     Participation in the Plan shall be entirely voluntary and any decision not to participate shall not affect any
employee's employment with, or any Consultant's engagement by, the Company, a Subsidiary or Designated Affiliated Entity. 

3.13     If any provision of this Plan is determined to be invalid or unenforceable in whole or in part, such invalidity or
unenforceability shall attach only to such provision or part thereof and the remaining part, if any, of such provision and all other provisions hereof shall continue in full force and effect. 

3.14     Neither the establishment of the Plan nor the grant of any Units or the setting aside of any funds by the Company
(if, in its sole discretion, it chooses to do so) shall be deemed to create a trust. Legal and equitable title to any funds set aside for the purposes of the Plan shall remain in the Company
and no Participant shall have any security or other interest in such funds. Any funds so set aside shall remain subject to the claims of creditors of the Company present or future. Amounts payable to
any Participant under the Plan shall be a general, unsecured obligation of the Company. The right of the Participant or Beneficiary to receive payment pursuant to the Plan shall be no greater than the
right of other unsecured creditors of the Company. 

3.15     This Plan is hereby instituted as of the 9th day of December, 2004. 

4.         ADMINISTRATION 

4.1       The Plan shall be administered by the Company in accordance with its provisions. All costs and expenses of administering
the Plan will be paid by the Company, but the Company shall not be responsible for the payment of any fees or expenses in respect of the re-sale by a Participant of Shares acquired by him
or her under the Plan. The Company, may from time to time, establish administrative rules and regulations and prescribe forms or documents relating to the operation of the Plan as it may deem
necessary to implement or further the purpose of the Plan and amend or repeal such rules and regulations or forms or documents. The Company, in its discretion, may appoint a Committee for the purpose
of interpreting, administering and implementing the Plan. In administering the Plan, the Company or the Committee may seek recommendations from the chief executive officer of the Company. The Company
may also delegate to the Committee or any director, officer or employee of the Company such duties and powers, relating to the Plan as it may see fit. The Company may also appoint or engage a trustee,
custodian or administrator to administer or implement the Plan. 

4.2       The Company shall keep or cause to be kept such records and accounts as may be necessary or appropriate in connection
with the administration of the Plan and the discharge of its duties. At such times as the Company shall determine, the Company shall furnish the Participant with a statement setting forth the details
of his or her Units, including Date of Grant and the number of Units held by each Participant (including identification of the number of Units that are Performance Units and Restricted Share Units).
Such statement shall be deemed to have been accepted by the Participant as correct unless written notice to the contrary is given to the Company within 30 days after such statement is given to
the Participant. 

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4.3       (a)    Any payment, notice, statement, certificate or other instrument required or permitted to be given to a
Participant or any person claiming or deriving any rights through him or her shall be given by: 

	(i)
	delivering
it personally to the Participant or to the person claiming or deriving rights through him or her, as the case may be, or

	(ii)
	mailing
it postage paid (provided that the postal service is then in operation) or delivering it to the address which is maintained for the Participant in the Company's
personnel records or (other than in the case of a payment) sending it by means of facsimile or similar means of electronic transmission (including e-mail).

	(b)
	Any
payment, notice, statement, certificate or other instrument required or permitted to be given to the Company shall be given by mailing it postage paid (provided that the postal
service is then in operation), delivering it to the Company at its principal address, or (other than in the case of a payment) sending it by means of facsimile or similar means of electronic
transmission (including e-mail), to the attention of the Company Secretary.

	(c)
	Any
payment, notice, statement, certificate or other instrument referred to in section 4.3(a) or 4.3(b), if delivered, shall be deemed to have been given
or delivered on the date on which it was delivered, if mailed (provided that the postal service is then in operation), shall be deemed to have been given or delivered on the second business day
following the date on which it was mailed and if by facsimile or similar means of electronic transmission, on the next business day following transmission. 

5.         GRANTS AND ALLOCATION OF UNITS 

5.1       The Company may, in its sole discretion, determine whether Grants will be made to a particular Participant, the dollar
amount of any such Grant, the Release Dates for the relevant Shares for such Participant and whether the Grant will be a Performance Grant or a RSU Grant. In making such determinations, the Company
may take into account such criteria as it deems appropriate, including the Participant's: (i) level of responsibility; (ii) rate of compensation; (iii) individual performance and
contribution; and/or (iv) agreement to become a permanent employee of the Company, a Subsidiary or a Designated Affiliated Entity. 

5.2       On the Date of Grant, each Participant who receives a Grant shall be allocated Units reflecting such Grant. 

5.3       The number of Units to be allocated to a particular Participant shall be obtained by dividing the amount of the Grant of
such Participant by the Market Price on the Date of Grant. Fractional Units may be allocated. Each such Unit shall represent the right to receive one Share, in the manner and subject to the
restrictions set forth in this Plan. 

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5.4       No certificates shall be issued with respect to such Grants or Units, but the Company shall maintain records in the name
of each Participant showing the number of Units to which such Participant is entitled in accordance with this Plan and identifying the Units as Restricted Share Units or Performance Units. 

6.         PERFORMANCE UNITS AND RESTRICTED SHARE UNITS 

6.1       Subject to Articles 7 and 8, unless otherwise specified by the Company at the time of Grant, the
Performance Units shall be satisfied in the form of Shares on the Release Date as determined under Article 5. 

6.2       Subject to Articles 7 and 8, unless otherwise determined by the Company at the time of Grant, the
Restricted Share Units may be satisfied in the form of Shares or cash, at the Company's option, on the Release Date as determined under Article 5. 

6.3       Subject to the terms of the Plan, the Company may determine other terms or conditions of any Units, including 

	(a)
	any
additional conditions with respect to the provision of Shares or cash under the Plan, including conditions in respect of

	(i)
	the
market price of the Shares,

	(ii)
	the
financial performance or results of the Company, a Subsidiary, a Designated Affiliated Entity or business unit and

	(iii)
	restrictions
on the re-sale of Shares acquired under the Plan; and

	(b)
	any
other terms and conditions the Company may in its discretion determine. 

7.         TERMINATION OF EMPLOYMENT AND FORFEITURES 

7.1       Unless otherwise determined by the Company at any time, if a Participant ceases to be employed by the Company, a
Subsidiary or Designated Affiliated Entity for any reason other than: death; long-term disability; Retirement; or termination without cause, there shall be forfeited as of such termination
of employment all Restricted Share Units and Performance Units as have not been satisfied in the form of Shares or cash in accordance with the Plan. No cash or other compensation shall at any time be
paid in lieu of any such Units which have been forfeited under this Plan. 

7.2       Unless otherwise determined by the Company at any time, if a Participant ceases to be an employee of the Company, a
Subsidiary or a Designated Affiliated Entity by reason of death, long-term disability or Retirement, the Participant's right to be paid in respect of any unsatisfied Restricted Share Unit
previously granted to the Participant will be prorated based on the number of days of employment completed by the Participant between the Date of Grant of the Restricted Share Unit and date of death,
long-term disability or Retirement. All Restricted Share Units shall be satisfied in the form of Shares or cash on a date determined by the Company which shall in any event be not later
than one year following the date of death, long-term disability or Retirement. 

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7.3       Unless otherwise determined by the Company, if a Participant's employment with the Company, a Subsidiary or a Designated
Affiliate is terminated without cause, the Participant's right to be paid in respect of any unsatisfied Restricted Share Unit previously granted to the Participant will be prorated based on the number
of full years (with no credit for partial years) of employment completed by the Participant between the Date of Grant of the Restricted Share Unit and termination of employment, and such payment shall
be satisfied in the form of Shares or cash on a date to be determined by the Company but in any event not later than one year following such termination of employment. 

7.4       Unless otherwise determined by the Company at any time, if a Participant ceases to be employed by the Company, a
Subsidiary or Designated Affiliated Entity because of death; each Performance Unit of such Participant as has not been satisfied in accordance with the Plan shall be considered to have vested as if
the median level of performance specified in the conditions attaching to the Grant of the Performance Unit had been achieved as of the date of death but the number of Shares to which the Participant
is entitled in respect thereof shall be prorated based on the number of days of completed employment from the Date of Grant for the Performance Unit as a percentage of the total number of days between
the Date of Grant and the scheduled Release Date for the Performance Unit. 

7.5       Unless otherwise determined by the Company at any time, if a Participant ceases to be employed by the Company, a
Subsidiary or Designated Affiliated Entity because of Retirement or long-term disability; solely for purposes of determining the Participant's entitlement in respect of each Performance
Unit of the Participant as has not been satisfied in accordance with the Plan, the Participant shall be considered not to have ceased to be an employee until after the Release Date for such
Performance Unit, the entitlement of the Participant in respect thereof shall be determined on the basis of the actual performance and the number of Shares to which the Participant is entitled in
respect thereof shall be prorated based on the number of days of completed employment from the Date of Grant for the Performance Unit as a percentage of the total number of days between the Date of
Grant and the scheduled Release Date for the Performance Unit. 

7.6       Unless otherwise determined by the Chief Executive Officer of Company, if a Participant's employment with the Company, a
Subsidiary or Designated Affiliated Entity is terminated without cause, there shall be forfeited as of such termination of employment such Performance Units as have not been satisfied in accordance
with the Plan. No cash or other compensation shall at any time be paid in lieu of any such Units which have been forfeited under this Plan. 

7.7       Notwithstanding any other provision of this Plan, if a Participant ceases to be an employee of the Company, a Subsidiary
or a Designated Affiliated Entity and breaches any non-competition agreement with the Company, a Subsidiary or a Designated Affiliated Entity, the Participant will be required to repay to
the Company the cash equivalent of each Share delivered to, and an amount equal to any cash paid to or on behalf of, the Participant under this Plan in the 12 months immediately preceding the
breach, such payment to be made within ten days of receipt by the Participant of a written demand for payment from the Company. For purposes of this Section 7.7, the cash equivalent of any
Share delivered to a Participant will be an amount equal to the Market Price determined as of the date the Share was so delivered to the Participant. 

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7.8       If there is a Change of Control, the Release Date for all Restricted Share Units and Performance Units shall be the date
of the Change of Control. All Performance Share Units shall be considered to have vested as if the median level of performance specified in the conditions attaching to the Grant of the Performance
Units had been achieved as of the date of the Change of Control. 

8.         SETTLEMENT 

8.1       The number of Shares to be provided to a Participant in respect of Units shall be equal to the whole number of Share
Units which are to be released. Where, under section 6.1 or section 6.2, the number of Units allocated would result in satisfaction of a fractional Unit in the form of a fractional
Share, the number of Units to be satisfied in the form of Shares shall be rounded down to the next whole number of Performance Units. No fractional Shares shall be provided nor shall cash be paid at
any time in lieu of any such fractional interest. Any such fractional interest of a Unit which, together with other fractional interests, form a whole Unit, shall be provided in the form of a
Share as part of the Units of the Participant to be satisfied on the next applicable Release Date, if any. 

8.2       If so determined by the Company, in lieu of the provision of Shares in respect of Restricted Share Units or in respect of
those Performance Share Units that, at the time of Grant, the Company has specified can be satisfied in Shares or cash, the Company may, at its option, satisfy its obligation to provide Shares under
the Plan, in whole or in part, by the payment of a cash amount to a Participant on the Release Date. The amount of such payment shall be equal to the number of Shares in respect of which the Company
makes such a determination, multiplied by the Market Price on the Release Date, subject to any applicable withholding tax. 

9.         CHANGES IN SHARE CAPITAL 

9.1       If the number of outstanding Shares shall be increased or decreased as a result of a stock split, consolidation,
subdivision, reclassification or recapitalization and not as a result of the issuance of Shares for additional consideration or by way of a stock dividend in the ordinary course, the Company may make
appropriate adjustments to the number of Units granted to each Participant. Any determinations by the Company as to the adjustments shall be made in its sole discretion and all such adjustments shall
be conclusive and binding for all purposes under this Plan. 

10.       REORGANIZATION 

10.1     In the event of a Reorganization or proposed Reorganization, the Company, at its option, may, subject to Stock Exchange
Rules, do either of the following: 

	(a)
	the
Company may irrevocably commute for or into any other security or other property or cash any Unit upon giving to any Participant to whom such Unit has been granted at least
30 days' written notice of its intention to commute the Unit, and during such period of notice, the Participant may elect to require the Company to provide the Units in the Participant's
account as Shares, without regard to the limitations contained in Article 6, or 

10

 

	(b)
	the
Company, or any corporation which is or would be the successor to the Company or which may issue securities in exchange for Shares upon the Reorganization becoming effective, may
offer any Participant the opportunity to obtain securities into which the Shares are changed or are convertible or exchangeable, on a basis proportionate to the number of Performance Units in the
Participant's account or some other appropriate basis, or some other property; in such event, the Participant shall, if he or she accepts such offer, be deemed to have released his or her rights
relating to the Units and such Performance Units shall be deemed to have terminated. 

10.2     The Company may specify in any notice or offer made under section 10.1, that, if for any reason, the
Reorganization is not completed, the Company may revoke such notice or offer. The Company may exercise such right by further notice in writing to the Participant and the Unit shall thereafter continue
to be allocated to the Participant in accordance with its terms. 

10.3     Subsections (a) and (b) of section 10.1 are intended to be permissive and may be
utilized independently or successively or in combination or otherwise, and nothing therein contained shall be construed as limiting or affecting the ability of the Company to deal with Units in any
other manner. 

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Exhibit 10.24  

 
 

Fees to be Paid to the Non-Management Directors
  
  of
  
  Sealed Air Corporation (the "Corporation")
  
  2005  
    

        Members
of the Board of Directors who are not officers or employees of the Corporation or any subsidiary of the Corporation ("non-employee directors") shall be paid the
following directors' fees in cash, payable quarterly in arrears on or about the first day of the succeeding calendar quarter, which fees shall be in addition to retainers payable to
non-employee directors under the Sealed Air Corporation 2002 Stock Plan for Non-Employee Directors: 

(i)  a
fee of One Thousand Five Hundred Dollars ($1,500) for each meeting of the Board of Directors or any committee of the Board of Directors attended by a non-employee
director that is held in person, regardless of whether the non-employee director attends an in-person meeting by conference telephone or similar communications equipment; 

(ii)  a
fee of Seven Hundred Fifty Dollars ($750) for each meeting of the Board of Directors or any committee of the Board of Directors attended by a non-employee director that
is held by conference telephone or similar communications equipment; 

(iii)  for
each non-employee director who is a member of the Audit Committee, the Nominating and Corporate Governance Committee or the Organization and Compensation Committee
of the Board of Directors, a fee of Five Hundred Dollars ($500) per calendar quarter for serving as a member; 

(iv)  for
each non-employee director who is designated as chairman of the Audit Committee, a fee of One Thousand Dollars ($1,000) per calendar quarter for serving as chairman; 

(v)  for
each non-employee director who is designated as chairman of the Nominating and Corporate Governance Committee or of the Organization and Compensation Committee, a fee
of Five Hundred Dollars ($500) per calendar quarter for serving as chairman; and 

(vi)  a
fee of One Thousand Dollars ($1,000) per day for special assignments undertaken by a non-employee director at the request of the Board or any committee of the Board or
for attending a director education program; 

provided, that a fee for attendance at a meeting of a committee of the Board of Directors shall be paid to a non-employee director
regardless of whether such director is a member of such committee, but, except with respect to the chairman of any of the Board's standing committees attending a meeting of any of the other standing
committees, no fee shall be paid to a non-employee director for attending a meeting of a committee of which he or she is not a member if such director would as a consequence receive a fee
for attending more than two meetings of the Board of Directors and its committees on any calendar day. 

        The
amount of the Annual Retainer (as defined in the Sealed Air Corporation 2002 Stock Plan for Non-Employee Directors) to be paid to Non-Employee Directors of
the Corporation who are elected at the 2005 Annual Meeting of Stockholders is $60,000. 

        Under
the Sealed Air Corporation Deferred Compensation Plan for Directors, a non-employee director may elect to defer all or part of his or her Annual Retainer (or Interim Retainer, if
the director joins the Board at a date other than the date of an Annual Meeting) until the director retires from the Board. None of the other fees mentioned above are eligible to be deferred. 

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Fees to be Paid to the Non-Management Directors of Sealed Air Corporation (the "Corporation") 2005

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