Document:

Exhibit 10.2

                       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 cause to be issued in the
name of the Employee a certificate representing such shares of Common Stock
within a reasonable time after execution of this Agreement.

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

<PAGE>

     During the period beginning with the date of this Agreement and ending on
the third anniversary of such date, and except as provided below, 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. Neither the shares of Common
Stock issued pursuant to this Agreement nor any interest therein shall be sold,
transferred or encumbered until the Repurchase Option may no longer become
exercisable. The Repurchase Option shall become exercisable only 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 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

                                        2

<PAGE>

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, 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 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, an Employee may surrender to the
Corporation the certificate or certificates

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<PAGE>

representing such shares in exchange for a new certificate or certificates, free
of the above legend.

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 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

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<PAGE>

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 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

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<PAGE>

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 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

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<PAGE>

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.

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

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<PAGE>

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]                              Chief Financial Officer

Attest:

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

                                                                          [L.S.]
                               --------------------------------------------
                                                       Employee

                                             Address of Employee:

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

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

                                        8Exhibit 10.3

             SEALED AIR CORPORATION COMPENSATION DEFERRAL AGREEMENT

                              FOR CRYOVAC EMPLOYEES

     THIS COMPENSATION DEFERRAL AGREEMENT (this "Agreement") is entered into as
of __________________, by and between SEALED AIR CORPORATION, a Delaware
corporation (the "Company"), and ____________________ ("Employee").

1.   Statement of Purpose and Intent:

     Prior to April 1, 1998, Employee had an account under the W.R. Grace & Co.
Deferred Compensation Plan (the "Prior Grace Plan"), a non-qualified deferred
compensation plan. Effective April 1, 1998, the Company ceased to sponsor the
Prior Grace Plan as a result of a corporate re-organization and spin-off of
certain business units. In order to avoid a taxable distribution from the Prior
Grace Plan that would have occurred as a result of the corporate
re-organization, the Company established and currently sponsors the Sealed Air
Corporation Deferred Compensation Program for Cryovac Employees (the "Cryovac
Plan") to hold and administer accounts of its employees transferred from the
Prior Grace Plan. Effective January 1, 2001, the Company is terminating the
Cryovac Plan and each participant in the Cryovac Plan will receive a
distribution in the full amount of his or her Cryovac Plan account. The Company
is giving each participant in the Cryovac Plan the opportunity, until September
30, 2000, to elect to continue to defer payment of his or her Cryovac Plan
account by entering into a compensation deferral agreement with the Company. The
purpose of this Agreement is to evidence Employee's decision to continue to
defer payment of his or her Cryovac Plan account pursuant to the terms and
conditions set forth herein. It is the intent of the Company that benefits under
this Agreement shall not be taxable to Employee for income tax purposes until
the time actually received by Employee. The provisions of this Agreement shall
be construed and interpreted to effectuate such intent.

     NOW, THEREFORE, in consideration of the premises and mutual covenants set
forth herein, the parties hereto mutually agree as follows:

2.   Definitions:

     For purposes of this Agreement, the following terms shall have the
following meanings:

     (a) "Account" means the account established and maintained on the books of
the Company to record Employee's interest under this Agreement attributable to
amounts credited to Employee pursuant to paragraph 4(a) below, as adjusted from
time to time pursuant to the terms of this Agreement.

     (b) "Beneficiary(ies)" means the person(s) or entity(ies) designated by
Employee under the Prior Grace Plan or the Cryovac Plan to receive any amounts
payable following Employee's death. Employee's designation of a Beneficiary may
be changed under this Agreement in accordance with procedures adopted by the
Committee from time to time. If Employee fails to

<PAGE>

designate a Beneficiary or the designated Beneficiary fails to survive Employee,
then the Beneficiary shall be Employee's estate.

     (c)  "Claim" means a claim for benefits under this Agreement.

     (d)  "Committee" means the Sealed Air Corporation Retirement Committee.

     (e)  "Company" means Sealed Air Corporation, a Delaware corporation, and
any successor in interest thereto.

     (f) "Prime Rate" means the average of the "prime rates" (as reported in The
Wall Street Journal as the base rate on corporate loans posted by at least 75%
of the nation's 30 largest banks) in effect on the first day of each month
during each semiannual adjustment period (i.e., January 1 through June 30 and
July 1 through December 31).

     (g) "Retirement" means Employee's termination of employment with the
Company and its subsidiaries on or after having attained age fifty-five (55).

3.   Administration:

     The Committee shall be responsible for administering this Agreement. The
Committee shall have all of the powers necessary to enable it to properly carry
out its duties under this Agreement. Not in limitation of the foregoing, the
Committee shall have the power to construe and interpret this Agreement and to
determine all questions that shall arise thereunder. The Committee shall have
such other and further specified duties, powers, authority and discretion as are
elsewhere in this Agreement either expressly or by necessary implication
conferred upon it. The Committee may appoint such agents as it may deem
necessary for the effective performance of its duties, and may delegate to such
agents such powers and duties as the Committee may deem expedient or appropriate
that are not inconsistent with the intent of this Agreement. The decision of the
Committee upon all matters within its scope of authority shall be final and
conclusive on all persons, except to the extent otherwise provided by law.

4.   Operation:

     (a) Establishment of Account. The Company shall establish and maintain on
its books an Account for Employee. The Account shall be designated by Employee's
name. The initial balance of the Account for Employee shall be established as of
January 1, 2001 in an amount equal to the balance in Employee's account under
the Cryovac Plan as of December 31, 2000.

     (b) Account Adjustments. The Account shall be adjusted semiannually on each
June 30 and December 31 at a per annum rate equal to the greater of (i) the
Prime Rate plus two (2) percentage points or (ii) one hundred twenty percent
(120%) of the Prime Rate.

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<PAGE>

     (c) Payment of Account.

         (i)    Termination of Employment Before Retirement. If Employee
                terminates employment with the Company prior to Retirement for
                any reason other than Employee's death (including, for example,
                as a result of Employee's long term disability), the balance in
                Employee's Account as of the last day of the month following the
                month in which such termination of employment occurs (the
                "Payment Date") shall be paid to Employee on or around the
                Payment Date in a single cash payment. For purposes of this
                subparagraph, the Account shall be adjusted for earnings from
                the date of the last adjustment under paragraph 4(b) above
                through the Payment Date, using for such purpose the adjustment
                rate that was in effect under paragraph 4(b) for the immediately
                preceding semi-annual adjustment period. Notwithstanding the
                foregoing, if Employee's employment is terminated other than due
                to the Employee's voluntary resignation or termination by the
                Company for "cause" (as determined by the Company in its
                reasonable discretion consistent with Company policies), any
                portion of Employee's Account attributable to deferral elections
                made under the Prior Grace Plan for 1989 or prior periods shall
                be paid in accordance with the method previously elected under
                the Prior Grace Plan.

         (ii)   Retirement; Age 70. In the event of Employee's Retirement, or in
                the event Employee attains age seventy (70) while still employed
                with the Company or any of its subsidiaries, Employee shall be
                paid the balance of Employee's Account in accordance with the
                method previously elected by Employee under the Prior Grace Plan
                or the Cryovac Plan. (The Prior Grace Plan permitted
                participants to elect lump sum payments or quarterly
                installments over a period selected by Employee of 2-10 years,
                15 years or 20 years.) Payments shall begin as soon as
                practicable following Retirement or attainment of age seventy
                (70), as applicable. In addition, the Account shall be adjusted
                (A) from the last semi-annual adjustment date through the first
                payment date, using for such purpose the adjustment rate that
                was in effect under paragraph 4(b) for the immediately preceding
                semi-annual adjustment period, and (B) if installments have been
                elected, during the applicable payment period in a manner
                consistent with the provisions of paragraph 4(b) above.

         (iii)  Death. If Employee dies while in service and before commencement
                of benefits under this Agreement at age 70, then the Company
                shall pay Employee's Beneficiary an amount equal to the greater
                of (A) Employee's Account balance as of the date of death or (B)
                Employee's survivor benefit identified on Exhibit A attached
                hereto. (The amount of survivor benefit set forth on Exhibit A
                is not subject to adjustment pursuant to paragraph 4(b) above.)
                Such amount shall be paid in accordance with the method of
                payment that would have been applicable in the case of
                Employee's Retirement. If Employee dies after having commenced
                receiving installment

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<PAGE>

                payments, the remaining installments shall be paid to the
                Beneficiary as and when they would have otherwise been paid to
                Employee.

         (iv)   Change in Payment Method. Employee may change his or her payment
                method election applicable under paragraph 4(c)(ii) above by
                making the change on such forms, at such times and pursuant to
                such procedures as the Committee may establish from time to
                time; provided, however, that such change of election shall not
                become effective until the sixth (6th) month following the date
                such change of election is made.

         (v)    Unforeseeable Emergency. Prior to Employee's termination of
                employment with the Company, Employee may, in the Committee's
                sole discretion, receive a withdrawal from Employee's Account in
                the case of an "unforeseeable emergency". If Employee requests a
                payment pursuant to this paragraph, he or she shall have the
                burden of proof of establishing, to the Committee's
                satisfaction, the existence of such "unforeseeable emergency",
                and the amount of the payment needed to satisfy the same. In
                that regard, Employee shall provide the Committee with such
                financial data and information as the Committee may request. If
                the Committee determines that a payment should be made to
                Employee under this paragraph such payment shall be made within
                a reasonable time after the Committee's determination of the
                existence of such "unforeseeable emergency" and the amount of
                payment so needed. As used herein, the term "unforeseeable
                emergency" means a severe financial hardship to Employee
                resulting from a sudden and unexpected illness or accident of
                Employee or of a dependent of Employee, loss of Employee's
                property due to casualty, or other similar extraordinary and
                unforeseeable circumstances arising as a result of events beyond
                the control of Employee. The circumstances that shall constitute
                an "unforeseeable emergency" shall depend upon the facts of each
                case, but, in any case, payment may not be made to the extent
                that such hardship is or may be relieved (i) through
                reimbursement or compensation by insurance or otherwise, or (ii)
                by liquidation of Employee's assets, to the extent the
                liquidation of such assets would not itself cause severe
                financial hardship. Examples of what are not considered to be
                "unforeseeable emergencies" include the need to send Employee's
                child to college or the purchase of a home. Withdrawals of
                amounts because of an "unforeseeable emergency" shall not exceed
                an amount reasonably needed to satisfy the emergency need.

     (d) Other Payment Provisions. Any payment hereunder shall be subject to
applicable payroll and withholding taxes. In the event any amount becomes
payable under the provisions of this Agreement to Employee, a Beneficiary or
other person who is a minor or an incompetent, whether or not declared
incompetent by a court, such amount may be paid directly to the minor or
incompetent person or to such person's fiduciary (or attorney-in-fact in the
case of an incompetent)

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<PAGE>

as the Committee, in its sole discretion, may decide, and the Committee shall
not be liable to any person for any such decision or any payment pursuant
thereto.

     (e) Statements of Account. Employee shall receive an annual statement of
Employee's Account balance.

5.   Amendment, Modification and Termination of this Agreement:

     The Chief Executive Officer or the Chief Financial Officer of the Company
shall have the right and power at any time and from time to time to amend this
Agreement in whole or in part and at any time to terminate this Agreement;
provided, however, that no such amendment or termination shall reduce the amount
actually credited to Employee's Account or Employee's survivor benefit under
this Agreement on the date of such amendment or termination, or further defer
the due dates for the payment of such amounts, without the consent of Employee;
and further provided that no such amendment may be made that would adversely
affect the rights or benefits of Employee under the Agreement without the
consent of Employee.

6.   Claims Procedures:

     (a) General. In the event that Employee has a Claim under this Agreement,
such Claim shall be made by Employee's filing a notice thereof with the
Committee within ninety (90) days after Employee first has knowledge of such
Claim. Once Employee has submitted a Claim to the Committee, Employee shall be
afforded a reasonable opportunity to state Employee's position and to present
evidence and other material relevant to the Claim to the Committee for its
consideration in rendering its decision with respect thereto. The Committee
shall render its decision in writing within ninety (90) days after the Claim is
referred to it, unless special circumstances require an extension of such time
within which to render such decision, in which event such decision shall be
rendered no later than one hundred eighty (180) days after the Claim is referred
to it. A copy of such written decision shall be furnished to Employee.

     (b) Notice of Decision of Committee. If Employee's Claim is denied by the
Committee, Employee shall be provided with written notice thereof, which notice
shall set forth:

         (i) the specific reason(s) for the denial;

         (ii) specific reference to pertinent provision(s) of this Agreement
     upon which such denial is based;

         (iii) a description of any additional material or information necessary
     for Employee to perfect such Claim and an explanation of why such material
     or information is necessary; and

         (iv) an explanation of the procedure hereunder for review of such
     Claim;

all in a manner calculated to be understood by Employee.

                                       5
<PAGE>

     (c) Review of Decision of Committee. Employee shall be afforded a
reasonable opportunity for a full and fair review of the decision of the
Committee denying the Claim. Such review shall be by the Committee. Such appeal
shall be made within ninety (90) days after Employee received the written
decision of the Committee and shall be made by the written request of Employee
or Employee's duly authorized representative of the Committee. In the event of
appeal, Employee or Employee's duly authorized representative may review
pertinent documents and submit issues and comments in writing to the Committee.
The Committee shall review the following:

         (i) the initial proceedings of the Committee with respect to such
     Claim;

         (ii) such issues and comments as were submitted in writing by Employee
     or Employee's duly authorized representative; and

         (iii) such other material and information as the Committee, in its sole
     discretion, deems advisable for a full and fair review of the decision of
     the Committee.

The Committee may approve, disapprove or modify the decision of the Committee,
in whole or in part, or may take such other action with respect to such appeal
as it deems appropriate. The decision of the Committee with respect to such
appeal shall be made promptly, and in no event later than sixty (60) days after
receipt of such appeal, unless special circumstances require an extension of
such time within which to render such decision, in which event such decision
shall be rendered as soon as possible and in no event later than one hundred
twenty (120) days following receipt of such appeal. The decision of the
Committee shall be in writing and in a manner calculated to be understood by
Employee and shall include specific reasons for such decision and set forth
specific references to the pertinent provisions of this Agreement upon which
such decision is based. Employee shall be furnished a copy of the written
decision of the Committee. Such decision shall be final and conclusive upon all
persons interested therein, except to the extent otherwise provided by
applicable law.

7.   Applicable Law:

     This Agreement shall be construed, administered, regulated and governed in
all respects under and by the laws of the United States to the extent
applicable, and to the extent such laws are not applicable, by the laws of the
state of New Jersey.

8.   Miscellaneous:

     Employee's rights and interests under this Agreement may not be assigned or
transferred by Employee. This Agreement shall be an unsecured, unfunded
arrangement. To the extent Employee acquires a right to receive payments from
the Company under this Agreement, such right shall be no greater than the right
of any unsecured general creditor of the Company. Nothing contained herein shall
be deemed to create a trust of any kind or any fiduciary relationship between
the Company and Employee. This Agreement shall be binding on the Company and any
successor in interest of the Company.

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<PAGE>

                            [signature page follows]

                                       7

<PAGE>

     IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by
its duly authorized officers and its corporate seal to be hereunto affixed, and
Employee has hereunto set his hand, all as of the day and year first above
written.

                                       SEALED AIR CORPORATION

                                       By:
                                          --------------------------------------
                                            Name:
                                                --------------------------------
                                            Title:
                                                --------------------------------

                                                "Company"

                                       -----------------------------------------
                                       Name:
                                            ------------------------------------

                                                "Employee"

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