Document:

Exhibit
10.2

LETTER AMENDMENT

Dated as of June 13, 2007

To the banks, financial
institutions

and other institutional lenders

(collectively, the “Lenders”) parties

to the Credit Agreement referred to

below and to Citicorp USA, Inc., as agent

(the “Agent”) for the Lenders

Ladies
and Gentlemen:

Reference is made to the Five Year Credit Agreement
dated as of July 26, 2005 (the “Credit Agreement”) among Sealed Air
Corporation (the “Company”), Sealed Air Corporation (US), Cryovac, Inc.,
Sealed Air Luxembourg S.C.A., the banks and other financial institutions and
the initial issuing banks listed on the signature pages thereof, and Citicorp
USA, Inc., as agent (the “Agent”) for the Lenders.  Capitalized terms used herein and not
otherwise defined shall have the meanings ascribed to such terms in the Credit
Agreement.

It is hereby agreed by you and us as follows:

The definition of “Subsidiary Guaranty Release
Date” in Section 1.01 of the Credit Agreement is, effective as of the date
of this Letter Amendment, hereby amended in full to read as follows:

“Subsidiary Guaranty Release Date” means June 13, 2007.

The Company hereby certifies that, as of the date
hereof, the representations and warranties contained in Section 4.01 of the
Credit Agreement are correct (other than representation and warranty set forth
in the last sentence of Section 4.01(e) of the Credit Agreement) and no event
has occurred and is continuing that constitutes a Default.

This Letter Amendment shall become effective as of
the date first above written when, and only when, the Agent shall have received
counterparts of this Letter Amendment executed by the undersigned and all of
the Lenders or, as to any of the Lenders, advice satisfactory to the Agent that
such Lender has executed this Letter Amendment.  This Letter Amendment is subject to the
provisions of Section 9.01 of the Credit Agreement, and shall constitute a
Loan Document for all purposes under the Credit Agreement.

On and after the effectiveness of this Letter
Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”,
“hereof” or words of like import referring to the Credit Agreement, and each
reference in the Notes and each of the other Loan Documents to “the Credit
Agreement”, “thereunder”, “thereof” or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Credit Agreement, as
amended by this Letter Amendment.

The
Credit Agreement and the Notes and each of the other Loan Documents, as
specifically amended by this Letter Amendment, are and shall continue to be in
full force and 

 

effect
and are hereby in all respects ratified and confirmed.  The execution, delivery and effectiveness of
this Letter Amendment shall not, except as expressly provided herein, operate
as a waiver of any right, power or remedy of any Lender or the Agent under the
Credit Agreement, nor constitute a waiver of any provision of the Credit
Agreement.

If
you agree to the terms and provisions hereof, please evidence such agreement by
executing and returning at least two counterparts of this Letter Amendment to
Susan L. Hobart, Shearman & Sterling LLP, 599 Lexington Avenue, New York,
New York  10022.

This
Letter Amendment may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall
be deemed to be an original and all of which taken together shall constitute
one and the same agreement.  Delivery of
an executed counterpart of a signature page to this Letter Amendment by
telecopier shall be effective as delivery of a manually executed counterpart of
this Letter Amendment .

This
Letter Amendment shall be governed by, and construed in accordance with, the
laws of the State of New York.

	
  

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SEALED AIR CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Tod S. Christie

  
	
   

  	
   

  	
  Tod S. Christie

  
	
   

  	
   

  	
  Treasurer

  

 

Agreed to as of June 13,
2007

CITICORP USA, INC., as Agent
and as Lender

 

	
  By:

  	
  /s/ Hugo Arias

  	
   

  
	
  Name: 

  	
  Hugo Arias

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Jeff Hallmark

  	
   

  
	
  Name: 

  	
  Jeff Hallmark

  	
   

  
	
  Title:

  	
  Senior Vice President

  	
   

  
					

 

 2
 

 

BNP
PARIBAS

	
  By:

  	
  /s/ Richard Pace

  	
   

  
	
  Name: 

  	
  Richard Pace

  	
   

  
	
  Title:

  	
  Managing Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
  By:

  	
  /s/ Nanette Baudon

  	
   

  
	
  Name: 

  	
  Nanette Baudon

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
				

 

ABN
AMRO BANK N.V.

	
  By:

  	
  /s/ Andre Nel

  	
   

  
	
  Name: 

  	
  Andre Nel

  	
   

  
	
  Title:

  	
  Managing Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
  By:

  	
  /s/ Nancy Lanzoni

  	
   

  
	
  Name: 

  	
  Nancy Lanzoni

  	
   

  
	
  Title:

  	
  Director

  	
   

  
				

 

CALYON
NEW YORK BRANCH

	
  By:

  	
  /s/ Rod Hurst

  	
   

  
	
  Name: 

  	
  Rod Hurst

  	
   

  
	
  Title:

  	
  Managing Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
  By:

  	
  /s/ Yuri Muzichenko

  	
   

  
	
  Name: 

  	
  Yuri Muzichenko

  	
   

  
	
  Title:

  	
  Director

  	
   

  
				

 

BANK
OF TOKYO-MITSUBISHI UFJ TRUST COMPANY

	
  By:

  	
  /s/ Chimie T. Pemba

  	
   

  
	
  Name: 

  	
  Chimie T. Pemba

  	
   

  
	
  Title:

  	
  Assistant Vice President

  	
   

  
				

 

MORGAN
STANLEY BANK

	
  By:

  	
  /s/ Daniel Twenge

  	
   

  
	
  Name: 

  	
  Daniel Twenge

  	
   

  
	
  Title:

  	
  Authorized Signatory

  	
   

  
	
   

  	
  Morgan Stanley Bank

  	
   

  
				

 

 3
 

 

COOPERATIEVE CENTRALE
RAIFFEISEN-

BOERENLEENBANK B.A.,

“RABOBANK INTERNATIONAL”,

NEW
YORK BRANCH

	
  By:

  	
  /s/ Michalene Donegan

  	
   

  
	
  Name: 

  	
  Michalene Donegan

  	
   

  
	
  Title:

  	
  Executive Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
  By:

  	
  /s/ Rebecca Morrow

  	
   

  
	
  Name: 

  	
  Rebecca Morrow:

  	
   

  
	
  Title:

  	
  Executive Director

  	
   

  
				

 

MIZUHO
CORPORATE BANK, LTD.

	
  By:

  	
  /s/ Raymond Ventura

  	
   

  
	
  Name: 

  	
  Raymond Ventura

  	
   

  
	
  Title:

  	
  Deputy General Manager

  	
   

  
				

 

SUNTRUST
BANK

	
  By:

  	
  /s/ Bart Dorough

  	
   

  
	
  Name: 

  	
  Bart Dorough

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
				

 

THE
ROYAL BANK OF SCOTLAND PLC

	
  By:

  	
  /s/ L. Peter Yetman

  	
   

  
	
  Name: 

  	
  L. Peter Yetman

  	
   

  
	
  Title:

  	
  Senior Vice President

  	
   

  
				

 

CREDIT
SUISSE, CAYMAN ISLANDS BRANCH

	
  By:

  	
  /s/ Jay Chall

  	
   

  
	
  Name: 

  	
  Jay Chall

  	
   

  
	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
  By:

  	
  /s/ Alain Schmid

  	
   

  
	
  Name: 

  	
  Alain Schmid

  	
   

  
	
  Title:

  	
  Assistant Vice President

  	
   

  
				

 

 4
 

 

BANCO BILBAO VIZCAYA
ARGENTARIA, S.A.

	
  By:

  	
  /s/ Emilio de las Heras

  	
   

  
	
  Name: 

  	
  Emilio de las Heras

  	
   

  
	
  Title:

  	
  Head of New York

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name: 

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
				

 

JPMORGAN
CHASE BANK, N.A.

	
  By:

  	
  /s/ Peter S. Predun

  	
   

  
	
  Name: 

  	
  Peter S. Predun

  	
   

  
	
  Title:

  	
  Executive Director

  	
   

  
				

 

 

INTESA
SANPAOLO S.P.A.

	
  By:

  	
  /s/ Renato Carducci

  	
   

  
	
  Name: 

  	
  Renato Carducci

  	
   

  
	
  Title:

  	
  General Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
  By:

  	
  /s/ Luca Sacchi

  	
   

  
	
  Name: 

  	
  Luca Sacchi

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
				

 

MERRILL
LYNCH BANK USA

	
  By:

  	
  /s/ Derek Befus

  	
   

  
	
  Name: 

  	
  Derek Befus

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
				

 

LEHMAN
COMMERCIAL PAPER INC.

	
  By:

  	
  /s/ Ahuva Schwager

  	
   

  
	
  Name: 

  	
  Ahuva Schwager

  	
   

  
	
  Title:

  	
   

  	
   

  
				

 

ALLIED
IRISH BANK P.L.C.

	
  By:

  	
  /s/ Ray Alcock

  	
   

  
	
  Name: 

  	
  Ray Alcock

  	
   

  
	
  Title:

  	
  Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
  By:

  	
  /s/ Ian Campion

  	
   

  
	
  Name: 

  	
  Ian Campion

  	
   

  
	
  Title:

  	
  Manager

  	
   

  
				

 

 5Exhibit 10.1

CHANGE
OF CONTROL AGREEMENT

	
  Parties:

  	
   

  	
  Ciprico Inc.

  	
   

  	
  (“Company”)

  
	
   

  	
   

  	
  17400 Medina Road

  	
   

  	
   

  
	
   

  	
   

  	
  Plymouth, MN 55447

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mark Egerton

  	
  (“Employee”)

  
	
   

  	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  June 14, 2007

  	
   

  
						

 

RECITALS:

1.             Employee is employed
by Company in various capacities, has extensive knowledge and expertise
relating to Company’s business.

2.             The parties recognize
that a “Change of Control” may materially change or diminish Employee’s
responsibilities and substantially frustrate Employee’s commitment to the
Company.

3.             The parties further
recognize that it is in the best interests of the Company and its stockholders
to provide certain benefits payable upon a “Change of Control Termination” to
encourage Employee to continue in his position in the event of a Change of
Control, although no such Change of Control is now contemplated or foreseen.

4.             The parties further
desire to provide for certain benefits payable upon certain involuntary
terminations of Employee’s employment.

AGREEMENTS:

In consideration
of the mutual covenants set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows:

1.             Term of Agreement.  The term of this Agreement shall commence on
the Effective Date and shall continue in effect until termination of Employee’s
employment which does not constitute a Change of Control Termination; provided,
however, that if a Change of Control of the Company shall occur during the term
of this Agreement, this Agreement shall instead continue in effect for a period
of twelve (12) months following the date of such Change of Control.  Any rights and obligations accruing before
the termination or expiration of this Agreement shall survive to the extent
necessary to enforce such rights and obligations.

2.             “Change of Control.”  For purposes of this Agreement, “Change of
Control” shall mean any of the following events occurring after the date of
this Agreement:

 1
 

(a)           A merger or
consolidation to which the Company is a party if the individuals and entities
who were shareholders of the Company immediately prior to the effective date of
such merger or consolidation have, immediately following the effective date of
such merger or consolidation, beneficial ownership (as defined in Rule 13d-3
under the Securities Exchange Act of 1934) of less than fifty percent (50%) of
the total combined voting power of all classes of securities issued by the
surviving corporation for the election of directors of the surviving corporation;

(b)           The
acquisition of direct or indirect beneficial ownership (as defined in Rule
13d-3 under the Securities Exchange Act of 1934) of securities of the Company
by any person or entity or by a group of associated persons or entities acting
in concert in one or a series of transactions, which causes the aggregate
beneficial ownership of such person, entity or group to equal or exceed twenty
percent (20%) or more of the total combined voting power of all classes of the
Company’s then issued and outstanding securities;

(c)           The
sale of substantially all of the assets of the Company to any person or entity
that is not a wholly-owned subsidiary of the Company;

(d)           The approval by the
stockholders of the Company of any plan or proposal for the liquidation of the
Company;

(e)           A change in the
composition of the Board of the Company at any time during any consecutive
twenty-four (24) month period such that the “Continuity Directors” no longer
constitute at least a seventy percent (70%) majority of the Board.  For purposes of this event, “Continuity
Directors” means those members of the Board who were directors at the beginning
of such consecutive twenty-four (24) month period or were elected by, or on the
nomination or recommendation of, at least a two thirds (2/3) majority of the
then-existing Board of Directors; or

(f)            The execution by the
Company of a letter of intent, an agreement in principle or a definitive
agreement relating to an event described in Section 2(a), 2(b), 2(c), 2(d) or
2(e) that ultimately results in such a Change of Control, or a tender or
exchange offer or proxy contest is commenced that ultimately results in an
event described in Section 2(b) or 2(e).

3.             Termination.  For purposes of this Agreement, “Change of
Control Termination” shall mean any of the following events occurring within
twelve (12) months after a change of control occurring during the term of this
Agreement.

(a)           The termination of
Employee’s employment by the Company for any reason except Good Cause.  For purposes of this Agreement, “Good Cause”
shall include, but not be limited to, the following:

 2
 

(i)            Employee’s conviction
of or plea of guilty or nolo contendere
to a felony resulting from conduct occurring on or after the date of the Change
of Control;

(ii)           Employee’s willful and
repeated failure to fulfill his employment duties with the Company; provided,
however, that for purposes of this clause (ii), an act or failure to act by
Employee shall not be “willful” unless it is done, or omitted to be done, in
bad faith and without any reasonable belief that Employee’s action or omission
was in the best interests of the Company;

(iii)          Employee’s incurable
breach of any material element of any proprietary or confidential information
agreement with the Company;

(iv)          Employee’s conduct that
is materially detrimental to Company’s business reputation or goodwill;

(v)           Any dishonesty in
dealing between Employee and Company or between Employee and Company’s vendors,
advisors, other employees, or customers;

(vi)          Employee’s active use of
alcohol or controlled substances in a manner which impairs Employee’s ability
to perform his duties;

(vii)         Employee’s violation of
any material portion of this Agreement;

(viii)        Employee’s failure to
substantially perform his material duties, which failure is not cured within
thirty (30) days after Employee’s receipt of written notice from Company
specifying the non-performance.

In no event shall Employee’s death or disability (as defined below)
constitute Good Cause.  “Disability”
shall mean Employee’s failure or inability, for reasons of health, to perform
Employee’s usual and customary duties on behalf of the Company in the usual and
customary manner for a total of more than 90 consecutive business days
(excluding Saturdays, Sundays and days during which the Company is closed due
to a recognized holiday).

(b)           The termination of
employment with the Company by Employee for Good Reason.  Such termination shall be accomplished by,
and effective upon, Employee giving written notice to the Company of his
decision to terminate.  “Good Reason”
shall mean a good faith determination by Employee, in Employee’s sole and
absolute judgment that any one or more of the following events has occurred on
or after the date of the Change of Control without the Employee’s express
written consent:

(i)            A change in Employee’s
reporting responsibilities, titles or offices as in effect immediately prior to
the date of the Change of Control, or any removal of Employee from or any
failure to re-elect Employee to any of such

 3
 

positions, which
has the effect of diminishing Employee’s responsibility or authority;

(ii)           A
reduction in Employee’s base salary in effect immediately prior to the date of
the Change of Control;

(iii)          Requiring Employee to
move to or work from a location that is outside of a fifty (50) mile radius of
Employee’s job location on the date of the Change of Control;

(iv)          Without
the adoption of a replacement plan, program or arrangement that provides
benefits to Employee that are equal to or greater than those benefits that are
discontinued or adversely affected:

(A)          The
Company’s failure to continue in effect, within its maximum stated term, any
pension, bonus, incentive, stock ownership, stock purchase, stock option, life
insurance, health, accident, disability, or any other employee compensation or
benefit plan, program or arrangement, in which Employee is participating
immediately prior to the date of the Change of Control; or

(B)           The
Company taking any action that would adversely affect Employee’s participation
or materially reduce Employee’s benefits under any of such plans, programs or
arrangements; or

(v)           Any
material breach by the Company of this Agreement so long as Employee has given
the Company thirty (30) days notice of such breach, and the Company has not
cured the breach during that thirty (30) day period.

Termination for “Good Reason” shall not include Employee’s death or a
termination of employment by Employee for any reason other than the events
specified in clauses (1) through (5) above.

4.             Compensation and Benefits.  Subject to the limitations contained in
Section 5 below, upon a Change of Control Termination, Employee shall be
entitled to the following compensation and benefits:

(a)           The
Company shall pay to Employee:

(i)            Within five (5) days
of the Change of Control Termination, all salary and other compensation earned
by Employee through the date of the Change of Control Termination at the rate
in effect immediately prior to such Change of Control Termination;

(ii)           Within fifteen (15)
days of the Change of Control Termination, all other amounts to which Employee
may be entitled to receive under any

 4
 

compensation plan
maintained by the Company, subject to any distribution requirements contained
in such compensation plans;

(iii)          A severance benefit in a single lump sum
payment, an aggregate amount equal to one hundred percent (100%) of Employee’s then
current annual base salary; and

(iv)          At
the Employee’s election all unvested qualified and non-qualified stock options
and restricted stock may vest at the time of change of control.

(b)           The Company shall
provide, at no cost to Employee, continued coverage under the Company’s group
life, health or dental benefit plans, if any, at a level comparable to the
benefits which Employee was receiving or entitled to receive immediately prior
to the Change of Control Termination or, if greater, at a level comparable to
the benefits which Employee was receiving immediately prior to the event which
constituted Good Reason.  Employee shall
be entitled to such continued coverage for a six month period following such
Change of Control Termination or, if earlier, until Employee is eligible to be
covered for such benefits through his employment with another employer.  The Company may, in its sole discretion,
provide such coverage through the purchase of individual insurance contracts
for Employee.

5.             Payment of Attorneys Fees and Other Costs.  If, after a Change in Control of the Company,
a good faith dispute arises with respect to the enforcement of Employee’s
rights under this Agreement or if any legal or arbitration proceeding shall be
brought in good faith to enforce or interpret any provision contained herein or
to recover damages for breach hereof, Employee shall recover from the Company
(a) reasonable attorneys’ fees and necessary costs and disbursements incurred
by Employee as a result of such dispute or such legal or arbitration
proceeding, and (b) prejudgment interest on any money judgment or arbitration
award obtained by Employee calculated at the prime rate announced from time to
time by Wells Fargo Bank Minnesota, N. A., or the maximum rate permitted under
Section 280G(d)(4) of the Internal Revenue Code of 1986, as amended, or any
successor provision, whichever rate is lower, such prejudgment interest to be
paid from the date that payments to Employee should have been made under this
Agreement.

6.             Withholding Taxes. The Company shall be
entitled to deduct from all payments or benefits provided for under this
Agreement any federal, state or local income and employment related taxes
required by law to be withheld with respect to such payments or benefits.

7.             Successors and Assigns.  This Agreement shall inure to the benefit of
and shall be enforceable by Employee, his heirs and the personal representative
of his estate, and shall be binding upon and inure to the benefit of the
Company and its successors and assigns. 
The Company will require the transferee of any sale of all or
substantially all of the business and assets of the Company or the survivor of
any merger, consolidation or other transaction expressly to agree to honor this
Agreement in the same manner and to the same extent that the Company would be
required to perform this Agreement if no such event had taken place.  Failure of the

 5
 

Company to obtain such
agreement before the effective date of such event shall be a breach of this
Agreement and shall entitle Employee to the benefits provided in Section 4 as
if Employee had terminated employment for Good Reason following a Change in
Control.

8.             Notices. 
For the purpose of this Agreement, notices and all other communications
provided for in the Agreement shall be in writing and shall be deemed to have
been duly given when delivered or mailed by United States certified or
registered mail, return receipt requested, postage prepaid, addressed to the
respective addresses set forth on the first page of this Agreement or to such
other address as either party may have furnished to the other in writing in
accordance herewith, except that notice of change of address shall be effective
only upon receipt.  All notices to the
Company shall be directed to the attention of the Board of Directors of the
Company.

	
  For Ciprico:

  	
  17400 Medina Road

  
	
   

  	
  Plymouth, MN 55447

  
	
   

  	
   

  
	
  For Employee:

  	
  18400 Overlook Road, Unit 45

  
	
   

  	
   

  	
  Los Gatos, CA 95030

  
			

 

9.             Captions. 
The headings or captions set forth in this Agreement are for convenience
only and shall not affect the meaning or interpretation of this Agreement.

10.           Governing Law.  The validity, interpretation, construction
and performance of this Agreement shall be governed by the laws of the State of
Minnesota.

11.           Construction.  Wherever possible, each term and provision of
this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law.  If any term or
provision of this Agreement is invalid or unenforceable under applicable law,
(a) the remaining terms and provisions shall be unimpaired, and (b) the invalid
or unenforceable term or provision shall be deemed replaced by a term or
provision that is valid and enforceable and that comes closest to expressing
the intention of the unenforceable term or provision.

12.           Amendment; Waivers.  This Agreement may not be modified, amended,
waived or discharged in any manner except by an instrument in writing signed by
both parties hereto.  The waiver by
either party of compliance with any provision of this Agreement by the other
party shall not operate or be construed as a waiver of any other provision of
this Agreement, or of any subsequent breach by such party of a provision of
this Agreement.

13.           Entire Agreement.  This Agreement supersedes all prior or
contemporaneous negotiations, commitments, agreements (written or oral) and
writings between the Company and Employee with respect to the subject matter
hereof and constitutes the entire agreement and understanding between the
parties hereto.  All such other
negotiations, commitments, agreements and writings will have no further force
or effect, and the parties to any such other negotiation, commitment, agreement
or writing will have no further rights or obligations thereunder.

 6
 

14.           Counterparts.  This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the day and year first above written.

	
  

  	
   

  	
  CIPRICO INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  President / CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mark Egerton

  

 

 7

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