FORM 4
[ ] Check this box if no longer subject OMB APPROVAL
to Section 16. Form 4 or Form 5 ------------
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
_______________________________________________________________________________
1. Name and Address of Reporting Person*
Cheng Christopher Wai-Chee
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(Last) (First) (Middle)
c/o Sealed Air Corporation
Park 80 East
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(Street)
Saddle Brook NJ 07663
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(City) (State) (Zip)
_______________________________________________________________________________
2. Issuer Name and Ticker or Trading Symbol
Seal Air Corporation (SEE)
(Formerly W.R. Grace & Co. (GRA))
_______________________________________________________________________________
3. IRS or Social Security Number of Reporting Person (Voluntary)
_______________________________________________________________________________
4. Statement for Month/Year
March 1998
_______________________________________________________________________________
5. If Amendment, Date of Original (Month/Year)
_______________________________________________________________________________
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ ] 10% Owner
[x] Director
[ ] Officer (give title below)
[ ] Other (specify below)
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_______________________________________________________________________________
7. Individual or Joint/Group Filing (Check Applicable Line)
[x] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
_______________________________________________________________________________
FORM 4 (continued)
TABLE I--Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
- ------------------------------------------------------------------------------------------------------------------------
1. 2. 3. 4. 5. 6. 7.
- --------------------- -------- ---------- ------------------------------ ----------- ---------- ----------
Amount of Owner-
Securities ship
Trans- Trans- Securities Acquired (A) Beneficially Form:
action action or Disposed of (D) Owned at Direct Nature of
Date Code (Instr. 3, 4 and 5) End of (D) or Indirect
Title of (Month/ (Instr. 8) ---------------------------- Month Indirect Beneficial
Security Day/ ---------- Amount (A) or Price (Instr. (I) Ownership
(Instr. 3) Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4)
- --------------------- -------- ---- ---- ----------- ------ --------- ----------- ---------- ----------
Common Stock, par value 3/31/98 J(1) 74 A (1) 74 I (2)
$0.10 per share
3/31/98 J(1) 75 A (1) 75 I By Trust
Series A Convertible 3/31/98 J(1) 66 A (1) 66 I (2)
Preferred Stock, par
value $0.10 per share
3/31/98 J(1) 66 A (1) 66 I By Trust
Common Stock, par value 3/31/98 J(1) 139 D (1) 0 I (2)
$0.01 per share
3/31/98 J(1) 140 D (1) 0 I By Trust
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
(Over)
SEC 1474 (7-96)
FORM 4 (continued)
TABLE II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g. puts, calls, warrants, options, convertible securities)
- ------------------------------------------------------------------------------------------------------------------------------
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
- ---------- -------- -------- -------- ---------- ------------ -------------- ------ ---------- --------- ----------
Title and Ownership
Number of Date Exer- Amount of Form of
Derivative cisable and Underlying Number of Deriv-
Securities Expiration Securities Price Derivative ative
Conver- Trans- Acquired (A) Date (Month/ (Instr. 3 of Securities Security:
sion or Trans- action or Disposed Day/Year) and 4) Deriv- Benefi- Direct
Exercise action Code of (D) -------------- -------------- ative cially (D) or Nature of
Title of Price of Date (Instr. (Instr. 3, Date Amount Secur- Owned at Indirect Indirect
Derivative Deriv- (Month/ 8) 4 and 5) Exer- Expir- or Num- ity End of (I) Beneficial
Security ative Day/ -------- ---------- cis- ation ber of (Instr. Month (Instr. Ownership
(Instr. 3) Security Year) Code V (A) (D) able Date Title Shares 5) (Instr. 4) 4) (Instr. 4)
- ---------- -------- -------- ---- --- ---- ---- ------- ----- ----- ------ ------ ---------- -------- ----------
Explanation of Responses:
(1) In accordance with the Agreement and Plan of Merger dated as of August
14, 1997 by and among W. R. Grace & Co. ("Grace"), a subsidiary of Grace
and Sealed Air Corporation ("Old Sealed Air"), and pursuant to the
Distribution Agreement dated as of March 30, 1998, by and among Grace and
two wholly-owned subsidiaries of Grace, each share of Grace common stock,
par value $0.01 per share, became, on March 31, 1998, a right to
receive .536 shares of common stock, par value $0.10 per share, of Sealed Air
Corporation (formerly Grace) ("New Sealed Air"), and .475 shares of Series
A Convertible Preferred Stock, par value $0.10 per share, of New Sealed
Air.
(2) Shares are owned by a corporation whose sole shareholder is Mr. Cheng.
**Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Christopher Wai-Chee Cheng 4/9/98
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** Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually
signed. If space is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays
a currently valid OMB Number.
Page 2
SEC 1474 (7-96)
