Document:

Exhibit 10.18

REPURCHASE AGREEMENT

This Repurchase
Agreement ("Agreement") is made as of February 22, 2012 by and between X-Change Corporation, a Nevada corporation
("Seller"), and Old West Entertainment Corp ("Buyer").

PRELIMINARY STATEMENT

Seller desires to
sell, and Buyer desires to repurchase, know as Non Operating Music and Entertainment Business (the “Assets”) which
were purchased by Seller on August 9, 2011, on the terms and subject to the conditions set forth in this Agreement.

AGREEMENT

The parties, intending
to be legally bound, agree as follows:

ARTICLE
1

DEFINITIONS

For the purposes
of this Agreement, the following terms and variations on them have the meanings specified in this Article 1:

"Buyer"
is defined in the first paragraph of this Agreement.

"Buyer Shares"
means 1,000,000 issued shares of Sellers common stock, par value $.001 per share.

"Closing"
means the consummation and completion of the purchase and sale of the Shares.

"Closing
Date" means the date on which the Closing actually takes place.

"Assets"
are defined in the Preliminary Statement.

"Consent"
means any approval, consent, ratification, waiver or other authorization.

"Contemplated
Transactions" means all of the transactions to be carried out in accordance with this Agreement, including the purchase
and sale of the Shares, the performance by the parties of their other obligations under this Agreement.

"Contract"
means any contract, agreement, commitment, understanding, lease, license, franchise, warranty, guaranty, mortgage, note, bond or
other instrument or consensual obligation (whether written or oral and whether express or implied) that is legally binding.

"Contravene"
-- an act or omission would "Contravene" something if, as the context requires:

 

    	i

    	 

    
 

(a)the act or
omission would conflict with it, violate it, result in a breach or violation of or failure to comply with it, or constitute a default
under it;

(b)the act or
omission would give any Governmental Body or other Person the right to challenge, revoke, withdraw, suspend, cancel, terminate
or modify it, to exercise any remedy or obtain any relief under it, or to declare a default or accelerate the maturity of any obligation
under it; or

(c)the act or
omission would result in the creation of an Encumbrance on the stock or assets.

"Encumbrance"
means any charge, claim, mortgage, servitude, easement, right of way, community or other marital property interest, covenant, equitable
interest, license, lease or other possessory interest, lien, option, pledge, security interest, preference, priority, right of
first refusal or similar restriction.

"Financial
Statements" is defined in Section 3.4.

"GAAP"
means generally accepted accounting principles for financial reporting in the United States.

"Governing
Document" means any charter, articles, bylaws, certificate, statement, statutes or similar document adopted, filed or
registered in connection with the creation, formation or organization of an entity, and any Contract among all equityholders, partners
or members of an entity.

"Governmental
Authorization" means any Consent, license, permit or registration issued, granted, given or otherwise made available by
or under the authority of any Governmental Body or pursuant to any Law.

"Governmental
Body" means any (a) nation, region,
state, county, city, town, village, district or other jurisdiction, (b)
federal, state, local, municipal, foreign or other government, (c)
governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department or other
entity and any court or other tribunal), (d)
multinational organization, (e) body
exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory or taxing authority
or power of any nature, or (f) official
of any of the foregoing.

"Knowledge"
means, with respect to Seller, the actual knowledge after reasonable investigation of Seller.

"Law"
means any constitution, law, statute, treaty, rule, regulation, ordinance, code, binding case law, principle of common law or notice
of any Governmental Body.

"Liabilities"
includes liabilities or obligations of any nature, whether known or unknown, whether absolute, accrued, contingent, choate, inchoate
or otherwise, whether due or to become due, and whether or not required to be reflected on a financial statement prepared in accordance
with GAAP.

    	ii

    	 

    

"Order"
means any order, injunction, judgment, decree, ruling, assessment or arbitration award of any Governmental Body or arbitrator and
any Contract with any Governmental Body pertaining to compliance with Law.

"Ordinary
Course of Business" refers to actions taken in the normal operation, consistent with its past practice and having no material
adverse effect on the financial or other condition, results of operations, assets.

"Person"
refers to an individual or an entity, including a corporation, share company, limited liability company, partnership, trust, association,
Governmental Body or any other body with legal personality separate from its equityholders or members.

"Proceeding"
means any action, arbitration, audit, examination, investigation, hearing, litigation or suit (whether civil, criminal, administrative,
judicial or investigative, whether formal or informal, and whether public or private) commenced, brought, conducted or heard by
or before, or otherwise involving, any Governmental Body or arbitrator.

"Purchase
Price" is defined in Section 2.2.

"Securities
Act" means the Securities Act of 1933.

"Securities
Exchange Act" means the Securities Exchange Act of 1934.

"Seller
Release" is defined in Section 2.4(a)(ii).

"Seller"
is defined in the first paragraph of this Agreement.

"Seller's
Disclosure Schedule" means the disclosure schedule delivered pursuant to Article 3 by Seller to Buyer concurrently
with the execution of the Agreement.

"Shares"
is defined in the Preliminary Statement.

ARTICLE
2

SALE AND TRANSFER OF SHARES; CLOSING

2.1             
SHARES

Upon the terms and
subject to the conditions set forth in this Agreement, at the Closing, Seller will sell and transfer the Assets to Buyer, and Buyer
will purchase and acquire the Assets from Seller which Seller acquired in the original contract dated August 9, 2011 attached hereto
as Exhibit A. The effect of this repurchase agreement is to make the initial agreement, ‘Exhibit A”, null and void
Ab Initio.

2.2             
PURCHASE PRICE

The purchase price
for the Shares (the "Purchase Price") will be paid by delivery of the 1,000,000 Seller Shares to Seller at the
Closing

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2.3             
CLOSING

The Closing will
take place at the offices of Seller, at 10:00 a.m. (local time) on the date that is one business day following the satisfaction
or waiver of each of the conditions set forth in Articles 5 and 6, and the Buyers audit of Cybertel unless Buyer
and Seller agree otherwise. The Closing shall be no later than 2 days after the execution of this document.

2.4             
CLOSING DELIVERIES

At the Closing:

(a)               
Seller will deliver to Buyer:

(i)                
Bill of Sale duly endorsed (or accompanied by duly executed Power of Attorney);

(ii)              
a release in the form of Exhibit 2.4(a)(ii) executed by Seller (the "Seller Release");

(iii)            
a certificate executed by Seller as to the accuracy of Seller's representations and warranties as of the date of this Agreement
and as of the Closing in accordance with Section 6.1 and as to their compliance with and performance of its covenants
and obligations to be performed or complied on or before the Closing Date in accordance with Section 6.2.

(b)              
Buyer will deliver:

(i)                
Stock certificates representing the Sellers Shares;

(ii)              
a certificate executed by the President of Buyer as to the accuracy of Buyer's representations and warranties as of the
date of this Agreement and as of the Closing in accordance with Section 7.1 and as to its compliance with and performance
of its covenants and obligations to be performed or complied with on or before the Closing Date in accordance with Section 7.2.

ARTICLE
3

REPRESENTATIONS AND WARRANTIES OF SELLER

Seller represents
and warrants to Buyer that:

3.1             
ORGANIZATION AND GOOD STANDING

The assets are as
described in Exhibit A attached hereto. 

ENFORCEABILITY;
NO CONFLICT

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(a)               
Seller has the absolute and unrestricted right, power, authority and capacity to execute and deliver this Agreement and
to perform their obligations under this Agreement. Assuming due authorization, execution and delivery of this Agreement by Buyer,
this Agreement constitutes the legal, valid and binding obligation of Seller and the Company, enforceable against Seller and the
Company in accordance with its terms.

(b)              
Seller and the Company are not and will not be required to give any notice to any Person or obtain any Consent or Governmental
Authorization in connection with the execution and delivery of this Agreement or the consummation or performance of any of the
Contemplated Transactions.

(c)               
Neither the execution and delivery of this Agreement nor the consummation or performance of any of the Contemplated Transactions
will directly or indirectly (with or without notice or lapse of time) (i) Contravene any provision of the Governing Documents.

3.2             
CAPITALIZATION AND OWNERSHIP

3.3             
Seller is the Registered owner of the “Assets”.

3.4             
FINANCIAL STATEMENTS

There will be no
liabilities owed to Seller or Seller’s family.

3.5             
NO UNDISCLOSED LIABILITIES

The Assets have
no Liabilities other than those owed prior to August 9, 2011.

3.6  
CONTRACTS; NO DEFAULTS

(a)               
Section 3.6 of Seller's Disclosure Schedule contains an accurate and complete list of:

		3.7	LEGAL PROCEEDINGS; ORDERS

3.8             
There exists no pending Proceedings (i) by or against the Assets

3.9             
SECURITIES LAW MATTERS

NONE

3.10         
BROKERS OR FINDERS

Seller has not incurred
any Liability for brokerage or finders' fees or agents' commissions or other similar payment in connection with the Contemplated
Transactions.

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ARTICLE
4

REPRESENTATIONS AND WARRANTIES OF BUYER

Buyer represents
and warrants to Seller that:

4.1             
ORGANIZATION

Buyer is a corporation
duly organized, validly existing and in good standing under the laws of its jurisdiction of organization.

4.2             
ENFORCEABILITY; NO CONFLICT

(a)               
Buyer has the absolute and unrestricted right, power and authority to execute and deliver this Agreement and to perform
its obligations under this Agreement, which actions have been duly authorized and approved by all necessary corporate action of
Buyer. Assuming the execution and delivery of this Agreement by Seller, this Agreement constitutes the legal, valid and binding
obligation of Buyer, enforceable against Buyer in accordance with its terms.

(b)              
Buyer is not and will not be required to obtain any Consent or Governmental Authorization in connection with the execution
and delivery of this Agreement or the consummation or performance of any of the Contemplated Transactions.

(c)               
Neither the execution and delivery of this Agreement by Buyer nor the consummation or performance of any of the Contemplated
Transactions by Buyer will give any Person the right to prevent, delay or otherwise interfere with any of the Contemplated Transactions
pursuant to (i) any provision of Buyer's Governing Documents, (ii) any resolution adopted by the board of directors or
the stockholders of Buyer, (iii) any Law, Order or Governmental Authorization to which Buyer may be subject or (iv) any
Contract to which Buyer is a party or by which Buyer may be bound.

4.3             
BROKERS OR FINDERS

Buyer has not incurred
any Liability for brokerage or finders' fees or agents' commissions or other similar payment in connection with the Contemplated
Transactions.

ARTICLE
5

COVENANTS OF THE PARTIES BEFORE CLOSING

 

5.1             
ACCESS AND INVESTIGATION

Between the date
of this Agreement and the Closing Date and upon reasonable advance notice from Buyer, Seller will, (a) afford Buyer full and free
access to, properties, Contracts, books and records, and other documents and data, (b) furnish such Persons with copies of all
such Contracts, books and records, and other documents and data as Buyer may reasonably request, and (c) furnish such Persons with
such additional financial, operating and other data and information as Buyer may reasonably request.

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5.2             
OPERATION OF THE BUSINESS 

Between the date
of this Agreement and the Closing Date, Seller will, and will, (a) conduct its business only in the Ordinary Course of Business,
(b) use their Best Efforts to preserve intact the current business organization of the assets.,

REQUIRED
APPROVALS

NONE
Required

5.3             
 [SHAREHOLDER APPROVAL

Buyer does not require
shareholder approval

 

ARTICLE
6

CONDITIONS PRECEDENT TO BUYER'S OBLIGATION TO CLOSE

Buyer's obligation
to purchase the Shares and to take the other actions required to be taken by Buyer at the Closing is subject to the satisfaction,
on or before the Closing Date, of each of the following conditions (any of which may be waived by Buyer, in whole or in part):
NONE

6.1             
STOCKHOLDER APPROVAL

None Required

ARTICLE
7

CONDITIONS PRECEDENT TO SELLER'S OBLIGATION TO CLOSE

Seller's obligation
to sell the Shares and to take the other actions required to be taken by Seller at the Closing is subject to the satisfaction,
on or before the Closing Date, of each of the following conditions (any of which may be waived by Seller, in whole or in part):
None

ARTICLE
8

TERMINATION

8.1             
TERMINATION EVENTS

Subject to Section 8.2,
this Agreement may, by notice given before or at the Closing, be terminated:

(a)               
by mutual consent of Buyer and Seller;

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(b)              
by Buyer if the satisfaction of any condition in Article 6 is or becomes impossible (other than through the
failure of Buyer to comply with its obligations under this Agreement) and Buyer has not waived such condition;

(c)               
by Seller if the satisfaction of any condition in Article 7 is or becomes impossible (other than through the
failure of Seller to comply with its obligations under this Agreement) and Seller has not waived such condition; and

(d)              
by either Buyer or Seller if the Closing has not occurred (other than through the failure of any party seeking to terminate
this Agreement to comply fully with its obligations under this Agreement) on or before August 31, 2011, or such later date
as Buyer and Seller may agree upon.

8.2             
EFFECT OF TERMINATION

Each party's right
of termination under Section 8.1 is in addition to any other rights it may have under this Agreement or otherwise,
and the exercise of such right of termination will not be an election of remedies. If this Agreement is terminated pursuant to
Section 8.1, all obligations of the parties under this Agreement will terminate; provided, however, that if
this Agreement is terminated by a party because of the breach of the Agreement by another party or because one or more of the conditions
to the terminating party's obligations under this Agreement is not satisfied as a result of any other party's failure to comply
with its obligations under this Agreement, the terminating party's right to pursue all legal remedies will survive such termination
unimpaired.

ARTICLE
9

INDEMNIFICATION; REMEDIES

 

9.1             
SURVIVAL

All representations,
warranties, covenants and obligations in this Agreement, and any other certificate or document delivered pursuant to this Agreement
will survive the Closing and the consummation of the Contemplated Transactions.

ARTICLE
10

GENERAL PROVISIONS

10.1         
EXPENSES

Except as otherwise
expressly provided in this Agreement, each party to this Agreement will bear its respective expenses incurred in connection with
the preparation, execution and performance of this Agreement and the Contemplated Transactions, including all fees and expenses
of its Representatives.

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10.2         
FURTHER ACTIONS

Upon the request
of any party to this Agreement, the other parties will (a) furnish to the requesting party any additional information, (b) execute
and deliver, at their own expense, any other documents and (c) take any other actions as the requesting party may reasonably
require to more effectively carry out the intent of this Agreement and the Contemplated Transactions.

10.3         
ENTIRE AGREEMENT AND MODIFICATION

This Agreement supersedes
all prior agreements among the parties with respect to its subject matter a complete and exclusive statement of the terms of the
agreement between the parties with respect to its subject matter. This Agreement may not be amended, supplemented or otherwise
modified except in a written document executed by the party against whose interest the modification will operate.

10.4         
SEVERABILITY

If a court of competent
jurisdiction holds any provision of this Agreement invalid or unenforceable, the other provisions of this Agreement will remain
in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full
force and effect to the extent not held invalid or unenforceable.

10.5         
GOVERNING LAW

This Agreement will
be governed by and construed under the laws of California without regard to conflicts of laws principles that would require the
application of any other law.

10.6         
COUNTERPARTS

This Agreement may
be executed in two or more counterparts.

The parties have
executed and delivered this Agreement as of the date indicated in the first sentence of this Agreement.

 

 

X-Change CorporationOld West Entertainment Corp

		 	 
	X-Change Corporation	 	Old West Entertainment
	 	 	 
	By: Raymond Dabney	 	BY: /s/ Mark Jordan
	 	President	 	 	President

 

    	ixex10_1.htm

Exhibit 10.1

TREDEGAR CORPORATION

NOTICE OF STOCK UNIT AWARD

You have been granted the following Stock Unit Award by the Executive Compensation Committee of the Board of Directors of Tredegar Corporation (“Tredegar”):

	
Name of Participant:

	
[Name]

	  	  
	
Date of Grant:

	
[___________ __, 2012]

	  	  
	
Number of Stock Units:

	
[Number]

	  	  
	
Vesting:

	
The requirements for earning and vesting in the award are set forth in the attached Stock Unit Award Terms and Conditions.

	  	  
	
Expiration Date:

	
None.

	  	  
	
Transferability:

	
None; other than by will or the laws of descent and distribution as set forth in the attached Stock Unit Award Terms and Conditions.

In addition to the foregoing terms, your Stock Unit Award is subject to all of the terms and conditions contained in the attached Stock Unit Award Terms and Conditions which are incorporated in this Notice of Stock Unit Award by this reference.  If any provision of this Notice of Stock Unit Award is inconsistent with the aforementioned Stock Unit Award Terms and Conditions, the Stock Unit Award Terms and Conditions will control.

Please acknowledge your acceptance of this Stock Unit Award and the attached Stock Unit Award Terms and Conditions by signing and returning one copy of this Notice of Stock Award to Pat Thomas, Tredegar Corporation, 1100 Boulders Parkway, Richmond, Virginia, 23225.

	  	
TREDEGAR CORPORATION

	  	  	  
	  	  	  
	  	
By:

	  
	  	  	  
	  	  	  
	  	  	  
	  	
Participant

	  	  	  
	  	
Date:

	  

 

  

  

  

TREDEGAR CORPORATION

STOCK UNIT AWARD TERMS AND CONDITIONS

THESE STOCK UNIT AWARD TERMS AND CONDITIONS (“Terms and Conditions”) effective as of the ____ of _____________, 2012, govern the Stock Unit Award made by Tredegar Corporation, a Virginia corporation (the “Company”), to the participant (the “Participant”) named in the Notice of Stock Unit Award to which these Terms and Conditions are attached (the “Grant Notice”), and are made in accordance with and subject to the provisions of the Company’s Amended and Restated 2004 Equity Incentive Plan (the “Plan”).  A copy of the Plan has been made available to Participant.  All terms used in these Terms and Conditions that are defined in the Plan have the same meaning given them in the Plan.

1.             Grant of Stock Unit Award.  In accordance with the Plan, and effective as of the Date of Grant specified in the Grant Notice (the “Date of Grant”), the Company granted to the Participant, subject to the terms and conditions of the Plan and these Terms and Conditions, the number of Stock Units specified in the Grant Notice (the “Stock Units”).  The Participant will earn the Stock Units to the extent that the requirements of Section 2 are satisfied.  The Participant’s interest in the Stock Units that are earned in accordance with Section 2 will Vest, i.e., will become nonforfeitable, to the extent that the requirements of Section 3 are satisfied.  The Company will issue shares of Common Stock in accordance with Section 4 in settlement of the Stock Units, if any, that the Participant earns in accordance with Section 2 and that Vest in accordance with Section 3.

2.             Earning Stock Units.  This Section 2 determines the number of Stock Units that the Participant earns under these Terms and Conditions.

(a)           Threshold Performance.  The Participant will earn one-half of the Stock Units if the EPA for calendar year 2014 exceeds the EPA for calendar year 2011 by at least [$_______________] but less than $$_______________].

(b)           Target Performance.  The Participant will earn all of the Stock Units if the EPA for calendar year 2014 exceeds the EPA for calendar year 2011 by at least [$_______________].

(c)           Change in Control.  The Participant will earn all of the Stock Units if there is a Change in Control before January 1, 2015.

For the purposes of these Terms and Conditions, the EPA for each calendar year shall be determined by the Committee in accordance with the definition and procedures previously adopted by the Committee for purposes of the Company’s incentive awards.

3.             Vesting in Stock Units.  The Participant’s interest in the Stock Units that are earned in accordance with Section 2 shall Vest as provided in this Section 3.  For the avoidance of doubt, only Stock Units that are earned in accordance with Section 2 may Vest under this Section 3.

 

  

  

  

 

(a)           Continued Employment.  The Participant’s interest in all of the Stock Units that are earned in accordance with Section 2 shall Vest if the Participant’s employment with the Company and its Affiliates is continuous from the Date of Grant until the date shares of Common Stock are issued in settlement of the Stock Units.

(b)           Change in Control.  The Participant’s interest in all of the Stock Units that are earned in accordance with Section 2 shall Vest on the Control Change Date if the Participant’s employment with the Company and its Affiliates is continuous from the Date of Grant until the Control Change Date.

(c)           Death.  If the Participant dies after 2014, the Participant’s interest in all of the Stock Units that are earned in accordance with Section 2 shall Vest on the date of the Participant’s death if the Participant’s employment with the Company and its Affiliates is continuous from the Date of Grant until the Participant’s death.

4.           Settlement of Stock Units.  The Stock Units will be settled in accordance with this Section 4.

(a)           Committee Certification.  As soon as practicable after 2014 (but no later than March 15, 2015), the Committee will determine the number of Stock Units that are earned under the provisions of Section 2 and that Vest under the provisions of Section 3.  The Committee’s determination shall be set forth in writing, as part of the minutes of a meeting of the Committee, by unanimous consent or otherwise.  Notwithstanding the preceding sentences the Committee’s written determination shall not be required in the case of Stock Units that are earned and that Vest pursuant to the provisions of Section 2(c) and Section 3(b), respectively.

(b)           Issuance of Common Stock.  As soon as practicable after the Committee’s certification under subparagraph (a) (but no later than March 15, 2015), the Committee shall issue shares of Common Stock under the Plan in settlement of the Vested Stock Units earned by the Participant.  The number of shares of Common Stock issued shall equal the number of Stock Units earned by the Participant under the provisions of Section 2 and that Vest under the provisions of Section 3.  Notwithstanding the preceding sentences, shares of Common Stock shall be issued no later than the Control Change Date if the Stock Units are earned pursuant to the provisions of Section 2(c).

(c)           Registration, etc.  Shares of Common Stock issued in settlement of the Stock Units shall be registered in the name of the Participant on the stock transfer books of the Company and may be evidenced by one or more certificates.

(d)           Vesting in Common Stock; Holding Requirement.  The Participant’s interest in the shares of Common Stock issued in settlement of the Stock Units shall be immediately vested.  If the Participant is subject to the Company’s Amended and Restated Executive Stock Ownership Policy (the “Policy”) and is not in compliance with the ownership requirements in the Policy, fifty percent of the Net Shares must be retained by the Participant, i.e., those shares cannot be transferred, until the earlier of (i) the date that the Participant is in compliance with the ownership requirements of the Policy, (ii) the date that the Participant is not subject to the Policy, (iii) a Control Change Date, (iv) the date of the Participant’s death or (v) the date of the Participant’s Normal Retirement.  For the purpose of this Agreement, “Net Shares” means the number of shares of Common Stock received in settlement of the Stock Units minus the number of shares, if any, surrendered by the Participant or retained by the Company to satisfy tax withholding obligations in accordance with Section 9.

 

  

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5.             Forfeiture.  Stock Units that are not earned in accordance with Section 2 shall be forfeited.  Stock Units that are earned in accordance with Section 2 but that do not Vest in accordance with Section 3 shall be forfeited.

6.             Nontransferability.  The Stock Units are nontransferable.  The Participant, by will or by the laws of descent and distribution, may transfer the right to receive any Common Stock to be issued under Section 4(b) in the event of the Participant’s death after the date the Stock Units Vest and before the shares are issued.  Except as provided in Section 4(d) and subject to the requirements of the securities laws, shares of Common Stock issued in settlement of the Stock Units shall be transferable when issued.

7.             Shareholder Rights.  The Participant shall not have any rights as a shareholder of the Company with respect to the Stock Units.  Upon the issuance of shares of Common Stock in settlement of the Stock Units, the Participant shall have all of the rights of a shareholder of the Company with respect to those shares, including the right to vote the shares and to receive, free of all restrictions, all dividends on the shares.

8.             Definitions.  The following definitions shall apply to these Terms and Conditions:

(a)           Control Change Date means the date on which a Change in Control (as defined below) occurs.  If a Change in Control occurs on account of a series of trans­actions, the Control Change Date is the date of the last of such transactions.

(b)           Change in Control means the occurrence of any of the following events:

(1)           any Person or group (within the meaning of Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended) (other than a Person who is not an Acquiring Person), at any time becomes the Beneficial Owner of 50% or more of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Voting Securi­ties”), other than (i) through an acquisition of Voting Securities directly from the Company, (ii) as a result of the Company’s repur­chase of Voting Secu­rities if, thereafter, such Benefi­cial Owner pur­chases no additional Voting Securities, or (iii) pur­suant to a Business Combina­tion (as defined below) that does not constitute a Change in Control pursuant to subparagraph 8(b)(3) below;

 

  

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(2)           Continuing Directors cease to constitute a majority of the members of the Board other than pur­suant to a Business Combination that does not constitute a Change in Control pursuant to subparagraph 8(b)(3) below;

(3)           consummation of a reorganization, merger, share exchange or consoli­dation (a “Business Combination”), in each case, unless immedi­ately following such Business Combina­tion, (i) all or substantially all of the Persons who were the Beneficial Owners, respectively, of the Common Stock and Voting Securities outstanding imme­diately prior to such Business Combination Benefi­cially Own more than 80% of, respec­tively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securi­ties entitled to vote generally in the election of directors, as the case may be, of the corporation result­ing from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company through one or more Subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combina­tion, of the Common Stock and Voting Securities, as the case may be, (ii) no Person (other than a Person who is not an Acquiring Person) Beneficially Owns 50% or more of, respectively, the then outstanding shares of common stock of the cor­poration resulting from such Business combination or the combined voting power of the then outstanding voting securities of such corporation and (iii) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination are Continuing Directors; or

(4)           the shareholders of the Company approve a complete liquidation or dissolution of the Company or the consummation of a sale or other disposition of all or substan­tially all of the assets of the Company, in each case, unless immediately following such liquidation, dissolution, sale or other disposition, (i) more than 80% of, respectively, the then outstanding shares of common stock of such cor­poration and the combined voting power of the then out­standing voting securities of such corporation entitled to vote generally in the election of directors is then Bene­fi­cially Owned by all or substantially all of the Persons who were the Beneficial Owners, respec­tively, of the Common Stock and Voting Securities outstanding immedi­ately prior to such sale or other disposition in substan­tially the same proportion as their ownership, immedi­ately prior to such sale or other disposition, of such Common Stock and Voting Securities, as the case may be, (ii) less than 20% of, respectively, the then out­standing shares of common stock of such corporation and the com­bined voting power of the then outstanding voting securi­ties of such corporation entitled to vote generally in the election of directors is then Beneficially Owned by any Person (other than any Person who is not an Acquiring Person), and (iii) at least a majority of the members of the board of directors of such corporation are Continuing Directors immedi­ately following such sale or disposition.

For purposes of the definition of Change of Control, the terms Acquiring Person, Beneficial Owner, Company, Continuing Director, and Person shall have the same definitions given them in the Amended and Restate Rights Agreement between Tredegar Corporation and National City Bank, dated as of June 30, 2009, as amended.

 

  

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(c)           Normal Retirement means the voluntary separation by the Participant from the employment of the Company or an Affiliate on or after the date the Participant has reached age sixty-five.

9.             Withholding.  The Participant shall pay the Company any amount of taxes as may be necessary in the opinion of the Company to satisfy tax withholding required under the laws of any country, state, province, city or other jurisdiction, including but not limited to income taxes, capital gains taxes, transfer taxes, and social security contributions.  In lieu thereof, the Company shall have the right to retain, from the shares of Common Stock to be issued under Section 4, the number of shares of Common Stock with Fair Market Value equal to the minimum amount required to be withheld.  In any event, the Company shall have the right to deduct from all amounts paid to a Participant in cash (whether under the Plan or otherwise) any taxes required to be withheld.

10.           No Right to Continued Employment.  The award of the Stock Units does not give Participant any right with respect to continuance of employment by the Company or an Affiliate, nor shall it interfere in any way with the right of the Company or an Affiliate to terminate his or her employment at any time.

11.           Change in Capital Structure.  The number of Stock Units and the performance criteria in Section 2 shall be adjusted as the Committee determines is equitably required in the event the Company effects one or more stock dividends, stock split-ups subdivisions or consolidations of shares, other similar changes in capitalization or such other events as are described in the Plan or if the Company effects a significant sale or disposition of assets or operations on or before December 31, 2012, or if the Company completes a significant acquisition of assets or operations on or before December 31, 2012.  In consideration of receiving this Stock Unit Award, Participant also agrees that the terms and conditions of other outstanding Plan awards may be adjusted as the Committee determines is equitably required or appropriate in the event the Company, on or before December 31, 2012 effects or completes a change in capitalization or a transaction described in the preceding sentence.

12.           Governing Law.  These Terms and Conditions and the Grant Notice shall be governed by the laws of the Commonwealth of Virginia.

13.           Conflicts.  In the event of any conflict between the provisions of the Plan as in effect on the Date of Grant and the provisions of these Terms and Conditions or the Grant Notice, the provisions of the Plan shall govern.  All references herein to the Plan shall mean the plan as in effect on the Date of Grant.

14.           Participant Bound by Plan.  Participant hereby acknowledges that a copy of the Plan has been made available to him or her and agrees to be bound by all the terms and provisions of the Plan.

15.           Binding Effect.  Subject to the limitations stated above and in the Plan, these Terms and Conditions and the Grant Notice shall be binding upon Participant and his or her successors in interest and the successors of the Company.

 

 

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