Document:

EX-10.1

Exhibit 10.1 

REORGANIZATION
AND DISTRIBUTION

AGREEMENT

BY AND
BETWEEN

ETHYL
CORPORATION

AND

TREDEGAR
INDUSTRIES, INC.

 

 

REORGANIZATION
AND
DISTRIBUTION
AGREEMENT

        REORGANIZATION
AND DISTRIBUTION AGREEMENT, dated as of June 1, 1989, by and between ETHYL CORPORATION, a
Virginia corporation (“Ethyl”), and its wholly owned subsidiary, TREDEGAR
INDUSTRIES, INC., a Virginia corporation (“Tredegar”).  

        WHEREAS,
the Ethyl Board has determined it is appropriate and desirable to separate Ethyl and
certain of its divisions and subsidiaries into two companies by consolidating the
plastics, aluminum and energy businesses currently conducted by its VisQueen Division and
certain subsidiaries into Tredegar and distributing all outstanding shares of Tredegar
Common Stock on a pro rata basis to the holders of Ethyl Common Stock; and  

        WHEREAS,
Ethyl and Tredegar have determined that it is necessary and desirable to set forth the
principal corporate transactions required to effect such separation and such distribution
and to set forth other agreements that will govern certain other matters following such
distribution.  

        NOW,
THEREFORE, in consideration of the mutual agreements, provisions and covenants contained
in this Agreement, the parties hereby agree as follows:  

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ARTICLE I

DEFINITIONS

        Section
1.01 General. As used in this Agreement and the Ancillary Agreements, the following terms
shall have the following meanings (such meanings to be equally applicable to both the
singular and plural forms of the terms defined):  

        Action:
any action, suit, arbitration, inquiry, proceeding or investigation by or before any
court, any governmental or other regulatory or administrative agency or commission or any
arbitration tribunal.  

        Affiliate:
as defined in Rule 405 promulgated under the Securities Act of 1933, as such Rule is in
effect on the date hereof.  

        Ancillary
Agreements: all of the agreements, instruments, understandings, assignments or other
arrangements entered into in connection with the transactions contemplated hereby,
including, without limitation, the Conveyancing and Assumption Instruments, the Benefits
Agreement, the Master Services Agreement, the Credit Agreement, the Tax Sharing
Agreement, and the Indemnification Agreement.  

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        Benefits
Agreement: the Employee Benefits Agreement dated as of the date of this Agreement
between Ethyl and Tredegar, a copy of which is attached hereto as Exhibit A.  

        Code:
the Internal Revenue Code of 1986, as amended, or any successor legislation.  

        Commission:
the Securities Exchange Commission.  

        Conveyancing
and Assumption Instruments: collectively, the various agreements, instruments and other
documents, in form and substance mutually satisfactory to Ethyl and Tredegar, to be
entered into effect the transfer of assets and the assumption of Liabilities in the
manner contemplated by this Agreement and other Ancillary Agreements.  

        Credit
Agreement: the Credit agreement pursuant to which Tredegar will, prior to the
Distribution Date, borrow funds for the payment of the amounts contemplated by Section
2.01(a) and for working capital requirements after the Distribution.  

        Distribution:
the distribution to holders of Ethyl Common Stock pursuant to Section 4.03 of the shares
of Tredegar Common Stock owned by Ethyl on the Distribution Date, less fractional shares
allocable to such holders.  

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        Distribution
Agent: the distribution agent for the shareholders of Ethyl, as appointed by Ethyl, to
distribute shares of Tredegar Common Stock pursuant to the Distribution.  

        Distribution
Date: the close of business on the date determined by the Ethyl Board as of which the
Distribution shall be affected.  

        Ethyl
Board: the Board of Directors of Ethyl.  

        Ethyl
Businesses: the businesses, assets and operations of Ethyl and the Ethyl Subsidiaries as
heretofore, currently or hereafter conducted (other than such businesses, assets,
operations and subsidiaries as will become part of the Tredegar Businesses hereunder),
including, without limitation, all businesses, assets or operations managed or operated
by, or operationally related to, any of such businesses, that have been sold or otherwise
disposed of or discontinued prior to the Distribution Date.  

        Ethyl
Common Stock: the Common Stock, par value $1.00 per share, of Ethyl.  

        Ethyl
Liabilities: all of (i) the Liabilities of Ethyl under this Agreement or any of the
Ancillary Agreements to which  

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Ethyl is or becomes a party, and
(ii) the Liabilities relating to any of the Ethyl Businesses. 

        Ethyl
Policies: all insurance policies or binders held by or on behalf of, or providing
coverage for, Ethyl (which coverage includes the Ethyl Subsidiaries, Tredegar and the
Tredegar Subsidiaries for periods prior to the Distribution Date) or any director,
officer or other employee thereof.  

        Ethyl
Subsidiary: any subsidiary of Ethyl other than Tredegar or any Tredegar Subsidiary.  

        Exchange
Act: the Securities Exchange Act of 1934, as amended.  

        Exchange
Ratio: the ratio of one share of Tredegar Common Stock for every ten shares of Ethyl
Common Stock or such other ratio determined by Ethyl and Tredegar to be the number of
shares (or fraction of a share) of Tredegar Common Stock to be distributed in the
Distribution for each share of Ethyl Common Stock.  

        Form
10: the registration statement on Form 10 to be filed by Tredegar with the Commission to
effect the registration of the Tredegar Common Stock pursuant to the Exchange Act.  

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        Information:
records, books, contracts, instruments, computer data and other data and information.  

        Indemnification
Agreement: the Indemnification Agreement, dated as of the date of this Agreement,
between Ethyl and Tredegar, a copy of which is attached hereto as Exhibit E.  

        Information
Statement: the information statement to be sent to the holders of Ethyl Common Stock in
connection with the Distribution in substantially the form attached hereto as Exhibit G.  

        IRS:
the Internal Revenue Service.  

        Liabilities:
any and all debts, liabilities and obligations, absolute or contingent, matured or not
matured, liquidated or unliquidated, accrued or unaccrued, known or unknown, whenever
arising (unless otherwise specified in this Agreement), including all costs and expenses
relating thereto, and including, without limitation, those debts, liabilities and
obligations arising under this Agreement, the Ancillary Agreements, any law, rule,
regulation, Action, threatened Action, order or consent decree of any governmental entity
or any award of any arbitrator of any kind, and those arising under any contract,
commitment or undertaking.  

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        Master
Services Agreement: the Master Services Agreement, dated as of the date of this
Agreement, between Ethyl and Tredegar, a copy of which is attached hereto as Exhibit F.  

        NYSE:
the New York Stock Exchange.  

        Record
Date: the close of business on June 30, 1989 or such later date as is determined by the
Ethyl Board or the Executive Committee of the Ethyl Board as the record date for the
Distribution.  

        Subsidiaries:
the term “subsidiaries” as used herein with respect to any entity shall,
unless otherwise indicated, be deemed to refer to both direct and indirect subsidiaries
of such entity.  

        Tax
Sharing Agreement: the Tax Sharing Agreement, dated as of the date hereof, between
Tredegar and Ethyl, a copy of which is attached hereto as Exhibit D.  

        Tredegar
Assets: collectively, all of the assets of Ethyl to be transferred to Tredegar
(including the capital stock of the Tredegar Subsidiaries that are presently first-tier
subsidiaries of Ethyl), as identified on Schedule I.  

        Tredegar
Board: the Board of Directors of Tredegar.  

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        Tredegar
Businesses: the businesses, assets and operations of Ethyl’s plastics, aluminum and
energy businesses, including, without limitation, those businesses heretofore, currently
or hereafter conducted by Ethyl’s VisQueen Division, Tredegar and the Tredegar
Subsidiaries, including, without limitation, all businesses, assets or operations managed
or operated by, or operationally related to, any of such businesses that have been sold
or otherwise disposed of or discontinued prior to the Distribution Date.  

        Tredegar
By-Laws: the By-Laws of Tredegar, substantially in the form of Exhibit B, to be in
effect at the Distribution Date.  

        Tredegar
Charter: the Restated and Amended Articles of Incorporation of Tredegar, substantially
in the form of Exhibit C, to be in effect at the Distribution Date.  

        Tredegar
Common Stock: the Common Stock of Tredegar.  

        Tredegar
Employee: any individual who, on or immediately prior to the Distribution Date, was
employed by Ethyl or any of its subsidiaries and who, on or after the Distribution Date,
or otherwise in connection with the Distribution, is employed by Tredegar or a Tredegar
Subsidiary or in a Tredegar Business.  

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        Tredegar
Liabilities: all of (i) the Liabilities of Tredegar under this Agreement or any of the
Ancillary Agreements to which Tredegar is or becomes a party, and (ii) the Liabilities
relating to any of the Tredegar Businesses.  

        Tredegar
Policies: all insurance policies or binders held by or on behalf of Tredegar or the
Tredegar Subsidiaries or any director, officer or other employee thereof.  

        Tredegar
Subsidiary: each subsidiary of Ethyl listed on Schedule 1.01 that effective as of June
1, 1989, or otherwise in connection with the Distribution, will be or is contemplated to
be a subsidiary of Tredegar.  

        Section
1.02 Exhibits, Etc. Reference to an “Exhibit” or to a “Schedule” are,
unless otherwise specified, to one of the Exhibits or Schedules attached to this
Agreement, and references to a “Section” are, unless otherwise specified, to
one of the Sections of this Agreement.  

ARTICLE II

REORGANIZATION AND
RELATED TRANSACTIONS

        Section
2.01 Financing.  

        
        (a)
Dividend Payment. In addition to cash dividends regularly paid to Ethyl by the
Tredegar Subsidiaries, in   

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connection with the Distribution and
not later than the Distribution Date Tredegar shall pay in the form of an additional cash
dividend to Ethyl an aggregate of $100 million, which funds Ethyl shall pay to New York
Life Insurance Company, The Prudential Life Insurance Company of America, The Equitable
Life Assurance Society of the United States and The Northwestern Mutual Life Insurance
Company (collectively, the “Insurance Companies”) on October 1, 1989 in partial
satisfaction of Ethyl’s indebtedness to the Insurance Companies, which is due on
that date. The funds to be paid by Ethyl to the Insurance Companies shall be segregated
from Ethyl’s other assets until such payments. 

        
        (b)
Elimination of Intercompany Accounts as of the Distribution Date. All intercompany
receivables, payables and loans in existence as of the Distribution Date between Tredegar
and the Tredegar Subsidiaries, on the one hand, and Ethyl and the Ethyl Subsidiaries, on
the other hand, shall be eliminated, as of the Distribution Date, by dividend, return of
capital or capital contributions, as appropriate. All such dividends, returns of capital,
and capital contributions shall be made to Ethyl or Tredegar, as appropriate.  

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        (c)
Cash Management and Intercompany Accounts After the Distribution Date. Ethyl and
Tredegar shall establish and maintain a separate cash management system with respect to
the Tredegar Businesses effective immediately after the Distribution Date. Thereafter,
(i) any payments by Ethyl or an Ethyl Subsidiary on behalf of Tredegar or a Tredegar
Subsidiary or otherwise, in connection with the Tredegar Businesses or the Tredegar
Employees (including, without limitation, any such payments in respect of Liabilities or
other obligations of Tredegar or a Tredegar Subsidiary under the Profits Agreement) shall
be recorded in the accounts of Ethyl as a receivable from Tredegar to Ethyl; and any
payments by Tredegar or a Tredegar Subsidiary on behalf of Ethyl or an Ethyl Subsidiary
or otherwise, in connection with businesses other than Tredegar Businesses or in
connection with employees other than Tredegar Employees (including, without limitation
any such payments in respect to Liabilities or other obligations of Ethyl or an Ethyl
Subsidiary under the Benefits Agreement) shall be recorded in the accounts of Tredegar as
a receivable from Ethyl to Tredegar. After the Distribution Date, checks payable to
Tredegar or a Tredegar Subsidiary, but received by Ethyl or an Ethyl Subsidiary, will
be forwarded promptly to Tredegar. Checks payable to Ethyl or an Ethyl Subsidiary, but
received by   

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Tredegar or a Tredegar Subsidiary, will be forwarded promptly to Ethyl. The
proceeds of checks payable to, and received by, Ethyl or an Ethyl Subsidiary but for the
benefit of a Tredegar Business, shall be remitted promptly to Tredegar. The proceeds of
checks payable to, and received by, Tredegar or a Tredegar Subsidiary, but for the
benefit of an Ethyl Business, shall be remitted promptly to Ethyl. 

        Section
2.02 Reorganization of Operations.  

        
        (a)
Transfer of Tredegar Assets. Ethyl shall transfer to Tredegar in accordance with
Section 2.05 all of Ethyl’s right, title and interest in the Tredegar assets.  

        
        (b)
Issuance of Tredegar Common Stock. Tredegar shall issue to Ethyl, prior to the
Distribution Date, a number of shares of Tredegar Common Stock determined by multiplying
the number of shares of Ethyl Common Stock outstanding on the Record Date by the Exchange
Ratio and rounding up to the nearest share, reduced by the number of shares of Tredegar
Common Stock then held by Ethyl.  

        Section
2.03 Transfers Not Effected Prior to the Distribution; Transfers Deemed Effective as of
the Distribution Date. To the extent that any transfers and assumptions   

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contemplated by this Article II and
Article III shall not have been consummated prior to the Distribution Date, the parties
shall cooperate to effect such transfers as promptly following the Distribution Date as
shall be practicable, it nonetheless being agreed and understood by the parties that
neither party shall be liable in any manner to the other party for any failure of any of
the transfers contemplated by this Article II or Article III to be consummated prior to
the Distribution Date. Nothing herein shall be deemed to require the transfer of any
assets or the assumption of any Liabilities which by their terms or operation of law
cannot be transferred or assumed; provided, however, that Ethyl and Tredegar and their
respective subsidiaries shall cooperate to seek to obtain all necessary consents and
approvals for the transfer of all assets and Liabilities contemplated to be transferred
pursuant to this Article II and Article III. In the event that any such transfer of
assets or Liabilities has not been consummated, effective as of and after the
Distribution Date, the party retaining such asset or Liability shall thereafter hold such
asset for the party entitled thereto (at the expense of the party entitled thereto) and
retain such Liability for the account of the party by whom such Liability is to be
assumed, and take such other action as may be reasonably requested by the party to whom
such   

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asset is to be transferred, or by
whom such Liability is to be assumed, as the case may be, in order to place such party
insofar as reasonably possible, in the same position as would have existed had such asset
or Liability been transferred as of the Distribution Date. As and when any such asset or
Liability becomes transferable, such transfer immediately shall be effected. The parties
agree that, as of the Distribution Date, each party hereto shall be deemed to have
assumed in accordance with the terms of this Agreement and the Ancillary Agreements all
of the Liabilities, and all duties, obligations and responsibilities incident thereto,
which such party is required to assume pursuant to the terms hereof and thereof.  

        Section
2.04 No Representations or Warranties; Consents. Each party hereto understands and agrees
that neither party hereto is, in this Agreement or in any other agreement or document
contemplated by this Agreement or otherwise, representing or warranting in any way (i) as
to the value or freedom from encumbrance of, or any other matter concerning, any assets
of such party or (ii) as to the legal sufficiency to convey title to any asset or the
execution, delivery and filing of this Agreement or any Ancillary Agreement, including,
without limitation, any Conveyancing or Assumption Instruments, it being  

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agreed and understood that all such
assets are being transferred “as is, where is” and that the party to which such
assets are to be transferred hereunder shall bear the economic and legal risk that any
conveyances of such assets shall prove to be insufficient or that such party or any of
its subsidiaries’ title to any such assets shall be other than good and marketable
and free from encumbrances. Similarly, each party hereto understands and agrees that
neither party hereto is, in this Agreement or in any other agreement or document
contemplated by this Agreement or otherwise, representing or warranting in any way that
the obtaining of any consents or approvals, the execution and delivery of any amendatory
agreements and the making of any filings or applications contemplated by this Agreement
will satisfy the provisions of any or all applicable laws or judgments, it being agreed
and understood that the party to which any assets are transferred shall bear the economic
and legal risk that any necessary consents or approvals are not obtained or that any
requirements of law or judgments are not complied with. Notwithstanding the foregoing,
the parties shall use reasonable efforts to obtain all consents and approvals to enter
into all amendatory agreements and to make all filings and applications that may be
required for the consummation of the transactions contemplated by this Agreement,
including, without   

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limitation, all applicable
regulatory filings or consents under federal or state environmental laws and the
consents, approvals, agreements, filings and applications specified in Schedule 2.04.  

        Section
2.05 Conveyancing and Assumption Instruments. In connection with the transfers of assets
other than capital stock and the assumptions of Liabilities contemplated by this
Agreement, the parties shall execute or cause to be executed by the appropriate entities
the Conveyancing and Assumption Instruments in such forms as the parties shall agree. The
transfer of capital stock shall be effected by means of delivery of stock certificates and
executed stock powers and notation on the stock record books of the corporation or other
legal entity involved and, to the extent required by applicable law, by notation on public
registries.  

ARTICLE III

ASSUMPTION AND
SATISFACTION OF LIABILITIES

        Section
3.01 Liabilities. Except as provided in the Ancillary Agreements and in the Exhibits
hereto, Tredegar shall assume, pay, perform and discharge in accordance with their terms
all Tredegar Liabilities, whether heretofore or hereafter arising or incurred, and Ethyl
shall pay, perform and discharge  

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in accordance with their terms all
Ethyl Liabilities, whether heretofore or hereafter arising or incurred. 

ARTICLE IV

THE DISTRIBUTION

        Section
4.01 Cooperation Prior to the Distribution.  

        
        (a)
      Ethyl and Tredegar shall prepare, and Ethyl shall mail to the holders of Ethyl
Common Stock as of the Record Date, the Information Statement, which shall set forth
appropriate disclosure concerning Tredegar, the Distribution and any other matters. Ethyl
and Tredegar shall also prepare, and Tredegar shall file with the Commission, the Form
10, which shall include or incorporate by reference the Information Statement. Ethyl and
Tredegar shall use reasonable efforts to cause the Form 10 to become effective under the
Exchange Act.  

        
        (b)
      Ethyl and Tredegar shall cooperate in preparing, filing with the Commission and
causing to become effective any registration statements or amendments thereof which are
appropriate to reflect the establishment of or amendments to any employee benefit and
other plans contemplated by the Benefits Agreement.  

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        (c)
      Ethyl and Tredegar shall take all such action as may be necessary or appropriate
under the securities or blue sky laws of states or other political subdivisions of the
United States in connection with the transactions contemplated by this Agreement and the
Ancillary Agreements.  

        
        (d)
      Tredegar shall prepare, and Tredegar shall file and pursue, an application to
permit listing of the Tredegar Common Stock on the NYSE.  

        Section
4.02 Ethyl Board Action; Conditions Precedent to the Distribution. The Ethyl Board shall,
in its discretion, establish the Record Date and the Distribution Date and any
appropriate procedures in connection with the Distribution. In no event shall the
Distribution occur (i) if at the Distribution Date the ruling from the IRS as heretofore
received by Ethyl and dated May 4, 1989 (the “Ruling”) shall not be in full
force and effect, or shall have been modified or amended in any respect adversely
affecting the tax consequences set forth in the Ruling or (ii) prior to such time as the
following conditions shall have been satisfied:  

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        (i)
 the transactions contemplated by Sections 2.01 and 2.02 shall have been consummated in
all material respects; 

        
        
        (ii)
 the Tredegar Common Stock shall have been approved for listing on the NYSE subject to
official notice of issuance. 

        
        
        (iii)
 the Tredegar Board, comprised as contemplated by Section 6.01, shall have been elected
by Ethyl, as sole shareholder of Tredegar, and the Tredegar Charter and Tredegar By-Laws
shall have been adopted and shall be in effect; and  

        
        
        (iv)
 the Form 10 shall have been declared effective by the Commission or become effective
under the Exchange Act; 

provided, however, that the
satisfaction of such conditions shall not create any obligation on the part of Ethyl or
any other party hereto to effect the Distribution or in any way limit Ethyl’s power
of termination set forth in Section 9.08 or alter the consequences of any such termination
from those specified in such Section.  

        Section
4.03 The Distribution. On the Distribution Date, subject to the conditions and rights of
termination set forth in this Agreement, Ethyl shall deliver to the Distribution Agent a 

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certificate representing all of the
then outstanding shares of Tredegar Common Stock held by Ethyl and shall instruct the
Distribution Agent to distribute, as soon as practicable following the Distribution Date,
certificates representing such Tredegar Common Stock, and cash in lieu of fractional
shares calculated in accordance with Section 4.04, to holders of record of Ethyl Common
Stock on the Record Date. Tredegar agrees to provide all certificates that the
Distribution Agent shall require in order to effect the Distribution.  

        Section
4.04 Fractional Shares. The Distribution Agent shall be directed to determine the number
of whole shares and fractional shares of Tredegar Common Stock allocable to each holder of
record of Ethyl Common Stock as of the close of business on the Record Date who is not a
participant in Ethyl’s Dividend Reinvestment Plan. The Distribution Agent shall also
determine the number of whole shares and fractional shares of Tredegar Common Stock
allocable to each participant in Ethyl’s Dividend Reinvestment Plan based upon the
aggregate number of shares of Ethyl Common Stock credited to such participant’s
account under such plan and any additional shares of Ethyl Common Stock held in such
participant’s name as of the close of business on the Record Date. Upon the
Distribution Agent’s  

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determination of the aggregate
number of such fractional shares, Tredegar shall purchase from the Distribution Agent,
acting on behalf of the holders thereof, all of such fractional shares at a per share
price equal to the average closing price of one share of Tredegar Common Stock on the
NYSE on the tenth through the twentieth trading days after the initiation of regular way
settlement trading of Tredegar Common Stock on the NYSE.  

ARTICLE V

INDEMNIFICATION

        Prior
to the Distribution Date, the parties shall execute and deliver to each other the
Indemnification Agreement in the form attached hereto as Exhibit E. 

ARTICLE VI

CERTAIN ADDITIONAL
MATTERS

        Section
6.01 The Tredegar Board. Tredegar and Ethyl shall take all actions that may be
required to elect or otherwise appoint, as of the Distribution Date, the following
persons as directors of Tredegar: Richard W. Goodrum, Bruce C. Gottwald, Floyd D.
Gottwald, Jr., John D. Gottwald, Andre B. Lacy, James F. Miller, Emmett J. Rice, W.
Thomas Rice and Norman A. Scher.  

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        Section
6.02 Resignations. Tredegar shall cause all Tredegar Employees to resign, effective as of
the Distribution Date, from all boards of directors or similar governing bodies of Ethyl
or any Ethyl Subsidiary on which they serve, and from all positions as officers of Ethyl
or any Ethyl Subsidiary in which they serve. Ethyl shall cause all of its and its
subsidiaries employees and directors to resign effective as of the Distribution Date from
all boards of directors or similar governing bodies of Tredegar or any Tredegar Subsidiary
on which they serve, and from all positions as officers of Tredegar or any Tredegar
Subsidiary in which they serve (other than Tredegar Employees and those directors of Ethyl
who will continue to serve as directors of Tredegar pursuant to Section 6.01).  

        Section
6.03 Tredegar Charter and By-Laws. Prior to the Distribution Date, the restatement and
amendment of the Tredegar Charter and the amended Tredegar By-Laws shall have been adopted
and the restatement and amendment of the Tredegar Charter shall have been made effective
by the State Corporation Commission of the Commonwealth of Virginia.  

        Section
6.04 Certain Post-Distribution Transactions. Following the Distribution Date, Tredegar
shall, and shall cause each Tredegar Subsidiary to, (i) comply with each representation 

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and statement made, or to be made,
to any taxing authority in connection with any ruling obtained, or to be obtained, by
Ethyl and/or Ethyl and Tredegar acting together, from any such taxing authority with
respect to any transaction contemplated by this Agreement and (ii) take no action that
would jeopardize the tax-free status of the Distribution for federal income tax purposes.
In the event that during the three year period following the Distribution Date Tredegar
desires to restructure its business in a manner, or take any other action, that might
cause a material change in any such representation or statement, it must obtain the
advance written consent of Ethyl. Such consent shall not be unreasonably withheld if
Ethyl either receives a supplemental private letter ruling from the IRS or an opinion of
counsel satisfactory to Ethyl that such action does not affect adversely the tax-free
status of the Distribution. At Tredegar’s request and expense, Ethyl shall seek such
a ruling as expeditiously as practicable with the full participation of Tredegar,
provided that in Ethyl’s opinion (i) there is a reasonable basis for the ruling
requested and (ii) seeking such a ruling would not interfere with, or delay, any other
action Ethyl has pending or currently under consideration.  

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        Section
6.05 Use of Ethyl Name. Any existing printed material, signs or graphics displaying any
affiliation or connection of Tredegar or any Tredegar Subsidiary with Ethyl or an Ethyl
Subsidiary may be used by such Tredegar Subsidiary only so long as necessary but in no
event after the date more than six months after the Distribution Date. On and after the
Distribution Date, Tredegar and the Tredegar Subsidiaries shall not otherwise represent to
third parties that any of them is affiliated with Ethyl or an Ethyl Subsidiary. Promptly
following the Distribution Date, Tredegar shall cause the names of the Tredegar
Subsidiaries (Ethyl Molded Products Company, Ethyl Oil and Gas Corporation, Ethyl
Petroleum Corporation, Ethyl Properties, Inc. and Ethyl VisQueen Inc.) to be changed to
eliminate the word Ethyl from their names.  

ARTICLE VII

ACCESS TO
INFORMATION AND SERVICES

        Section
7.01 Provision of Corporate Records. Ethyl shall arrange as soon as practicable following
the Distribution Date for the transportation at Tredegar’s cost to Tredegar of
existing corporate records in its possession relating to the Tredegar Businesses. Such
records shall be the property of Tredegar, but shall be available to Ethyl for review and 

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duplication until Ethyl shall notify
Tredegar in writing that such records are no longer of use to Ethyl.  

        Section
7.02 Access to Information. From and after the Distribution Date, each party hereto shall
afford to the other party and the other party’s authorized accountants, counsel and
other designated representatives reasonable access (including using reasonable efforts to
give access to persons or firms possessing information) and duplicating rights during
normal business hours to all Information within such party’s possession relating to
the other party’s businesses, insofar as such access is reasonably required by the
other party.  

        Section
7.03 Provision of Services. In addition to any services contemplated to be provided
following the Distribution Date by the Master Services Agreement or any subsidiary
agreement thereto or any other Ancillary Agreement, each party shall make available to the
other party during normal business hours and in a manner that will not unreasonably
interfere with such party’s business, its financial, tax, accounting, legal, employee
benefits and similar staff and services (collectively “Services”) whenever and
to the extent that they may be reasonably required in connection with the preparation of
tax returns, audits, claims, litigation or administration of  

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employee benefit plans, and
otherwise to assist in effecting an orderly transition following the Distribution.  

        Section
7.04 Reimbursement. Except to the extent otherwise contemplated by the Master Services
Agreement or any other Ancillary Agreement, a party providing Information or Services to
the other party under this Article VII shall be entitled to receive from the recipient,
upon the presentation of invoices therefor, payments for such amounts, relating to
supplies, disbursements and other expenses, as may be reasonably incurred in providing
such Information or Services.  

        Section
7.05 Retention of Records. Except as otherwise required by law or agreed to in writing,
each party shall retain, and shall cause its subsidiaries to retain, all Information
relating to the other party (not transferred to such other party) and the other
party’s subsidiaries to the same extent as such party retains Information relating to
such party and its subsidiaries.  

        Section
7.06 Confidentiality. To the extent it can reasonably do so, each of Ethyl and the Ethyl
Subsidiaries on the one hand, and Tredegar and the Tredegar Subsidiaries on the other
hand, shall hold, and shall cause its consultants and  

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advisors to hold, in strict
confidence, all Information concerning the other in its possession or furnished by the
other or the other’s representatives pursuant to this Agreement (except to the
extent that such Information has been (a) in the public domain through no fault of such
party or (b) later lawfully acquired from other sources by such party), and each party
shall not release or disclose such Information to any other person, except its auditors,
attorneys, financial advisors, bankers and other consultants and advisors, unless
compelled to disclose by judicial or administrative process or, as advised by its
counsel, by other requirements of law.  

ARTICLE VIII

INSURANCE

        Section
8.01 Claims and Insurance Policies. The parties agree that (i) where any Tredegar
Liability is specifically covered under an Ethyl Policy, then Tredegar may claim under
such Policy as and to the extent such coverage is available; and (ii) where any Ethyl
Liability is specifically covered under a Tredegar Policy, then Ethyl may claim under such
Policy as and to the extent such coverage is available. Ethyl, for Ethyl Liabilities, and
Tredegar, for Tredegar Liabilities, each shall bear and be responsible for any deductible
or retention or  

-27- 

 

obligation to indemnify any
insurance carrier relating to any claims for which such party has coverage. Ethyl’s
designated insurance representatives will continue to manage all claims made under the
Ethyl Policies in accordance with Ethyl’s customary practices. Tredegar’s
designated insurance representatives will manage all claims made under the Tredegar
Policies. As to claims made by one party covered by insurance policies of the other
party, each party shall, and shall cause each of its Affiliates to, cooperate fully with
the other party and the other party’s designated insurance representatives,
including providing necessary documentation, assistance and, where appropriate,
testimony.  

ARTICLE IX

MISCELLANEOUS

        Section
9.01 Complete Agreement; Construction. This Agreement, including the Schedules and
Exhibits and the Ancillary Agreements and other agreements and documents referred to
herein, shall constitute the entire agreement among the parties with respect to the
subject matter hereof and shall supersede all previous negotiations, commitments and
writings with respect to such subject matter. Notwithstanding any other provisions in this
Agreement to the contrary, in the event and  

-28- 

 

to the extent that there shall be a
conflict between the provisions of this Agreement and the provisions of any Conveyancing
and Assumption Instrument or other instrument of assumption, the Benefits Agreement, the
Tax Sharing Agreement, the Indemnification Agreement or the Master Services Agreement,
the provisions of the Conveyancing and Assumption Instrument or other instrument of
assumption, the Benefits Agreement, the Tax Sharing Agreement, the Indemnification
Agreement or the Master Services Agreement, as the case may be, shall control.  

        Section
9.02 Survival of Agreements. Except as otherwise contemplated by this Agreement and the
Ancillary Agreements, all covenants and agreements of the parties contained in this
Agreement and in the Ancillary Agreements shall survive the Distribution Date.  

        Section
9.03 Expense. Except as otherwise set forth in this Agreement or any Ancillary Agreement,
each party shall bear its own costs and expenses in connection with the preparation,
execution, delivery and implementation of this Agreement and the Ancillary Agreements and
with the consummation of the transactions contemplated by this Agreement and the Ancillary
Agreements. Notwithstanding the provisions of Section 2.01(b) of this Agreement, to the
extent Ethyl pays expenses  

-29- 

 

appropriately assignable to the
organization of Tredegar and the transfers contemplated by this Agreement, such payment
shall constitute a loan from Ethyl to Tredegar, which loan Tredegar shall repay to Ethyl
upon written demand.  

        Section
9.04 Governing Law. This Agreement and the Ancillary Agreements shall be governed by and
construed in accordance with the laws of the Commonwealth of Virginia, without regard to
the principles of conflicts of laws thereof.  

        Section
9.05 Notices. All notices and other communications hereunder and under any of the
Ancillary Agreements shall be in writing and shall be delivered by hand or mailed by
registered or certified mail (return receipt requested) to the parties at the following
addresses (or at such other addresses for a party as shall be specified by like notice)
and shall be deemed given on the date on which such notice is received:  

	                	to Ethyl:
      

      

               Ethyl Corporation
      

               330 South Fourth Street
      

               Richmond, Virginia
      23219 

               Attention: Chief Financial
      Officer

      

      to Tredegar: 

      

               Tredegar Industries,
      Inc.

	        	until September
      30, 1989:

      

      701 East Byrd Street 

      Richmond, Virginia 23219 

      	              	after September
      30, 1989:

      

      1100 Boulders Parkway 

      Richmond, Virginia 23225 
	  			
	Attention:  President

-30- 

 

        Section
9.06 Amendments. This Agreement and the Ancillary Agreements may not be modified
or amended except by an agreement in writing signed by the parties.  

        Section
9.07 Successors and Assigns. This Agreement and the Ancillary Agreements and all of the
provisions hereof and thereof shall be binding upon and inure to the benefit of the
parties and their respective successors and assigns.  

        Section
9.08 Termination. The Distribution may be abandoned at any time prior to the Distribution
Date by and in the sole discretion of the Ethyl Board without the approval of Tredegar or
of Ethyl’s shareholders. In the event of the Distribution is abandoned at any time
prior to the Distribution Date, this Agreement and the Ancillary Agreements shall be
terminated. In the event of such termination, neither party shall have any liability of
any kind to any other party.  

        Section
9.09 Subsidiaries. Each of the parties hereto shall cause to be performed, and hereby
guarantees the  

-31- 

 

performance of, all actions,
agreements and obligations set forth herein to be performed by any subsidiary of such
party that is contemplated by this Agreement and the Ancillary Agreements to be a
subsidiary of such party on and after the Distribution Date.  

        Section
9.10 No Third Party Beneficiaries. Except for the provisions of the Indemnification
Agreement relating to Indemnitees (as defined therein) and Section 9.07 of this Agreement,
this Agreement and the Ancillary Agreements are solely for the benefit of the parties
hereto and their respective subsidiaries and their Affiliates and shall not be deemed to
confer upon third parties any remedy, claim, Liability, reimbursement, claim of action or
other right.  

        Section
9.11 Titles and Headings. Titles and headings to sections herein are inserted for the
convenience of reference only and are not intended to be part of or to affect the meaning
or interpretation of this Agreement and the Ancillary Agreements.  

        Section
9.12 Exhibits and Schedules. The Exhibits and Schedules shall be construed with and as an
integral part of  

-32- 

 

this Agreement and the Ancillary
Agreements to the same extent as if the same had been set forth verbatim herein.  

        IN
WITNESS WHEREOF, Ethyl and Tredegar have caused this Agreement to be duly executed by
their respective officers, each of whom is duly authorized, as of the day and year first
above written. 

			ETHYL CORPORATION

By: /s/ E. Whitehead Elmore
       ——————————————

       E. Whitehead Elmore
       Vice President, Secretary

       and General Counsel

			TREDEGAR INDUSTRIES, INC.

By: /s/ John D. Gottwald
       ——————————————

       John D. Gottwald
       President

-33- 

 

	 	
EXHIBITS  

	 	                   A. 	Benefits
Agreement 

	 	                   B. 	Tredegar
By-Laws 

	 	                   C. 	Tredegar
Charter 

	 	                   D. 	Tax
Sharing Agreement 

	 	                   E. 	Indemnification
Agreement 

	 	                   F. 	Master
Services Agreement 

	 	                   G. 	Information
Statement 

	 	
SCHEDULES  

	 	                   I. 	Tredegar
Assets 

	 	                   1.01 	Tredegar
Subsidiaries 

-34- 

 

	 	
Exhibit
A - Benefits Agreement included in this Record Volume under Tab 36 

	 	
Exhibit
B - Tredegar By-Laws included in this Record Volume under Tab 22 

	 	
Exhibit
C - Tredegar Charter included in this Record Volume under Tab 17 

	 	
Exhibit
D - Tax Sharing Agreement included in this Record Volume under Tab 37 

	 	
Exhibit
E - Indemnification Agreement included in this Record Volume under Tab 35 

	 	
Exhibit
F - Master Services Agreement included in this Record Volume under Tab 38 

	 	
Exhibit
G - Information Statement included in this Record Volume under Tab 66 

 

 

SCHEDULE I

THE TREDEGAR
ASSETS

1.         All of Ethyl’s
right, titles and interest in the personal property listed on Exhibit A attached hereto. 

2.         All of Ethyl’s
right, title and interest in the personal property listed on Exhibit B attached hereto. 

3.         All of Ethyl’s
right, title, and interest in the personal property listed on Exhibit C attached hereto. 

4.         All of Ethyl’s
right, title and interest in the contracts and agreements listed on Exhibit D attached
hereto. 

5. All of Ethyl’s right, title
and interest in the real property described in the property descriptions attached hereto
as Exhibits E-1 through E-7.  

6. All of Ethyl’s right, title
and interest in and to (i) the letters Patent of the United States listed on Exhibit F
attached hereto, (ii) the inventions claimed therein, (iii) any and all claims for
damages and profits by reason of past infringement thereof and (iv) the right to sue
therefor.  

7. All of Ethyl’s right, title
and interest in and to the application for Letters Patent of the United States listed on
Exhibit G attached hereto. The inventions claimed in such   

 

 

Applications for letters Patent and
all United States letters Patent issuing from such applications.  

8. All of Ethyl’s right, title
and interest in and to the trademarks and United States registrations thereof listed on
Exhibit H attached hereto, together with the goodwill of the business in connection with
which such marks are used. 

9. All of Ethyl’s right, title
and interest in and to (i) the foreign patents and patent applications listed on Exhibit I
attached hereto, (ii) the inventions claimed therein, (iii) any and all claims for damages
and profits by reason of past infringement thereof and (iv) the right to sue therefor. 

10. All of Ethyl’s right, title
and interest in and to the prospective patent applications docketed for possible
preparation and filing, which applications are listed by Ethyl’s case docketing
members on Exhibit J attached hereto and the inventories proposed to be covered thereby. 

11. All of Ethyl’s right, title
and interest in and to the trademark and the United States application for registration
thereof listed on Exhibit K attached hereto, together with the goodwill of the business in
connection with which such mark is used. 

-2- 

 

12. All of Ethyl’s right, title
and interest in and to the trademarks and state registrations thereof listed on Exhibit L
attached hereto, together with the goodwill in connection with which such marks are used. 

13. All of Ethyl’s right, title
and interest in and to the trademarks and foreign registrations and applications for
registration thereof listed on Exhibit M attached hereto, together with the goodwill of
the business in connection with which such marks are used. 

14. All of Ethyl’s right, title
and interest in and to the Conception Records listed on Exhibit N attached hereto and the
inventions, whether patentable or unpatentable, set forth therein. 

15.        All of Ethyl’s
rights and interests in and to the following leased real properties: 

	 	(a)	
The 20th Floor and portions of the 19th and 17th Floors of the Federal Reserve Building
located on Byrd Street, Richmond, Virginia, together with certain related parking;

	 	           (b) 	A
30,000 square foot warehouse building located on Old Hutchinson Mill Road in Troup
County, Georgia; and

-3- 

 

	 	           (c) 	Nos.
333 and 335 on the third floor in an office building located in Reed Hartman Corporate
Center at 10921 Reed                      Hartman Highway, Cincinnati, Ohio.

16.        All of Ethyl’s
right, title and interest in and to the oil and gas rights in the leases described in
Exhibit O attached hereto and any extensions or renewals thereof. 

-4-EX-10.2

Exhibit 10.2 

EMPLOYEE
BENEFITS AGREEMENT

BY AND
BETWEEN

ETHYL
CORPORATION

AND

TREDEGAR
INDUSTRIES, INC.

DATED AS OF
JUNE 1, 1989

 

 

TABLE OF CONTENTS

	  			Page
				
      

    
	  			
	RECITALS	 	
      	
      
	  			
	ARTICLE
      I	     	DEFINITIONS	
      
	  			
	                1.01	 	Agreement	1
	                1.02	 	ERISA	1
	                1.03	 	Ethyl
      Affiliate	1
	                1.04	 	Ethyl
      Bonus Plan	1
	                1.05	 	Ethyl
      Employee Plans	1
	                1.06	 	Ethyl
      RIP	2
	                1.07	 	Ethyl
      Savings Plan	2
	                1.08	 	Ethyl
      Stock Option Plan	2
	                1.09	 	Ethyl
      Welfare Plans	2
	                1.10	 	Hourly
      Pension Plans	2
	                1.11	 	PBGC	2
	                1.12	 	Reorganization
      Agreement	2
	                1.13	 	Transferred
      Employee	3
	                1.14	 	Tredegar
      Bonus Plan	3
	                1.15	 	Tredegar
      Employee	3
	                1.16	 	Tredegar
      Employee Plans	3
	                1.17	 	Tredegar
      ESOP	3
	                1.18	 	Tredegar
      RIP	3
	                1.19	 	Tredegar
      Savings Plan	4
	                1.20	 	Tredegar
      Stock Option Plan	4
	                1.21	 	Tredegar
      Welfare Plans	4
	                1.22	 	Visqueen
      Savings Plan	4
	  			
	ARTICLE
      II	 	EMPLOYEE
      BENEFIT PLANS QUALIFIED UNDER CODE SECTION 401(a) 

      	
	  			
	                 2.01	 	Tredegar
      RIP	5
	                 2.02	 	Hourly
      Pension Plans	10
	                 2.03	 	Tredegar
      Savings Plan	11
	                 2.04	 	Tredegar
      ESOP	14
	                 2.05	 	Visqueen
      Savings Plan	14
	  			
	ARTICLE
      III	 	EXECUTIVE
      AND INCENTIVE COMPENSATION PLANS	
      
	  			
	                 3.01	 	Tredegar
      Stock Option Plan	16
	                 3.02	 	Tredegar
      Bonus Plan	16

-i- 

 

TABLE OF CONTENTS

	  			Page
				
      

    
	ARTICLE
      IV	     	EMPLOYEE
      WELFARE BENEFIT PLANS	
      
	  			
	                 4.01	 	Tredegar
      Welfare Plans	19
	                 4.02	 	Welfare
      Benefit Liabilities	19
	                 4.03	 	Information	20
	  			
	ARTICLE
      V	 	ADMINISTRATION
      OF EMPLOYEE BENEFIT PLANS	
      
	  			
	                 5.01	 	Administrative
      Service	21
	                 5.02	 	Fiduciary
      Status	21
	  			
	ARTICLE
      VI	 	MISCELLANEOUS	
      
	  			
	                 6.01	 	Agreement;
      Construction	22
	                 6.02	 	Tredegar
      Subsidiaries’  Obligations	22
	                 6.03	 	Ethyl
      Affiliates’  Obligations	22
	                 6.04	 	Counterparts	22
	                 6.05	 	Amendment	23
	                 6.06	 	No
      Third Party Rights	23
	                 6.07	 	Governing
      Law	23
	                 6.08	 	Assignment	23
	                 6.09	 	Notices	24
	  			
	SIGNATURES	 	
      	
      
	  			
	EXHIBITS	 	
      	
      
	  			
	                 Exhibit
      I	Hourly
      Pension Plans

-ii- 

 

EMPLOYEE BENEFITS
AGREEMENT

                This
EMPLOYEE BENEFITS AGREEMENT,  dated as of June 1, 1989, is made by and between Ethyl
Corporation  (Ethyl), a Virginia corporation, and Tredegar Industries, Inc. (Tredegar), a
Virginia corporation. 

RECITALS

                WHEREAS,
Tredegar is a wholly owned subsidiary of Ethyl; and 

                WHEREAS,
 the  Ethyl  Board has  determined  that it is in the best  interests  of the
 shareholders  of Ethyl to distribute all of the issued and outstanding shares of
Tredegar common stock to the holders of Ethyl common stock; and 

                WHEREAS,
 contemporaneous  with the  execution  of this  Agreement,  Ethyl and  Tredegar  have
 entered  into the Reorganization Agreement which, among other things, describes certain
transactions that are required in order to effect such distribution and sets forth other
agreements that will govern certain other matters following the Distribution; and  

                WHEREAS,
 as result of the  Distribution,  Tredegar  and the Tredegar  Subsidiaries  will cease to
be eligible to maintain the Ethyl Employee Plans on behalf of the eligible employees of
Tredegar and the Tredegar Subsidiaries; and 

 

 

                WHEREAS,
 as a result of the  Distribution  and the terms of this  Agreement,  Tredegar  Employees
 will cease to accrue additional benefits under the Ethyl Employee Plans as of May 31,
1989, or June 30, 1989, as applicable; and  

                WHEREAS,
 Ethyl and Tredegar  desire to provide for the  establishment  of the Tredegar  Employee
 Plans,  and as provided in this Agreement, the allocation of assets and liabilities and
other matters between the Ethyl Employee Plans and the Tredegar Employee Plans.  

                NOW,
 THEREFORE,  in  consideration  of the  mutual  agreements,  provisions,  and  covenants
 contained  in this Agreement, Ethyl and Tredegar agree as follows:  

-2- 

 

ARTICLE I

Definitions

Terms used in this Agreement  shall
have the meanings  assigned to them in the  Reorganization  Agreement.  Terms that are
used in this Agreement and which are not defined in the Reorganization Agreement shall
have the meanings specified:  

1.01. Agreement means this Employee
Benefits Agreement, together with the Exhibit attached hereto, as the same may be amended
from time to time in accordance with the terms hereof.  

1.02. ERISA means the
Employee Retirement Income Security Act of 1974, as amended.  

1.03. Ethyl Affiliate means a
corporation or unincorporated business which, as of the Distribution Date, would be
treated as a single employer with Ethyl in accordance with Code section 414(b), 414(c) or
414(m).  

1.04. Ethyl Bonus Plan means the
unfunded bonus plan maintained by Ethyl on behalf of selected highly compensated or
management employees of Ethyl and Ethyl Affiliates.  

1.05. Ethyl Employee Plans means the
Ethyl Bonus Plan, the Ethyl RIP, the Ethyl Savings Plan, the Ethyl Stock Option Plan, the
Ethyl Welfare Plans, and each other employee benefit plan or arrangement, whether or not
subject to ERISA, maintained by  

-1- 

 

Ethyl or an Ethyl Affiliate for the
benefit of its eligible employees. 

1.06. Ethyl RIPS means
the Retirement Income Plan for the Employees of Ethyl Corporation.  

1.07. Ethyl Savings Plan
means the Savings Plan for the Employees of Ethyl Corporation.  

1.08. Ethyl Stock Option
Plan means the Ethyl Corporation Incentive Stock Options Plan.  

1.09. Ethyl Welfare Plans means the
“employee welfare benefit plans” (as defined in ERISA section 3(1)) that are
maintained by Ethyl or an Ethyl Affiliate for the benefit of its eligible employees prior
to June 1, 1989.  

1.10. Hourly Pension
Plans means the defined benefit pension plans listed on the attached Exhibit I.  

1.11. PBGC means the
Pension Benefit Guaranty Corporation.  

1.12. Reorganization Agreement means
the agreement, together with the exhibits and schedules attached thereto, between Ethyl
and Tredegar, dated as of June 1, 1989, relating to, inter alia, the distribution of all
of the issued and outstanding shares of Tredegar common stock to the holders of the Ethyl
common stock. The term “Reorganization Agreement” also shall include any
amendments thereto that are adopted in accordance with the terms of that agreement.  

-2- 

 

1.13. Transferred Employee means an
individual who (i) is in the employ of Ethyl or an Ethyl Affiliate on and after the
Distribution Date, and (ii) on or before June 30, 1990, separates from service for reasons
other than disability or retirement, and (iii) enters the employ of Tredegar or a Tredegar
Subsidiary effective immediately upon separation from Ethyl and the Ethyl Affiliates.  

1.14. Tredegar Bonus Plan means the
unfunded bonus plan for selected highly compensated and management employees of Tredegar
and the Tredegar Subsidiaries to be established by Tredegar in accordance with Section
3.02.  

1.15. Tredegar Employee means an
employee of Tredegar or a Tredegar Subsidiary on July 1, 1989, and who did not retire from
the employ of Ethyl and the Ethyl Affiliates.  

1.16. Tredegar Employee Plans means
the Tredegar Bonus Plan, the Tredegar RIP, the Tredegar Savings Plan, the Tredegar Stock
Option Plan, the Tredegar Welfare Plans, the Tredegar ESOP, the Visqueen Savings Plan, and
each other employee benefit plan or arrangement, whether or not subject to ERISA,
maintained by Tredegar or a Tredegar Subsidiary for the benefit of its eligible employees.  

-3- 

 

1.17. Tredegar Esop means
the Employee Stock Ownership Plan of Tredegar Industries, Inc. which may be
established by Tredegar.  

1.18. Tredegar RIP means the “defined
benefit plan” (as defined in Code Section 414(j)), which is qualified under Code
section 401(a), and which is to be established by Tredegar for the benefit of eligible
employees of Tredegar and the Tredegar Subsidiaries in accordance with Section 2.01.  

1.19. Tredegar Savings Plan means
the “defined contribution plan” (as defined in Code section 414(i)), which is
qualified under Code section 401(a), and which is to be established by Tredegar for the
benefit of eligible employees of Tredegar and the Tredegar Subsidiaries in accordance
with Section 2.03.  

1.20. Tredegar Stock
Option Plan means the stock option plan to be established by Tredegar in accordance
with Section 3.01.  

1.21. Tredegar Welfare Plans means
to “employee welfare benefit plans” (as defined in ERISA section 3(1)) to be
established by Ethyl and assumed by Tredegar or a Tredegar Subsidiary for the benefit of
eligible employees of Tredegar and the Tredegar Subsidiaries in accordance with Section
4.01.  

1.22. Visqueen Savings
Plan means the Savings Plan for the Employees of Ethyl Visqueen.  

-4- 

 

ARTICLE II

Employee Benefit Plans
Qualified
       Under Code Section
401(a)        

2.01. Tredegar RIP  

                (a)
     As soon as practicable  after the date of this  Agreement,  and effective as of July
1, 1989,  Tredegar shall establish the Tredegar RIP. As of July 1, 1989, the Tredegar RIP
shall include substantially the same terms and conditions as are included in the Ethyl
RIP as in effect on that date; provided, however, that this Agreement may not be
construed or interpreted to restrict Tredegar’s right or authority to amend or
terminate the Tredegar RIP effective as of a date following July 1, 1989.  

                (b)
     Each  Tredegar  Employee  who is  eligible  to  participate  in the Ethyl RIP on
June 30, 1989 shall be eligible to participate in the Tredegar RIP as of July 1, 1989 and
shall cease to participate in the Ethyl RIP as of June 30, 1989. The Tredegar RIP shall
recognize, for all purposes, Tredegar Employees’  service with and compensation earned
from Ethyl and its Affiliates before July 1, 1989 and Transferred Employees’  service
and compensation earned from Ethyl and its Affiliates to the same extent that such
service and compensation would be recognized by the Ethyl RIP as in effect on June 30,
1989. The accrued benefit under the Tredegar RIP of each Tredegar Employee  

-5- 

 

and each Transferred Employee shall
not be less than the Tredegar Employee’s and Transferred Employee’s accrued
benefit under the Ethyl RIP.  

                (c)
     Ethyl shall cause the trustee of the Ethyl RIP to  transfer,  and  Tredegar  shall
cause the trustee of the Tredegar RIP to accept, the initial and subsequent transfer of
assets and liabilities as provided in the following paragraphs (c)(1) and (c)(2) and, if
applicable, as adjusted in accordance with paragraph (c)(3).  

  
                  
            (1) The initial transfer of
    assets and liabilities from the Ethyl RIP to the Tredegar RIP shall be an
    amount equal to 90% of the estimated present value of projected benefit obligations
    (whether or not vested) attributable to Tredegar Employees under Ethyl RIP
    as of June 30, 1989. The estimated present value of the projected benefit
    obligations attributable to Tredegar Employees’ as of June 30, 1989 shall
    be determined by Ethyl RIP’s enrolled actuary, based on the actuarial
    methods and assumptions used for purposes of determining pension expense under
    FASB 87 by Ethyl and subject to the requirements of Code section 414 and the
    regulations and rulings thereunder. The amount of assets to be transferred
    from the Ethyl RIP to the Tredegar RIP shall be adjusted for investment gains
    and/or losses (both realized and unrealized) 

-6- 

 

from July 1, 1989 until the day
prior to the day of actual transfer. The transfer of assets and liabilities from the
Ethyl RIP to the Tredegar RIP shall be made on the Distribution Date or as soon as
practicable thereafter; provided; however, that no such transfer shall take place until
the expiration of the thirty day period immediately following the date of filing of the
required Forms 5310 with the Internal Revenue Service. Tredegar agrees that it will
timely file an application with the Internal Revenue Service for a favorable
determination with respect to the form of the Tredegar RIP under Code section 401(a) and
will adopt any Tredegar RIP amendments which may be required by the Internal Revenue
Service as a condition to issuing a favorable determination letter for the Tredegar RIP.  

  
                  
            (2) The subsequent transfer
    of assets and liabilities from the Ethyl RIP to the Tredegar RIP shall be
    an amount equal to the sum of (i) the difference, if any, between the present
    value of projected benefit obligations attributable to the Tredegar Employees
    under the Ethyl RIP as of June 30, 1989 and the assets transferred in the
    initial transfer and (ii) the present value of the projected benefit obligations
    attributable to the Transferred Employees as of the date that each such Transferred
    Employee separated from the service of Ethyl and the Ethyl Affiliates. The
    determination of the assets 

-7- 

 

and liabilities to be transferred as
the subsequent transfer shall be made by the Ethyl RIP’s enrolled actuary, based on
the actuarial methods and assumptions used for purposes of determining pension expense
under FASB 87 by Ethyl and subject to the requirements of Code section 414 and the
regulations and rulings thereunder. The amount of assets to be transferred form the Ethyl
RIP to the Tredegar RIP shall be adjusted for investment gains and/or losses (both
realized and unrealized) from the date as of which such projected benefit obligations are
calculated until the day prior to the day of actual transfer. The subsequent transfer of
assets and liabilities shall be made as of a date agreed upon by Ethyl and Tredegar but
in no event before the satisfaction of all applicable legal requirements or later than
December 31, 1990.  

  
                  
            (3) If the amount of assets
    transferred from the Ethyl RIP to the Tredegar RIP under Section 2.01(c)(1)
    exceeds the present value of the projected benefit obligation attributable
    to Tredegar Employees as of June 30, 1989, the amount to be transferred under
    Section 2.01(c)(2) shall be reduced by such excess. If the excess amount described
    in the preceding sentence exceeds the amount to be transferred under Section
    2.01(c)(2), the difference shall be returned to the Ethyl RIP by the Tredegar
    RIP, together with any investment 

-8- 

 

gains and/or losses (both realized
and unrealized) as soon as practicable after December 31, 1990.  

                (d)
     The Tredegar RIP and Tredegar  and the  Tredegar  Subsidiaries  shall assume and be
solely  responsible for, all liabilities and obligations of the Ethyl RIP, Ethyl and Ethyl’s
Affiliates with respect to Tredegar Employees’  and Transferred Employees’  participation
in the Ethyl RIP. The Ethyl RIP, Ethyl and Ethyl’s Affiliates shall retain and be
solely responsible for all liabilities and obligations with respect to participants in
the Ethyl RIP who are not Tredegar Employees or Transferred Employees including, by way
of example and not of limitation, former employees of Tredegar or the Tredegar Businesses
who retired or separated from service on or before July 1, 1989.  

                (e)
     This Section  2.01(e)  controls with respect to each Ethyl RIP participant who (i)
enters the employ of Tredegar or a Tredegar Subsidiary after July 1, 1989 and (ii) is not
a Transferred Employee. The Ethyl RIP benefit of such an individual shall be paid by the
Ethyl RIP in accordance with its terms, shall remain the sole responsibility of the Ethyl
RIP, Ethyl, and the Ethyl Affiliates, and shall not be included in the assets and
liabilities to be transferred to the Tredegar RIP. An individual described in the first
sentence of this Section 2.01(e) shall be eligible to participate in the Tredegar  

-9- 

 

RIP in accordance with the terms of
the Tredegar RIP and his service with Ethyl and Ethyl’s Affiliates shall be
recognized by the Tredegar RIP for vesting purposes only.  

                (f)
     Ethyl and Tredegar  agree to provide the other such  information  regarding the
Tredegar  Employees and Transferred Employees as may be reasonably requested and
necessary in order to effectively administer and maintain the Ethyl RIP and the Tredegar
RIP.  

2.02. Hourly Pension Plans  

                (a)
     As soon as practicable  after the date of this Agreement,  but no later than July 1,
1989,  Ethyl shall amend the Hourly Pension Plans to substitute Tredegar or a Tredegar
Subsidiary as the sponsor of such plans and Tredegar or a Tredegar Subsidiary, as
applicable, shall assume the Hourly Pension Plans effective as of July 1, 1989. The
preceding sentence and this Agreement may not be construed or interpreted to restrict the
right or authority of Tredegar or a Tredegar Subsidiary to amend or terminate the Hourly
Pension Plans effective as of a date following July 1, 1989.  

                (b)
     Each  Tredegar  Employee  who is eligible to  participate  in an Hourly  Pension
 Plan on June 30, 1989 shall continue to be eligible to so participate. The Hourly
Pension Plans shall continue to recognize, for all purposes, service  

-10- 

 

with and compensation earned from
Ethyl and Ethyl Affiliates on or before July 1, 1989 to the same extent that such service
and compensation is recognized under the Hourly Pension Plans as in effect on that date.  

                (c)
     The Hourly Pension Plans,  Tredegar,  and the Tredegar Subsidiaries shall be solely
responsible for all liabilities and obligations of the Hourly Pension Plans, including by
way of example and not of limitation, benefits accrued prior to July 1, 1989 and benefits
payable to Hourly Pension Plan participants who retired or separated from service prior
to such date.  

                (d)
     Ethyl agrees to provide  Tredegar and the Tredegar  Subsidiaries  such information
 regarding  Tredegar Employees as may be reasonably requested and necessary in order to
effectively administer and maintain the Hourly Pension Plans.  

2.03. Tredegar Savings Plan  

                (a)
     As soon as  practicable  after the date of this  Agreement,  but no later than July
1,  1989,  Tredegar shall establish the Tredegar Savings Plan. The Tredegar Savings Plan
shall be effective as of July 1, 1989; provided, however, that no contributions will be
made to the Tredegar Savings Plan before August 1, 1989. As of July 1, 1989, the Tredegar
Savings Plan shall include substantially the same terms and conditions 

-11- 

 

as are included in the Ethyl Savings
Plan as in effect on that date; provided, however, that this Agreement may not be
construed or interpreted to restrict Tredegar’s right or authority to amend or
terminate the Tredegar Savings Plan effective as of a date following July 1, 1989.  

                (b)
     Each  Tredegar  Employee  who is eligible to  participate  in the Ethyl  Savings
 Plan on June 30, 1989 shall be eligible to participate in the Tredegar Savings Plan as
of July 1, 1989. The Tredegar Savings Plan shall recognize, for all purposes, Tredegar
Employee’s service with Ethyl and Ethyl Affiliates on or before July 1, 1989 and
Transferred Employees’  service with Ethyl and Ethyl Affiliates prior to their
employment with Tredegar or a Tredegar Subsidiary to the same extent that such service
would be recognized by the Ethyl Savings Plan as in effect on July 1, 1989.  

                (c)
     Ethyl  shall  amend  the  Ethyl  Savings  Plan to  provide  that the  Distribution
 will  not  effect a termination of employment that requires a distribution from the
Ethyl Savings Plan. Ethyl shall cause the trustee of the Ethyl Savings Plan to transfer,
and Tredegar shall cause the trustee of the Tredegar Savings Plan to accept, the Ethyl
Savings Plan account balances (whether or not vested) of Tredegar Employees and
Transferred Employees. Tredegar Employees’  and Transferred  

-12- 

 

Employees’  accounts in the
Ethyl Savings Plan shall be adjusted for investment gains and/or losses (both realized
and unrealized) through the valuation date coinciding with or immediately preceding the
day of actual transfer. The transfer of assets and liabilities from the Ethyl Savings
Plan to the Tredegar Savings Plan shall be made as soon as practicable after July 1, 1989
(in the case of Tredegar Employees) and July 1, 1990 (in the case of Transferred
Employees); provided, however, that no such transfer shall take place until the
expiration of the thirty-day period immediately following the date of filing of the
required Forms 5310 with the Internal Revenue Service. Tredegar agrees that it will
timely file an application with the Internal Revenue Service for a favorable
determination with respect to the form of the Tredegar Savings Plan under Code section
401(a) and will adopt any Tredegar Savings Plan amendments which may be required by the
Internal Revenue Service as a condition to issuing a favorable determination letter for
the Tredegar Savings Plan. The amount to be transferred in accordance with this Section
2.03(c) shall be delivered to the Tredegar Savings Plan trustee in the same form as the
Tredegar Employees’  and Transferred Employees’  accounts are invested under
the Ethyl Savings Plan.  

-13- 

 

                (d)
     The  Tredegar  Savings  Plan,  Tredegar  and the  Tredegar  Subsidiaries  shall
 assume,  and be solely responsible for, all liabilities and obligations of the Ethyl
Savings Plan, Ethyl and Ethyl’s Affiliates with respect to Tredegar Employees’  and
Transferred Employees’  participation in the Ethyl Savings Plan. The Ethyl Savings
Plan, Ethyl and Ethyl’s Affiliates shall retain, and be solely responsible for, all
liabilities and obligations with respect to Ethyl Savings Plan participants who are not
Tredegar Employees or Transferred Employees.  

                (e)
     Ethyl and Tredegar  agree to provide the other such  information  regarding the
Tredegar  Employees and Transferred Employees as may be reasonably requested and
necessary in order to effectively administer and maintain the Ethyl Savings Plan and the
Tredegar Savings Plan.  

2.04. Tredegar ESOP  

                Ethyl
and Tredegar  agree that  Tredegar may  establish the Tredegar  ESOP as an employee
 stock  ownership  plan within the meaning of Code  section  4975.  The  Tredegar  ESOP,
 if adopted,  shall  provide for  participation  of each  employee of Tredegar and the
Tredegar  Subsidiaries  who has attained age twenty-one and completed one year of
service;  provided;  however,  that individuals  who are included in a collective
 bargaining unit may not  participate in the Tredegar ESOP until the  representative  of 

-14- 

 

the  collective  bargaining  unit
has accepted the terms of the Tredegar ESOP.  The Tredegar ESOP shall  initially  provide
that up to two million shares of Tredegar  common stock may be held by the Tredegar
 ESOP.  This Agreement may not be construed or interpreted to restrict Tredegar’s
right or authority to amend or terminate the Tredegar ESOP.  

2.05. Visqueen Savings Plan  

                Tredegar
shall cause the trustee of the Visqueen  Savings Plan to transfer,  and Ethyl shall cause
the trustee of the Ethyl Savings Plan to accept,  the Visqueen Savings Plan account
balances  (whether or not vested) of any individual who is in the employ of Ethyl or an
Ethyl  Affiliate on the  Distribution  Date.  Such  employees’   accounts in the
 Visqueen  Savings Plan shall be adjusted for investment gains and/or losses (both
realized and unrealized)  through the valuation date  immediately  preceding the day of
actual  transfer.  The transfer of assets and  liabilities  from the Visqueen  Savings
Plan to the Ethyl Savings Plan shall be made as soon as practicable  following a
valuation date coinciding with or after the Distribution  Date;  provided,  however,
 that no such transfer  shall take place before the  expiration of the thirty-day  period
 immediately  following the date of filing of the required Forms 531C with the Internal
 Revenue  Service.  The amount to be  

-15- 

 

transferred  in accordance  with the
Section 2.05 shall be delivered to the Ethyl Savings Plan trustee in the same form as
such  employees’   accounts are invested  under the Visqueen  Savings  Plan.  The
Ethyl Savings Plan,  Ethyl and the Ethyl Affiliates  shall assume,  and be solely
 responsible for, all liabilities and obligations of the Visqueen  Savings Plan,
 Tredegar and the Tredegar  Subsidiaries  with respect to such  employees’   participation
 in the Visqueen Savings Plan. The Visqueen  Savings Plan,  Tredegar and the Tredegar
 Subsidiaries  shall retain,  and be solely  responsible for, all liabilities  and
 obligations  with respect to Visqueen  Savings Plan  participants  whose  accounts are
not  transferred to the Ethyl Savings Plan.  Ethyl and Tredegar agree to provide the
other such  information  as may be reasonably  requested and necessary in order to
effectively administer and maintain the Ethyl Savings Plan and the Visqueen Savings Plan.  

ARTICLE III

Executive and
Incentive Compensation Plans

3.01. Tredegar Stock Option Plan  

                (a)
     As soon as  practicable  after the date of this  Agreement,  but no later than July
1,  1989,  Tredegar shall adopt the Tredegar Stock Option Plan. The Tredegar Stock Option
Plan  

-16- 

 

shall be effective as of July 1,
1989 and shall include substantially the same terms and conditions as are included in the
Ethyl Stock Option Plan as in effect on that date; provided, however, that this Agreement
may not be construed or interpreted to restrict Tredegar’s right or authority to
amend or terminate the Tredegar Stock Option Plan effective as of a date following July
1, 1989.  

                (b)
     As soon as practicable  following  Tredegar’s  adoption of the Tredegar Stock
Option Plan, but no later than the Distribution Date, Ethyl’s Board of Directors
shall approve the Tredegar Stock Option Plan on behalf of Ethyl, Tredegar’s sole
shareholder.  

3.02. Tredegar Bonus Plan  

                (a)
     As soon as  practicable  after the date of this  Agreement,  but no later than July
1,  1989,  Tredegar shall establish the Tredegar Bonus Plan. The Tredegar Bonus Plan
shall be effective as of July 1, 1989. This Agreement may not be construed or interpreted
to restrict the right or authority of Tredegar to amend or terminate the Tredegar Bonus
Plan effective as of a date following July 1, 1989.  

                (b)
     As soon as  practicable  following  Tredegar’s  adoption of the Tredegar  Bonus
Plan, but no later than the Distribution Date, Ethyl’s Board of Directors shall
approve the  

-17- 

 

Tredegar Bonus Plan on behalf of
Ethyl, Tredegar’s sole shareholder.  

                (c)
     Except as provided in this  Section  3.02(c),  the  Tredegar  Bonus Plan,  Tredegar,
 and the  Tredegar Subsidiaries shall be solely responsible for all liabilities and
obligations with respect to Tredegar Employees’ participation in the Tredegar Bonus
Plan and the Ethyl Bonus Plan, Ethyl and Ethyl’s Affiliates shall retain and be
solely responsible for all liabilities and obligations with respect to Tredegar Employees’  participation
in the Ethyl Bonus Plan. Tredegar Employees who participated in the Ethyl Bonus Plan and
who remain in the employ of Tredegar or a Tredegar Subsidiary through December 31, 1989
shall receive (i) a payment or payments from Ethyl representing the portion of such
individual’s 1987 and 1988 Ethyl Bonus Plan awards that had vested as of June 30,
1989, and (ii) a payment or payments from Tredegar representing the portion of such
individual’s 1987 and 1988 awards under the Ethyl Bonus Plan that had not vested as
of June 30, 1989. The amounts payable under the preceding sentence shall be paid at such
times and in the manner prescribed by the respective payor.  

                (d)
     Ethyl and Tredegar agree to provide the other such information  regarding  Tredegar
Employees as may be reasonably requested and necessary in order to effectively  

-18- 

 

administer and maintain the Ethyl
Bonus Plan and the Tredegar Bonus Plan.  

ARTICLE IV

Employee Welfare
Benefit Plans

4.01. Tredegar Welfare Plans  

                (a)
     Ethyl shall establish the Tredegar  Welfare Plans,  effective as of June 1, 1989.
The Tredegar  Welfare Plans shall be substantially the same as the Ethyl Welfare Plans
(and any related insurance contracts or other funding agreements) as in effect on May 31,
1989. As of June 1, 1989, participation in the Tredegar Welfare Plans shall be limited to
individuals who are employed in the Tredegar Businesses and their dependents and
beneficiaries.  

                (b)
     As soon as practicable  after the  establishment  of the Tredegar  Welfare Plans,
but no later than the Distribution Date, Tredegar or a Tredegar Subsidiary shall assume
the Tredegar Welfare Plans, effective as of June 1, 1989. The preceding sentence and this
Agreement may not be construed or interpreted to restrict the right or authority of
Tredegar or a Tredegar Subsidiary to amend or terminate the Tredegar Welfare Plans
effective as of a date following June 1, 1989.  

-19- 

 

4.02. Welfare Benefit Liabilities  

                (a)
     Except as  provided  in Section  4.02(b),  the  Tredegar  Welfare  Plans,  Tredegar,
 and the  Tredegar Subsidiaries shall assume, and shall be solely responsible for, all
claims incurred on and after June 1, 1989 by individuals who, at the time such claim is
incurred, are in the employ of the Tredegar Businesses and the beneficiaries and
dependents of such individuals.  

                (b)
     Sections  4.01 and  4.02(a) to the  contrary  notwithstanding,  the Ethyl  Welfare
 Plans,  Ethyl,  and Ethyl’s Affiliates shall retain and shall be solely responsible
for, all claims incurred before June 1, 1989 under the Ethyl Welfare Plans and all claims
incurred after May 31, 1989 by (i) individuals who are not in the employ of the Tredegar
Businesses after that date and their dependents and beneficiaries, (ii) individuals who
qualified for a long-term disability benefit and are on a leave of absence as of June 1,
1989, and their dependents and beneficiaries, and (iii) A. W. Perry and his dependents
and beneficiaries.  

4.03. Information  

                Ethyl
and Tredegar  agree to provide the other such  information  regarding  Tredegar
 Employees and  individuals formerly employed in connection with the Tredegar Businesses
and the dependents and beneficiaries of such persons as may be  

-20- 

 

reasonably requested and necessary
in order to effectively administer and maintain the Ethyl Welfare Plans and the Tredegar
Welfare Plans.  

ARTICLE V

Administration of
Employee Benefit Plans

5.01. Administrative Services  

        Contemporaneous
with the execution of this Agreement, Ethyl and Tredegar have entered into the Master
Services Agreement. Pursuant to the Master Services Agreement, Ethyl shall,
inter alia, assist Tredegar in the establishment and administration of the
Tredegar Employee Plans.  

5.02. Fiduciary Status  

                Ethyl
and Tredegar  agree that  Ethyl’s  performance  of the Master  Services  Agreement
 may not be construed or interpreted as an appointment of Ethyl as “administrator” (as
defined in ERISA section 3(16)) or a “fiduciary” (as defined in ERISA section
3(21)) of the Tredegar Employee Plans. Ethyl and Tredegar agree that Ethyl shall act only
upon Tredegar’s direction, that Tredegar shall remain solely responsible for the
administration of the Tredegar Employee Plans and that Tredegar shall indemnify and hold
harmless Ethyl, Ethyl’s Affiliates and their officers, directors, employees, and
agents who act in accordance with Tredegar’s directions.  

-21- 

 

ARTICLE VI

Miscellaneous

6.01. Agreement; Construction  

                This
 Agreement,  including the Exhibits  hereto and the agreements and documents  referred to
in this Agreement, constitute the entire agreement between the parties with respect to
the subject matter of this Agreement and supersede all previous negotiations,
commitments, and writings relating to that subject matter.  

6.02. Tredegar Subsidiaries’ Obligations  

                Tredegar
shall cause to be performed,  and guarantees the  performance  and payment of, all
actions,  agreements, obligations, and liabilities described in this Agreement that are
to be performed or paid by a Tredegar Subsidiary.  

6.03. Ethyl Affiliates’ Obligations  

                Ethyl
shall cause to be  performed,  and  guarantees  the  performance  and payment of, all
actions,  agreements, obligations, and liabilities described in this Agreement that are
to be performed or paid by an Ethyl Affiliate.  

6.04. Counterparts  

                This
 Agreement  may be executed in several  counterparts,  each of which shall be deemed an
 original,  but  

-22- 

 

such counterparts shall together
constitute but one and the same Agreement.  

6.05. Amendment  

                No
amendment, supplement,  modification, waiver or termination of this Agreement shall be
binding unless executed in  writing  by the  party to be bound  thereby.  No  waiver  of
any of the  provisions  of this  Agreement  shall be  deemed or shall constitute a waiver
of any other provision of this Agreement,  whether or not similar,  nor shall such waiver
 constitute a continuing waiver unless otherwise expressly provided. 

6.06. No Third Party Rights  

                No
third  party  (other  than the  Tredegar  Subsidiaries  and the Ethyl  Affiliates)  is
entitled to rely on any provision of this Agreement. Ethyl and Tredegar assume no
liability to any third party (other than the Tredegar Subsidiaries and the Ethyl
Affiliates) because of any reliance on any provision of this Agreement.  

6.07. Governing Law  

                This
Agreement  shall be construed and interpreted  according to the laws of the  Commonwealth
of Virginia except to the extent that such laws are superseded or preempted by the laws
of the United State of America.  

-23- 

 

6.08. Assignment  

                This
Agreement may not be assigned by either party without the prior written consent of the
other party. 

6.09. Notices  

                All
 communications,  notices,  and  disclosures  required or permitted by this Agreement
shall be in writing and shall be deemed to have been given at the earlier of (i) the date
actually delivered to an officer of the other party or (ii) when postmarked in the case
of a notice, etc., deposited in the United States mail, first class postage prepaid, and
addressed as follows (unless and until either party notifies the other in accordance with
this Section 6.09 of a change in address):  

	        	If to Ethyl:	Ethyl
      Corporation 

      330 South Fourth Street 

      Richmond, Virginia 23219 

      Attention: Chief Financial Officer
	  		
		If to Tredegar     	(until September 30,
      1989):

      Tredegar Industries, Inc 

      701 East Byrd Street 

      Richmond, Virginia 23219 

      Attention: President
	  		
		If to Tredegar	(after September 30,
      1989):

      Tredegar Industries, Inc 

      1100 Boulders Parkway 

      Richmond, Virginia 23225 

      Attention: President

-24- 

 

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

			ETHYL CORPORATION

By: /s/ E. Whitehead Elmore
       ——————————————

       E. Whitehead Elmore
       Vice President, Secretary

       and General Counsel

			TREDEGAR INDUSTRIES, INC.

By: /s/ John D. Gottwald
       ——————————————

       John D. Gottwald
       President

-25-

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