Document:

Tredegar Corporation

Exhibit 10.8

 

TREDEGAR INDUSTRIES, INC.

 

RETIREMENT BENEFIT RESTORATION PLAN

 

 

 

INTRODUCTION

	
            ARTICLE I
            DEFINITIONS 
 
	
             
	
            1.01.
 	
            Affiliate
 	
            I-1
 
	
             
	
            1.02.
 	
            Beneficiary
 	
            I-1
 
	
             
	
            1.03.
 	
            Change In Control
 	
            I-1
 
	
             
	
            1.04.
 	
            Code
 	
            I-3
 
	
             
	
            1.05.
 	
            Committee
 	
            I-3
 
	
             
	
            1.06.
 	
            Company
 	
            I-3
 
	
             
	
            1.07.
 	
            Control Change Date
 	
            I-3
 
	
             
	
            1.08.
 	
            Eligible Employee
 	
            I-3
 
	
             
	
            1.09.
 	
            Participant
 	
            I-3
 
	
             
	
            1.10.
 	
            Plan
 	
            I-3
 
	
             
	
            1.11.
 	
            Retirement and Retire
 	
            I-3
 
	
             
	
            1.12.
 	
            Retirement Plan
 	
            I-3
 
	
             
	
            1.13.
 	
            Totally and Permanently Disabled
 	
            I-4
 
						

ARTICLE II  PARTICIPATION

ARTICLE III BENEFITS FOR PARTICIPANTS LISTED ON EXHIBIT I

	
            3.01.
 	
            Retirement Benefit
 	
            III-1
 
	
            3.02.
 	
            Disability Benefit
 	
            III-1
 
	
            3.03.
 	
            Beneficiary’s Benefit
 	
            III-2
 

ARTICLE IV  BENEFITS FOR PARTICIPANTS LISTED ON EXHIBIT II

	
             
	
            4.01.
 	
            Retirement Benefit
 	
            IV-1
 
	
             
	
            4.02.
 	
            Disability Benefit
 	
            IV-1
 
	
             
	
            4.03.
 	
            Beneficiary’s Benefit
 	
            IV-2
 
	
            ARTICLE V
            GUARANTEES 
 

ARTICLE VI  TERMINATION OF EMPLOYMENT

	
            6.01.
 	
            No Right to Employment
 	
            VI-1
 
	
            6.02.
 	
            Termination Of Employment
 	
            VI-1
 
	
            6.03.
 	
            Change In Control
 	
            VI-1
 
	
            6.04.
 	
            Reemployment
 	
            VI-2
 

ARTICLE VII TERMINATION, AMENDMENT OR MODIFICATION OF PLAN

	
            7.01.
 	
            Plan Amendment Or Termination
 	
            VII-1
 
	
            7.02.
 	
            Notice Requirements
 	
            VII-1
 
	
            7.03.
 	
            Limitation On Amendment, Termination, Etc.
 	
            VII-1
 
	
            7.04.
 	
            Effect Of Termination
 	
            VII-1
 

 

 

ARTICLE VIII OTHER BENEFITS AND AGREEMENTS

ARTICLE IX  RESTRICTIONS ON TRANSFER OF BENEFITS

ARTICLE X  ADMINISTRATION OF THE PLAN

	
            10.01.
 	
            The Committee
 	
            X-1
 
	
            10.02.
 	
            Indemnification
 	
            X-1
 
	
            10.03.
 	
            Power of the Committee
 	
            X-1
 
	
            10.04.
 	
            Information
 	
            X-1
 

ARTICLE XI  MISCELLANEOUS

	
            11.01.
 	
            Binding Effect
 	
            XI-1
 
	
            11.02.
 	
            Governing Law
 	
            XI-1
 
	
            11.03.
 	
            Gender; Singular and Plural
 	
            XI-1
 

 

 

 

INTRODUCTION

The Board of Directors of Tredegar Industries, Inc. (the “Company”) determined that the adoption of the Retirement Benefit Restoration Plan will assist the Company in attracting and retaining those employees whose judgment, abilities and experience will contribute to the Company’s continued progress. The Plan is intended to be an “excess benefit plan” within the meaning of Section 3(36) of the Employee Retirement Income Security Act of 1974, as amended, and the Plan must be administered and construed in a manner that is consistent with that intent. 

 

ARTICLE I

 

DEFINITIONS

As defined herein, the following phrases or terms shall have the indicated meanings:

1.01.
Affiliate means any entity that is (i) a member of a controlled group of corporations as defined in Section 1563(a) of the Internal Revenue Code of 1986, as amended (the “Code”), determined without regard to Code sections 1563(a)(4) and 1563 (e) (3) (c), of which the Company is a member according to Code section 414(b); (ii) an unincorporated trade or business that is under common control with the Company, as determined according to Code section 414(c); or (iii) a member of an affiliated service group of which the Company is a member according to Code section 414(m).

1.02.

Beneficiary means the person, persons, entity, entities or the estate of a Participant which, in accordance with the provisions of the Retirement Plan, is entitled to receive a benefit under the Retirement Plan on account of the Participant’s death.

1.03.

Change in Control means the occurrence of any of the following events:

(A) 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 (c) hereof;

(B) 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 (c) hereof;

(C) the shareholders of the Company approve 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

 

 

(D) the shareholders of the Company approve a complete liquidation or dissolution of the Company or the 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 foregoing definition, the terms Acquiring Person, Beneficial Owner, Company, Continuing Director, and Person shall have the same definitions as set forth in the Rights Agreement between Tredegar Industries, Inc. and NationsBank of Virginia, N.A. (formerly Sovran Bank, N.A.), dated as of June 15, 1989, as amended by that certain Amendment and Substitution Agreement by and among Tredegar Industries, Inc., NationsBank of Virginia, N.A. (formerly Sovran Bank, N.A.) and American Stock Transfer & Trust Company, dated as of July 1, 1992.

	
            1.04. 
            Code means the Internal Revenue Code of 1986, as amended.
 

1.05.
Committee means the Executive Compensation Committee of the Board of Directors of the Company.

	
            1.06.
            Company means Tredegar Industries, Inc.
 

1.07.
Control Change Date means the date on which a Change in Control event 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.

 

1.08.
Eligible Employee means an individual (i) who is employed by the Company or an Affiliate, (ii) who is a member of a “select group of management or highly compensated employees” (as such phrase is used in the Employee Retirement Income Security Act of 1974, as amended), and (iii) whose Retirement Plan benefit is reduced or limited by Code section 415.

1.09.
Participant means an Eligible Employee who is selected by the Committee to participate in the Plan. An individual shall remain a Participant only so long as the individual remains an Eligible Employee and his designation as a Participant has not been revoked or rescinded.

1.10.
Plan means the Tredegar Industries, Inc. Retirement Benefit Restoration Plan.

1.11.
Retirement and Retire mean severance from employment with the Company on or after attaining a vested or nonforfeitable interest in the portion of his Retirement Plan benefit attributable to Company contributions.

1.12.
Retirement Plan means the Tredegar Industries, Inc. Retirement Income Plan.

1.13.
Totally and Permanently Disabled means a condition, determined on the basis of medical evidence satisfactory to a physician designated by the Administrator, rendering a Participant, due to bodily injury or disease, unable to perform services as follows: (i) during the first two years of such disability (measured from the commencement of such disability rather than the commencement of benefit payments) such Participant is unable to perform any and every duty pertaining to his employment with the Company; and (ii) thereafter, such Participant is unable to engage in any occupation or perform any work for compensation or profit for which he is or may become reasonably fitted by education, training or experience. In no event shall such condition be deemed to exist during any period that the Participant
is not under the regular care and attendance of a legally qualified physician during any period that he engages in any occupation or performs any work for compensation or profit.

 

 

ARTICLE II

 

PARTICIPATION

An Eligible Employee who is designated to participate in the Plan by the Committee shall become a Participant in the Plan as of the date specified by the Committee. A Participant shall continue to participate in the Plan until such date as the Committee may declare that he is no longer a Participant or until the date that he is no longer an Eligible Employee.

 

 

ARTICLE III

 

BENEFITS FOR PARTICIPANTS LISTED ON EXHIBIT I

Subject to the limitations set forth in Articles VI and VII, the benefits payable to or on behalf of a Participant who the Committee, in its discretion, determines will be listed on Exhibit I, shall be as provided in this Article III. A Participant who is not listed on either Exhibit I or Exhibit II shall be deemed to be listed on Exhibit I. The Committee, in its discretion, may remove a Participant from Exhibit I and include the Participant’s name on Exhibit II or rescind or revoke his designation as a Participant, subject to the limitations set forth in Articles VI and VII.

 

	
            3.01. Retirement Benefit
 

Upon Retirement a Participant shall be entitled to a monthly Retirement benefit equal to the difference between (a) and (b) below where:

(a) =   the monthly benefit that would have been payable to the Participant under the Retirement Plan but for the application of the limits set forth in Code section 415; and

(b) =   the monthly benefit that the Participant is entitled to receive under the Retirement Plan.

The payment of the benefit under this Section 3.01 shall begin as of the same date that the Participant’s retirement benefit under the Retirement Plan is scheduled to commence. The benefit payable under this Section 3.01 also shall be determined as of the date that the Participant’s retirement benefit under the Retirement Plan is scheduled to commence. The benefit payable under this Section 3.01 shall be computed and paid in the same form as the Participant’s retirement benefit under the Retirement Plan; provided, however, that upon the Participant’s death no further benefit shall be payable under this Plan except as provided in Section 3.03.

	
            3.02. Disability Benefit
 

If a Participant becomes Totally and Permanently Disabled prior to his Retirement and during his employment with the Company or an Affiliate, he shall be entitled to receive a benefit calculated and paid in the manner set forth in Section 3.01.

	
            3.03.
             Beneficiary’s Benefit
 

If a Beneficiary is entitled to a Retirement Plan benefit on account of the Participant’s death (regardless of whether the Participant’s death occurs before Retirement or the commencement of his Retirement Plan benefit), the Beneficiary shall be entitled to a monthly benefit under this Plan equal to the difference between (a) and (b) where:

(a) = the monthly benefit that would have been payable to the Beneficiary but for the application of Code section 415 in the calculation of the Participant’s accrued benefit under the Retirement Plan; and

 

 

(b) =   the monthly benefit that the Beneficiary is entitled to receive under the Retirement Plan.

The payment of the benefit under this Section 3.03 shall begin as of the same date that the Beneficiary’s benefit under the Retirement Plan is scheduled to commence. The amount payable under this Section 3.03 also shall be determined as of the date that the Beneficiary’s benefit under the Retirement Plan is scheduled to commence. The benefit payable under this Section 3.03 shall be computed and paid in the same form as the benefit payable to the Beneficiary under the Retirement Plan.

 

 

ARTICLE IV

 

BENEFITS FOR PARTICIPANTS LISTED ON EXHIBIT II

Subject to the limitations set forth in Articles VI and VII, the benefits payable to or on behalf of a Participant who the Committee, in its discretion, determines will be listed on Exhibit II to the Plan shall be as provided in this Article IV. The Committee, in its discretion may remove a Participant from Exhibit II and include the Participant on Exhibit I or rescind or revoke his designation as a Participant, subject to the limitations set forth in Articles VI and VII.

	
            4.01.
            Retirement Benefit
 

Upon Retirement a Participant shall be entitled to a monthly Retirement benefit equal to the difference between (a) and (b) below where:

(a) =   the monthly benefit that would have been payable to the Participant under the Retirement Plan but for the application of the limits set forth in Code sections 401(a)(17) and 415; and

(b) =   the monthly benefit that the Participant is entitled to receive under the Retirement Plan.

The payment of the benefit under this Section 4.01 shall begin as of the same date that the Participant’s retirement benefit under the Retirement Plan is scheduled to commence. The benefit payable under this Section 4.01 also shall be determined as of the date that the Participant’s retirement benefit under the Retirement Plan is scheduled to commence. The benefit payable under this Section 4.01 shall be computed and paid in the same form as the Participant’s retirement benefit under the Retirement Plan; provided, however, that upon the Participant’s death no further benefit shall be payable under this Plan except as provided in Section 4.03.

	
            4.02.
             Disability Benefit  
 

If a Participant becomes Totally and Permanently Disabled prior to his Retirement and during his employment with the Company or an Affiliate, he shall be entitled to receive a benefit calculated and paid in the manner set forth in Section 4.01.

	
            4.03.
            Beneficiary’s Benefit  
 

If a Beneficiary is entitled to a Retirement Plan benefit on account of the Participant’s death (regardless of whether the Participant’s death occurs before Retirement or the commencement of his Retirement plan benefit), the Beneficiary shall be entitled to a monthly benefit under this Plan equal to the difference between (a) and (b) where:

(a) =   the monthly benefit that would have been payable to the Beneficiary but for the application of Code sections 401(a)(17) and 415 in the calculation of the Participant’s accrued benefit under the Retirement Plan; and

 

 

(b) =   the monthly benefit that the Beneficiary is entitled to receive under the Retirement Plan.

The payment of the benefit under this Section 4.03 shall begin as of the same date that the Beneficiary’s benefit under the Retirement plan is scheduled to commence. The amount payable under this Section 4.03 also shall be determined as of the date that the Beneficiary’s benefit under the Retirement Plan is scheduled to commence. The benefit payable under this Section 4.03 shall be computed and paid in the same form as the benefit payable to the Beneficiary under the Retirement Plan.

 

 

ARTICLE V

 

GUARANTEES

The Company has only a contractual obligation to make payments of the benefits described in Articles III and IV. All benefits are to be satisfied solely out of the general corporate assets of the Company which shall remain subject to the claims of its creditors. No assets of the Company will be segregated or committed to the satisfaction of its obligations to any Participant or Beneficiary under this Plan.

 

 

ARTICLE VI

 

TERMINATION OF EMPLOYMENT

	
            6.01.
                        No Right To Employment
 

The Plan does not in any way limit the right of the Company or an Affiliate at any time and for any reason to terminate the Participant’s employment or such Participant’s status as an Eligible Employee. In no event shall the Plan, by its terms or by implication, constitute an employment contract of any nature whatsoever between the Company or an Affiliate and a Participant.

	
            6.02.
            Termination Of Employment
 

A Participant who ceases to be an Eligible Employee or whose employment with the Company and its Affiliates is terminated either with or without cause, for reasons other than death, Retirement or Total and Permanent Disability shall immediately cease to be a Participant under this Plan and shall forfeit all rights under this Plan. Further, in no event shall an individual who was a Participant but who is not a Participant at the time of such individual’s death, Retirement or Total and Permanent Disability, be entitled to any benefit under the Plan. A Participant on authorized leave of absence from the Company or an Affiliate shall not be deemed to have terminated employment or lost his status as an Eligible Employee for the duration of such leave of absence.

	
            6.03.
             Change In Control
 

Notwithstanding any contrary Plan provision, in the event the employment of a Participant who is in the employ of the Company or an Affiliate on a Control Change Date is thereafter terminated (for reasons other than as a result of acts of theft, embezzlement, fraud, or moral turpitude), whether or not he is a Participant at the time of his termination, he shall be fully vested in a benefit payable under Article III and IV, as applicable, as of the date his employment is terminated. A Participant who following a Control Change Date voluntarily terminates employment within sixty (60) days after (i) he does not receive salary increases, bonuses, and incentive awards comparable to the increases, bonuses and awards that he received in prior years or that other executives in comparable positions receive in the current year; or (ii) his compensation or employment-related benefits are reduced; or
(iii) his status, title(s), offices, places of employment, working conditions, or management responsibilities are diminished (other than changes in reporting or management responsibilities to reflect sound practices commonly followed by enterprises comparable to the Company employing Participant or required by applicable federal or state law) or within sixty days after the last in a series of such events will be deemed to have terminated under circumstances requiring full vesting under this Section 6.03.

	
            6.04. 
            Reemployment
 

A Participant who ceases to be an employee of the Company and who is subsequently reemployed by the Company shall not accrue any additional benefits on account of such later service for periods in which he is not a Participant.

  

 

ARTICLE VII

 

TERMINATION, AMENDMENT OR MODIFICATION OF PLAN 

	
            7.01.
            Plan Amendment Or Termination
 

Except as otherwise specifically provided, the Company reserves the right to terminate, amend or modify this Plan, wholly or partially, at any time and from time to time. Such right to terminate, amend or modify the Plan shall be exercised for the Company by its Board of Directors.

	
            7.02.
            Notice Requirements
 

(a)   Section 7.01 notwithstanding, no action to terminate the Plan shall be taken except upon written notice to each Participant to be affected thereby, which notice shall be given not less than thirty (30) days prior to such action.

(b)   Any notice which shall be or may be given under the Plan shall be in writing and shall be mailed by United States mail, postage prepaid. If notice is to be given to the Company, such notice shall be addressed to it at its principal executive office in Richmond, Virginia; addressed to the attention of the Corporate Secretary. If notice is to be given to a Participant, such notice shall be addressed to the Participant at his last known address.

	
            7.03.
            Limitation On Amendment, Termination, Etc.
 

The rights of the Company set forth in Section 7.01 are subject to the condition that neither its Board of Directors nor the Committee shall take any action to terminate the Plan, decrease the benefit that would become payable or is payable, as the case may be, with respect to or on behalf of a Participant, or to revoke or rescind an individual’s designation as a Participant after a Control Change Date or after the Participant’s death, Retirement or Total and Permanent Disability.

	
            7.04.
            Effect Of Termination
 

Except as provided in Sections 6.03, 7.01 and 7.03, upon the termination of this Plan by the Board of Directors, the Plan shall no longer be of any further force or effect, and neither the Company nor any Participant shall have any further obligation or right under this Plan. Subject to the limitations in Sections 6.03, 7.01 and 7.03, the rights of any individual who was a Participant and whose designation as a Participant is revoked or rescinded by the Committee shall cease upon such action.

 

 

ARTICLE VIII

 

OTHER BENEFITS AND AGREEMENTS

The benefits provided for a Participant and his Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program of the Company for its employees, and, except as may otherwise be expressly provided for, the Plan shall supplement and shall not supersede, modify or amend any other plan or program of the Company in which a Participant is participating.

 

 

ARTICLE IX

 

RESTRICTIONS ON TRANSFER OF BENEFITS

No right or benefit under the Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or charge, and any attempt to do so shall be void. No right or benefit hereunder shall in any manner be liable for or subject to the debts, contracts, liabilities, or torts of the person entitled to such benefit. If any Participant or Beneficiary under the Plan should become bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber or charge any right to a benefit hereunder, then such right or benefit, in the discretion of the Committee, shall cease and terminate, and, in such event, the Committee may hold or apply the same or any part thereof for the benefit of such Participant or Beneficiary, his or her spouse, children, or other dependents, or any of them, in such manner and in such portion as the Committee may deem proper.

 

 

ARTICLE X

 

ADMINISTRATION OF THE PLAN 

10.01.
The Committee

The Plan shall be administered by the Committee. Subject to the provisions of the Plan, the Committee may adopt such rules and regulations as may be necessary to carry out the purposes hereof. The Committee’s interpretation and construction of any provision of the Plan shall be final and conclusive.

10.02.
Indemnification 

The Company shall indemnify and save harmless each member of the Committee against any and all expenses and liabilities arising out of his membership on the Committee, excepting only expenses and liabilities arising out of his own willful misconduct. Expenses against which a member of the Committee shall be indemnified hereunder shall include without limitation, the amount of any settlement or judgment, costs, counsel fees, and related charges reasonably incurred in connection with a claim asserted, or a proceeding brought or settlement thereof. The foregoing right of indemnification shall be in addition to any other rights to which any such member may be entitled.

10.03. Power of the Committee

In addition to the powers hereinabove specified, the Committee shall have the power to compute and certify the amount and kind of benefits from time to time payable to Participants and their Beneficiaries under the Plan, to authorize all disbursements for such purposes, and to determine whether a Participant is entitled to a benefit under Section 3.02 or 4.02.

10.04. Information 

To enable the Committee to perform its functions, the Company shall supply full and timely information to the Committee on all matters relating to the compensation of all Participants, their Retirement, death or other cause for termination of employment, and such other pertinent facts as the Committee may require.

 

 

ARTICLE XI

 

MISCELLANEOUS

11.01. Binding Effect

The Plan shall be binding upon the Company and its successors and assigns; subject to the powers set forth in Article VII, and upon a Participant, his Beneficiary, and either of their assigns, heirs, executors and administrators.

11.02. Governing Law

To the extent not preempted by federal law, the Plan shall be governed and construed under the laws of the Commonwealth of Virginia as in effect at the time of their adoption and execution, respectively.

11.03. Gender; Singular and Plural

Masculine pronouns wherever used shall include feminine pronouns and the use of the singular shall include the plural.Tredegar Corporation

  Exhibit
    10.11

   

  TREDEGAR
    INDUSTRIES, INC.

   

  DIRECTORS’
    STOCK PLAN

 

   

  TABLE
    OF CONTENTS

  	
        ARTICLE
          I DEFINITIONS

      	
        1

      
	
         
      
	
        1.01.
          Affiliate

      	
        1

      
	
         
      
	
        1.02.
          Agreement

      	
        1

      
	
         
      
	
        1.03.
          Board

      	
        1

      
	
         
      
	
        1.04.
          Code

      	
        1

      
	
         
      
	
        1.05.
          Committee

      	
        1

      
	
         
      
	
        1.06.
          Common Stock

      	
        1

      
	
         
      
	
        1.07.
          Company

      	
        1

      
	
         
      
	
        1.08.
          Fair Market Value

      	
        1

      
	
         
      
	
        1.09.
          Option

      	
        2

      
	
         
      
	
        1.10.
          Participant

      	
        2

      
	
         
      
	
        1.11.
          Plan

      	
        2

      
	
         
      
	
        1.12.
          Stock Award

      	
        2

      
	
        ARTICLE
          II PURPOSES

      	
        2

      
	
        ARTICLE
          III ADMINISTRATION

      	
        2

      
	
        ARTICLE
          IV ELIGIBILITY

      	
        3

      
	
        ARTICLE
          V STOCK SUBJECT TO PLAN

      	
        3

      
	
         
      
	
        5.01.
          Shares Issued.

      	
        3

      
	
         
      
	
        5.02.
          Aggregate Limit.

      	
        3

      
	
         
      
	
        5.03.
          Reallocation of Shares.

      	
        4

      
	
        ARTICLE
          VI OPTIONS

      	
        4

      
	
         
      
	
        6.01.
          Award.

      	
        4

      
	
         
      
	
        6.02.
          Option Price.

      	
        4

      
	
         
      
	
        6.03.
          Maximum Option Period

      	
        4

      
	
         
      
	
        6.04.
          Nontransferability.

      	
        4

      
	
         
      
	
        6.05.
          Transferable Options.

      	
        5

      
	
         
      
	
        6.06.
          Director Status.

      	
        5

      
	
         
      
	
        6.07.
          Exercise.

      	
        5

      
	
         
      
	
        6.08.
          Payment.

      	
        5

      
	
         
      
	
        6.09.
          Shareholder Rights.

      	
        5

      
			

   

  i

 

   

  	
        ARTICLE
          VII STOCK AWARDS

      	
        6

      
	
         
      
	
        7.01.
          Award.

      	
        6

      
	
         
      
	
        7.02.
          Vesting.

      	
        6

      
	
         
      
	
        7.03.
          Director Status.

      	
        6

      
	
         
      
	
        7.04.
          Shareholder Rights

      	
        6

      
	
        ARTICLE
          VIII ADJUSTMENT UPON CHANGE IN COMMON STOCK

      	
        7

      
	
         
      
	
        ARTICLE
          IX COMPLIANCE WITH LAW ANDAPPROVAL OF REGULATORY BODIES

      	
        7 
      

	
        ARTICLE
          X GENERAL PROVISIONS

      	
        8

      
	
         
      
	
        10.01.
          Effect on Service.

      	
        8

      
	
         
      
	
        10.02.
          Unfunded Plan.

      	
        8

      
	
         
      
	
        10.03.
          Rules of Construction.

      	
        8

      
	
        ARTICLE
          XI AMENDMENT

      	
        8

      
	
        ARTICLE
          XII DURATION OF PLAN

      	
        9

      
	
        ARTICLE
          XIII EFFECTIVE DATE OF PLAN

      	
        9

      
					

   

  ii

 

   

  ARTICLE
    I

  DEFINITIONS

  	
        1.01.

      	
        Affiliate

      

  Affiliate
    means any "subsidiary" or "parent" corporation (within the meaning of Section
    424 of the Code) of the Corporation.

  	
        1.02.

      	
        Agreement

      

  Agreement
    means a written agreement (including any amendment or supplement thereto)
    between the Company and a Participant specifying the terms and conditions
    of an Option or Stock Award granted to such Participant.

  	
        1.03.

      	
        Board

      

  Board
    means the Board of Directors of the Company.

  	
        1.04.

      	
        Code

      

  Code
    means the Internal Revenue Code of 1986, and any amendments thereto.

  	
        1.05.

      	
        Committee

      

  Committee
    means the Executive Committee of the Board.

  	
        1.06.

      	
        Common
          Stock

      

  Common
    Stock means the common stock of the Company.

  	
        1.07.

      	
        Company

      

  Company
    means Tredegar Industries, Inc.

  	
        1.08.

      	
        Fair
          Market Value

      

  Fair
    Market Value means, on any given date, the closing price of a share of Common
    Stock as reported on the New York Stock Exchange composite tape on such date,
    or if the Common Stock was not traded on the New York Stock Exchange on such
    day, then on the next preceding day that the Common Stock was traded on such
    exchange, all as reported by such source as the Committee may select.

 

   

  	
        1.09.

      	
        Option

      

  Option
    means a stock option that entitles the holder to purchase from the Company
    a stated number of shares of Common Stock at the price set forth in an Agreement.

  	
        1.10.

      	
        Participant

      

  Participant
    means a member of the Board who is not an employee of the Company or an Affiliate
    of the Company, who is selected to receive an Option, a Stock Award, or both.

  	
        1.11.

      	
        Plan

      

  Plan
    means the Tredegar Industries, Inc. Directors’ Stock Plan. 

  	
        1.12.

      	
        Stock
          Award

      

  Stock
    Award means Common Stock awarded to a Participant under Article VII.

  ARTICLE
    II

  PURPOSES

  The
    Plan is intended to assist the Company in recruiting and retaining as members
    of the Board individuals with ability and initiative by enabling such persons
    to participate in the future success of the Company and to associate their
    interests with those of the Company and its shareholders. The Plan is intended
    to permit the grant of Options and Stock Awards. The proceeds received by
    the Company from the sale of Common Stock pursuant to this Plan shall be used
    for general corporate purposes.

  ARTICLE
    III

  ADMINISTRATION

  The
    Plan shall be administered by the Committee; provided, however, that all awards
    under the Plan shall be subject to the final approval of the Board. Subject
    to the preceding sentence, the Committee shall have authority to grant Options
    and Stock Awards upon such terms (not inconsistent with the provisions of
    this Plan), as the Committee may consider appropriate. Such terms may include
    conditions (in addition to those contained in this Plan), on the exercisability
    of all or any part of an Option or on the vesting or transferability or both
    of Stock Awards. Notwithstanding any
    such conditions, the Committee may, in its discretion (but subject to the
    approval of the Board), accelerate the time at which any Option may be exercised
    or the time at which any Stock Award may become nonforfeitable, exercisable,
    or both. In addition, the Committee shall have complete authority to interpret
    all provisions of this Plan; to prescribe the form of Agreements; to adopt,
    amend, and rescind rules and regulations pertaining to the administration
    of the Plan; and to make all other determinations necessary or advisable for
    the administration of this Plan. The express grant in the Plan of any specific
    power to the Committee shall not be construed as limiting any power or authority
    of the Committee (other than the requirement that all awards under the Plan
    must be approved by the Board). Any decision made, or action taken, by the
    Committee or the Board or in connection with the administration of this Plan
    shall be final and conclusive. No member of the Committee or the Board shall
    be liable for any act done in good faith with respect to this Plan or any
    Agreement, Option or Stock Award. All expenses of administering this Plan
    shall be borne by the Company.

  2

 

  ARTICLE
    IV

  ELIGIBILITY

  Any
    member of the Board who is not an employee of the Company or an Affiliate
    (including a corporation that becomes an Affiliate after the adoption of this
    Plan), is eligible to participate in this Plan if the Committee, with the
    approval of the Board, determines that such person has contributed significantly
    or can be expected to contribute significantly to the profits or growth of
    the Company.

  ARTICLE
    V

  STOCK
    SUBJECT TO PLAN

  	
        5.01.

      	
        Shares
          Issued.

      

  Upon
    the award of shares of Common Stock pursuant to a Stock Award the Company
    may issue shares of Common Stock from its authorized but unissued Common Stock.
    Upon the exercise of any Option the Company may deliver to the Participant
    (or the Participant's broker if the Participant so directs), shares of Common
    Stock from its authorized but unissued Common Stock. 

  	
        5.02.

      	
        Aggregate
          Limit.

      

  The
    maximum aggregate number of shares of Common Stock that may be issued under
    this Plan pursuant to the exercise of Options and the grant of Stock Awards
    is 15,000 shares. The maximum aggregate number of shares that may be issued
    under this Plan shall be subject to adjustment as provided in Article VIII. 

  3

 

 

  	
        5.03.

      	
        Reallocation
          of Shares.

      

  If
    an Option is terminated, in whole or in part, for any reason other than its
    exercise, the number of shares of Common Stock allocated to the Option or
    portion thereof may be reallocated to other Options and Stock Awards to be
    granted under this Plan. If a Stock Award is forfeited, in whole or in part,
    the number of shares of Common Stock allocated to the Stock Award or portion
    thereof may be reallocated to other Options and Stock Awards to be granted
    under this Plan.

  ARTICLE
    VI

  OPTIONS

  	
        6.01.

      	
        Award.

      

  In
    accordance with the provisions of Article IV, the Committee, subject to the
    approval of the Board, will designate each individual to whom an Option is
    to be granted. 

  	
        6.02.

      	
        Option
          Price.

      

  The
    price per share for Common Stock purchased on the exercise of an Option shall
    be determined by the Committee on the date of grant, subject to the approval
    of the Board, but shall not be less than the Fair Market Value on the date
    the Option is granted.

  	
        6.03.

      	
        Maximum
          Option Period

      

  The
    maximum period in which an Option may be exercised shall be determined by
    the Committee on the date of grant, subject to the approval of the Board,
    except that no Option shall be exercisable after the expiration of ten years
    from the date such Option was granted.

  	
        6.04.

      	
        Nontransferability.

      

  Except
    as provided in Section 6.05, each Option granted under this Plan shall be
    nontransferable except by will or by the laws of descent and distribution.
    Except as provided in Section 6.05, during the lifetime of the Participant
    to whom the Option is granted, the Option may be exercised only by the Participant.
    No right or interest of a Participant in any Option shall be liable for, or
    subject to, any lien, obligation, or liability of such Participant.

  4 

 

 

  	
        6.05.

      	
        Transferable
          Options.

      

  Section
    6.04 to the contrary notwithstanding, if the Agreement provides, an Option
    may be transferred by a Participant to the Participant's children, grandchildren,
    spouse, one or more trusts for the benefit of such family members or a partnership
    in which such family members are the only partners, on such terms and conditions
    as may be permitted under Securities Exchange Commission Rule 16b-3 as in
    effect from time to time. The holder of an Option transferred pursuant to
    this section shall be bound by the same terms and conditions that governed
    the Option during the period that it was held by the Participant; provided,
    however, that such transferee may not transfer the Option except by will or
    the laws of descent and distribution.

  	
        6.06.

      	
        Director
          Status.

      

  In
    the event that the terms of any Option provide that it may be exercised only
    during a Participant’s service on the Board or within a specified period
    of time thereafter, the Committee may decide to what extent leaves of absence
    for governmental or military service, illness, temporary disability, or other
    reasons shall not be deemed interruptions of continuous service.

  	
        6.07.

      	
        Exercise.

      

  Subject
    to the provisions of this Plan and the applicable Agreement, an Option may
    be exercised in whole at any time or in part from time to time at such times
    and in compliance with such requirements as the Committee, with the approval
    of the Board, shall determine. An Option granted under this Plan may be exercised
    with respect to any number of whole shares less than the full number for which
    the Option could be exercised. A partial exercise of an Option shall not affect
    the right to exercise the Option from time to time in accordance with this
    Plan and the applicable Agreement with respect to the remaining shares subject
    to the Option. 

  	
        6.08.

      	
        Payment.

      

  Unless
    otherwise provided by the Agreement, payment of the Option price shall be
    made in cash or a cash equivalent. If the Agreement provides, payment of all
    or part of the Option price may be made by surrendering shares of Common Stock
    to the Company. If Common Stock is used to pay all or part of the Option price,
    the sum of the cash and cash equivalent and the Fair Market Value (determined
    as of the day preceding the date of exercise) of the shares surrendered must
    not be less than the Option price of the shares for which the Option is being
    exercised.

  	
        6.09.

      	
        Shareholder
          Rights.

      

  No
    Participant shall have any rights as a shareholder with respect to shares
    subject to his Option until the date of exercise of such Option. 

  5 

 

  ARTICLE
    VII

  STOCK
    AWARDS

  	
        7.01.

      	
        Award.

      

  In
    accordance with the provisions of Article IV, the Committee, subject to the
    approval of the Board, will designate each individual to whom a Stock Award
    is to be made and the number of shares of Common Stock subject to the Stock
    Award.

  	
        7.02.

      	
        Vesting.

      

  The
    Committee on the date of the award, subject to the approval of the Board,
    may prescribe that a Participant’s rights in a Stock Award shall be forfeitable
    or otherwise restricted for a period of time or subject to such conditions
    as may be set forth in the Agreement.

  	
        7.03.

      	
        Director
          Status.

      

  In
    the event that the terms of any Stock Award provide that shares may become
    transferable and nonforfeitable thereunder only after completion of a specified
    period of service on the Board, the Committee may decide in each case to what
    extent leaves of absence for governmental or military service, illness, temporary
    disability, or other reasons shall not be deemed interruptions of continuous
    service.

  	
        7.04.

      	
        Shareholder
          Rights

      

  Prior
    to their forfeiture (in accordance with the applicable Agreement and while
    the shares of Common Stock granted pursuant to the Stock Award may be forfeited
    or are nontransferable), a Participant will have all rights of a shareholder
    with respect to a Stock Award, including the right to receive dividends and
    vote the shares; provided, however, that during such period (i) a Participant
    may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose
    of shares of Common Stock granted pursuant to a Stock Award, and (ii) the
    Company shall retain custody of the certificates evidencing shares of Common
    Stock granted pursuant to a Stock Award, and (iii) the Participant will deliver
    to the Company a stock power, endorsed in blank, with respect to each Stock
    Award. The limitations set forth in the preceding sentence shall not apply
    after the shares of Common Stock granted under the Stock Award are transferable
    and are no longer forfeitable.

  6 

 

  ARTICLE
    VIII

  ADJUSTMENT
    UPON CHANGE IN COMMON STOCK

  The
    maximum number of shares as to which Options and Stock Awards may be granted
    under this Plan and the terms of outstanding Options and Stock Awards shall
    be adjusted as the Board shall determine to be equitably required in the event
    that (a) the Company (i) effects one or more stock dividends, stock split-ups,
    subdivisions or consolidations of shares or (ii) engages in a transaction
    to which Section 424 of the Code applies or (b) there occurs any other
    event which, in the judgment of the Board necessitates such action. Any determination
    made under this Article VIII by the Board shall be final and conclusive.

  The
    issuance by the Company of shares of stock of any class, or securities convertible
    into shares of stock of any class, for cash or property, or for labor or services,
    either upon direct sale or upon the exercise of rights or warrants to subscribe
    therefor, or upon conversion of shares or obligations of the Company convertible
    into such shares or other securities, shall not affect, and no adjustment
    by reason thereof shall be made with respect to, the maximum number of shares
    as to which Options and Stock Awards may be granted or the terms of outstanding
    Options and Stock Awards. 

  ARTICLE
    IX

  COMPLIANCE
    WITH LAW ANDAPPROVAL OF REGULATORY BODIES

  No
    Option shall be exercisable, no Common Stock shall be issued, no certificates
    for shares of Common Stock shall be delivered, and no payment shall be made
    under this Plan except in compliance with all applicable federal and state
    laws and regulations (including, without limitation, withholding tax requirements),
    any listing agreement to which the Company is a party, and the rules of all
    domestic stock exchanges on which the Company's shares may be listed. The
    Company shall have the right to rely on an opinion of its counsel as to such
    compliance. Any share certificate issued to evidence Common Stock when an
    Option is exercised or a Stock Award is granted may bear such legends and
    statements as the Committee may deem advisable to assure compliance with federal
    and state laws and regulations. No Option shall be exercisable, no Common
    Stock shall be issued, no certificate for shares shall be delivered, and no
    payment shall be made under this Plan until the Company has obtained such
    consent or approval as the Committee may deem advisable from regulatory bodies
    having jurisdiction over such matters.

  7 

 

  ARTICLE
    X

  GENERAL
    PROVISIONS

  	
        10.01.

      	
        Effect
          on Service.

      

  Neither
    the adoption of this Plan, its operation, nor any documents describing or
    referring to this Plan (or any part thereof), shall confer upon any individual
    any right to continue in the service of the Company or in any way affect any
    right and power of the Company to terminate the service of any individual
    at any time with or without assigning a reason therefor.

  	
        10.02.

      	
        Unfunded
          Plan.

      

  The
    Plan, insofar as it provides for grants, shall be unfunded, and the Company
    shall not be required to segregate any assets that may at any time be represented
    by grants under this Plan. Any liability of the Company to any person with
    respect to any grant under this Plan shall be based solely upon any contractual
    obligations that may be created pursuant to this Plan. No such obligation
    of the Company shall be deemed to be secured by any pledge of, or other encumbrance
    on, any property of the Company.

  	
        10.03.

      	
        Rules
          of Construction.

      

  Headings
    are given to the articles and sections of this Plan solely as a convenience
    to facilitate reference. The reference to any statute, regulation, or other
    provision of law shall be construed to refer to any amendment to or successor
    of such provision of law.

   

  ARTICLE
    XI

  AMENDMENT

  The
    Board may amend or terminate this Plan from time to time; provided, however,
    that no amendment may become effective until shareholder approval is obtained
    if (i) the amendment increases the aggregate number of shares of Common Stock
    that may be issued under the Plan (other than an adjustment pursuant to Article
    VIII) or (ii) the amendment changes the class of individuals eligible to become
    Participants. No amendment shall, without a Participant's consent, adversely
    affect any rights of such Participant under any Option or Stock Award outstanding
    at the time such amendment is made.

  8 

 

  ARTICLE
    XII

  DURATION
    OF PLAN

  No
    Option or Stock Award may be granted under this Plan after February 24, 2008.
    Options and Stock Awards granted before that date shall remain valid in accordance
    with their terms.

   

  ARTICLE
    XIII

  EFFECTIVE
    DATE OF PLAN

  Options
    may be granted under this Plan upon its adoption by the Board, provided that
    no Option shall be effective or exercisable unless this Plan is approved by
    a majority of the votes cast by the Company's shareholders, voting either
    in person or by proxy, at a duly held shareholders' meeting at which a quorum
    is present. Stock Awards may be granted under this Plan upon its approval
    by the company’s shareholders in accordance with the preceding sentence.
    

  9

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