Document:

<PAGE>

                                                                   Exhibit 4.145

                          WEBSITE DEVELOPMENT AGREEMENT

     This Website Development Agreement (the "Agreement") is entered into this
1st day of January, 2007 (the "Effective Date") by and between:

     SHANGHAI SHANDA NETWORKING CO., LTD. a corporation duly organized and
     validly existing under the laws of the People's Republic of China (the
     "PRC") and having its principal place of business at No.1 Office Building,
     No. 690 Bibo Road, Pudong New Area, Shanghai 201203, the PRC ("Shanda
     Networking"); and

     SHENGQU INFORMATION TECHNOLOGY (SHANGHAI) CO., LTD., a corporation duly
     organized and validly existing under the laws of the PRC and having its
     principal place of business at No.1 Office Building, No. 690 Bibo Road,
     Pudong New Area, Shanghai 201203, the PRC ("Shengqu").

     Shanda Networking and Shengqu shall be referred to individually as a
     "Party" and collectively as the "Parties".

                                    RECITALS

     WHEREAS, Shengqu has the sufficient ability to plan and design website
content and provide development website for Rainbow Service Online;

     WHEREAS, Shanda Networking desires to cooperate with Shengqu.

     NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein and for other good and valuable consideration, the Parties
hereto agree as follows:

1 DEFINITION

As used in this Agreement, the following terms shall have the meanings set forth
below:

1.1  "Service Fees" shall mean the fees paid by Shanda Networking to Shengqu in
     consideration of the Rainbow Service website development services provided
     by Shengqu pursuant to this Agreement.

Each of the following terms shall have the meanings ascribed to them in the
Sections set forth opposite such terms:

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<TABLE>
<S>                          <C>
"Agreement"                  Preamble
"Confidential Information"   Section 9.1
"Effective Date"             Preamble
"Force Majeure Event"        Section 10.1
</TABLE>

2 SCOPE OF COOPERATION

2.1  Shengqu will make use of it's ability to plan, design and develop website
     for Shanda Networking.

2.2  Shanda Networking shall provide the information, according to which the
     development content will be prepared, twenty (20) days before the date upon
     which Shengqu will begin preparing the development content. The development
     content shall be made in strict accordance with Shanda Networking's
     requirements.

2.3  Shengqu shall develop the website in accordance with Shanda Networking's
     requirements, and provide Shanda Networking with a software or hard copy
     version of the materials.

2.4  Shanda Networking shall pay the Service Fees set forth in Section 6.

3 TIMETABLE.

     Shengqu shall provide Shanda Networking with development services, from
     time to time, upon the receipt of a service request from Shanda Networking.

4 OBLIGATIONS AND RIGHTS OF SHENGQU.

4.1  Shengqu shall have the right to review the information provided by Shanda
     Networking. In the event that the content does not comply with the laws or
     regulations of the PRC, Shengqu shall have the right to refuse to provide
     Shanda Networking its services.

4.2  Shengqu shall have the right to charge the Service Fees set forth in this
     Agreement.

4.3  Shengqu shall ensure that development is finished on time and are in
     accordance with Shanda Networking's requirements, and in the event that the
     development does not satisfy such requirements, Shengqu shall compensate
     Shanda Networking.

5 OBLIGATIONS AND RIGHTS OF SHANDA NETWORKING

5.1  Shanda Networking shall determine the requirements according to which the

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     website shall be designed and developed, and such requirements shall be
     provided to Shengqu on time. The requirements shall comply with the laws
     and regulations of the PRC.

5.2  Shanda Networking shall pay the Service Fees as set forth in this
     Agreement.

5.3  Shanda Networking shall own the copyrights and other relevant rights of the
     information it provides Shengqu under this Agreement and own the copyright
     of the Rainbow Service Website.

6 PRICE AND PAYMENT

6.1  The Service Fees shall be determined according to the information provided
     in the service request forms submitted to Shengqu by Shanda Networking from
     time to time.

6.2  Methods of payment:

6.2.1 Shanda Networking shall submit to Shengqu a service request form when it
     is in need of Shengqu's services. At the end of each month, Shengqu shall
     provide Shanda Networking with an invoice completed according to the
     service request form. Shanda Networking shall pay the Service Fees within
     ten (10) business days of receiving the invoice.

6.2.2 The Service Fees shall be paid by check or through a bank transaction.

6.3  Taxes obligations arising in connection with this Agreement shall be borne
     by the Parties in accordance with the relevant laws and regulations of the
     PRC.

6.4  The method for calculating the Service Fees is set forth below: Service
     Fees = number of the service requests x RMB100,000

7 REPRESENTATIONS AND GUARANTEES OF SHENGQU.

7.1  Shengqu has the ability to plan, design and develop website, and agrees to
     provide Shanda Networking with its services.

7.2  Shengqu has all requisite power and authority to execute this Agreement.

7.3  Shengqu shall carry out the obligations of this Agreement in accordance
     with the relevant laws and regulations of the PRC.

7.4  The execution of this Agreement does not and will not violate any agreement
     existing between Shengqu and any other person or entity. Shengqu shall

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     indemnify all loss of Shanda Networking in connection with any breach of
     this section (including all reasonable costs and expenses arising from such
     compensation).

8 REPRESENTATIONS AND GUARANTEES OF SHANDA NETWORKING.

8.1  Shanda Networking has all requisite power and authority to execute this
     Agreement.

8.2  Shanda Networking guarantees that the information, according to which the
     website will be made, complies with the laws and regulations of the PRC.

9 CONFIDENTIALITY.

9.1  Any and all information, disclosed in writing and designated as
     confidential or, if disclosed orally, designated as confidential at the
     time of disclosure, relating in any way to actual or potential customers,
     products, patents, source codes, object codes, technical data, information,
     inventions, procedures, methods, designs, strategies, drawings, samples,
     specifications, plans, assets, liabilities, costs, revenues, profits,
     organization, employees, agents, distributors or other business affairs in
     general shall be treated as confidential information ("Confidential
     Information").

9.2  Neither Party shall use or disclose any Confidential Information of the
     other Party to any persons or entities without prior written approval,
     except in the event that the confidential information of the other Party is
     used for the sole purpose of carrying out the obligations under this
     Agreement.

9.3  Each Party shall keep the information concerning the transactions
     contemplated by this Agreement in strict confidence. Neither Party shall
     disclose the information concerning the transactions contemplated by this
     Agreement to any third party without the other Party's prior written
     approval. However, the receiving Party shall be permitted to disclose the
     confidential information under any laws, rules or regulation of stock
     exchange or provide any documents, reports or disclose in the method of a
     press release or by other ways to investors.

9.4  The term of this confidentiality is the same as this Agreement.

10 FORCE MAJEURE

10.1 Force Majeure shall mean severe natural disasters such as typhoon, flood,
     storm, earthquake, fire, wars, whether announced or not, riots, civil
     commotion and/or any other cause beyond the reasonable control of the Party
     whose performance is affected ("Force Majeure Event").

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10.2 The time for performance or cure shall be extended for a period equal to
     the duration of the Force Majeure Event, however the financial terms of
     this Agreement shall not be adjusted.

10.3 The Party whose performance is affected by such a cause shall promptly
     notify the other party hereto of such impossibility of performance, and
     provide the other Party with a written certificate within five days after
     the Force Majeure Event happens, and shall take affirmative and effective
     steps to mitigate the effects of the Force Majeure Event. Once the effects
     of the Force Majeure Event disappears, the Party whose performance is
     affected shall provide the other Party with a prompt notice.

10.4 In the event that the Party, whose performance is affected, expects that
     the Force Majeure Event will exceeds 30 days, the Parties shall negotiate
     the performance of the Agreement in good faith.

11 LIABILITY OF BREACH.

11.1 Special Liability of Breach. During the performance of the Agreement, in
     the event Shengqu is unable to complete the media content in accordance
     with Shanda Networking's requirements, Shanda Networking shall have the
     right to compensation and the right to require Shengqu to continue the
     perform its obligations. In the event Shengqu's inability is caused by a
     third party, the Parties shall negotiate a satisfactory resolution. If the
     breach cannot be satisfactorily resolved by the Parties through friendly
     consultation, Shengqu shall refund Shanda Networking an amount equal to two
     times the Service Fees.

11.2 Common Liability of Breach.

(a)  In case one Party (non-breaching party) declares the other Party (breaching
     party) commit any things breach the Agreement and provide the certificate
     of such things, and prove such things make the Agreement can't be
     performed, performed entirely or delayed, then, non-breaching party has the
     rights to require breaching party take on its liability of breach, and
     cease performing the obligations under this Agreement in case it wouldn't
     like to terminate this Agreement.

(b)  The breaching Party shall take steps to mitigate the effects within 7 days
     after it is informed the reality of breach, in case the breaching Party
     doesn't mitigate during the 7 days, the non-breaching Party has rights
     terminate the Agreement and require breaching Party to compensate all the
     economic loss (including direct loss, indirect loss and all the other
     expenses and costs hereunder). This Section 11.2(b) shall survive
     expiration or termination of this Agreement for

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     any reason.

(c)  In case other sections of this Agreement provide otherwise in connection of
     breach and liability of breach that are different from this Section
     11.2(c), then this Section 11.2(c) doesn't apply.

12 TERMINATION

12.1 This Agreement may be terminated by the Parties by providing a joint
     written notice.

12.2 One Party may terminate this Agreement upon written notice to the other
     Party in the event of the occurrence of one or more of the following:

(a)  One Party has expressed definitely or indicated through its action that it
     will not perform material obligations of this Agreement before this
     Agreement's expiration;

(b)  One Party has committed a material breach of this Agreement which is
     capable of remedy and fails to cure such breach within 14 days after the
     breaching party receives written notice thereof from the other party;

(c)  One Party experiences a bankruptcy or is unable to pay its debt.

12.3 After this Agreement is terminated:

(a)  The parts have been performed will not be performed any more;

(b)  Shengqu shall return the content for information making provided by Shanda
     Networking immediately.

13 GOVERNING LAW, FORM AND JURISDICTION.

13.1 The validity, explanation, performance and dispute resolving of this
     Agreement shall be in accordance with the laws and regulations of the PRC.

13.2 In the event of any dispute, controversy of difference, the Parties hereto
     shall conduct discussions and negotiations in good faith. If such dispute
     can not be satisfactorily resolved by the Parties themselves whining 60
     days after one Parties provides a written requirement of negotiation to the
     other, the Parties hereby consent and submit disputes to the court where
     Shanda Networking is located.

13.3 In the event of a dispute is heard by the court, the Parties shall continue
     the

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<PAGE>

     performance of the remaining parts of this Agreement.

14 MISCELLANEOUS

14.1 Assignment. No Party may assign or transfer its rights under this Agreement
     to a third party without the prior written consent of the other Party.
     Notwithstanding the foregoing, Shentyue shall have the right to assign this
     Agreement to its Affiliate(s) by giving prior written notice to Shengqu.
     Subject to the restrictions on assignment and transfers set forth herein,
     this Agreement shall be binding upon and shall inure to the benefit of the
     Parties and their respective successors and assigns.

14.2 Binging. This Agreement, together with the exhibits referenced and attached
     hereto, shall become effective after it is executed by a duly authorized
     representative, officer or agent of the Parties. This Agreement is binding
     upon and inures to the benefit of the parties and their heirs, executors,
     legal and personal representatives, successors and assigns, as the case may
     be. All amendments to this Agreement shall be binding upon the Parties so
     long as the same are in writing and executed by both Parties.

14.3 Notices. Except as otherwise expressly provided in this Agreement, all
     notices sent by either Party to the other Party pursuant to or in
     connection with this Agreement shall be in writing and shall be deemed to
     have been sufficiently given and received for the purposes of this
     Agreement if sent to the other Party at the address or facsimile number
     listed below for such Party, or to such other address or facsimile number
     of which either Party may so notify the other Party in writing.

14.4 Severability. If any provision of this Agreement is found to be illegal,
     invalid or unenforceable, that provision shall be limited or eliminated to
     the minimum extent necessary so that this Agreement shall otherwise remain
     in full force and effect and enforceable.

14.5 Effectiveness. This Agreement shall become effective after the authorized
     representatives of the Parties signed it, and the Agreement shall remain in
     effect for a period of one (1) year thereafter. Upon the expiration of the
     initial term of this Agreement, the Agreement shall be automatically
     renewed provided that neither Party suggests otherwise.

14.6 Amendments. This Agreement shall not be modified or amended except by
     written agreement signed by duly authorized representatives of the Parties.
     Such amendment agreement shall be considered a part of this Agreement and
     the Agreement shall remain in full force and effect and enforceable.

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<PAGE>

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

                [The remainder of page intentionally left blank]

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IN WITNESS WHEREOF, the Parties have executed this Agreement through their duly
authorized representatives on the date first set forth above.

SHANGHAI SHANDA NETWORKING CO., LTD.

By: /s/ Chen Danian
    ---------------------------------
Name: Chen Danian
Title: Senior Vice President

SHENGQU INFORMATION TECHNOLOGY
(SHANGHAI) CO., LTD.

By: /s/ Chen Tianqiao
    ---------------------------------
Name: Chen Tianqiao
Title: Chief Executive Officer

                                        9

<PAGE>

EXHIBIT A

                               DEVELOPMENT REQUEST

<TABLE>
<CAPTION>
   NAME      DATE OF DELIVERY   SIZE   PRICE   REMARK
----------   ----------------   ----   -----   ------
<S>          <C>                <C>    <C>     <C>

</TABLE>

Note: Material requirements will be provided along with the relevant
explanations.

                                       10Exhibit 10.22

 

TREDEGAR CORPORATION

 

NOTICE OF STOCK UNIT AWARD

 

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

 

	
            Name of Participant:
 	
             
 
	
             
 	
             
 
	
            Date of Grant:
 	
             
 
	
             
 	
             
 
	
            Number of Stock Units:
 	
             
 
	
             
 	
             
 
	
            Vesting:
 	
            The requirements for earning the award and vesting in the shares of Common Stock issued in settlement of the award are set forth in the attached Stock Unit Award Terms and Conditions.
 
	
             
 	
             
 
	
            Expiration Date:
 	
            None.
 
	
             
 	
             
 
	
            Transferability:
 	
            None; other than by will or the laws of descent and distribution.
 
	
             
 	
             
 

 

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

 

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

 

	
             
 	
            TREDEGAR CORPORATION
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:_________________________________
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            ___________________________________
 
	
             
 	
            Participant
 
	
             
 	
             
 
	
             
 	
            Date:_______________________________
 

 

 

TREDEGAR CORPORATION

 

	
             
 	
            STOCK UNIT AWARD TERMS AND CONDITIONS
 

 

THESE STOCK UNIT AWARD TERMS AND CONDITIONS (“Terms and Conditions”) effective as of the ____ of ____________, 2007, govern the Stock Unit Award made by Tredegar Corporation, a Virginia corporation (the “Company”), to the participant (the “Participant”) named in the Notice of Stock Unit Award to which these Terms and Conditions are attached (the “Grant Notice”), and are made in accordance with and subject to the provisions of the Company's 2004 Equity Incentive Plan (the “Plan”).  A copy of the Plan has been made available to Participant.  All terms used in these Terms and Conditions that are defined in the Plan have the same meaning given them in the Plan.

 

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

 

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

 

(a)      Performance Criteria.  The Participant will earn Stock Units based on the EPA for calendar year 2007 as follows:

 

	
             
 	
            2007 Films EPA
 	
            Stock Units Earned
 
	
             
 	
             
 	
             
 
	
             
 	
            At least ___________ but not 
 	
             
 
	
             
 	
            more than ___________
 	
            ___________
 
	
             
 	
             
 	
             
 
	
             
 	
            At least___________  
 	
            ___________
 

 

(b)      Effect of Termination During 2007.  Except as provided in subparagraphs (c) and (d), no Stock Units will be earned if the Participant’s employment with, and service to, the Company and its Affiliates terminates or is terminated before January 1, 2008.

 

(c)      Disability Termination or Death.  This subparagraph (c) applies if the Participant’s employment with, and service to, the Company and its Affiliates terminates before January 1, 2008, on account of the Participant’s permanent and total disability (as defined in Section 22(e)(3) of the Code) or death.  In that event, the number of Stock 

 

2

 

 

Units earned by the Participant shall equal the number determined in accordance with subparagraph (a) multiplied by a fraction.  The numerator of the fraction shall be the number of whole months that the Participant was employed by, or providing services to, the Company or an Affiliate during 2007 and after the Date of Grant (including any period that the Participant was absent from work for illness, injury or short term disability prior to termination of employment) and the denominator shall be six.

 

(d)      Change in Control.  The Participant will earn _____ Stock Units if there is a Change in Control before January 1, 2008.

 

3.          Vesting in Stock Units.  The Participant’s interest in the Stock Units that are earned in accordance with Section 2 shall Vest as provided in this Section 3.

 

(a)      Continued Employment until June 30, 2008.  The Participant’s interest in all of the Stock Units that are earned in accordance with Section 2 shall Vest on June 30, 2008, if the Participant’s employment with, and service to, the Company and its Affiliates is continuous from the Date of Grant until June 30, 2008.  

 

(b)      Disability Termination or Death.  The Participant’s interest in all of the Stock Units that are earned in accordance with Section 2 shall be Vested if the Participant’s employment with, and service to, the Company and its Affiliates is continuous from the Date of Grant until the termination of such employment on account of the Participant’s death or permanent and total disability (as defined in Section 22(e)(3) of the Code).

 

(c)      The Participant’s interest in all of the Stock Units earned pursuant to the provisions of Section 2(d) shall Vest on the Control Change Date if the Participant’s employment with the Company and its Affiliates is continuous from the Date of Grant until the Control Change Date.

 

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

 

(a)      Committee Certification.  As soon as practicable after 2007 (but no later than June 30, 2008), the Committee will determine the number of Stock Units that are earned under the provisions of Section 2 and that Vest under the provisions of Section 3.  The Committee’s determination shall be set forth in writing, as part of the minutes of a meeting of the Committee, by unanimous consent or otherwise.  Notwithstanding the preceding sentences, a written determination of the Committee shall not be required in the case of Stock Units that are earned and that Vest pursuant to the provisions of Section 2(d) and Section 3(c), respectively.

 

(b)      Issuance of Common Stock.  As soon as practicable after the Committee’s certification under subparagraph (a) (but no later than September 1, 2008), the Committee shall issue shares of Common Stock under the Plan in settlement of the Stock Units earned by the Participant.  The number of shares of Common Stock issued shall equal the 

 

3

 

 

number of Stock Units earned by the Participant under the provisions of Section 2 and that Vest under the provisions of Section 3.  Notwithstanding the preceding sentences, _____ shares of Common Stock shall be issued to the Participant on the Control Change Date if the Stock Units are earned pursuant to the provisions of Section 2(d).

 

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

 

(d)      Vesting in Common Stock.  The Participant’s interest in the shares of Common Stock issued in settlement of the Stock Units shall be immediately vested and transferable.

 

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

 

6.           Nontransferability.  The Stock Units are nontransferable except by will or by the laws of descent and distribution.  

 

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

 

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

 

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

 

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

 

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

 

4

 

 

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

 

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

 

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

 

5

 

 

For purposes of the definition of Change of Control, the terms Acquiring Person, Beneficial Owner, Company, Continuing Director, and Person shall have the same definitions given them in the Rights Agreement between Tredegar Corporation and American Stock Transfer & Trust Company, dated as of June 30, 1999, as amended.

 

 (c)         EPA has the same meaning as set forth in the 2007 Incentive Plan for Executive Officers as in effect at the time the Stock Units were awarded; provided, however, that the Committee may adjust the performance criteria, the calculation of EPA or both on account of changes in generally accepted accounting principles; changes in the allocation of revenues, expenses, assets and liabilities between the Company or one or more of its business units; changes in tax law and other events or circumstances to assure that the performance criteria and calculation of EPA reflect an accurate assessment of the economic profit added of the Company or one or more of its business units.

 

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

 

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

 

11.         Change in Capital Structure.  The number of Stock Units and the performance criteria in Section 2 shall be adjusted as the Committee determines is equitably required in the event the Company effects one or more stock dividends, stock split-ups subdivisions or consolidations of shares, other similar changes in capitalization or such other events as are described in the Plan.

 

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

 

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

 

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

 

6

 

 

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

 

 

7

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