<SEC-DOCUMENT>0001140361-19-004060.txt : 20190228
<SEC-HEADER>0001140361-19-004060.hdr.sgml : 20190228
<ACCEPTANCE-DATETIME>20190228132418
ACCESSION NUMBER:		0001140361-19-004060
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20190222
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20190228
DATE AS OF CHANGE:		20190228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TREDEGAR CORP
		CENTRAL INDEX KEY:			0000850429
		STANDARD INDUSTRIAL CLASSIFICATION:	ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]
		IRS NUMBER:				541497771
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10258
		FILM NUMBER:		19642128

	BUSINESS ADDRESS:	
		STREET 1:		1100 BOULDERS PKWY
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23225
		BUSINESS PHONE:		8043301000

	MAIL ADDRESS:	
		STREET 1:		1100 BOULDERS PARKWAY
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23225

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TREDEGAR INDUSTRIES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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      <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 14pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
      <div style="text-align: center; font-size: 12pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">WASHINGTON, DC&#160; 20549</font></div>
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      <div style="text-align: center; font-size: 18pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">FORM 8-K</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">CURRENT REPORT</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Pursuant to Section 13 or 15(d) of the</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Securities Exchange Act of 1934</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Date of report (Date of earliest event reported): February 28, 2019&#160; (February 22, 2019)</font></div>
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              <div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">Tredegar Corporation</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(Exact Name of Registrant as Specified in its Charter)</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Virginia</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">1-10258</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">54-1497771</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(State or Other Jurisdiction of Incorporation)</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Commission File Number)</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(IRS Employer&#160; Identification No.)</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">1100 Boulders Parkway</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Richmond, Virginia</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">23225</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Address of Principal Executive Offices)</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Zip Code)</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Registrant's telephone number, including area code:&#160; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><u>(804) 330-1000</u></font></font></div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Former Name or Former Address, if Changed Since Last Report)</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
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      <div style="text-align: justify; margin-right: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
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                <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Item 5.02.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></div>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On February 28, 2019, Tredegar Corporation (the &#8220;Company&#8221;) announced that on February 22, 2019, John D. Gottwald informed the Company&#8217;s
          Board of Directors (the &#8220;Board of Directors&#8221;) that he plans to retire as the Company&#8217;s President and Chief Executive Officer, effective as of the day following the filing of the Company&#8217;s Annual Report on Form 10-K for the year ended December 31,
          2018 with the Securities and Exchange Commission, which is expected to occur on March 18, 2019.&#160; The Company also announced that on February 22, 2019, the Board of Directors elected John M. Steitz as the Company&#8217;s President and Chief Executive
          Officer, effective upon John D. Gottwald&#8217;s retirement.</font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">John M. Steitz, 60, has been a director of the Company since 2017.&#160; He previously served as President and Chief Executive Officer of
          Addivant Corporation, a leading global supplier of antioxidants, intermediates, inhibitors, modifiers, UV stabilizers and other additives to the plastic and rubber industries, from March 2015 until January 2019, as President and Chief Operating
          Officer of PQ Corporation, a leading worldwide producer of specialty inorganic performance chemicals and catalysts, from October 2013 until March 2015, as President and Chief Executive Officer of Avantor Performance Materials, a global supplier
          of ultra-high-purity life sciences materials with strict regulatory and performance specifications, from September 2012 through September 2013, as President and Chief Operating Officer of Albemarle Corporation, a worldwide manufacturer of
          specialty chemicals, from March 2012 through August 2012, and as Chief Operating Officer and Executive Vice President of Albemarle from April 2007 until March 2012.&#160; Mr. Steitz has also served on the board of directors of Innophos Holdings, Inc.,
          a producer of specialty grade phosphate products for the food, pharmaceutical and industrial market segments, since 2009.</font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In connection with his election as the Company&#8217;s President and Chief Executive Officer, the Executive Compensation Committee of the Board
          of Directors approved a compensation package for Mr. Steitz consisting of the follow components:</font></div>
      <div><br>
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            <td valign="bottom" style="vertical-align: middle; width: 44%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: middle;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Annual Base</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Salary</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: middle;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Stock Option</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Grant Value(1)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: middle;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Restricted Stock</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Grant Value(1)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">John M. Steitz</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';">825,000</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';">1,414,710</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';">471,570</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div style="text-align: left;">
        <div>
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                </td>
                <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Mr. Steitz will receive stock options or shares of restricted stock for the number of shares with the applicable grant date value reflected above.</font></div>
                </td>
              </tr>

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        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The stock options will be granted on the third day following the Company&#8217;s earnings release for the fourth quarter of 2018, which is
          expected to be on March 18, 2019 (the &#8220;Date of Grant&#8221;).&#160; The stock options will have an exercise price per share equal to 106.12% of the closing price of the Company&#8217;s common stock on the Date of Grant.&#160; The options will vest three years from the
          Date of Grant and will have a term of five years.&#160; The grant of options will be subject to the terms of the Notice of Nonstatutory Stock Option Grant and Nonstatutory Stock Option Terms and Conditions, a form of which will be filed as an exhibit
          to the Company&#8217;s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2019.</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The shares of restricted stock become vested and nonforfeitable three years from the Date of Grant.&#160; Upon the issuance of the shares, Mr.
          Steitz will be entitled to vote the shares and will be entitled to receive, free of all restrictions, ordinary cash dividends.&#160; The grant of restricted stock is subject to the terms of the Notice of Stock Award and Stock Award Terms and
          Conditions, substantially in the form filed as Exhibit 10.2 to the Company&#8217;s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 1, 2016.</font></div>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The nonqualified stock options and shares of restricted stock will be granted in reliance on the employment inducement exemption provided
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">SIGNATURES</font></div>
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      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
          behalf by the undersigned hereunto duly authorized.</font></div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">TREDEGAR CORPORATION</font></div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 37%; vertical-align: top;">&#160;</td>
            <td colspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Date:&#160; February 28, 2019</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">By:</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">/s/ Michael J. Schewel</font></font></div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Michael J. Schewel</font></div>
            </td>
            <td colspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 37%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Vice President, General Counsel and Secretary</font></div>
            </td>
            <td colspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
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      <div style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
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