<SEC-DOCUMENT>0001193125-22-115260.txt : 20220422
<SEC-HEADER>0001193125-22-115260.hdr.sgml : 20220422
<ACCEPTANCE-DATETIME>20220422170056
ACCESSION NUMBER:		0001193125-22-115260
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220422
DATE AS OF CHANGE:		20220422

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10258
		FILM NUMBER:		22846367

	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
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Securities and Exchange Commission </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C.&nbsp;20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Schedule 14A
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14s-6(e)(2))</FONT></B> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
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<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Tredegar Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1100 Boulders Parkway&nbsp;&nbsp;&nbsp;&nbsp;&#124;&nbsp;&nbsp;&nbsp;&nbsp;Richmond, Virginia 23225 </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENT TO THE PROXY STATEMENT OF TREDEGAR CORPORATION, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DATED MARCH&nbsp;23, 2022, FOR THE ANNUAL MEETING OF SHAREHOLDERS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO BE HELD ON MAY&nbsp;5, 2022 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">April&nbsp;22, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To Our Shareholders: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of the Board of Directors (the &#147;Board&#148;) of Tredegar Corporation (&#147;Tredegar,&#148; &#147;we&#148; or &#147;our&#148;),
we are writing to request your support at our 2022 Annual Meeting of Shareholders (the &#147;Annual Meeting&#148;) by voting in favor of all of the Proposals described in our Proxy Statement, dated March&nbsp;23, 2022 (the &#147;2022 Proxy
Statement&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Institutional Shareholder Services (&#147;ISS&#148;) issued a report recommending that our shareholders vote
&#147;AGAINST&#148; all four of the director nominees who are Audit Committee members. In addition, Glass Lewis&nbsp;&amp; Co. (&#147;Glass Lewis&#148;) issued a report recommending that our shareholders vote &#147;AGAINST&#148; the Chairman of our
Nominating and Governance Committee. <B>We strongly disagree with ISS&#146;s recommendation regarding the four director nominees who are Audit Committee members, and with Glass Lewis&#146; recommendation regarding the Chairman of our Nominating and
Governance Committee.</B> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Proposal 1 &#150; Election of Directors </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ISS recommends an &#147;AGAINST&#148; vote on each member of our Audit Committee, Thomas G. Snead, Jr., Gregory A. Pratt, Carl E. Tack, III,
and Anne G. Waleski, citing that Tredegar has had ineffective internal control over financial reporting since 2018, which could pose serious risks to shareholders and could indicate that our Audit Committee has failed to provide sufficient oversight
over the financial reporting process at Tredegar. In rebuttal, we would like to share the following with our shareholders: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I><U>We have publicly disclosed on a quarterly basis our remediation plan, which we have continuously and
diligently worked to implement</U></I>. Tredegar filed a Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> on November&nbsp;1, 2018 to disclose deficiencies in internal control over financial reporting. Since that filing, we have
provided quarterly updates on our continuing efforts to remediate our internal control over financial reporting in each of our Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and Annual Reports on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> filed since the November 2018 Form <FONT STYLE="white-space:nowrap">8-K</FONT> (Item 4 of each of our Form <FONT STYLE="white-space:nowrap">10-Q</FONT> filings and Item 9A of each of our Form <FONT
STYLE="white-space:nowrap">10-K</FONT> filings), including specific remediation steps and progress towards the finalization of such remediation. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As disclosed in such public filings, Tredegar&#146;s management, with the oversight of our Audit Committee, has diligently worked to remediate
the material weaknesses in our internal control over financial reporting. Specifically, we have worked closely with an internationally recognized accounting firm beginning in the fourth quarter of 2018 with the design and implementation of our
remediation plan. Cumulative professional fees incurred for assistance are approximately $6.4&nbsp;million through the fourth quarter of 2021, which excludes the additional substantial time and effort spent by internal resources on remediation.
While we are continuing to work to complete the few remaining items within the remediation plan and to subsequently begin testing such controls for </P>
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design, implementation and operational effectiveness in the first half of 2022, we have already successfully accomplished numerous activities in the remediation plan through the fourth quarter of
2021. We previously believed that our remediation and testing efforts would have been completed by now; however, our efforts were hindered by a number of factors outside of our control &#150; specifically, the
<FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and unanticipated turnover in positions relevant to internal controls. The <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic restricted
<FONT STYLE="white-space:nowrap">in-office</FONT> interaction, training opportunities, and consultation with the external consultant assisting us with our remediation plan, particularly with respect to testing revised controls. Additionally, like
many companies, we have experienced an increased level of turnover during the past year. This increased level of turnover in positions relevant to internal controls has required additional training and onboarding. As a result of these factors, which
were outside of our control, we concluded that remediation of the identified material weaknesses would not be completed in 2021 and more time was necessary to permit the new and redesigned controls to be implemented and operate effectively,
including allowing for additional time to train control owners as part of the successful implementation of the revised system of internal controls over financial reporting. Despite the external factors, Tredegar&#146;s management, with the oversight
of our Audit Committee, has continuously and diligently worked &#150; using appropriate resources and a qualified external consultant &#150; to remediate the material weaknesses in our internal control over financial reporting. See Item 9A of our
recent Form <FONT STYLE="white-space:nowrap">10-K</FONT> filing for details regarding the numerous activities in the remediation plan that were completed through the fourth quarter of 2021 and the remaining activities that are scheduled for
completion in the first half of 2022, in anticipation of conducting management&#146;s testing beginning in the first half of 2022. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I><U>Each of our Audit Committee members is eminently qualified</U></I>. Mr.&nbsp;Snead and Mr.&nbsp;Pratt have
each served as CEOs and Ms.&nbsp;Waleski has served as CFO of public companies. Mr.&nbsp;Pratt served on the Standing Advisory Group of the Public Company Accounting Oversight Board for a three-year term, from 2014&#151;2016. Mr.&nbsp;Tack has
significant corporate finance experience, having served as an investment banker working with public companies for more than 24 years. The Board has determined that each member of our Audit Committee is &#147;financially literate&#148; and three of
the four members are an &#147;audit committee financial expert&#148; within the meaning of the New York Stock Exchange listing standards and other applicable regulations. Furthermore, we believe the members of our Audit Committee exhibit a diversity
of backgrounds and experiences, and that Tredegar would lose the benefit of their diverse perspectives if they were not reelected to the Board. In particular, Ms.&nbsp;Waleski and Mr.&nbsp;Pratt provide the Board with valuable insight afforded by
their perspectives as a female director and a racially diverse director, respectively. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Tredegar believes our
shareholders are fortunate that Ms.&nbsp;Waleski, Mr.&nbsp;Snead, Mr.&nbsp;Pratt and Mr.&nbsp;Tack have served and are willing to continue to serve as directors. The Board and management believe that Tredegar and our shareholders would suffer if any
of these individuals were not reelected. Each Audit Committee member&#146;s full biography, including specific experiences, qualifications, attributes and skills, can be found on pages 9 &#150; 11 of the 2022 Proxy Statement. </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I><U>Our annual audited financial statements have an unqualified opinion</U></I>. We have received an
unqualified opinion on our annual financial statements from our independent auditor, KPMG LLP, for the past four years. These unqualified opinions indicated that our annual financial statements present fairly, in all material respects, the financial
position of Tredegar and our subsidiaries as of and for the year then ended in accordance with U.S. generally accepted accounting principles. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I><U>We have not restated our financial reports</U></I>. We have not amended any filings to restate our annual
or quarterly financial statements as a result of the previously disclosed deficiencies in internal control over financial reporting or any other matter. An amendment to restate previously issued financial statements would have been required if our
management had determined that previously issued financial statements had been materially misstated. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I><U>Our Audit Committee members have established strong oversight of the internal controls remediation
project</U></I><I>.</I>&nbsp;Given the importance and breadth of the internal controls project, our Audit Committee members receive feedback and progress updates directly from management&#146;s external consultant, an internationally recognized
accounting firm, as well as management&#146;s steering committee, which was established to maintain direct oversight over the remediation project by key stakeholders within Tredegar. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Glass Lewis recommends an &#147;AGAINST&#148; vote for the Chairman of our Nominating and Governance Committee, Gregory A. Pratt, citing the
fact that Tredegar has only one female director. In rebuttal, we would like to share the following with our shareholders:<I><U> </U></I> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I><U>Qualifications.</U></I> Mr.&nbsp;Pratt is uniquely qualified to serve as a director of Tredegar. In
addition to serving as a director, he also serves as a member of the Audit Committee, the Lead Director and Chairman of the Nominating and Governance Committee. Mr.&nbsp;Pratt has developed extensive operating experience through his long and
accomplished career, and his thought leadership and business expertise are invaluable to the Board and management. Mr.&nbsp;Pratt has served as a CEO of a public company, chairman of the board of a metal manufacturing and distribution company, and
Capital Area Chairman of the National Association of Corporate Directors, a <FONT STYLE="white-space:nowrap">non-profit</FONT> organization focused on improving boardroom governance. Additionally, he has served on the Standing Advisory Group of the
Public Company Accounting Oversight Board. The Board has determined that Mr.&nbsp;Pratt is &#147;financially literate&#148; and an &#147;audit committee financial expert&#148; within the meaning of the New York Stock Exchange listing standards and
other applicable regulations. As the Board&#146;s only racially diverse director, Mr.&nbsp;Pratt also provides a unique, valuable and diverse perspective in Board and Committee meetings that would be lost if he were not <FONT
STYLE="white-space:nowrap">re-elected</FONT> by shareholders. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I><U>Commitment to Diversity.</U></I> Tredegar embraces diversity in all respects, including gender. The most
recent addition to the Board was a female director. We have had a female Board member in 21 of the last 33 years. Additionally, Tredegar had a female CEO from 2010 to 2015. Despite our smaller size, the gender diversity of the Board and executive
team, and the overall diversity of our management has been historically strong. In 2021, we also engaged a service provider focused on facilitating broad Board candidate searches to ensure that our Nominating and Governance Committee has access to
review a diverse pipeline of potential Board candidates as opportunities to add directors present themselves. Tredegar remains committed to diversity and inclusion, and the Board will continue to pursue diverse candidates. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the foregoing reasons, we ask you to vote &#147;FOR&#148; each of Mr.&nbsp;Snead, Mr.&nbsp;Pratt, Mr.&nbsp;Tack and Ms.&nbsp;Waleski in Proposal 1.
</B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Even if you have already returned your proxy or provided your voting instructions pursuant to the Internet
or telephone voting options, you may change your vote by (1)&nbsp;providing later-dated voting instructions pursuant to the Internet or telephone voting options, (2)&nbsp;delivering another later-dated proxy, if you requested a printed copy of the
proxy materials, (3)&nbsp;voting during the Annual Meeting, or (4)&nbsp;notifying Tredegar&#146;s Corporate Secretary in writing (1100 Boulders Parkway, Richmond, Virginia 23225 or by email to pat.thomas@tredegar.com) that you want to change your
proxy.&nbsp;If your shares of Tredegar common stock are held in street name with a brokerage firm, you should contact your broker regarding changing your voting instructions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ John D. Gottwald</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">/s/ Thomas G. Snead, Jr.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John D. Gottwald</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Chairman of the
Board</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thomas G. Snead, Jr.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Chairman of the Audit
Committee</I></P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This Supplement to the 2022 Proxy Statement is first being released to shareholders on or about April&nbsp;22, 2022, and
should be read together with the 2022 Proxy Statement. Except as specifically supplemented by the information contained in this Supplement, all information set forth in the 2022 Proxy Statement remains accurate and should be considered in voting
your shares. </I></P>
</DIV></Center>

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