RICHMOND, Va.--(BUSINESS WIRE)--Feb. 28, 2019--
Tredegar Corporation (NYSE:TG) today announced that in connection with
the previously announced election of John M. Steitz as its President and
Chief Executive Officer, it has agreed to grant him employment
inducement equity awards. As previously disclosed in a Current Report on
Form 8-K filed with the Securities and Exchange Commission on February
28, 2019 (the “Prior 8-K”), Tredegar has agreed to grant initial equity
awards to Mr. Steitz, which will include nonqualified stock options for
the number of shares with a grant date value of $1,414,500 (the
“Inducement Options”). The Inducement Options will vest three years
following the date of grant, will have a term of five years, and will
have an exercise price equal to 106.12% of the price of Tredegar stock
on the date of grant. In addition, Tredegar will grant to Mr. Steitz
shares of restricted stock for the number of shares with a grant date
value of $471,500. The Inducement Options and shares of restricted stock
will be granted on the third day following Tredegar’s earnings release
for the fourth quarter 2018, which is expected to be on March 18, 2019.
The Inducement Options and the shares of restricted stock will be
granted in reliance on the employment inducement exemption provided
under the New York Stock Exchange Listed Company Manual Rule 303A.08.
The award of the Inducement Options and the shares of restricted stock
were a material inducement for Mr. Steitz to join as President and Chief
Executive Officer of Tredegar. The material terms of these initial
equity awards are described in the Prior 8-K.
Tredegar Corporation is a manufacturer of plastic films and aluminum
extrusions. A global company headquartered in Richmond,
Virginia, Tredegar had 2017 sales of $961 million. With approximately
3,200 employees, the company operates manufacturing facilities in North
America, South America, Europe, and Asia.
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Source: Tredegar Corporation