UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_______________

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): May 22, 2009 (May 18, 2009)

 

 

 

 

 

 

 

 

Registrant’s telephone number, including area code: (804) 330-1000

 

(Former Name or Former Address, if Changed Since Last Report)

 

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 provisions (see General Instruction A.2. below):

 

 

 

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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

 

In light of the economic recession and in support of the cost reduction initiatives of Tredegar Corporation and its subsidiaries (the “Corporation”), the following named executive officers of the Corporation have voluntarily agreed to reduce their annual base salaries in the percentages and dollar amounts set forth below opposite each such executive officer’s name, effective June 1, 2009 and continuing until changed or modified by the Executive Compensation Committee of the Board of Directors (the “Committee”). The Committee approved these changes on May 18, 2009.

 

 

 

 

Non-Employee Director Compensation

 

In support of the Corporation’s cost reduction initiatives, on May 19, 2009, the Board of Directors of the Corporation voluntarily agreed to reduce the cash portion of the quarterly Director retainers by fifteen percent (15%), effective June 1, 2009 and continuing through December 31, 2009. The stock portion of Directors’ retainers, the Chairman retainer and the retainers for Directors’ service on Board committees remain unchanged.

 

In addition, Norman A. Scher, the Corporation’s Vice Chairman of the Board, who is also an employee of the Corporation and receives an annual base salary but does not receive any compensation for his service as a Director, has voluntarily agreed to reduce his current annual base salary in the percentage and dollar amount set forth below opposite his name, effective June 1, 2009 and continuing until changed or modified by the Nominating and Governance Committee of the Board of Directors. The Nominating and Governance Committee approved this change on May 21, 2009.

 

 

 

 

SIGNATURES

 

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.