TREDEGAR CORP
FORM OF OPTION AGREEMENT
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<TYPE>EX-10
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<DESCRIPTION>FORM OF OPTION AGREEMENT
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><u><b><font size=2>Exhibit 10.21</font></b></u></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>TREDEGAR CORPORATION</font></B></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>NOTICE OF NONSTATUTORY STOCK OPTION GRANT</font></B></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>You have been granted the following stock option by the Executive Compensation Committee of the Board of Directors of
Tredegar Corporation ("Tredegar"): </font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Name of Participant:</font></p> </td>

        <td width="128" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#171;Last_First_MI"</font></p> </td> </tr></table>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date of Grant:</font></p> </td>

        <td width="113" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>March 7, 2006</font></p> </td> </tr></table>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Number of Shares:</font></p> </td>

        <td width="305" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#171;M__of_Options" Shares of Common Stock</font></p> </td> </tr></table>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Option Price:</font></p> </td>

        <td width="125" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$15.11 per share</font></p> </td> </tr></table>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Type of Grant:</font></p> </td>

        <td width="192" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Nonstatutory Stock Option</font></p> </td> </tr></table>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Vesting:</font></p> </td>

        <td  valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>100% after two years of continued employment by Tredegar or one of its
subsidiaries (March 7, 2008)</font></p> </td> </tr></table>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Expiration Date:</font></p> </td>

        <td  valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>March 7, 2013, unless terminated earlier in accordance with the attached
Nonstatutory Stock Option Terms and Conditions.  Please note that the event that most commonly triggers an early termination of your option is the termination of employment with Tredegar.  There are,
however, other triggering events, so be sure to review the attached Nonstatutory Stock Option Terms and Conditions carefully.</font></p> </td> </tr></table>

</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Transferability:</font></p> </td>

        <td  valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>This Option is transferable by will or by the laws of descent and distribution.
This Option is also transferable in accordance with the provisions of Section 6.05 of the Plan, but any such transferee may not subsequently transfer this Option except by will or by the laws of
descent and distribution.</font></p> </td> </tr></table>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>In addition to the foregoing terms, your stock option grant is subject to all of the terms and conditions contained in
the attached Nonstatutory Stock Option Terms and Conditions which are incorporated in this Notice of Nonstatutory Stock Option Grant by this reference.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Please acknowledge your acceptance of this stock option grant and the attached Nonstatutory Stock Option Terms and
Conditions by signing and returning one copy of this Notice of Nonstatutory Stock Option Grant to Pat Thomas, Tredegar Corporation, 1100 Boulders Parkway, Richmond, Virginia, 23225</font><i><b><font
size=2>.</font></b></i></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="223" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>TREDEGAR CORPORATION</font></p> </td> </tr></table>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.5in;text-align:left;'><font size=2>By:_________________________________</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  nowrap colspan="3" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>____________________________________</font></p> </td> </tr>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  nowrap colspan="2" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Participant</font></p> </td>

        <td  width="220">

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>

        <td  nowrap colspan="2" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>_____________________________</font></p> </td> </tr>

    <tr>

        <td width="336" ></td>



        <td width="48" ></td>



        <td width="40" ></td>



        <td width="220" ></td> </tr> </table>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>TREDEGAR CORPORATION</font></B></p> </td> </tr></table>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>NONSTATUTORY STOCK OPTION TERMS AND CONDITIONS</font></B></p> </td> </tr>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:justify;'><font size=2>THESE NONSTATUTORY STOCK OPTION TERMS AND CONDITIONS (&#147;Terms and Conditions&#148;) effective as
of the 7th day of March, 2006, govern the nonstatutory stock option grant made by Tredegar Corporation, a Virginia corporation (the &#147;Company&#148;), to the participant (the
&#147;Participant&#148;) named in the Notice of Stock Option Grant to which these Terms and Conditions are attached (the &#147;Grant Notice&#148;), and are made in accordance with and subject to the
provisions of the Company's 2004 Equity Incentive Plan (the &#147;Plan&#148;).  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.</font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:justify;'><font size=2>1.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
<font size=2><u>Grant of Option.</u></font><font size=2>  In accordance with the Plan, and effective as of the Date of Grant specified in the Grant Notice (the &#147;Date of Grant&#148;), the Company
granted to Participant, subject to the terms and conditions of the Plan and these Terms and Conditions, the right and option to purchase from the Company all or part of the number of shares of Common
Stock specified in the Grant Notice (the &#147;Option&#148;) at the option price specified in the Grant Notice (the &#147;Option Price&#148;).  This Option is not an &#147;incentive stock
option&#148; under Section 422 of the Code.  This Option may be exercised in accordance with these Terms and Conditions.  &#147;Exercising&#148; this Option means purchasing all or part of the shares
of Common Stock

specified in the Grant Notice at the Option Price.</font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.53in;text-align:justify;'><font size=2>2.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
<font size=2><u>Terms and Conditions.</u></font><font size=2>  This Option is subject to the following additional terms and conditions:</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font size=2>(a)</font><font size=1>&nbsp;</font><u><font size=2>Expiration Date.</font></u>
<font size=2>  The Expiration Date of this Option shall be as specified in the Grant Notice.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font size=2>(b)</font><font size=1>&nbsp;</font><u><font size=2>Exercise of Option.</font></u>
<font size=2>  This Option shall be exercisable or vested if Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the earlier of (i) the second
anniversary of the Date of Grant, (ii) the date of Participant&#146;s death, (iii) the date that Participant&#146;s employment with the Company and its Affiliates ends on account of Disability, (iv)
the Participant&#146;s Normal Retirement or (v) a Control Change Date.  Once this Option has become exercisable or vested it shall continue to be exercisable, in whole or in part, until the earlier
of the Expiration Date or the termination of Participant&#146;s rights hereunder pursuant to paragraph 4, 5, 6, 7, 8 or 9.  A partial exercise of this Option shall not affect Participant&#146;s right
to

exercise this Option with respect to the remaining shares, subject to the conditions of the Plan and these Terms and Conditions.</font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font size=2>(c)</font><font size=1>&nbsp;</font><u><font size=2>Method of Exercising and
Payment for Shares.</font></u><font size=2>  This Option must be exercised by written notice delivered to the attention of the Company's Secretary at the Company's principal office in Richmond,
Virginia.  The exercise date shall be (i) in the case of notice by mail or nationally recognized courier, the date of postmark or (ii) in the case of notice by any other means, the date of receipt by
the Company's Secretary.  The notice must </font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>be accompanied by payment of the Option Price in full, in cash or cash equivalent acceptable to the
Committee, or by the surrender of shares of Common Stock with an aggregate Fair Market Value (determined as of the day preceding the exercise date) which cannot be less than the Option Price. </font>
</p>


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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font size=2>(d)</font><font size=1>&nbsp;</font><u><font size=2>Transferability.</font></u>
<font size=2>  This Option is transferable by will or by the laws of descent and distribution.  During the Participant's lifetime, this Option is also transferable in accordance with the provisions
of Section 6.05 of the Plan, but any such transferee may not subsequently transfer this Option except by will or by the laws of descent and distribution.</font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font size=2>3.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font
size=2>Termination Before Vesting.</font></u><font size=2>  This Option shall automatically expire and be of no force or effect if Participant&#146;s employment with the Company and its Affiliates
ends before this Option has become vested in accordance with paragraph 2(b).</font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font size=2>4.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font
size=2>Termination Generally.</font></u><font size=2>  If Participant&#146;s employment with the Company and its Affiliates ends on or after this Option has become vested in accordance with paragraph
2(b), Participant may exercise this Option for all or part of the vested shares that remain subject to this Option until the earlier of (i) the Expiration Date or (ii) the date that is three months
after the date of termination of Participant&#146;s employment with the Company and its Affiliates.  If the preceding sentence applies to Participant and Participant dies before the termination of
Participant&#146;s rights under the preceding sentence, Participant&#146;s Beneficiary may exercise this Option for all or part of the vested shares that remain subject to this Option until the
earlier of

(i) the Expiration Date or (ii) the date that is three months after the date of termination of Participant&#146;s employment with the Company and its Affiliates.  This paragraph shall not apply if
Participant&#146;s employment ends on account of Participant&#146;s Normal Retirement, Early Retirement, death or Disability as provided in paragraphs 5, 6, 7 and 8, respectively.</font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font size=2>5.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
<font size=2><u>Normal Retirement.</u></font><font size=2>  If Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until Participant&#146;s Normal
Retirement, Participant may exercise this Option for all or part of the vested shares that remain subject to this Option until the earlier of (i) the Expiration Date or (ii) the second anniversary of
the date of Participant&#146;s Normal Retirement.  If the preceding sentence applies to Participant and Participant dies before the termination of Participant&#146;s rights under the preceding
sentence, Participant&#146;s Beneficiary may exercise this Option for all or part of the vested shares that remain subject to this Option until the earlier of (i) the Expiration Date, (ii) the second
anniversary of the

date of Participant&#146;s Normal Retirement and (iii) the ninetieth day after Participant&#146;s death.  </font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font size=2>6.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font
size=2>Early Retirement.</font></u><font size=2>  If Participant (i) remains in the continuous employ of the Company or an Affiliate from the Date of Grant until Participant&#146;s Early Retirement
and (ii) such Early Retirement becomes effective on or after the second anniversary of the Date of Grant, Participant may exercise this Option for all or part of the vested shares that remain subject
to this Option in accordance with paragraph 2 above until the earlier of (i) the Expiration Date or (ii) the second anniversary of the date of Participant&#146;s Early Retirement.  If the preceding
sentence applies to Participant and Participant dies before the termination of Participant&#146;s rights under the preceding sentence, Participant&#146;s Beneficiary may exercise this Option for all
or part

of the vested shares that remain subject to this Option until the earlier of (i) the Expiration Date, (ii) the </font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>2</font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>second anniversary of the date of Participant&#146;s Early Retirement and (iii) the ninetieth day after
Participant&#146;s death.  </font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.50in;text-align:justify;'><font size=2>7.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font
size=2>Termination On Account of Death.</font></u><font size=2>  If Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until Participant&#146;s death,
Participant&#146;s Beneficiary may exercise this Option for all or part of the vested shares that remain subject to this Option until the earlier of (i) the Expiration Date or (ii) the first
anniversary of the date of Participant&#146;s death.  </font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.50in;text-align:justify;'><font size=2>8.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font
size=2>Termination on Account of Disability.</font></u><font size=2>  If Participant remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date
Participant&#146;s employment with the Company and its Affiliates ends on account of Disability, Participant may exercise this Option for all or part of the vested shares that remain subject to this
Option until the earlier of (i) the Expiration Date or (ii) the first anniversary of the date of Participant&#146;s termination of employment on account of Disability.  If the preceding sentence
applies to Participant and Participant dies before the termination of Participant&#146;s rights under the preceding sentence, Participant&#146;s Beneficiary may exercise this Option until the earlier
of (i) the Expiration

Date or (ii) the first anniversary of the date of Participant&#146;s termination of employment on account of Disability.  For purposes of this Agreement, a termination of employment shall be on
account of Disability if Participant&#146;s employment with the Company and its Affiliates ends because Participant is permanently and totally disabled within the meaning of Section 22(e)(3) of the
Code.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.50in;text-align:justify;'><font size=2>9.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
<font size=2><u>Cancellation or Substitution.</u></font><font size=2>  Notwithstanding any other provision of this Agreement, upon a Change in Control the Company, in its discretion, may (i) cancel this
Option in exchange for a cash payment equal to the excess of the Fair Market Value on the Control Change Date over the Option Price multiplied by the number of shares of Common Stock for which this
Option remains unexercised on the Control Change Date or (ii) provide that this Option shall be assumed by, or replaced with a substitute option granted by, the Company's successor in the manner
described in Section 424 of the Code.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.50in;text-align:justify;'><font size=2>10.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Participant's Misconduct</u></font><font size=2>.  Notwithstanding any other provision in these Terms and Conditions to the contrary, this Option may not be exercised after Participant's termination
of employment with the Company and its Affiliates if during such employment or thereafter, Participant has engaged in actions or conduct that are harmful or in any way contrary to the best interests
of the Company or an Affiliate.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="624" style='border-collapse:collapse'>

    <tr >

        <td width="48" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="48" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>11.</font></p> </td>

        <td width="528" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Definitions</font></u><font size=2>.  The following definitions shall apply
to these Terms and Conditions:</font></p> </td> </tr></table>

</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:left;'><font size=2>(a)</font><font size=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Beneficiary</font></u><font size=2> means Participant&#146;s estate or the person or persons or entity or entities
to whom Participant&#146;s rights under this Option pass by will or the laws of descent and distribution.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font size=2>(b)</font><font size=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Control Change Date</font></u><font size=2> 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.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>3</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="611" style='border-collapse:collapse'>

    <tr >

        <td width="96" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="48" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>

        <td width="467" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Change in Control</font></u><font size=2> means the occurrence of any of the
following events:</font></p> </td> </tr></table>

</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>

    <tr >

        <td width="96" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>

        <td width="48" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>

        <td  valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>any Person or group (within the meaning of Sections&nbsp;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 &#147;Voting Securi&#173;ties&#148;), other than (i)&nbsp;through an acquisition of Voting
Securities directly from the Company, (ii)&nbsp;as a result of the Company's repur&#173;chase of Voting Secu&#173;rities if, thereafter, such Benefi&#173;cial Owner pur&#173;chases no additional Voting Securities, or
(iii) pur&#173;suant to a Business Combina&#173;tion (as defined below) that does not constitute a Change in Control pursuant to subparagraph 8(b)(3) below;</font></p> </td> </tr></table>

</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>

    <tr >

        <td width="96" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="48" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>

        <td  valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Continuing Directors cease to constitute a majority of the members of the Board
other than pur&#173;suant to a Business Combination that does not constitute a Change in Control pursuant to subparagraph 8(b)(3) below;</font></p> </td> </tr></table>

</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>

    <tr >

        <td width="96" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="48" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(3)</font></p> </td>

        <td  valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the shareholders of the Company approve a reorganization, merger, share
exchange or consoli&#173;dation (a &#147;Business Combination&#148;), in each case, unless immedi&#173;ately following such Business Combina&#173;tion, (i)&nbsp;all or substantially all of the Persons who were the
Beneficial Owners, respectively, of the Common Stock and Voting Securities outstanding imme&#173;diately prior to such Business Combination Benefi&#173;cially Own more than 80% of, respec&#173;tively, the then
outstanding shares of common stock and the combined voting power of the then outstanding voting securi&#173;ties entitled to vote generally in the election of directors, as the case may be, of the
corporation result&#173;ing 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 Combina&#173;tion, of the Common Stock and Voting Securities, as the case may be, (ii)&nbsp;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 cor&#173;poration resulting from such Business combination or the combined voting power
of the then outstanding voting securities of such corporation and (iii)&nbsp;at least a majority of the members of the board of directors of the corporation resulting from such Business Combination
are Continuing Directors; or</font></p> </td> </tr></table>

</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>4</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>

    <tr >

        <td width="96" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="48" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(4)</font></p> </td>

        <td  valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the shareholders of the Company approve a complete liquidation or dissolution
of the Company or the sale or other disposition of all or substan&#173;tially all of the assets of the Company, in each case, unless immediately following such liquidation, dissolution, sale or other
disposition, (i)&nbsp;more than 80% of, respectively, the then outstanding shares of common stock of such cor&#173;poration and the combined voting power of the then out&#173;standing voting securities of such
corporation entitled to vote generally in the election of directors is then Bene&#173;fi&#173;cially Owned by all or substantially all of the Persons who were the Beneficial Owners, respec&#173;tively, of the
Common Stock and Voting Securities outstanding immedi&#173;ately prior to such sale or other disposition in substan&#173;tially the same proportion as their ownership, immedi&#173;ately prior to such sale or other

disposition, of such Common Stock and Voting Securities, as the case may be, (ii)&nbsp;less than 20% of, respectively, the then out&#173;standing shares of common stock of such corporation and the
com&#173;bined voting power of the then outstanding voting securi&#173;ties 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)&nbsp;at least a majority of the members of the board of directors of such corporation are Continuing Directors immedi&#173;ately following such sale or
disposition.</font></p> </td> </tr></table>

</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:-2.5in;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:justify;'><font size=2>For purposes of the definition of </font><u><font size=2>Change of Control</font></u><font size=2>, the
terms </font><u><font size=2>Acquiring Person</font></u><font size=2>, </font><u><font size=2>Beneficial Owner</font></u><font size=2>, </font><u><font size=2>Company</font></u><font size=2>, </font>
<u><font size=2>Continuing Director</font></u><font size=2>, and </font><u><font size=2>Person</font></u><font size=2> shall have the same definitions given them in the Rights Agreement between
Tredegar Corporation and American Stock Transfer &amp; Trust Company, dated as of June 30, 1999, as amended.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.53in;text-align:justify;'><font size=2> (d)</font><font size=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Early Retirement</font></u><font size=2> means the voluntary separation by Participant from the employment with the
Company or an Affiliate on or after the date Participant has attained age fifty-five and has ten years of service with the Company or an Affiliate but before the date Participant has reached age
sixty-five.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.53in;text-align:justify;'><font size=2> (e)</font><font size=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Normal Retirement</font></u><font size=2> means the voluntary separation by Participant from the employment with the
Company or an Affiliate on or after the date Participant has reached age sixty-five.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font size=2>12.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Fractional Shares.</u></font><font size=2>  Fractional shares shall not be issuable hereunder, and when any provision hereof may entitle Participant to a fractional share such fraction shall be
disregarded.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font size=2>13.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>No Right to Continued Employment.</u></font><font size=2>  This Option 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.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>5</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font size=2>14.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Change in Capital Structure.</u></font><font size=2>  The terms of this Option 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.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font size=2>15.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Governing Law.</u></font><font size=2>  These Terms and Conditions and the Grant Notice shall be governed by the laws of the Commonwealth of Virginia.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font size=2>16.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Conflicts.</u></font><font size=2>  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.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font size=2>17.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Participant Bound by Plan.</u></font><font size=2>  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.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font size=2>18.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Binding Effect.</u></font><font size=2>  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.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font size=2>19.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Effectiveness.</u></font><font size=2>  These Terms and Conditions and the Grant Notice shall be of no force or effect and no option shall be granted unless Participant is an employee of the Company
or an Affiliate on the Date of Grant.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>6</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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