Sec Form 4 Filing - EDWARDS D ANDREW @ TREDEGAR CORP - 2020-12-21

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person EDWARDS D ANDREW 2. Issuer Name and Ticker or Trading Symbol TREDEGAR CORP [ TG] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Vice President and CFO (Last) (First) (Middle) 1100 BOULDERS PARKWAY 3. Date of Earliest Transaction (MM/DD/YY) 12/21/2020 (Street) RICHMOND, VA23225 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Tredegar Common Stock 53,291 D Tredegar Common Stock 126 ( 1 ) I 401(k) Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Option (right to buy) ( 2 ) $ 11.67 ( 3 ) 12/21/2020 J 53,065 12/21/2020 05/22/2024 Common Stock 53,065 $ 0 53,065 D Stock Option (right to buy) ( 2 ) $ 11.67 ( 4 ) 12/21/2020 J 22,110 12/21/2020 05/22/2024 Common Stock 22,110 $ 0 75,175 D Stock Option (right to buy) ( 2 ) $ 14.43 ( 5 ) 12/21/2020 J 46,074 12/21/2020 05/07/2025 Common Stock 46,074 $ 0 121,249 D Stock Option (right to buy) ( 2 ) $ 13.78 ( 6 ) 12/21/2020 J 50,744 03/22/2021 03/23/2026 Common Stock 50,744 $ 0 171,993 D Stock Option (right to buy) ( 2 ) $ 10.75 ( 7 ) 12/21/2020 J 114,355 03/18/2022 03/25/2027 Common Stock 114,355 $ 0 286,348 D Stock Appreciation Right ( 8 ) $ 15.25 12/21/2020 A 2,066 12/21/2020 05/22/2024 Common Stock 2,066 $ 0 288,414 D Stock Appreciation Right ( 8 ) $ 15.25 12/21/2020 A 861 12/21/2020 05/22/2024 Common Stock 861 $ 0 289,275 D Stock Appreciation Right ( 8 ) $ 15.25 12/21/2020 A 2,261 12/21/2020 05/07/2025 Common Stock 2,261 $ 0 291,536 D Stock Appreciation Right ( 8 ) $ 15.25 12/21/2020 A 3,113 03/22/2021 03/23/2026 Common Stock 3,113 $ 0 294,649 D Stock Appreciation Right ( 8 ) $ 15.25 12/21/2020 A 9,611 03/18/2022 03/25/2027 Common Stock 9,611 $ 0 304,260 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other EDWARDS D ANDREW 1100 BOULDERS PARKWAY RICHMOND, VA23225 Vice President and CFO Signatures /s/ D. Andrew Edwards 12/23/2020 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Shares as reported by the Tredegar Corporation Retirement Savings Plan (the "Savings Plan") trustee. ( 2 )On December 18, 2020, the Issuer paid a special dividend of $5.97 per share to all holders of its common stock as of the close of business on December 11, 2020 (the "Special Dividend"). In connection with the Special Dividend, the Executive Compensation Committee of the Issuer's Board of Directors (the "Committee") approved adjustments to the exercise price and number of shares subject to all unexercised stock options to account for the effect of the Special Dividend. ( 3 )The original g rant was for 39,572 shares with an exercise price of $15.65 per share. ( 4 )The original grant was for 16,488 shares with an exercise price of $15.65 per share. ( 5 )The original grant was for 34,358 shares with an exercise price of $19.35 per share. ( 6 )The original grant was for 37,841 shares with an exercise price of $18.48 per share. ( 7 )The original grant was for 85,277 shares with an exercise price of $14.41 per share. ( 8 )Reflects a grant of stock appreciation rights made by the Committee to compensate holders for the loss in value of the stock options to which the stock appreciation rights relate as a result of the Special Dividend.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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