AVERY DENNISON CORPORATION (NYSE:AVY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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AVERY DENNISON CORPORATION (NYSE:AVY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(c) On July10, 2017, the Board of Directors (the “Board”) of Avery Dennison Corporation (the “Company”) elected Gregory S. Lovins as the Company’s Senior Vice President and Chief Financial Officer, effective July11, 2017. Mr.Lovins, 45, has served as the Company’s Vice President and Interim Chief Financial Officer since March20, 2017 and as Treasurer since August2016. He previously served as Vice President, Global Finance, Materials Group (now Label and Graphic Materials), from January2011 to August2016. Prior to 2011, Mr.Lovins held several other leadership roles in positions of increasing responsibility across the Company.

In connection with his election as Senior Vice President and Chief Financial Officer, the Compensation and Executive Personnel Committee of the Board (the “Committee”) determined the following compensation package for Mr.Lovins: (i)an annual base salary of $550,000; (ii)a target Annual Incentive Plan (“AIP”) opportunity of 60% of base salary, provided, however, that Mr.Lovins’ AIP award for 2017 shall be prorated to reflect his previous target AIP opportunity of 40% of base salary for the first six months of the year and his new target AIP opportunity of 60% of base salary for the second six months of the year; and (iii)a target long-term incentive (“LTI”) opportunity of 180% of base salary, beginning with the LTI award scheduled to be granted in February2018. In addition, the Committee approved a special promotion grant on September1, 2017 of restricted stock units with a grant date fair value of approximately $550,000, which will vest in equal installments on the first, second, third and fourth anniversaries of the grant date, subject to his continued employment with the Company through each such anniversary. Effective July11, 2017, Mr.Lovins’ annual executive benefit allowance will increase from $40,000 to $65,000. He will also become eligible to receive reimbursement of up to $15,000 per year for financial counseling and tax preparation services. So that he may move from Ohio to Southern California, Mr.Lovins will be entitled to the taxable relocation assistance benefits provided under the Company’s executive relocation policy; provided, however, that if Mr.Lovins leaves the Company within 12 or 24 months of his relocation date, he will be required to repay the Company 50% or 50%, respectively, of these relocation benefits. If Mr.Lovins elects not to utilize these relocation benefits, the Company will pay him a one-time lump-sum payment of $100,000, less applicable taxes, as compensation for the expenses associated with travelling from his home to the Company’s headquarters; provided, however, that if Mr.Lovins utilizes the Company’s relocation assistance services in the future, this lump-sum amount will be deducted from the benefits provided at that time. Mr.Lovins will also become eligible to participate in the Company’s key employee change of control severance plan and will continue to be eligible to participate in the Company’s pension, savings, deferred compensation and executive severance plans, in each case as described in the Company’s 2017 Proxy Statement filed with the Securities and Exchange Commission on March10, 2017. Effective July11, 2017, Mr.Lovins will no longer receive the temporary housing allowance of up to $4,500 per month he received in his role as Vice President and Interim Chief Financial Officer.

A copy of the press release announcing the election of Mr.Lovins is attached as Exhibit99.1 hereto and incorporated herein by reference.

Section9 – Financial Statements and Exhibits

Item 5.02 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press Release, dated July11, 2017, announcing the election of Gregory S. Lovins as Senior Vice President and Chief Financial Officer of Avery Dennison Corporation.


Avery Dennison Corp Exhibit
EX-99.1 2 a17-17151_1ex99d1.htm EX-99.1 Exhibit 99.1     Press Release       AVERY DENNISON NAMES GREGORY S. LOVINS AS SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER     GLENDALE,…
To view the full exhibit click here

About AVERY DENNISON CORPORATION (NYSE:AVY)

Avery Dennison Corporation (Avery Dennison) is engaged in the production of pressure-sensitive materials and a range of tickets, tags, labels and other converted products. The Company’s pressure-sensitive materials are sold to label printers and converters that convert the materials into labels and other products through embossing, printing, stamping and die-cutting. The Company’s operational segments include Pressure-sensitive Materials (PSM), Retail Branding and Information Solutions (RBIS), and Vancive Medical Technologies (Vancive). It also sells pressure-sensitive materials in converted form as tapes and reflective sheeting. It also manufactures and sells a range of other converted products and items not involving pressure-sensitive components, such as fasteners, tickets, tags, radio-frequency identification (RFID) inlays and tags, and imprinting equipment and related services, which it markets to retailers, and apparel manufacturers and brand owners.