Business Context and Reporting Period
Company: Avery Dennison Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: December 21, 2005
Reporting Period: Specific event date of December 21, 2005
Key Financial Metrics
This filing does not contain financial performance data. The document does not provide values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
The filing reports the entry into a material definitive agreement regarding the company's Benefit Restoration Plan ("Plan"). On December 21, 2005, the Company amended the Plan in response to Section 409A of the Internal Revenue Code. Key changes include:
- Addition of definitions for "grandfathered amount" and "unamended plan."
- Modifications to Section 5.1 concerning distributions commencing before or after December 31, 2006.
Guidance, Outlook, and Risks
The filing contains no management guidance, financial outlook, or discussion of general business risks. The primary contingency addressed is regulatory compliance with Section 409A of the Internal Revenue Code, necessitating the amendment of the Benefit Restoration Plan.
Investor Verification Checklist
- Review the attached Exhibit 10.32.1 (BRP, amended and restated) for specific terms regarding the "grandfathered amount."
- Verify the impact of the Section 5.1 amendments on distributions scheduled for the 2006-2007 period.
- Confirm that the amendment fully satisfies Section 409A compliance requirements to avoid potential tax penalties.