Business Context and Reporting Period
This Form 8-K Current Report was filed by Avery Dennison Corporation on December 6, 2012. The filing addresses corporate governance changes, specifically the election of a new director to the Board of Directors.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on personnel and governance matters.
Material Changes
The primary material change reported is the election of Anthony K. Anderson to the Board of Directors, effective December 6, 2012. This appointment was made upon the recommendation of the Governance and Social Responsibility Committee.
Management Commentary and Compensation
In connection with his election, Mr. Anderson received the following equity compensation under the Company's non-employee director program:
- Restricted Stock Units (RSUs): 688 units granted.
- Stock Options: Option to purchase 2,770 shares of common stock.
- Exercise Price: 100% of the fair market value on the date of grant.
- Vesting Schedule: RSUs and options vest ratably over three years.
- Expiration: Stock options expire after ten years.
Mr. Anderson has not yet been appointed to any Board committees. He is eligible to participate in other non-employee director compensation programs as described in the Company's proxy statement filed on March 9, 2012.
Investor Verification Checklist
- Verify the press release (Exhibit 99.1) for additional biographical details on Anthony K. Anderson.
- Review the Company's proxy statement filed on March 9, 2012, for full details on non-employee director compensation programs.
- Confirm the current stock price on December 6, 2012, to calculate the total value of the granted options.