Business Context and Reporting Period
This Form 8-K Current Report was filed by Avery Dennison Corporation on November 14, 2011. The filing addresses corporate governance changes, specifically the election of a new director to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel and governance matters rather than financial performance.
Material Changes
- Board Election: The Board of Directors elected Charles H. Noski to fill the Class II directorship vacancy left by the resignation of Debra R. Reed (effective June 30, 2011).
- Committee Appointment: Mr. Noski was appointed to the Audit Committee and is designated as an "audit committee financial expert."
- Compensation Grant: Upon election, Mr. Noski received:
- 797 restricted stock units (RSUs).
- An option to purchase 3,177 shares of common stock at 100% of the fair market value on the grant date.
- Vesting Terms: The RSUs and stock options vest ratably over three years; stock options expire after ten years.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary on operations, risks, contingencies, or unusual items. The document is limited to the announcement of the director election and associated compensation.
Investor Verification Checklist
- Verify the background and qualifications of Charles H. Noski as an audit committee financial expert.
- Review the attached press release (Exhibit 99.1) for additional context on the board composition.
- Confirm the impact of the equity grant (797 RSUs and 3,177 options) on the company's dilution metrics in subsequent filings.
- Check the Company's proxy statement filed on March 17, 2011, for details on other non-employee director compensation programs.