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AVY > SEC Filings for AVY > Form 8-K on 22-Aug-2014All Recent SEC Filings

Show all filings for AVERY DENNISON CORP

Form 8-K for AVERY DENNISON CORP


22-Aug-2014

Change in Directors or Principal Officers


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) On August 19, 2014, Avery Dennison Corporation (the "Company") and Donald A. Nolan, President, Materials Group, one of the Company's named executive officers, agreed to the terms of Mr. Nolan's repatriation from his assignment in The Netherlands, effective September 1, 2014. As a result of his repatriation, Mr. Nolan will receive a one-time repatriation payment of $12,500 on August 31, 2014. In addition, effective September 1, 2014, he will cease receiving the following expatriate benefits previously disclosed on a Current Report on Form 8-K dated August 27, 2013: (i) the goods and services differential of $5,920 per month, plus applicable taxes thereon; (ii) the housing allowance equal to the actual cost of his housing in The Netherlands, up to a maximum of $8,000 per month, offset by the amount of the actual monthly cost of his housing in the United States; (iii) the spousal allowance of $650 per month; (iv) the payment of utilities; (v) the home leave cash allowance of $2,784 per month; and (vi) the automobile allowance in accordance with the Company's automobile program in The Netherlands. Mr. Nolan's base salary and target 2014 Annual Incentive Plan opportunity will remain at $640,052 and 75%, respectively. He will resume receiving an annual executive benefit allowance of $65,000 (which amount will be prorated in 2014 for the four months from his repatriation date), as well as continue participating in the Company's pension, savings, deferred compensation, executive severance and key employee change of control severance plans, in each case as described in the Company's 2014 Proxy Statement filed with the Securities and Exchange Commission on March 7, 2014.


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