Document:

Exhibit 10.26

 

AVERY DENNISON CORPORATION

AMENDED AND RESTATED ANNUAL INCENTIVE PLAN

 

WHEREAS, Avery Dennison Corporation (the “Company”) wishes to amend and restate the Amended and Restated Annual Incentive Plan, effective as of January 1, 2014, by adopting this Amended and Restated Annual Incentive Plan (“AIP” or the “Plan”), effective as of January 1, 2015 (the “Effective Date”); and

 

WHEREAS, this Plan was approved by the Compensation and Executive Personnel Committee of the Company’s Board of Directors (the “Committee”) pursuant to Section 6(c) of the Plan.

 

NOW, THEREFORE, this Plan is hereby amended and restated, effective as of the Effective Date, as follows:

 

	
1.
    	
PURPOSE
    
	
 
    	
 
    
	
The purposes of the Plan are as follows:
    
	
 
    	
 
    
	
a.
    	
To attract and retain the best possible employee talent;
    
	
 
    	
 
    
	
b.
    	
To permit employees of the Company to share in its success;
    
	
 
    	
 
    
	
c.
    	
To promote the success of the Company; and
    
	
 
    	
 
    
	
d.
    	
To link employee rewards to individual and Company performance.
    
	
 
    	
 
    
	
2.
    	
DEFINITIONS
    
	
 
    	
 
    
	
a.
    	
Administrator. “Administrator” means (i) with   respect to the “executive officers”1 of the Company, the Committee and   (ii) with respect to all other Participants, the Chief Executive Officer   of the Company.
    
	
 
    	
 
    
	
b.
    	
Annual Rate of Pay. “Annual Rate of   Pay” means the annual rate of pay as recorded in HR PeopleSoft or such other   payroll system determined appropriate by the Administrator (or such other   definition as may be appropriate from time to time as a result of or in   connection with country-specific requirements).
    
	
 
    	
 
    
	
c.
    	
Base Compensation. “Base   Compensation” means Base Salary or Annual Rate of Pay, as appropriate.
    
	
 
    	
 
    
	
d.
    	
Base Salary. “Base Salary” means, with respect   to a salaried employee designated as a Participant in any Plan Year, the   annual base salary applicable to the Participant as of the end of such Plan   Year. For the avoidance of doubt, “Base Salary” shall include amounts earned   in the applicable Plan Year the payment of which is deferred to a future year   but shall not include amounts earned in prior years the payment of which is   deferred to the applicable Plan Year, and “Base Salary” shall also not   include any variable bonus, commission, incentive or retention payments,   stock options or other long-term incentive compensation vehicles, or other   forms of
    

 

1 As defined by applicable regulations of the Securities and Exchange Commission.

 

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employee benefits such as vacation, insurance, health or medical   benefits, disability benefits, workers’ compensation, supplemental   unemployment benefits, and post-employment or retirement benefits (including   but not limited to compensation, pension, health, medical or life   insurance).  If a participant goes from   full-time to part-time (or part-time to full-time) status during a Plan Year,   the Base Salary used for his or her AIP calculation will be separated into   full- and part-time components based on the number of month associated with   each status.
    
	
 
    	
 
    
	
e.
    	
Business Unit. “Business Unit” means a group,   division or Subsidiary of the Company.
    
	
 
    	
 
    
	
f.
    	
Code. “Code” means the Internal Revenue Code of   1986, as amended.
    
	
 
    	
 
    
	
g.
    	
Delegate. “Delegate” means any one of the following   officers of the Company to which the Company’s Chief Executive Officer may   delegate his authority as provided in this Plan: (i) the President and   Chief Operating Officer; (ii) the Senior Vice President and Chief   Financial Officer; (iii) the Senior Vice President and Chief Human   Resources Officer; or (iv) the Vice President, Total Rewards.
    
	
 
    	
 
    
	
h.
    	
Disability. “Disability” means permanent and   total disability as defined in Section 22(c)3 of the Code.
    
	
 
    	
 
    
	
i.
    	
Financial Performance Objective. “Financial   Performance Objective” means one of the defined pre-established financial   performance objectives as determined, within the first 90 days of the   beginning of each Plan Year, by the Administrator. For each Financial   Performance Objective, the Administrator will set threshold, target and   maximum levels for measuring achievement.
    
	
 
    	
 
    
	
j.
    	
Participant. “Participant” means any employee of   the Company or any of its Subsidiaries who has been designated as a   participant in the Plan in accordance with Article 3.
    
	
 
    	
 
    
	
k.
    	
Plan Year. “Plan Year” means the fiscal year of the   Company.
    
	
 
    	
 
    
	
l.
    	
Person. “Person” means an individual, corporation,   partnership, limited liability company, trust, unincorporated association,   government or any agency or political subdivision thereof, or any other legal   entity.
    
	
 
    	
 
    
	
m.
    	
Retirement. “Retirement” means, unless   otherwise determined by the Administrator, a Participant’s termination of   active employment with the Company or a Subsidiary thereof, on or after age   55 with 10 or more years of service, provided that, in no event shall   a Participant’s termination of employment with the Company or a Subsidiary be   deemed a Retirement if such termination of employment results from (or is in   connection with) the disaffiliation from the Company or a Subsidiary of all   or part of the assets or stock of the Company, a Subsidiary or the Business   Unit in which such Participant is employed (including, without limitation, as   a result of a public offering, spin-off or sale).
    
	
 
    	
 
    
	
n.
    	
Section 409A.   “Section 409A” means Section 409A of the Code and the Department of   Treasury regulations and other interpretive guidance issued thereunder,   including without limitation any such regulations or guidance which may be   issued after the Effective Date.
    
	
 
    	
 
    
	
o.
    	
Subsidiary. “Subsidiary” means any corporation   in an unbroken chain of corporations beginning with the Company if each of   the corporations other than the last corporation in the unbroken chain then   owns stock possessing 33% or more of the total combined voting power of all   classes of stock in one of the other corporations in such chain, as well as   partnerships and limited liability
    

 

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companies in which the Company holds a 33% or more interest.
    
	
 
    	
 
    
	
p.
    	
Target Award. “Target Award” means with respect   to a Participant for any Plan Year the AIP opportunity for the Participant in   such Plan Year, stated by the Company in writing. The Target Award is   expressed as a percentage of the Participant’s Base Compensation in effect at   the end of the Plan Year.
    
	
 
    	
 
    
	
q.
    	
Variable Incentive Plan. “Variable   Incentive Plan” means any incentive   compensation plan, policy or   arrangement in which the amount   of the payments or benefits   thereunder is tied to the   attainment of Company, Business Unit and/or individual performance   goals, or any other plan, policy   or arrangement which is designated as a Variable Incentive Plan by the   Administrator in its discretion.
    
	
 
    	
 
    
	
3.
    	
PARTICIPATION
    
	
 
    	
 
    
	
Participation in the Plan is limited to employees of the Company and   its Subsidiaries who have been designated as Participants by the   Administrator or, with respect only to non-executive officers of the Company,   a Delegate.
    
	
 
    	
 
    
	
4.
    	
ANNUAL AIP OPPORTUNITY
    
	
 
    	
 
    
	
a.
    	
AIP Award
    

 

Subject to achievement (by the Company or any Business Unit thereof) of any minimum benchmark established by the Administrator for the payment of any awards under the Plan for a given Plan Year, Participants will have the opportunity to earn an annual variable AIP award determined in accordance with this Article 4.

 

	
b.
    	
AIP Award Payout
    
	
 
    	
 
    
	
 
    	
i.                                        Subject   to Section 4(b)(iv) below, a Participant’s annual AIP award payout   will be equal to the product of (A) the Participant’s Target Award,   (B) the Participant’s Base Compensation, (C) the Company’s (and,   where appropriate, a Business Unit’s) Financial Modifier (as determined   below), and (D) the Participant’s Individual Modifier (as determined   below).
    
	
 
    	
 
    
	
 
    	
ii.                                    The   Financial Modifier will be a percentage determined based on the Company’s   results and/or, as applicable, the results of the respective Business   Unit(s) for each Participant, and calculated in relation to the   Financial Performance Objectives (with the percentages derived from each   Financial Performance Objective weighted in such manner as determined by the   person or entity which determined the Financial Performance Objective).
    
	
 
    	
 
    
	
 
    	
The percentage derived from each Financial Performance Objective   (prior to weighing) shall be:
    
	
 
    	
 
    
	
 
    	
1.
    	
Zero if the Company or Business Unit(s) achieved less than the   threshold performance level for such Financial Performance Objective.
    
	
 
    	
 
    	
 
    
	
 
    	
2.
    	
50% if the Company or Business Unit(s) achieved the threshold   performance level for such Financial Performance Objective.
    

 

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3.
    	
100% if the Company or Business Unit(s) achieved the target   performance level for such Financial Performance Objective.
    
	
 
    	
 
    	
 
    
	
 
    	
4.
    	
200% if the Company or Business Unit(s) achieved at least the   maximum performance level for such Financial Performance Objective.
    
	
 
    	
 
    	
 
    
	
 
    	
Upon the achievement of between the threshold and the target levels   or between the target and the maximum levels for a Financial Performance   Objective of the Company or Business Unit(s), the Financial Modifier for such   Financial Performance Objective will be determined by means of linear   interpolation.  The maximum Financial   Modifier shall be 200%, for each Financial Performance Objective and in   total.
    
	
 
    	
 
    
	
 
    	
iii.                                A   Participant’s Individual Modifier shall be a percentage ranging from 0% to   150% as determined by such Participant’s manager based on the Participant’s   individual performance.
    
	
 
    	
 
    
	
 
    	
iv.                                The   Administrator may, in its discretion, increase or decrease award amounts that   would otherwise be payable under the Plan; provided that the maximum   award amount payable under the Plan to any Participant shall be 200% of such   Participant’s Target Award (his or her Financial Modifier and Individual   Modifier combined).
    
	
 
    	
 
    

c.                                AIP Award Determination in Cases of Prior or Subsequent Participation in Another Variable Incentive or Similar Plan or Change in Target Award.

 

Participants who are eligible to receive an award under another Variable Incentive Plan (e.g., sales incentive plan) during part of the Plan Year and are designated as Participants under the Plan during a portion of the Plan Year may receive an Award under the Plan on a prorated basis as set forth in Section 4(h).  Participants who have a change in their Target Award are eligible to receive an award under the Plan that is prorated based on the timing of the change to the Participant’s Target Award.

 

d.                               AIP Award Determination in Cases of Leave of Absence

 

If a Participant is on an approved leave of absence (including, without limitation, leaves caused by short-term disability) for more than one month during the Plan Year, then the Participant will continue to participate for that Plan Year; provided that the Administrator may, in its discretion, decrease the award that would otherwise be payable under the Plan.

 

e.                                AIP Award Determination in Cases of Disability or Death

 

A Participant whose employment is terminated prior to the end of the Plan Year as a result of Disability or death will be eligible to receive a prorated award upon such Termination on the basis of 100% Financial Modifier and a 100% Individual Modifier.

 

f.                                 AIP Award Determination in Cases of Retirement

 

A Participant whose employment is terminated prior to the end of the Plan Year as a result of Retirement will be eligible to receive a prorated award after the end of the Plan Year based on (i) the Financial Modifier based on the Company’s or applicable Business Unit(s)’ results for such Plan Year, (ii) an Individual Modifier of 100% and (iii)   a fraction, the numerator of which is the number of days in which the Participant was eligible to participate in the Plan during the Plan Year prior to the date of Retirement and the denominator of which is 365.

 

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g.                                AIP Award Determination in Cases of Termination

 

Participants whose employment with the Company or a Subsidiary is terminated prior to end of the Plan Year for any reason other than Retirement, Disability or death shall not be eligible to receive awards under this Plan, as may be amended or supplemented for local legal differences for employees of foreign (non-U.S.) Subsidiaries.

 

h.                               AIP Award Determination in Cases of New Participants or Participants in Another Variable Incentive Plan

 

Participants who become eligible to participate in the Plan prior to the end of the first fiscal quarter of the Plan Year and participate in the Plan for the remainder of such Plan Year will be eligible for a full year AIP opportunity for such Plan Year and Participants who become eligible to participate in the Plan during the fourth fiscal quarter of the Plan Year will not be eligible for an award under the Plan, unless approved by the Administrator or, with respect only to non-executive officers of the Company, a Delegate.  Participants who become eligible to participate in the Plan during the second or third fiscal quarters of the Plan Year will be eligible for a prorated award of between 25% and 75% of the full year AIP opportunity, based on the number of months of the Plan Year in which they worked and were eligible to participate in the Plan.  Participants must (i) become eligible to participate in the Plan on or prior to the 15th day of a month, and (ii) participate in the Plan through the end of such month, in order to receive credit for such month toward a prorated award.

 

Participants who are eligible to participate in the Plan at the beginning of the Plan Year, but who subsequently become ineligible to participate in the Plan prior to the end of the Plan Year may receive an award under the Plan on a prorated basis, in the discretion of the Administrator or, with respect only to non-executive officers of the Company, a Delegate.

 

i.                                   Other Incentive Programs

 

No Participant may participate in any other Variable Incentive Plan, except as provided for herein.

 

5.                               TIMING OF PAYMENT OF AWARDS

 

AIP Awards for each Participant will be paid in the form (cash or Company shares) as determined by the Committee, subject to such vesting as is determined by the Committee, and subject to the terms and conditions of the Employee Stock Option and Incentive Plan, effective as of April 26, 2012, as amended, or any successor plan, as soon as conveniently possible after the calculation of the Company’s (or the Business Unit’s) achievement of the Performance Objectives and the award thereof by the Administrator, but in any event not later than three months from the last day of the Plan Year to which such award relates; provided that Participants, if applicable under the law governing their employment contract with the Company or Subsidiary as the case may be, may have elected to defer the receipt of all or part of such award, to the extent permitted under Section 409A, in accordance with established deferred compensation plans offered by the Company.

 

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6.                               PLAN ADMINISTRATION

 

a.                                General Administration

 

This Plan will be administered by the Committee, which may delegate its administrative responsibilities in connection with the Plan to appropriate employees of the Company.  The Committee or its delegate will have full power and authority to interpret the Plan, to establish, amend and rescind any rules, forms or procedures as it deems necessary for the proper administration of the Plan, to determine the manner and time of payment of the annual incentive compensation payable under the Plan, and to take any other action as it deems necessary or advisable in connection with the Plan.  Any decision made, action taken or interpretation made by the Committee or its delegate that is not inconsistent with the provisions of this Plan will be final, conclusive, and binding on all persons interested in the Plan.

 

b.                               Adjustments for Extraordinary Events

 

If an event occurs during a Plan Year that materially influences the Financial Performance Objectives of the Company or Business Unit and is deemed by the Committee to be extraordinary and out of the control of management, the Committee may, in its discretion, increase or decrease the Financial Performance Objectives used to determine the annual AIP payout.  Events warranting such action may include, but are not limited to, changes in accounting, tax or regulatory rulings, acquisitions, divestitures, mergers, consolidations, spin-offs, reorganizations, significant changes in economic conditions resulting in windfalls or hardships and other such events as the Committee, in its sole discretion, may determine.

 

c.                                Amendment, Suspension, or Termination

 

The Committee may amend, suspend or terminate the Plan, in whole or in part, at any time, if, in the sole judgment of the Committee, such action is in the best interests of the Company.  Notwithstanding the above, any such amendment, suspension or termination must be prospective in that it may not deprive then-current Participants of that which they otherwise would have received under the Plan for the current Plan Year had the Plan not been amended, suspended or terminated.

 

7.                               MISCELLANEOUS PROVISIONS

 

a.                                Titles

 

Section and Article titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of the Plan.

 

b.                               Employment Not Guaranteed

 

Nothing contained in the Plan nor any action taken in the administration of the Plan will be construed as a contract of employment or as giving a Participant any right to be retained in the service of the Company or any of its Subsidiaries.

 

c.                                Validity

 

In the event that any provision of the Plan is held to be invalid, void or unenforceable, the same will not affect, in any respect whatsoever, the validity of any other provision of the Plan.

 

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d.                               Withholding Tax

 

All payments made pursuant to this Plan will be subject to withholding for all applicable taxes and contributions required by law to be withheld therefrom.

 

e.                                Clawback Provision

 

In the case of fraud or other intentional misconduct on the part of a Participant that necessitates a restatement of the Company’s or Business Unit’s financial results, such Participant will reimburse the Company for any awards or other incentive compensation paid or issued to such Participant in excess of the amount that would have been paid or issued based on the restated financial results.

 

f.                                 Applicable Law

 

The Plan will be governed in accordance with the laws of the State of California, without giving effect to any principles of conflicts of law, whether of the State of California or any other jurisdiction, and where applicable, the laws of the United States, that would result in the application of the laws of any other jurisdiction.

 

g.                                Section 409A

 

The annual variable awards granted under the Plan are intended to be exempt from or comply in all respects with Section 409A and, to the extent applicable, the Plan will be interpreted in accordance with Section 409A.  Notwithstanding any provision of the Plan to the contrary, in the event that the Committee determines that any payment under the Plan may be subject to penalty for noncompliance with Section 409A, the Committee shall have the right (without any obligation to do so or to indemnify any Participant for failure to do so) to adopt such amendments to the Plan or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions that the Committee determines are necessary or appropriate to (i) exempt the payment from Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the payment, or (ii) satisfy the requirements of Section 409A and thereby avoid the application of penalty taxes under Section 409A.  No provision of this Plan shall be interpreted or construed to transfer any liability for failure to comply with the requirements of Section 409A from a Participant or any other person to the Company or any of its Subsidiaries, employees or agents.

 

In the case of a Participant who is a “specified employee” and where delayed commencement of any payments under this Plan is required to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, any payment under this Plan that constitutes “non-qualified deferred compensation” subject to Section 409A may not be made before the date which is six months after the Participant’s separation from service (or, if earlier, the date of the Participant’s death).  For purposes of this Section 7(g), a Participant shall be a “specified employee” if such Participant is a key employee (as defined in Section 416(i) of the Code without regard to paragraph (5) thereof) of a corporation, any stock of which is publicly traded on an established securities market or otherwise, as determined under Section 409A(a)(2)(B)(i) of the Code and the Department of Treasury regulations thereunder.

 

7Exhibit 10.46

 

 

	
 
    	
 
    	
207 Goode Ave, Ste 500
    
	
January 30, 2015
    	
 
    	
Glendale, California 91203
    
	
 
    	
 
    	
Phone 626 304-2000
    
	
 
    	
 
    	
Fax 626 792-7312
    

 

 

Anne Bramman

xxxx

xxxx

 

 

 

Dear Anne:

 

I am very pleased to offer you the position of Senior Vice President & Chief Financial Officer, reporting directly to me. This is an Executive, Level 2, position. Your employment with Avery Dennison will commence on or about March 1, 2015. This offer is contingent upon successful completion of your background verification, reference checks, and pre-employment drug-screening test.

 

Specific details of our job offer are as follows:

 

Base Salary:  Your annualized rate of pay will be $550,000 paid semi-monthly.  Your next salary review will be April 1, 2016.  Subsequent salary reviews will be conducted on April 1st of each year, or on another date designated by the Company for a given year.

 

Bonus:  You will be eligible to be considered under Avery Dennison’s annual incentive plan (“AIP”) to participate at a 60% of base salary opportunity level, subject to applicable withholdings.  If your start date is on or after April 1, 2015, you will participate in the AIP on a prorated basis for 2015.The Annual Incentive Plan (AIP), including eligibility criteria, may change at any time, with or without notice, in accordance with applicable law or, if permissible under the law, at the discretion of the Company.

 

Long-Term Incentive (LTI) Opportunity:  Under the Company’s executive incentive compensation program you will be eligible to be considered for an annualized long-term incentive award with a value opportunity equivalent to approximately 180% of your base salary.  The long term incentive program, including eligibility criteria, may be amended, suspended or terminated at any time, with or without notice, in accordance with applicable law and the applicable plan terms.  You will receive the following equity awards, which comprise your 2015 LTI grant.  They will be granted on March 1, or June 1, depending on your actual start date:

 

	
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$495,000 value of Market-Leveraged Stock   Units (MSUs) with a 4-year ratable vesting schedule, subject to performance.
    
	
 
    	
 
    
	
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$495,000 value of Performance Units (PUs)   with a 3-year cliff vesting schedule, subject to performance. This award will   be broken down into two separate awards due to the different performance   metrics (Cumulative EVA (50%) and Relative TSR (50%)).
    

 

 

Sign-On Compensation:  In addition, you will also receive sign-on compensation, via a mix of Restricted Stock Units (RSUs) and cash.  The sign on compensation will include:

 

	
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A one-time   RSU Grant with a value of $400,000,   with a 3-year ratable vesting schedule.    This award will be granted either on March 1 or June 1   depending on your actual start date:
    
	
 
    	
 
    
	
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A one-time   cash award of $200,000, to be paid 30 days   following the start of your employment with the Company, with all applicable   taxes withheld.  You will be required   to pay back this cash award if you voluntarily terminate your employment   within 12 months following your start date with the Company.
    

 

Deferred Compensation Program:  You will be eligible to participate in the Avery Dennison deferred compensation plan during the next open enrollment cycle. Under this plan, you will be able to defer up to 75% of your base salary and up to 90% of your annual bonus.

 

Executive Benefits:  You will receive an annual Executive Benefit Allowance in the amount $65,000, which will be paid in semi- monthly installments with your normal payroll run.  If your start date is in the middle of a pay cycle, you will receive the first allowance at the beginning of your next pay cycle.  The company will reimburse you for up to $15,000 per year, for Financial Planning & Tax Preparation.  In addition, you will be eligible for an Annual Executive Physical, you may participate in the Executive Long-Term Disability (LTD) plan, and you are entitled to Executive Supplemental Life Insurance.

 

You will be entitled to unlimited vacation.  You will not accrue vacation while eligible for the unlimited use program. You will receive holidays in accordance with the Company’s holiday policy as it may be established and changed from time-to-time.  Avery Dennison celebrates 12 paid holidays each calendar year and you will receive a schedule of holidays for your work location shortly after you begin.

 

Please see Level 2 Benefits Summary as a reference.

 

Other Benefits:  Your employment classification is regular full-time. As a regular full-time employee, you will be eligible for participation in the Company’s health and welfare benefit plans (including medical, dental, vision, life insurance, short-term and long-term disability, etc.) on the first of the month following 60 days of active employment and in accordance with the provisions of such plans. You will also be eligible for participation in the Company’s 401(k) retirement Savings Plan in accordance with the provisions of the plan. To ensure that you do not miss the earliest opportunity to participate in the Savings Plan, you will be automatically enrolled following 30 days of active employment at a 6% pre-tax contribution level and the Company will match 50 cents for each dollar you contribute up to a maximum Company match of 3%. In addition, you will receive a Company contribution each pay period equal to 3% of your 401(k) eligible pay regardless of whether you make contributions to the Savings Plan.  You may opt-out of the Savings Plan or change your level of participation at any time as described in the New Hire Automatic Enrollment notice included with your new hire packet. Please see the Savings Plan summary plan description included in the Company’s Directory of Employee Benefits Information, which will be available to you on-line after your hire date, for more information. You will be receiving a packet from the Company’s outside benefits administrator explaining in more detail the Company’s benefit plans available to you and the requirements for enrollment. The terms of the benefit plan documents exclusively govern your participation in, eligibility for, and entitlement to benefits under the plans. If there is any conflict between these plans and this letter, or between the plans and any other oral or written summary or description of the benefits, the terms of the benefit plan

 

 

documents shall exclusively govern. Please see the Savings Plan summary plan description included in the Company’s Your Total Rewards website, which will be available to you on-line after your hire date, for more information.

 

You will be entitled to the benefits generally available to Company employees in accordance with specific plan provisions.  You will be a Participant in the Avery Dennison Key Executive Change of Control Severance Plan, the Avery Dennison Executive Severance Plan, and any other plans generally offered to Level 2 executives, as described in the attached outline.  You will also be subject to the Avery Dennison Stock Ownership Policy.

 

Relocation Assistance:  We will provide relocation assistance consistent with our Relocation Program, which is attached for your reference.  These benefits are taxable according to applicable federal, state, and local laws.  A representative from our relocation firm will be contacting you, once your human resources department has initiated your move, to help you get started with the relocation process and to answer any questions you may have.

 

While employed by Avery Dennison, secondary employment in a printing business, adhesive products business, or any business competing with, purchasing from or selling to Avery Dennison is prohibited.  Other types of secondary employment are also usually not allowed, except under special circumstances and only if approved in advance by your immediate manager.  If you intend to engage in secondary employment, you must disclose this fact and all pertinent information in writing to me and obtain written approval.  Based on your position with the Company, you are required to complete an Ethics and Conflict of Interest questionnaire, and this information will be reviewed with the Corporate Compliance Officer, and may also be reviewed by the Ethics and Conflict of Interest Committee of the Board of Directors.

 

The Immigration, Reform and Control Act, as amended, requires all new employees to provide proof of identity and eligibility to work in the United States.  The acceptable forms of proof are specified in the enclosed “Lists of Acceptable Documents.”  Please bring the originals with you on the first day you report to work.  You must provide appropriate original documentation within three business days from your employment commencement date or, if you are unable, provide a receipt showing that you have applied for such appropriate documentation.  Failure to do so, will mean that you cannot be employed with Avery Dennison.

 

All candidates for positions as Company employees are required to participate in a post-offer, preplacement drug-screening test in accordance with our corporate policy prohibiting the illegal use of drugs. This offer is contingent upon you successfully passing such drug screening. For purposes of this offer, “successfully passing” means a negative result on the drug screening test. Avery Dennison will pay the cost of the drug screen. You will not be authorized to commence work until Avery Dennison has been notified that you have successfully passed the drug screen.

 

Your employment with the Company is at-will, which means either you or the Company may terminate the employment relationship at any time, with or without notice or cause.  As a condition of employment, all new employees are required to sign both our Company’s Employee Agreement and Mutual Agreement to Arbitrate Claims.  Copies of these agreements have been enclosed for your review and signature.  Please sign and return these documents prior to your commencing employment.  Because they are legal documents, you should consult with your own attorney if you desire.  Your at-will status and these agreements cannot be altered except in writing signed both by you and an expressly

 

 

authorized representative of the Company.  Also enclosed you will find W-4 and state tax forms which you will need to complete for payroll purposes.

 

It is our Company’s policy to respect all trade secrets, confidential and proprietary information of any other company, including our competitors, and any company at which our employees may have been previously employed.  You must not appropriate any trade secrets, confidential or proprietary information of any third party except as permitted in writing by such third party, and you must not use or disclose any third party’s trade secrets, confidential or proprietary information for the benefit of our Company.

 

I look forward to your joining Avery Dennison.  Should you have any questions, please feel free to contact Anne Hill at (626) 304-XXXX.

 

Please sign and date this offer letter below, indicating that you understand and accept the terms described above.  Return the letter, along with the enclosed forms, prior to your start date to LeeAnn Prussak in Corporate Human Resources.

 

	
Sincerely,
    	
 
    
	
 
    	
 
    
	

    	
 
    
	
 
    	
 
    
	
Dean A Scarborough
    	
 
    
	
Chairman and CEO
    	
 
    
	
 
    	
 
    
	
Attachments:
    	
 
    
	
 
    	
Executive Benefit Summary
    	
 
    
	
 
    	
Relocation Policy
    	
 
    
	
 
    	
Severance Plan
    	
 
    
	
 
    	
Change of Control Plan
    	
 
    
	
 
    	
Stock Ownership Policy
    	
 
    
	
 
    	
 
    	
 
    
	
cc:
    	
LeeAnn Prussak
    	
 
    
	
 
    	
Anne Hill
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Accepted by:
    	
/s/ Anne Bramman
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Date:
    	
2/9/15
    	
 
    
						

 

Welcome aboard!

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