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  "documentTitle": "Avery Dennison Corporation (AVY)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-11-10 00:00:00",
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  "notes": "Highlights the expansion of legal language in clawback provisions following identified accounting anomalies.",
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      "text": "After observing problematic restructuring accounting adjustments and financial presentation methods that we believe artificially boost Adjusted EPS and Free Cash Flow (two of the three key components of management Annual Incentive Plan), we observe that Avery Amended and Restated the Annual Incentive Plan on Jan 1, 2020 to greatly expand language around the clawback provision for fraud or intentional misconduct.",
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      "text": "After observing problematic restructuring accounting adjustments and financial presentation methods that we believe artificially boost Adjusted EPS and Free Cash Flow (two of the three key components of management Annual Incentive Plan), we observe that Avery Amended and Restated the Annual Incentive Plan on Jan 1, 2020 to greatly expand language around the clawback provision for fraud or intentional misconduct.",
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      "text": "Source: Avery Exhibit 10.1 to Q1 2020 10-Q",
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      "text": "Source: Avery Exhibit 10.26 to 2014 10-K",
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      "text": "Expanded Clawback Provision Post Anomalies Identified By Spruce Point in 2020",
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      "text": "Fraud Clawback Expanded Post Accounting Misstatements Observed",
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