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  "docSlug": "09bbf36d82e5",
  "documentTitle": "Avery Dennison Corporation (AVY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-10 00:00:00",
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  "notes": "Includes a table detailing 2018 AIP financial modifiers for various executives, highlighting the CEO's Adjusted EPS component.",
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      "kind": "callout",
      "text": "Will AVY's Board Clawback The CEO's Bonus In 2018 For Paying Him On An Artificially Inflated EPS Figure?",
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      "text": "Spruce Point believes AVY's CEO has ample incentive to portray aggressive Adjusted EPS with 60% of his annual bonus tied to this metric. Given that we find evidence that 2018 Adjusted EPS has been overstated, will the Board clawback ill-gotten payments from the CEO?",
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      "text": "In the event of fraud or other intentional misconduct on the part of an NEO that necessitates a restatement of our financial results, the NEO would be required to reimburse our company for any AIP or LTI awards paid or granted in excess of the amount that would have been paid or granted based on the restated financial results.",
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      "text": "In the event of fraud or other intentional misconduct on the part of an NEO that necessitates a restatement of our financial results, the NEO would be required to reimburse our company for any AIP or LTI awards paid or granted in excess of the amount that would have been paid or granted based on the restated financial results. These remedies would be in addition to, not instead of, any other actions taken by our company (through the imposition of any discipline up to and including termination), law enforcement agencies, regulators or other authorities. This clawback policy has been contractually acknowledged by our NEOs upon the execution of their LTI award agreements since 2010. — AVY 2019 Proxy Statement",
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      "text": "Source: AVY 2019 Proxy Statement",
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      "text": "2018 AIP FINANCIAL MODIFIERS table showing performance objectives, weightings, thresholds, targets, maximums, actuals, and modifiers for various executives.",
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      "text": "We Believe The CEO Is Paid Handsomely On Inflated Adjusted EPS",
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