Director Mitchell Butier adds RSUs and shares at Avery Dennison (AVY)

Q: Are the reported AVY insider transactions open-market buys or routine awards?

The reported AVY transactions are routine equity compensation events , including an RSU grant and an RSU-based share exercise, not open-market purchases or sales. No buy or sell codes were reported; activity reflects derivative exercises and awards typical for director compensation.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Avery Dennison Corp director Mitchell R. Butier reported routine equity compensation activity. He exercised 1,763 shares from a 2025 Director RSU Award at $164.01 per share into common stock held in a trust and received a new 2026 Director RSU Award for 1,829 restricted stock units (RSUs).

After these transactions, he holds 188,297 Avery Dennison shares indirectly through a trust, 11,613 shares directly, and about 4,340.8831 shares through a savings plan. The RSUs cliff-vest on the first anniversary of the grant date, with each RSU representing a contingent right to receive one share of common stock.

Insider Trade Summary

1,763 shares exercised/converted

Mixed 5 txns

Insider Butier Mitchell R

Role null

Type	Security	Shares	Price	Value
Grant/Award	2026 Director RSU Award	1,829	$0.00	--
Exercise	2025 Director RSU Award	1,763	$0.00	--
Exercise	Common Stock (Trust)	1,763	$164.01	$289K
holding	Common Stock	--	--	--
holding	Common Stock (Savings Plan)	--	--	--

Holdings After Transaction: 2026 Director RSU Award — 1,829 shares (Direct, null); 2025 Director RSU Award — 0 shares (Direct, null); Common Stock (Trust) — 188,297 shares (Indirect, Trust); Common Stock — 11,613 shares (Direct, null); Common Stock (Savings Plan) — 4,340.883 shares (Indirect, Savings Plan)

Footnotes (1)

[object Object]

Key Figures

RSU exercise shares: 1,763 shares Exercise price: $164.01/share New 2026 RSU grant: 1,829 units +4 more

7 metrics

RSU exercise shares 1,763 shares 2025 Director RSU Award exercised into Common Stock (Trust)

Exercise price $164.01/share Price for 1,763 shares from 2025 Director RSU Award

New 2026 RSU grant 1,829 units 2026 Director RSU Award granted as derivative security

Trust holdings after exercise 188,297 shares Common Stock (Trust) total shares following transaction

Direct common shares 11,613 shares Common Stock direct ownership following holding entry

Savings plan shares 4,340.8831 shares Common Stock (Savings Plan) indirect ownership balance

2026 RSU exercise price $0.00/share Conversion or exercise price for 2026 Director RSU Award

Key Terms

Restricted stock units (RSUs), cliff-vest, contingent right, Director RSU Award

4 terms

Restricted stock units (RSUs) financial

"Restricted stock units (RSUs) cliff-vest on the first anniversary of the grant date."

Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.

cliff-vest financial

"Restricted stock units (RSUs) cliff-vest on the first anniversary of the grant date."

contingent right financial

"Each RSU represents a contingent right to receive one share of common stock."

Director RSU Award financial

"2025 Director RSU Award and 2026 Director RSU Award derivative entries."

Form 4 Insider Transactions: What Each Field Means →

05/04/2026 - 05:33 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Butier Mitchell R

(Last)

(First)

(Middle)

8080 NORTON PARKWAY

(Street)

MENTOR

OHIO

44060

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Avery Dennison Corp [ AVY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock (Trust)	05/01/2026		M		1,763	A	$164.01	188,297	I	Trust
Common Stock								11,613	D
Common Stock (Savings Plan)								4,340.8831	I	Savings Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
2026 Director RSU Award	$0	05/01/2026		A		1,829		05/01/2027⁽¹⁾	05/01/2027	Common Stock	1,829	$0	1,829	D
2025 Director RSU Award	$0	05/01/2026		M			1,763	05/01/2026	05/01/2026	Common Stock	1,763	$0	0	D

Explanation of Responses:

1. Restricted stock units (RSUs) cliff-vest on the first anniversary of the grant date. Each RSU represents a contingent right to receive one share of common stock.

	/s/ Vikas Arora attorney-in-fact for Mitchell R Butier	05/04/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did AVY director Mitchell R. Butier report?

Mitchell R. Butier reported exercising 1,763 shares from a 2025 Director RSU Award at $164.01 per share into common stock held in a trust and receiving a new 2026 Director RSU Award for 1,829 RSUs as equity compensation.

How many Avery Dennison (AVY) shares does Mitchell R. Butier now hold?

Following the reported transactions, Mitchell R. Butier holds 188,297 Avery Dennison shares indirectly through a trust, 11,613 shares directly, and about 4,340.8831 shares via a savings plan, reflecting his combined direct and indirect ownership positions in AVY stock.

What is the size of the new 2026 Director RSU Award for AVY?

The 2026 Director RSU Award for Avery Dennison’s director Mitchell R. Butier totals 1,829 restricted stock units. These RSUs were granted at a $0.00 exercise price and represent future potential common shares, subject to vesting conditions described in the award terms.

At what price were AVY shares acquired from the 2025 Director RSU Award?

Shares acquired from the 2025 Director RSU Award were exercised at $164.01 per share for 1,763 common shares. These shares are reported as indirectly held in a trust, reflecting the exercise of a previously granted equity award rather than an open-market purchase.

How do the RSUs for Avery Dennison (AVY) director vest?

The restricted stock units (RSUs) for Avery Dennison’s director cliff-vest on the first anniversary of the grant date. Each RSU represents a contingent right to receive one share of AVY common stock once the vesting condition is satisfied, according to the footnote disclosure.

Are the reported AVY insider transactions open-market buys or routine awards?

The reported AVY transactions are routine equity compensation events, including an RSU grant and an RSU-based share exercise, not open-market purchases or sales. No buy or sell codes were reported; activity reflects derivative exercises and awards typical for director compensation.