Equity awards boost Avery Dennison (NYSE: AVY) executive shareholdings

Rhea-AI Filing Summary

Avery Dennison Corp executive Ryan D. Yost reported equity compensation and related share activity. On March 1, 2026, he received a grant of 2,342 restricted stock units under a 2026 RSU Award and 3,386 performance units under a 2026 PU Award. Footnotes state RSUs vest in four equal annual installments and each unit represents one share of common stock, while performance units vest at the end of fiscal year 2028 if specified performance objectives are met.

Multiple market stock units and prior performance units vested and were converted into common shares at a reference price of $194.78 per share, increasing his direct common stock holdings. Several small dispositions in common stock were reported with code F, which the filing describes as shares withheld to cover tax liabilities rather than open-market sales. Following these transactions, he directly owned 6,164 shares of common stock and indirectly held 3.6486 shares through a savings plan.

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

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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^*

Yost Ryan D

(Last) (First) (Middle)

8080 NORTON PARKWAY

(Street)

MENTOR OH 44060

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, Materials Group

3. Date of Earliest Transaction (Month/Day/Year)
03/01/2026

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/01/2026		M		167	A	$194.78	5,056	D
Common Stock	03/01/2026		F		55	D	$194.78	5,001	D
Common Stock	03/01/2026		M		222	A	$194.78	5,223	D
Common Stock	03/01/2026		F		73	D	$194.78	5,150	D
Common Stock	03/01/2026		M		434	A	$194.78	5,584	D
Common Stock	03/01/2026		F		119	D	$194.78	5,465	D
Common Stock	03/01/2026		M		714	A	$194.78	6,179	D
Common Stock	03/01/2026		F		196	D	$194.78	5,983	D
Common Stock	03/01/2026		M		250	A	$194.78	6,233	D
Common Stock	03/01/2026		F		69	D	$194.78	6,164	D
Common Stock (Savings Plan)								3.6486	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
2026 RSU Award	$0	03/01/2026		A		2,342		03/01/2027(1)	03/01/2030	Common Stock	2,342	$0	2,342	D
2026 PU Award	$0	03/01/2026		A		3,386		03/01/2029(2)	03/01/2029	Common Stock	3,386	$0	3,386	D
2022 MSU Award	$0	03/01/2026		M			167	03/01/2023(3)	03/01/2026	Common Stock	167	$0	0	D
2023 MSU Award	$0	03/01/2026		M			222	03/01/2024(4)	03/01/2027	Common Stock	222	$0	220	D
2024 MSU Award	$0	03/01/2026		M			434	03/01/2025(5)	03/01/2028	Common Stock	434	$0	910	D
2025 MSU Award	$0	03/01/2026		M			714	03/01/2026(6)	03/01/2029	Common Stock	714	$0	2,234	D
2023 PU Award	$0	03/01/2026		M			250	03/01/2026(7)	03/01/2026	Common Stock	250	$0	0	D

Explanation of Responses:

1. Restricted stock units (RSUs) vest 25% on each of the first, second, third and fourth anniversaries of the grant date. Each RSU represents a contingent right to receive one share of common stock.

2. Performance units (PUs) vest, at the end of fiscal year 2028, provided certain performance objectives are met as determined by the Compensation Committee in February 2029. Each PU represents a contingent right to receive one share of common stock.

3. Shares reflect the vesting of the fourth tranche of MSUs granted in February 2022 at 92% of target based on our absolute total stockholder return in excess of 10% during the 2022-2025 performance period, plus dividend equivalents accrued during the period.

4. Shares reflect the vesting of the third tranche of MSUs granted in March 2023 at 96% of target based on our absolute total stockholder return during the 2023-2025 performance period, plus dividend equivalents accrued during the period.

5. Shares reflect the vesting of the second tranche of MSUs granted in March 2024 at 92% of target based on our absolute total stockholder return during the 2024-2025 performance period, plus dividend equivalents accrued during the period.

6. Shares reflect the vesting of the first tranche of MSUs granted in March 2025 at 94% of target based on our absolute total stockholder return during the 2025 performance period, plus dividend equivalents accrued during the period.

7. Shares reflect the vesting of PUs granted in March 2023 at 28% of target, based 75% on the cumulative economic value added of RBIS (now Solutions Group) of 0% of target and 25% on our relative total stockholder return of 112% of target.

	/s/ Vikas Arora, attorney-in-fact for Ryan D Yost	03/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What equity awards did Avery Dennison (AVY) executive Ryan D. Yost receive?

Ryan D. Yost received a 2026 RSU Award for 2,342 restricted stock units and a 2026 PU Award for 3,386 performance units. Each unit represents a contingent right to one Avery Dennison common share, subject to vesting conditions and performance objectives described in the filing footnotes.

How do the new RSU and PU awards for Avery Dennison’s Ryan D. Yost vest?

The RSUs vest 25% on each of the first four anniversaries of the grant date. Performance units vest at the end of fiscal 2028, if stated performance objectives are met and confirmed by the Compensation Committee in February 2029, with each vested unit delivering one common share.

What do the Form 4 transactions show about Ryan D. Yost’s Avery Dennison common stock holdings?

After the reported exercises, vesting events, and tax-withholding dispositions, Ryan D. Yost directly held 6,164 shares of Avery Dennison common stock. He also indirectly held 3.6486 additional shares through a savings plan, reflecting a small plan-based ownership position alongside his direct holdings.

Were any of Ryan D. Yost’s Avery Dennison share disposals open-market sales?

The disposals reported use transaction code F, which the filing defines as delivering shares to pay exercise price or tax liabilities. This indicates shares were withheld for taxes or related obligations, rather than being sold in open-market transactions for discretionary portfolio or cash-raising purposes.

What performance outcomes affected the vesting of Avery Dennison MSU and PU awards?

Footnotes state various market stock unit tranches vested at 92%–96% of target based on absolute total stockholder return over specified periods. Performance units granted in March 2023 vested at 28% of target, driven by economic value added and relative total stockholder return components described in the disclosure.