[Form 4] Avery Dennison Corp Insider Trading Activity

Rhea-AI Filing Summary

Avery Dennison President & CEO Deon Stander reported multiple equity-compensation transactions in company stock and stock units. On March 1, 2026, he received a grant of 16,622 restricted stock units (RSUs) that vest in four equal annual installments and 24,033 performance units (PUs) that vest at the end of fiscal 2028 if specified performance goals are met.

Several earlier multi-year stock unit (MSU) and performance unit awards vested at percentages of target ranging from 56% to 96%, based on absolute and relative total stockholder return and economic value added. These units were settled into common stock at $194.78 per share, with a portion of shares withheld to cover tax obligations. After these transactions, Stander directly owns 73,351 shares of Avery Dennison common stock.

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^*

STANDER DEON

(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)

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

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		1,824	A	$194.78	66,968	D
Common Stock	03/01/2026		F		544	D	$194.78	66,424	D
Common Stock	03/01/2026		M		1,382	A	$194.78	67,806	D
Common Stock	03/01/2026		F		412	D	$194.78	67,394	D
Common Stock	03/01/2026		M		3,033	A	$194.78	70,427	D
Common Stock	03/01/2026		F		1,146	D	$194.78	69,281	D
Common Stock	03/01/2026		M		4,854	A	$194.78	74,135	D
Common Stock	03/01/2026		F		2,370	D	$194.78	71,765	D
Common Stock	03/01/2026		M		3,100	A	$194.78	74,865	D
Common Stock	03/01/2026		F		1,514	D	$194.78	73,351	D

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		16,622		03/01/2027(1)	03/01/2030	Common Stock	16,622	$0	16,622	D
2026 PU Award	$0	03/01/2026		A		24,033		03/01/2029(2)	03/01/2029	Common Stock	24,033	$0	24,033	D
2022 MSU Award	$0	03/01/2026		M			1,824	03/01/2023(3)	03/01/2026	Common Stock	1,824	$0	0	D
2023 MSU Award	$0	03/01/2026		M			1,382	03/01/2024(4)	03/01/2027	Common Stock	1,382	$0	1,364	D
2024 MSU Award	$0	03/01/2026		M			3,033	03/01/2025(5)	03/01/2028	Common Stock	3,033	$0	6,353	D
2025 MSU Award	$0	03/01/2026		M			4,854	03/01/2026(6)	03/01/2029	Common Stock	4,854	$0	15,170	D
2023 PU Award	$0	03/01/2026		M			3,100	03/01/2026(7)	03/01/2026	Common Stock	3,100	$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 56% of target, based 50% on our cumulative economic value added of 0% of target and 50% on our relative total stockholder return of 112% of target.

	/s/ Vikas Arora, attorney-in-fact for Deon Stander	03/03/2026
	** 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).
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FAQ

What equity awards did Avery Dennison (AVY) CEO Deon Stander receive on March 1, 2026?

On March 1, 2026, Deon Stander received 16,622 restricted stock units and 24,033 performance units. The RSUs vest in four equal annual installments, while the PUs vest after fiscal 2028 if the company meets specified performance objectives.

How do the new RSU grants to Avery Dennison (AVY) CEO vest over time?

The RSU grant of 16,622 units vests 25% each year on the first, second, third, and fourth anniversaries of the grant date. Each vested RSU converts into one share of Avery Dennison common stock for the CEO.

What performance conditions apply to the 24,033 performance units granted by Avery Dennison (AVY)?

The 24,033 performance units vest at the end of fiscal 2028 if performance goals are achieved, as determined by the Compensation Committee in February 2029. Each vested performance unit delivers one share of Avery Dennison common stock.

What does the Form 4 show about vesting of earlier Avery Dennison (AVY) MSU awards?

Earlier multi-year stock unit tranches vested between 92% and 96% of target, based on absolute total stockholder return and dividend equivalents. These vested MSUs were converted into Avery Dennison common shares for Deon Stander.

How were Avery Dennison (AVY) performance units from 2023 ultimately earned by the CEO?

The 2023 performance units vested at 56% of target. This was based 50% on cumulative economic value added at 0% of target and 50% on relative total stockholder return at 112% of target, determining the final share payout.

Why did Avery Dennison (AVY) shares coded with transaction type F get disposed of in this Form 4?

Transactions coded F represent shares withheld to satisfy tax obligations or exercise costs. In this Form 4, portions of common stock from vested awards were surrendered at $194.78 per share to cover required tax liabilities.

How many Avery Dennison (AVY) common shares does CEO Deon Stander hold after these transactions?

After all reported grants, vestings, and tax withholdings, Deon Stander directly owns 73,351 shares of Avery Dennison common stock. This figure reflects his updated direct ownership position following the March 1, 2026 transactions.