Avery Dennison (AVY) HR chief reports new RSU and PU grants, award vesting

Rhea-AI Filing Summary

Avery Dennison senior vice president and chief HR officer Deena Baker-Nel reported multiple equity award transactions in company stock. On March 1, 2026, she exercised or converted several performance-based and market-based stock unit awards into common shares, and some of those shares were withheld to cover tax obligations.

The filing shows new grants of 2,119 restricted stock units and 3,063 performance units, which vest over future years if service and performance goals are met. Following these transactions, she directly held 7,125 common shares and indirectly held 1,721.9768 shares through a savings plan.

Insider Trade Summary

2,565 shares exercised/converted

Mixed 18 txns

Insider Baker-Nel Deena

Role SVP & Chief HR Officer

Type	Security	Shares	Price	Value
Grant/Award	2026 RSU Award	2,119	$0.00	--
Grant/Award	2026 PU Award	3,063	$0.00	--
Exercise	2022 MSU Award	432	$0.00	--
Exercise	2023 MSU Award	361	$0.00	--
Exercise	2024 MSU Award	315	$0.00	--
Exercise	2025 MSU Award	646	$0.00	--
Exercise	2023 PU Award	811	$0.00	--
Exercise	Common Stock	432	$194.78	$84K
Tax Withholding	Common Stock	150	$194.78	$29K
Exercise	Common Stock	361	$194.78	$70K
Tax Withholding	Common Stock	108	$194.78	$21K
Exercise	Common Stock	315	$194.78	$61K
Tax Withholding	Common Stock	94	$194.78	$18K
Exercise	Common Stock	646	$194.78	$126K
Tax Withholding	Common Stock	193	$194.78	$38K
Exercise	Common Stock	811	$194.78	$158K
Tax Withholding	Common Stock	242	$194.78	$47K
holding	Common Stock (Savings Plan)	--	--	--

Holdings After Transaction: 2026 RSU Award — 2,119 shares (Direct); 2026 PU Award — 3,063 shares (Direct); 2022 MSU Award — 0 shares (Direct); 2023 MSU Award — 357 shares (Direct); 2024 MSU Award — 661 shares (Direct); 2025 MSU Award — 2,021 shares (Direct); 2023 PU Award — 0 shares (Direct); Common Stock — 5,779 shares (Direct); Common Stock (Savings Plan) — 1,721.977 shares (Indirect, Savings Plan)

Footnotes (1)

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. 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. 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. 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. 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. 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. 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.

Form 4 Insider Transactions: What Each Field Means →

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^*

Baker-Nel Deena

(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)
	SVP & Chief HR Officer

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		432	A	$194.78	5,779	D
Common Stock	03/01/2026		F		150	D	$194.78	5,629	D
Common Stock	03/01/2026		M		361	A	$194.78	5,990	D
Common Stock	03/01/2026		F		108	D	$194.78	5,882	D
Common Stock	03/01/2026		M		315	A	$194.78	6,197	D
Common Stock	03/01/2026		F		94	D	$194.78	6,103	D
Common Stock	03/01/2026		M		646	A	$194.78	6,749	D
Common Stock	03/01/2026		F		193	D	$194.78	6,556	D
Common Stock	03/01/2026		M		811	A	$194.78	7,367	D
Common Stock	03/01/2026		F		242	D	$194.78	7,125	D
Common Stock (Savings Plan)								1,721.9768	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		2,119		03/01/2027(1)	03/01/2030	Common Stock	2,119	$0	2,119	D
2026 PU Award	$0	03/01/2026		A		3,063		03/01/2029(2)	03/01/2029	Common Stock	3,063	$0	3,063	D
2022 MSU Award	$0	03/01/2026		M			432	03/01/2023(3)	03/01/2026	Common Stock	432	$0	0	D
2023 MSU Award	$0	03/01/2026		M			361	03/01/2024(4)	03/01/2027	Common Stock	361	$0	357	D
2024 MSU Award	$0	03/01/2026		M			315	03/01/2025(5)	03/01/2028	Common Stock	315	$0	661	D
2025 MSU Award	$0	03/01/2026		M			646	03/01/2026(6)	03/01/2029	Common Stock	646	$0	2,021	D
2023 PU Award	$0	03/01/2026		M			811	03/01/2026(7)	03/01/2026	Common Stock	811	$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 Deena Baker-Nel	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 insider transactions did Avery Dennison (AVY) report for Deena Baker-Nel?

Deena Baker-Nel reported exercises of multiple stock unit awards into Avery Dennison common shares and related share withholdings for taxes. She also received new RSU and performance unit grants that vest over future years based on service and performance conditions.

How many Avery Dennison shares does Deena Baker-Nel hold after the latest Form 4?

After the reported transactions, Deena Baker-Nel directly held 7,125 Avery Dennison common shares. She also had an indirect interest in 1,721.9768 additional shares through a savings plan, as disclosed in the Form 4 filing.

What equity awards were granted to Deena Baker-Nel by Avery Dennison (AVY)?

She received a 2026 RSU Award covering 2,119 restricted stock units and a 2026 PU Award covering 3,063 performance units. The RSUs vest in four annual installments, while the performance units vest after fiscal 2028 if specified objectives are met.

How do the new Avery Dennison RSUs for Deena Baker-Nel vest over time?

The restricted stock units granted to Deena Baker-Nel vest 25% on each of the first, second, third, and fourth anniversaries of the grant date. Each vested RSU converts into one share of Avery Dennison common stock upon settlement.

What performance conditions apply to Avery Dennison’s 2026 performance units for Deena Baker-Nel?

The 2026 performance units vest at the end of fiscal 2028 only if specified performance objectives are achieved and confirmed in February 2029. Each vested performance unit entitles Deena Baker-Nel to receive one share of Avery Dennison common stock.

Why were some Avery Dennison shares disposed of in Deena Baker-Nel’s Form 4?

Shares labeled with transaction code F were withheld to pay exercise price or tax liabilities related to vesting and exercises. These are tax-withholding dispositions, not open-market sales, and are common in equity compensation settlements.