Avery Dennison (NYSE: AVY) SVP granted 2026 stock units and reports multiple vestings

Rhea-AI Filing Summary

Avery Dennison Corp senior vice president and chief legal officer Walker Ignacio J reported multiple equity compensation transactions. On March 1, 2026, he received grants of 1,857 restricted stock units, 2,684 performance units, and a special grant of 1,797 RSUs that vest over future years based on time and performance conditions.

On the same date, several tranches of previously granted market- and performance-based stock units vested and were converted into common shares, with associated shares withheld to cover taxes. After these transactions, he directly held 9,327 shares of Avery Dennison common stock, plus additional shares held indirectly 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^*

Walker Ignacio J

(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 and Chief Legal 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		443	A	$194.78	8,031	D
Common Stock	03/01/2026		F		130	D	$194.78	7,901	D
Common Stock	03/01/2026		M		369	A	$194.78	8,270	D
Common Stock	03/01/2026		F		90	D	$194.78	8,180	D
Common Stock	03/01/2026		M		270	A	$194.78	8,450	D
Common Stock	03/01/2026		F		66	D	$194.78	8,384	D
Common Stock	03/01/2026		M		419	A	$194.78	8,803	D
Common Stock	03/01/2026		F		103	D	$194.78	8,700	D
Common Stock	03/01/2026		M		829	A	$194.78	9,529	D
Common Stock	03/01/2026		F		202	D	$194.78	9,327	D
Common Stock (Savings Plan)								587.0168	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		1,857		03/01/2027(1)	03/01/2030	Common Stock	1,857	$0	1,857	D
2026 PU Award	$0	03/01/2026		A		2,684		03/01/2029(2)	03/01/2029	Common Stock	2,684	$0	2,684	D
2026 Special RSU Award	$0	03/01/2026		A		1,797		03/01/2029(3)	03/01/2029	Common Stock	1,797	$0	1,797	D
2022 MSU Award	$0	03/01/2026		M			443	03/01/2023(4)	03/01/2026	Common Stock	443	$0	0	D
2023 MSU Award	$0	03/01/2026		M			369	03/01/2024(5)	03/01/2027	Common Stock	369	$0	365	D
2024 MSU Award	$0	03/01/2026		M			270	03/01/2025(6)	03/01/2028	Common Stock	270	$0	568	D
2025 MSU Award	$0	03/01/2026		M			419	03/01/2026(7)	03/01/2029	Common Stock	419	$0	1,309	D
2023 PU Award	$0	03/01/2026		M			829	03/01/2026(8)	03/01/2026	Common Stock	829	$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. Restricted stock units cliff-vest on the third anniversary of the grant date. Each RSU represents a contingent right to receive one share of common stock.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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 Ignacio J. Walker	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 Walker Ignacio J?

The filing shows Walker Ignacio J received new restricted and performance stock unit awards and had several prior market and performance stock units vest into common shares, with some shares withheld to cover tax obligations on March 1, 2026.

What new equity awards did Walker Ignacio J receive from Avery Dennison (AVY)?

He received a 2026 restricted stock unit award of 1,857 units, a 2026 performance unit award of 2,684 units, and a 2026 special restricted stock unit award of 1,797 units, all representing contingent rights to receive Avery Dennison common shares subject to vesting conditions.

How and when do the new RSU and PU awards for Avery Dennison’s Walker Ignacio J vest?

The 2026 RSUs vest 25% annually over four years, while the 2026 performance units vest at the end of fiscal 2028 if performance goals are met, with final determination by the compensation committee in February 2029, according to the filing’s footnotes.

What happened to Walker Ignacio J’s prior MSU and PU awards at Avery Dennison (AVY)?

Multiple tranches of market stock units and a 2023 performance unit grant vested at specified percentages of target, based on absolute and relative total shareholder return and economic value added performance measures, and were converted into common shares plus dividend equivalents accrued during the performance periods.

How many Avery Dennison common shares does Walker Ignacio J hold after these transactions?

Following the exercises, vestings, and tax-withholding dispositions on March 1, 2026, he directly owned 9,327 shares of Avery Dennison common stock, and also held additional shares indirectly through a company savings plan, according to the reported holdings.

Why were some Avery Dennison (AVY) shares disposed of in Walker Ignacio J’s Form 4?

Shares labeled with transaction code F were surrendered to satisfy exercise price or tax withholding obligations related to the vesting and conversion of stock unit awards, rather than being open-market sales, as described in the transaction code explanations.