CFO of Avery Dennison (NYSE: AVY) receives 2026 awards and more shares

Rhea-AI Filing Summary

Avery Dennison SVP and CFO Gregory Lovins reported multiple equity-related transactions dated March 1, 2026. He received a grant of 4,329 restricted stock units under a 2026 RSU award and 6,259 performance units under a 2026 PU award, both at a stated price of $0.00 per unit.

Several prior awards of market share units, performance units and RSUs vested and were exercised into common stock, while shares were withheld to cover tax obligations through transactions coded “F” at a price of $194.78 per share. Following these conversions and tax-withholding dispositions, Lovins directly held 81,685 shares of Avery Dennison common stock and indirectly held 2,243.4669 shares through a savings plan.

Insider Trade Summary

15,533 shares exercised/converted

Mixed 21 txns

Insider Lovins Gregory

Role SVP and CFO

Type	Security	Shares	Price	Value
Grant/Award	2026 RSU Award	4,329	$0.00	--
Grant/Award	2026 PU Award	6,259	$0.00	--
Exercise	2022 MSU Award	1,436	$0.00	--
Exercise	2023 MSU Award	1,152	$0.00	--
Exercise	2024 MSU Award	861	$0.00	--
Exercise	2025 MSU Award	1,270	$0.00	--
Exercise	2023 PU Award	2,584	$0.00	--
Exercise	2023 RSU Award	8,230	$0.00	--
Exercise	Common Stock	1,436	$194.78	$280K
Tax Withholding	Common Stock	415	$194.78	$81K
Exercise	Common Stock	1,152	$194.78	$224K
Tax Withholding	Common Stock	327	$194.78	$64K
Exercise	Common Stock	861	$194.78	$168K
Tax Withholding	Common Stock	245	$194.78	$48K
Exercise	Common Stock	1,270	$194.78	$247K
Tax Withholding	Common Stock	361	$194.78	$70K
Exercise	Common Stock	2,584	$194.78	$503K
Tax Withholding	Common Stock	1,067	$194.78	$208K
Exercise	Common Stock	8,230	$194.78	$1.60M
Tax Withholding	Common Stock	3,568	$194.78	$695K
holding	Common Stock (Savings Plan)	--	--	--

Holdings After Transaction: 2026 RSU Award — 4,329 shares (Direct); 2026 PU Award — 6,259 shares (Direct); 2022 MSU Award — 0 shares (Direct); 2023 MSU Award — 1,136 shares (Direct); 2024 MSU Award — 1,805 shares (Direct); 2025 MSU Award — 3,971 shares (Direct); 2023 PU Award — 0 shares (Direct); 2023 RSU Award — 0 shares (Direct); Common Stock — 73,571 shares (Direct); Common Stock (Savings Plan) — 2,243.467 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. Shares reflect the vesting of RSUs granted on March 1, 2023 which cliff-vest on the third anniversary of the grant date.

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^*

Lovins Gregory

(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 CFO

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		1,436	A	$194.78	73,571	D
Common Stock	03/01/2026		F		415	D	$194.78	73,156	D
Common Stock	03/01/2026		M		1,152	A	$194.78	74,308	D
Common Stock	03/01/2026		F		327	D	$194.78	73,981	D
Common Stock	03/01/2026		M		861	A	$194.78	74,842	D
Common Stock	03/01/2026		F		245	D	$194.78	74,597	D
Common Stock	03/01/2026		M		1,270	A	$194.78	75,867	D
Common Stock	03/01/2026		F		361	D	$194.78	75,506	D
Common Stock	03/01/2026		M		2,584	A	$194.78	78,090	D
Common Stock	03/01/2026		F		1,067	D	$194.78	77,023	D
Common Stock	03/01/2026		M		8,230	A	$194.78	85,253	D
Common Stock	03/01/2026		F		3,568	D	$194.78	81,685	D
Common Stock (Savings Plan)								2,243.4669	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		4,329		03/01/2027(1)	03/01/2030	Common Stock	4,329	$0	4,329	D
2026 PU Award	$0	03/01/2026		A		6,259		03/01/2029(2)	03/01/2029	Common Stock	6,259	$0	6,259	D
2022 MSU Award	$0	03/01/2026		M			1,436	03/01/2023(3)	03/01/2026	Common Stock	1,436	$0	0	D
2023 MSU Award	$0	03/01/2026		M			1,152	03/01/2024(4)	03/01/2027	Common Stock	1,152	$0	1,136	D
2024 MSU Award	$0	03/01/2026		M			861	03/01/2025(5)	03/01/2028	Common Stock	861	$0	1,805	D
2025 MSU Award	$0	03/01/2026		M			1,270	03/01/2026(6)	03/01/2029	Common Stock	1,270	$0	3,971	D
2023 PU Award	$0	03/01/2026		M			2,584	03/01/2026(7)	03/01/2026	Common Stock	2,584	$0	0	D
2023 RSU Award	$0	03/01/2026		M			8,230	03/01/2026(8)	03/01/2026	Common Stock	8,230	$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.

8. Shares reflect the vesting of RSUs granted on March 1, 2023 which cliff-vest on the third anniversary of the grant date.

	/s/ Vikas Arora attorney-in-fact for Gregory Lovins	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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What equity awards did Avery Dennison (AVY) CFO Gregory Lovins receive in this Form 4?

Gregory Lovins received a 2026 restricted stock unit award of 4,329 RSUs and a 2026 performance unit award of 6,259 PUs, each with a stated grant price of $0.00 per unit, reflecting stock-based compensation rather than open-market purchases.

How many Avery Dennison (AVY) common shares does the CFO directly own after these transactions?

After the reported vesting, exercises and tax withholdings, Gregory Lovins directly owns 81,685 shares of Avery Dennison common stock. This figure reflects multiple derivative awards converting into common shares and related share withholdings for taxes at $194.78 per share.

What types of derivative awards vested for Avery Dennison (AVY) CFO Gregory Lovins?

Multiple tranches of market share units, performance units, and restricted stock units vested for Gregory Lovins. Footnotes explain vesting percentages tied to absolute or relative total shareholder return and economic value added over specified performance periods, plus accrued dividend equivalents.

Were any of the Avery Dennison (AVY) CFO’s transactions open-market stock purchases or sales?

No open-market buys or sells are shown. Acquisitions are coded “A” and “M” for equity grants and derivative exercises, while dispositions are coded “F,” indicating shares were withheld or delivered solely to cover exercise price or tax liabilities at $194.78 per share.

How many Avery Dennison (AVY) shares does the CFO hold indirectly through a savings plan?

In addition to his direct holdings, Gregory Lovins has an indirect interest in 2,243.4669 Avery Dennison common shares through a savings plan. This position is reported separately from his directly owned 81,685 shares following the March 1, 2026 equity transactions.

What does the tax-withholding disposition code “F” mean in the Avery Dennison (AVY) Form 4?

Code “F” indicates shares were disposed of to pay the exercise price or satisfy tax liabilities. For Gregory Lovins, several common stock transactions at $194.78 per share reflect this tax-withholding mechanism, rather than discretionary open-market sales for portfolio rebalancing.