Avery Dennison (NYSE: AVY) VP reports 2026 RSU and PU grants

Rhea-AI Filing Summary

Avery Dennison vice president and controller Santiago Divina Fe reported several equity compensation transactions. On March 1, 2026, he received a grant of 523 restricted stock units under a 2026 RSU award and 756 performance units under a 2026 PU award, both at no cash cost.

The RSUs vest in four equal annual installments, and each unit can convert into one share of common stock. The performance units may vest after fiscal year 2028 if specified performance goals are achieved, with each unit also representing a right to one share.

Multiple earlier MSU and PU awards vested based on total shareholder return and other performance measures, converting into shares of common stock. A portion of the newly issued common shares was surrendered at $194.78 per share to cover tax obligations, leaving the remaining shares held directly.

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^*

Santiago Divina Fe

(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)
	VP Controller

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		74	A	$194.78	561	D
Common Stock	03/01/2026		F		31	D	$194.78	530	D
Common Stock	03/01/2026		M		58	A	$194.78	588	D
Common Stock	03/01/2026		F		24	D	$194.78	564	D
Common Stock	03/01/2026		M		89	A	$194.78	653	D
Common Stock	03/01/2026		F		37	D	$194.78	616	D
Common Stock	03/01/2026		M		130	A	$194.78	746	D
Common Stock	03/01/2026		F		54	D	$194.78	692	D
Common Stock	03/01/2026		M		130	A	$194.78	822	D
Common Stock	03/01/2026		F		54	D	$194.78	768	D
Common Stock (Savings Plan)								377.1905	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		523		03/01/2027(1)	03/01/2030	Common Stock	523	$0	523	D
2026 PU Award	$0	03/01/2026		A		756		03/01/2029(2)	03/01/2029	Common Stock	756	$0	756	D
2022 MSU Award	$0	03/01/2026		M			74	03/01/2023(3)	03/01/2026	Common Stock	74	$0	0	D
2023 MSU Award	$0	03/01/2026		M			58	03/01/2024(4)	03/01/2027	Common Stock	58	$0	57	D
2024 MSU Award	$0	03/01/2026		M			89	03/01/2025(5)	03/01/2028	Common Stock	89	$0	188	D
2025 MSU Award	$0	03/01/2026		M			130	03/01/2026(6)	03/01/2029	Common Stock	130	$0	407	D
2023 PU Award	$0	03/01/2026		M			130	03/01/2026(7)	03/01/2026	Common Stock	130	$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 Divina Santiago	03/03/2026
	** Signature of Reporting Person	Date
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FAQ

What equity awards did Avery Dennison (AVY) VP Santiago Divina Fe receive?

Santiago Divina Fe received a 2026 equity package including 523 RSUs and 756 performance units, granted at no cash cost. Each unit represents a contingent right to receive one share of Avery Dennison common stock, subject to time-based or performance-based vesting conditions.

How do the new RSUs granted to Avery Dennison (AVY) VP vest?

The 2026 RSU award vests in four equal annual installments of 25% each year after the grant date. Each restricted stock unit converts into one share of Avery Dennison common stock as it vests, providing time-based incentive compensation to the executive over four years.

When can the 2026 performance units for Avery Dennison (AVY) potentially vest?

The 2026 performance units may vest at the end of fiscal 2028, if specified performance objectives are met. Final vesting levels are determined by the Compensation Committee in February 2029, with each unit delivering one share of common stock upon satisfaction of those goals.

What performance outcomes affected the vesting of Avery Dennison (AVY) MSU awards?

Vesting of the 2022–2025 MSU tranches depended on absolute total shareholder return, with tranches vesting at 92%, 96%, 92%, and 94% of target. Dividend equivalents were also added, modestly increasing the number of shares delivered under each vested tranche.

How was the 2023 performance unit award for Avery Dennison (AVY) VP determined?

The 2023 performance unit grant vested at 56% of target. This reflected a combination of 0% of target for cumulative economic value added and 112% of target for relative total shareholder return, resulting in fewer shares than the original target award.

Were any Avery Dennison (AVY) shares sold on the open market in this Form 4?

The Form 4 shows share dispositions labeled as tax-withholding transactions, not open-market sales. Shares of common stock were withheld and delivered at $194.78 per share to satisfy exercise price or tax liabilities associated with the vesting and conversion of prior equity awards.