Avery Dennison Corp (AVY) · Insider Trading (Form 4) SEC Filing

=== SEC Form 4 — Statement of Changes in Beneficial Ownership === Document Type: 4 Period of Report: 2026-03-01 10b5-1 Pre-arranged Plan: No --- Issuer --- Name: Avery Dennison Corp (AVY) CIK: 0000008818 --- Reporting Owner --- Name: Butier Mitchell R CIK: 0001392133 Role: Director --- Non-Derivative Transactions --- [Transaction #1] Security: Common Stock Date: 2026-03-01 | Code: M (Exercise of derivative) Shares: +5,079 | Price: $194.78 Total Value: $989,287.62 Shares Owned After: 308,410 | Ownership: D (Direct) [Transaction #2] Security: Common Stock Date: 2026-03-01 | Code: F (Payment of exercise/tax) Shares: -3,029 | Price: $194.78 Total Value: $589,988.62 Shares Owned After: 305,381 | Ownership: D (Direct) [Transaction #3] Security: Common Stock Date: 2026-03-01 | Code: M (Exercise of derivative) Shares: +4,302 | Price: $194.78 Total Value: $837,943.56 Shares Owned After: 309,683 | Ownership: D (Direct) [Transaction #4] Security: Common Stock Date: 2026-03-01 | Code: F (Payment of exercise/tax) Shares: -2,524 | Price: $194.78 Total Value: $491,624.72 Shares Owned After: 307,159 | Ownership: D (Direct) [Transaction #5] Security: Common Stock Date: 2026-03-01 | Code: M (Exercise of derivative) Shares: +9,645 | Price: $194.78 Total Value: $1,878,653.10 Shares Owned After: 316,804 | Ownership: D (Direct) [Transaction #6] Security: Common Stock Date: 2026-03-01 | Code: F (Payment of exercise/tax) Shares: -5,657 | Price: $194.78 Total Value: $1,101,870.46 Shares Owned After: 311,147 | Ownership: D (Direct) --- Derivative Transactions --- [Transaction #1] Security: 2022 MSU Award Date: 2026-03-01 | Code: M (Exercise of derivative) Shares: -5,079 | Price: $0.00 Exercisable: N/A | Expires: 2026-03-01 Shares Owned After: 0 | Ownership: D (Direct) Footnotes: [F1] Shares reflect the vesting of the fourth tranche of MSUs granted in February 2022 that remained eligible to vest after the reporting person's transition to non-executive status in April 2025, 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. [Transaction #2] Security: 2023 MSU Award Date: 2026-03-01 | Code: M (Exercise of derivative) Shares: -4,302 | Price: $0.00 Exercisable: N/A | Expires: 2027-03-01 Shares Owned After: 3,092 | Ownership: D (Direct) Footnotes: [F2] Shares reflect the vesting of the third tranche of MSUs granted in March 2023 that remained eligible to vest after the reporting person's transition to non-executive status in April 2025, at 96% of target based on our absolute total stockholder return during the 2023-2025 performance period, plus dividend equivalents accrued during the period. [Transaction #3] Security: 2023 PU Award Date: 2026-03-01 | Code: M (Exercise of derivative) Shares: -9,645 | Price: $0.00 Exercisable: N/A | Expires: 2026-03-01 Shares Owned After: 0 | Ownership: D (Direct) Footnotes: [F3] Shares reflect the vesting of PUs granted in March 2023 that remained eligible to vest after the reporting person's transition to non-executive status in April 2025, 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. --- Holdings --- [Holding #1] Security: Common Stock (Savings Plan) Ownership: I (Indirect) --- Footnotes (Complete Index) --- F1: Shares reflect the vesting of the fourth tranche of MSUs granted in February 2022 that remained eligible to vest after the reporting person's transition to non-executive status in April 2025, 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. F2: Shares reflect the vesting of the third tranche of MSUs granted in March 2023 that remained eligible to vest after the reporting person's transition to non-executive status in April 2025, at 96% of target based on our absolute total stockholder return during the 2023-2025 performance period, plus dividend equivalents accrued during the period. F3: Shares reflect the vesting of PUs granted in March 2023 that remained eligible to vest after the reporting person's transition to non-executive status in April 2025, 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. --- Signature --- /s/ /s/ Vikas Arora attorney-in-fact for Mitchell R Butier (2026-03-03)