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: Walker Ignacio J CIK: 0001823327 Role: Officer (SVP and Chief Legal Officer) --- Non-Derivative Transactions --- [Transaction #1] Security: Common Stock Date: 2026-03-01 | Code: M (Exercise of derivative) Shares: +443 | Price: $194.78 Total Value: $86,287.54 Shares Owned After: 8,031 | Ownership: D (Direct) [Transaction #2] Security: Common Stock Date: 2026-03-01 | Code: F (Payment of exercise/tax) Shares: -130 | Price: $194.78 Total Value: $25,321.40 Shares Owned After: 7,901 | Ownership: D (Direct) [Transaction #3] Security: Common Stock Date: 2026-03-01 | Code: M (Exercise of derivative) Shares: +369 | Price: $194.78 Total Value: $71,873.82 Shares Owned After: 8,270 | Ownership: D (Direct) [Transaction #4] Security: Common Stock Date: 2026-03-01 | Code: F (Payment of exercise/tax) Shares: -90 | Price: $194.78 Total Value: $17,530.20 Shares Owned After: 8,180 | Ownership: D (Direct) [Transaction #5] Security: Common Stock Date: 2026-03-01 | Code: M (Exercise of derivative) Shares: +270 | Price: $194.78 Total Value: $52,590.60 Shares Owned After: 8,450 | Ownership: D (Direct) [Transaction #6] Security: Common Stock Date: 2026-03-01 | Code: F (Payment of exercise/tax) Shares: -66 | Price: $194.78 Total Value: $12,855.48 Shares Owned After: 8,384 | Ownership: D (Direct) [Transaction #7] Security: Common Stock Date: 2026-03-01 | Code: M (Exercise of derivative) Shares: +419 | Price: $194.78 Total Value: $81,612.82 Shares Owned After: 8,803 | Ownership: D (Direct) [Transaction #8] Security: Common Stock Date: 2026-03-01 | Code: F (Payment of exercise/tax) Shares: -103 | Price: $194.78 Total Value: $20,062.34 Shares Owned After: 8,700 | Ownership: D (Direct) [Transaction #9] Security: Common Stock Date: 2026-03-01 | Code: M (Exercise of derivative) Shares: +829 | Price: $194.78 Total Value: $161,472.62 Shares Owned After: 9,529 | Ownership: D (Direct) [Transaction #10] Security: Common Stock Date: 2026-03-01 | Code: F (Payment of exercise/tax) Shares: -202 | Price: $194.78 Total Value: $39,345.56 Shares Owned After: 9,327 | Ownership: D (Direct) --- Derivative Transactions --- [Transaction #1] Security: 2026 RSU Award Date: 2026-03-01 | Code: A (Grant or award) Shares: +1,857 | Price: $0.00 Exercisable: N/A | Expires: 2030-03-01 Shares Owned After: 1,857 | Ownership: D (Direct) Footnotes: [F1] 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. [Transaction #2] Security: 2026 PU Award Date: 2026-03-01 | Code: A (Grant or award) Shares: +2,684 | Price: $0.00 Exercisable: N/A | Expires: 2029-03-01 Shares Owned After: 2,684 | Ownership: D (Direct) Footnotes: [F2] 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. [Transaction #3] Security: 2026 Special RSU Award Date: 2026-03-01 | Code: A (Grant or award) Shares: +1,797 | Price: $0.00 Exercisable: N/A | Expires: 2029-03-01 Shares Owned After: 1,797 | Ownership: D (Direct) Footnotes: [F3] 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. [Transaction #4] Security: 2022 MSU Award Date: 2026-03-01 | Code: M (Exercise of derivative) Shares: -443 | Price: $0.00 Exercisable: N/A | Expires: 2026-03-01 Shares Owned After: 0 | Ownership: D (Direct) Footnotes: [F4] 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. [Transaction #5] Security: 2023 MSU Award Date: 2026-03-01 | Code: M (Exercise of derivative) Shares: -369 | Price: $0.00 Exercisable: N/A | Expires: 2027-03-01 Shares Owned After: 365 | Ownership: D (Direct) Footnotes: [F5] 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. [Transaction #6] Security: 2024 MSU Award Date: 2026-03-01 | Code: M (Exercise of derivative) Shares: -270 | Price: $0.00 Exercisable: N/A | Expires: 2028-03-01 Shares Owned After: 568 | Ownership: D (Direct) Footnotes: [F6] 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. [Transaction #7] Security: 2025 MSU Award Date: 2026-03-01 | Code: M (Exercise of derivative) Shares: -419 | Price: $0.00 Exercisable: N/A | Expires: 2029-03-01 Shares Owned After: 1,309 | Ownership: D (Direct) Footnotes: [F7] 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. [Transaction #8] Security: 2023 PU Award Date: 2026-03-01 | Code: M (Exercise of derivative) Shares: -829 | Price: $0.00 Exercisable: N/A | Expires: 2026-03-01 Shares Owned After: 0 | Ownership: D (Direct) Footnotes: [F8] 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. --- Holdings --- [Holding #1] Security: Common Stock (Savings Plan) Ownership: I (Indirect) --- Footnotes (Complete Index) --- F1: 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. F2: 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. F3: 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. F4: 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. F5: 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. F6: 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. F7: 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. F8: 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. --- Signature --- /s/ /s/ Vikas Arora, attorney-in-fact for Ignacio J. Walker (2026-03-03)