Ignacio J. Walker - 01 Mar 2025 Form 4 Insider Report for Avery Dennison Corp (AVY)

Role: SVP and Chief Legal Officer
Signature: /s/ Vikas Arora, attorney-in-fact for Ignacio J. Walker
Issuer symbol: AVY
Transactions as of: 01 Mar 2025
Net transactions value: +$310,894
Form type: 4
Filing time: 04 Mar 2025, 19:06:50 UTC
Previous filing: 11 Jun 2024
Next filing: 09 Feb 2026
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AVY	Common Stock	Options Exercise	$73,140	+391	+5.5%	$187.06	7,473	01 Mar 2025	Direct
transaction	AVY	Common Stock	Tax liability	$21,699	-116	-1.6%	$187.06	7,357	01 Mar 2025	Direct
transaction	AVY	Common Stock	Options Exercise	$81,558	+436	+5.9%	$187.06	7,793	01 Mar 2025	Direct
transaction	AVY	Common Stock	Tax liability	$20,202	-108	-1.4%	$187.06	7,685	01 Mar 2025	Direct
transaction	AVY	Common Stock	Options Exercise	$67,529	+361	+4.7%	$187.06	8,046	01 Mar 2025	Direct
transaction	AVY	Common Stock	Tax liability	$16,461	-88	-1.1%	$187.06	7,958	01 Mar 2025	Direct
transaction	AVY	Common Stock	Options Exercise	$50,132	+268	+3.4%	$187.06	8,226	01 Mar 2025	Direct
transaction	AVY	Common Stock	Tax liability	$12,346	-66	-0.8%	$187.06	8,160	01 Mar 2025	Direct
transaction	AVY	Common Stock	Options Exercise	$144,410	+772	+9.5%	$187.06	8,932	01 Mar 2025	Direct
transaction	AVY	Common Stock	Tax liability	$35,167	-188	-2.1%	$187.06	8,744	01 Mar 2025	Direct
holding	AVY	Common Stock (Savings Plan)						575	01 Mar 2025	Savings Plan

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AVY	2025 MSU Award	Award	$0	+1,745		$0.000000	1,745	01 Mar 2025	Common Stock	1,745	$0.000000	Direct	F1
transaction	AVY	2025 PU Award	Award	$0	+1,816		$0.000000	1,816	01 Mar 2025	Common Stock	1,816	$0.000000	Direct	F2
transaction	AVY	2021 MSU Award	Options Exercise	$0	-391	-100%	$0.000000	0	01 Mar 2025	Common Stock	391	$0.000000	Direct	F3
transaction	AVY	2022 MSU Award	Options Exercise	$0	-436	-49%	$0.000000	450	01 Mar 2025	Common Stock	436	$0.000000	Direct	F4
transaction	AVY	2023 MSU Award	Options Exercise	$0	-361	-33%	$0.000000	729	01 Mar 2025	Common Stock	361	$0.000000	Direct	F5
transaction	AVY	2024 MSU Award	Options Exercise	$0	-268	-24%	$0.000000	851	01 Mar 2025	Common Stock	268	$0.000000	Direct	F6
transaction	AVY	2022 PU Award	Options Exercise	$0	-772	-100%	$0.000000	0	01 Mar 2025	Common Stock	772	$0.000000	Direct	F7

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Market-leveraged stock units (MSUs) vest 25% over one-, two-, three- and four-year performance periods, with the number of shares paid on each vesting date based on our absolute total stockholder return. Each MSU represents a contingent right to receive one share of common stock, plus dividend equivalents accrued during the vesting period.
F2	Performance units (PUs) vest, at the end of fiscal year 2027, provided certain performance objectives are met as determined by the Compensation Committee in February 2028. Each PU represents a contingent right to receive one share of common stock.
F3	Shares reflect the vesting of the fourth tranche of MSUs granted in February 2021 at 128% of target based on our absolute total stockholder return in excess of 10% during the 2021-2024 performance period, plus dividend equivalents accrued during the period.
F4	Shares reflect the vesting of the third tranche of MSUs granted in March 2022 at 92% of target based on our absolute total stockholder return during the 2022-2024 performance period, plus dividend equivalents accrued during the period.
F5	Shares reflect the vesting of the second tranche of MSUs granted in March 2023 at 96% of target based on our absolute total stockholder return during the 2023-2024 performance period, plus dividend equivalents accrued during the period.
F6	Shares reflect the vesting of the first tranche of MSUs granted in March 2024 at 93% of target based on our absolute total stockholder return during the 2024 performance period, plus dividend equivalents accrued during the period.
F7	Shares reflect the vesting of PUs granted in March 2022 at 50% of target, based 50% on our cumulative economic value added of 0% of target and 50% on our capped relative total stockholder return of 100% of target.