Avery Dennison Corp — Director's Dealing 2022

Mar 4, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Avery Dennison Corp (AVY)
CIK: 0000008818
Period of Report: 2022-03-01

Reporting Person: Lovins Gregory (SVP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-03-01	Common Stock	M	2513	$170.60	Acquired	40375	Direct
2022-03-01	Common Stock	F	852	$170.60	Disposed	39523	Direct
2022-03-01	Common Stock	M	2906	$170.60	Acquired	42429	Direct
2022-03-01	Common Stock	F	1246	$170.60	Disposed	41183	Direct
2022-03-01	Common Stock	M	2967	$170.60	Acquired	44150	Direct
2022-03-01	Common Stock	F	1272	$170.60	Disposed	42878	Direct
2022-03-01	Common Stock	M	1221	$170.60	Acquired	44099	Direct
2022-03-01	Common Stock	F	524	$170.60	Disposed	43575	Direct
2022-03-01	Common Stock	M	12562	$170.60	Acquired	56137	Direct
2022-03-01	Common Stock	F	5389	$170.60	Disposed	50748	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2022-03-01	2018 MSU Award	$0	M	2513	Disposed	2022-03-01	Common Stock (2513)	Direct
2022-03-01	2019 MSU Award	$0	M	2906	Disposed	2023-03-01	Common Stock (2906)	Direct
2022-03-01	2020 MSU Award	$0	M	2967	Disposed	2024-03-01	Common Stock (2967)	Direct
2022-03-01	2021 MSU Award	$0	M	1221	Disposed	2025-03-01	Common Stock (1221)	Direct
2022-03-01	2019 PU Award	$0	M	12562	Disposed	2022-03-01	Common Stock (12562)	Direct
2022-03-01	2022 MSU Award	$0	A	5829	Acquired	2026-03-01	Common Stock (5829)	Direct
2022-03-01	2022 PU Award	$0	A	4679	Acquired	2025-03-01	Common Stock (4679)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock (Savings Plan)	2086.0802	Indirect

Footnotes

F1: Shares reflect the vesting of the fourth tranche of market-leveraged stock units granted in February 2018 at 200% of target based on our absolute total stockholder return in excess of 10% during the 2018-2021 performance period, plus dividend equivalents accrued during the period.

F2: Shares reflect the vesting of the third tranche of market-leveraged stock units granted in February 2019 at 200% of target based on our absolute total stockholder return in excess of 10% during the 2019-2021 performance period, plus dividend equivalents accrued during the period.

F3: Shares reflect the vesting of the second tranche of market-leveraged stock units granted in February 2020 at 183% of target based on our absolute total stockholder return in excess of 10% during the 2020-2021 performance period, plus dividend equivalents accrued during the period.

F4: Shares reflect the vesting of the first tranche of market-leveraged stock units granted in February 2021 at 135% of target based on our absolute total stockholder return in excess of 10% during the 2021 performance period, plus dividend equivalents accrued during the period.

F5: Shares reflect the vesting of performance units granted in February 2019 at 188% of target, based 50% on our cumulative economic value added and 50% on our relative stockholder return.

F6: Market-leveraged stock units 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, plus dividend equivalents accrued during the vesting period. Each market-leveraged stock unit represents a contingent right to receive one share of our common stock, plus dividend equivalents.

F7: Performance units vest, if at all, at the end of fiscal year 2024, provided the designated performance objectives are met as determined by the Compensation Committee in February 2025. Each performance unit represents a contingent right to receive one share of our common stock.