Avery Dennison Corp — Director's Dealing 2025

Mar 5, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Avery Dennison Corp (AVY)
CIK: 0000008818
Period of Report: 2025-03-01

Reporting Person: Yost Ryan D (President, Materials Group)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-01	Common Stock	M	140	$187.06	Acquired	2250	Direct
2025-03-01	Common Stock	F	50	$187.06	Disposed	2200	Direct
2025-03-01	Common Stock	M	163	$187.06	Acquired	2363	Direct
2025-03-01	Common Stock	F	59	$187.06	Disposed	2304	Direct
2025-03-01	Common Stock	M	217	$187.06	Acquired	2521	Direct
2025-03-01	Common Stock	F	71	$187.06	Disposed	2450	Direct
2025-03-01	Common Stock	M	429	$187.06	Acquired	2879	Direct
2025-03-01	Common Stock	F	131	$187.06	Disposed	2748	Direct
2025-03-01	Common Stock	M	145	$187.06	Acquired	2893	Direct
2025-03-01	Common Stock	F	45	$187.06	Disposed	2848	Direct
2025-03-01	Common Stock	M	2931	$187.06	Acquired	5779	Direct
2025-03-01	Common Stock	F	890	$187.06	Disposed	4889	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-01	2025 MSU Award	$0	A	2979	Acquired	2029-03-01	Common Stock (2979)	Direct
2025-03-01	2025 PU Award	$0	A	3109	Acquired	2028-03-01	Common Stock (3109)	Direct
2025-03-01	2021 MSU Award	$0	M	140	Disposed	2025-03-01	Common Stock (140)	Direct
2025-03-01	2022 MSU Award	$0	M	163	Disposed	2026-03-01	Common Stock (163)	Direct
2025-03-01	2023 MSU Award	$0	M	217	Disposed	2027-03-01	Common Stock (217)	Direct
2025-03-01	2024 MSU Award	$0	M	429	Disposed	2028-03-01	Common Stock (429)	Direct
2025-03-01	2022 PU Award	$0	M	145	Disposed	2025-03-01	Common Stock (145)	Direct
2025-03-01	2022 RSU Award	$0	M	2931	Disposed	2025-03-01	Common Stock (2931)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock (Savings Plan)	3.5722	Indirect

Footnotes

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 25% of target, based 75% on the cumulative economic value added of Solutions Group of 0% of target and 25% on our capped relative total stockholder return of 100% of target.

F8: Shares reflect the vesting of RSUs granted on March 1, 2022.