Avery Dennison Corp — Director's Dealing 2026

Mar 3, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Avery Dennison Corp (AVY)
CIK: 0000008818
Period of Report: 2026-03-01

Reporting Person: Walker Ignacio J (SVP and Chief Legal Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-03-01	Common Stock	M	443	$194.78	Acquired	8031	Direct
2026-03-01	Common Stock	F	130	$194.78	Disposed	7901	Direct
2026-03-01	Common Stock	M	369	$194.78	Acquired	8270	Direct
2026-03-01	Common Stock	F	90	$194.78	Disposed	8180	Direct
2026-03-01	Common Stock	M	270	$194.78	Acquired	8450	Direct
2026-03-01	Common Stock	F	66	$194.78	Disposed	8384	Direct
2026-03-01	Common Stock	M	419	$194.78	Acquired	8803	Direct
2026-03-01	Common Stock	F	103	$194.78	Disposed	8700	Direct
2026-03-01	Common Stock	M	829	$194.78	Acquired	9529	Direct
2026-03-01	Common Stock	F	202	$194.78	Disposed	9327	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-03-01	2026 RSU Award	$0	A	1857	Acquired	2030-03-01	Common Stock (1857)	Direct
2026-03-01	2026 PU Award	$0	A	2684	Acquired	2029-03-01	Common Stock (2684)	Direct
2026-03-01	2026 Special RSU Award	$0	A	1797	Acquired	2029-03-01	Common Stock (1797)	Direct
2026-03-01	2022 MSU Award	$0	M	443	Disposed	2026-03-01	Common Stock (443)	Direct
2026-03-01	2023 MSU Award	$0	M	369	Disposed	2027-03-01	Common Stock (369)	Direct
2026-03-01	2024 MSU Award	$0	M	270	Disposed	2028-03-01	Common Stock (270)	Direct
2026-03-01	2025 MSU Award	$0	M	419	Disposed	2029-03-01	Common Stock (419)	Direct
2026-03-01	2023 PU Award	$0	M	829	Disposed	2026-03-01	Common Stock (829)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock (Savings Plan)	587.0168	Indirect

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.

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.