Divina Santiago - 01 Mar 2024 Form 4 Insider Report for Avery Dennison Corp (AVY)

Role: VP Controller
Signature: /s/ Vikas Arora attorney-in-fact for Divina Santiago
Issuer symbol: AVY
Transactions as of: 01 Mar 2024
Net transactions value: +$16,017
Form type: 4
Filing time: 05 Mar 2024, 14:48:45 UTC
Previous filing: 05 Sep 2023
Next filing: 04 Mar 2025
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	$15,368	+71	+33%	$216.45	285	01 Mar 2024	Direct
transaction	AVY	Common Stock	Tax liability	$6,494	-30	-11%	$216.45	255	01 Mar 2024	Direct
transaction	AVY	Common Stock	Options Exercise	$12,338	+57	+22%	$216.45	312	01 Mar 2024	Direct
transaction	AVY	Common Stock	Tax liability	$5,195	-24	-7.7%	$216.45	288	01 Mar 2024	Direct
holding	AVY	Common Stock (Savings Plan)						363	01 Mar 2024	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	2024 MSU Award	Award	$0	+375		$0.000000	375	01 Mar 2024	Common Stock	375	$0.000000	Direct	F1
transaction	AVY	2024 PU Award	Award	$0	+428		$0.000000	428	01 Mar 2024	Common Stock	428	$0.000000	Direct	F2
transaction	AVY	2022 MSU Award	Options Exercise	$0	-71	-33%	$0.000000	147	01 Mar 2024	Common Stock	71	$0.000000	Direct	F3
transaction	AVY	2023 MSU Award	Options Exercise	$0	-57	-25%	$0.000000	171	01 Mar 2024	Common Stock	57	$0.000000	Direct	F4

* 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 2026, provided certain performance objectives are met as determined by the Compensation Committee in February 2027. Each PU represents a contingent right to receive one share of common stock.
F3	Shares reflect the vesting of the second tranche of MSUs granted in March 2022 at 94% of target based on our absolute total stockholder return during the 2022-2023 performance period, plus dividend equivalents accrued during the period.
F4	Shares reflect the vesting of the first tranche of MSUs granted in March 2023 at 98% of target based on our absolute total stockholder return during the 2023 performance period, plus dividend equivalents accrued during the period.