Divina Fe Santiago - 01 Mar 2025 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 2025
Net transactions value: +$37,225
Form type: 4
Filing time: 04 Mar 2025, 19:03:28 UTC
Previous filing: 05 Mar 2024
Next filing: 03 Mar 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	$13,281	+71	+25%	$187.06	359	01 Mar 2025	Direct
transaction	AVY	Common Stock	Tax liability	$5,612	-30	-8.4%	$187.06	329	01 Mar 2025	Direct
transaction	AVY	Common Stock	Options Exercise	$10,662	+57	+17%	$187.06	386	01 Mar 2025	Direct
transaction	AVY	Common Stock	Tax liability	$4,489	-24	-6.2%	$187.06	362	01 Mar 2025	Direct
transaction	AVY	Common Stock	Options Exercise	$16,461	+88	+24%	$187.06	450	01 Mar 2025	Direct
transaction	AVY	Common Stock	Tax liability	$6,921	-37	-8.2%	$187.06	413	01 Mar 2025	Direct
transaction	AVY	Common Stock	Options Exercise	$23,570	+126	+31%	$187.06	539	01 Mar 2025	Direct
transaction	AVY	Common Stock	Tax liability	$9,727	-52	-9.6%	$187.06	487	01 Mar 2025	Direct
holding	AVY	Common Stock (Savings Plan)						369	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	+543		$0.000000	543	01 Mar 2025	Common Stock	543	$0.000000	Direct	F1
transaction	AVY	2025 PU Award	Award	$0	+565		$0.000000	565	01 Mar 2025	Common Stock	565	$0.000000	Direct	F2
transaction	AVY	2022 MSU Award	Options Exercise	$0	-71	-49%	$0.000000	74	01 Mar 2025	Common Stock	71	$0.000000	Direct	F3
transaction	AVY	2023 MSU Award	Options Exercise	$0	-57	-33%	$0.000000	114	01 Mar 2025	Common Stock	57	$0.000000	Direct	F4
transaction	AVY	2024 MSU Award	Options Exercise	$0	-88	-24%	$0.000000	281	01 Mar 2025	Common Stock	88	$0.000000	Direct	F5
transaction	AVY	2022 PU Award	Options Exercise	$0	-126	-100%	$0.000000	0	01 Mar 2025	Common Stock	126	$0.000000	Direct	F6

* 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 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.
F4	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.
F5	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.
F6	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.