Santiago Divina Fe 4

What Happened
Santiago Divina Fe, VP Controller of Avery Dennison (AVY), exercised/converted derivatives on 2026-03-01 and acquired 481 shares by paying an exercise price of $194.78 per share (total cash outlay $93,688). To cover tax withholding, 200 shares were surrendered (sell‑to‑cover) valued at about $38,956. In addition, 1,279 shares were recorded as awards/vested performance/market‑stock units (523 and 756 shares) with no cash payment required.

Key Details

• Transaction date: March 1, 2026; Form 4 filed March 3, 2026 (timely filing).
• Exercise price for cash exercises: $194.78 per share. Cash paid for exercised shares: $93,688 (481 shares).
• Shares withheld to cover taxes (code F): 200 shares, ~$38,956.
• Awards/grants recorded (code A): 523 and 756 derivative shares (total 1,279) reported at $0 (vested/awarded).
• Some derivative conversion lines reported at $0 reflect settlement/vesting of performance/MSU/PUs rather than a cash purchase.
• Shares owned after these transactions: not specified in the provided excerpt.
• Transaction codes: M = option/derivative exercise or conversion; F = shares withheld for taxes; A = grant/award.
• Footnotes indicate these awards include multiple tranches of MSUs and PUs that vested at partial payout levels (see F3–F7) and standard RSU/PU vesting rules (F1–F2).

Context
This filing shows routine option exercises combined with vesting of performance/market‑stock units and share withholding to satisfy tax obligations (a "sell‑to‑cover" or share surrender). The material here is mainly vesting/settlement activity rather than an open‑market buy or sale; such activity commonly reflects compensation mechanics rather than an insider trading signal.