STANDER DEON 4
4 · Avery Dennison Corp · Filed Mar 3, 2026
Research Summary
AI-generated summary of this filing
Avery Dennison (AVY) CEO Deon Stander Exercises Options, Receives Awards
What Happened
Deon Stander, President & CEO and a director of Avery Dennison (AVY), exercised stock derivatives on March 1, 2026, acquiring 14,193 shares by paying an exercise price of $194.78 per share (total cash paid ≈ $2,764,513). To cover the related exercise price/tax liability, 5,986 shares were withheld (disposed) at the same $194.78 rate (value ≈ $1,165,953). In addition, several performance/market stock unit tranches vested/converted into a total of 40,655 share equivalents (grants reported at $0). The exercises represent a cash exercise with shares withheld for tax—part buy, part withholding—while the vested awards were converted into common shares.
Key Details
- Transaction date: March 1, 2026; Form 4 filed March 3, 2026 (appears timely).
- Option exercises (paid): 14,193 shares at $194.78 — gross cash paid ≈ $2,764,513.
- Shares withheld for taxes (F code): 5,986 shares at $194.78 — value ≈ $1,165,953.
- Award grants/vesting (A code): 16,622 and 24,033 share units = 40,655 MSUs/PUs acquired (reported at $0).
- Net shares retained from the cash exercises: 14,193 − 5,986 = 8,207 shares (plus 40,655 vested award shares converted).
- Shares owned after transaction: not disclosed in this filing.
- Notable footnotes: RSUs vest 25% annually (F1); PUs vest based on performance with final determination in 2029 (F2); MSU/PUs vested at partial percentages of target per F3–F7 (shows vesting at 92%–96% for MSU tranches and 56% for certain PUs).
- Transaction codes explained: M = option exercise/conversion, F = payment of exercise price/tax withholding, A = grant/award acquisition.
Context
- This filing shows a cash option exercise (insider paid exercise price) combined with tax withholding of shares rather than a market sale—common for covering taxes. The vesting/conversion of MSUs and PUs reflects performance-based awards paying out at partial percentages of target per the footnotes.
- Exercises and vesting are routine for executives with equity compensation and do not by themselves indicate intent to buy or sell stock in the open market. Purchases (cash exercises where shares are retained) are often watched as a more direct bullish signal.
Insider Transaction Report
Form 4
STANDER DEON
DirectorPresident & CEO
Transactions
- Exercise/Conversion
Common Stock
2026-03-01$194.78/sh+1,824$355,279→ 66,968 total - Tax Payment
Common Stock
2026-03-01$194.78/sh−544$105,960→ 66,424 total - Exercise/Conversion
Common Stock
2026-03-01$194.78/sh+1,382$269,186→ 67,806 total - Tax Payment
Common Stock
2026-03-01$194.78/sh−412$80,249→ 67,394 total - Exercise/Conversion
Common Stock
2026-03-01$194.78/sh+3,033$590,768→ 70,427 total - Tax Payment
Common Stock
2026-03-01$194.78/sh−1,146$223,218→ 69,281 total - Exercise/Conversion
Common Stock
2026-03-01$194.78/sh+4,854$945,462→ 74,135 total - Tax Payment
Common Stock
2026-03-01$194.78/sh−2,370$461,629→ 71,765 total - Exercise/Conversion
Common Stock
2026-03-01$194.78/sh+3,100$603,818→ 74,865 total - Tax Payment
Common Stock
2026-03-01$194.78/sh−1,514$294,897→ 73,351 total - Award
2026 RSU Award
[F1]2026-03-01+16,622→ 16,622 totalExercise: $0.00From: 2027-03-01Exp: 2030-03-01→ Common Stock (16,622 underlying) - Award
2026 PU Award
[F2]2026-03-01+24,033→ 24,033 totalExercise: $0.00From: 2029-03-01Exp: 2029-03-01→ Common Stock (24,033 underlying) - Exercise/Conversion
2022 MSU Award
[F3]2026-03-01−1,824→ 0 totalExercise: $0.00From: 2023-03-01Exp: 2026-03-01→ Common Stock (1,824 underlying) - Exercise/Conversion
2023 MSU Award
[F4]2026-03-01−1,382→ 1,364 totalExercise: $0.00From: 2024-03-01Exp: 2027-03-01→ Common Stock (1,382 underlying) - Exercise/Conversion
2024 MSU Award
[F5]2026-03-01−3,033→ 6,353 totalExercise: $0.00From: 2025-03-01Exp: 2028-03-01→ Common Stock (3,033 underlying) - Exercise/Conversion
2025 MSU Award
[F6]2026-03-01−4,854→ 15,170 totalExercise: $0.00From: 2026-03-01Exp: 2029-03-01→ Common Stock (4,854 underlying) - Exercise/Conversion
2023 PU Award
[F7]2026-03-01−3,100→ 0 totalExercise: $0.00From: 2026-03-01Exp: 2026-03-01→ Common Stock (3,100 underlying)
Footnotes (7)
- [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]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.
- [F4]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.
- [F5]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.
- [F6]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.
- [F7]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.
Signature
/s/ Vikas Arora, attorney-in-fact for Deon Stander|2026-03-03