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Avery Dennison Corp·4

Mar 3, 4:42 PM ET

Walker Ignacio J 4

4 · Avery Dennison Corp · Filed Mar 3, 2026

Research Summary

AI-generated summary of this filing

Updated

Avery Dennison (AVY) SVP Ignacio J. Walker Exercises Options, Receives Awards

What Happened
Ignacio J. Walker, SVP and Chief Legal Officer of Avery Dennison (AVY), exercised/converted stock derivatives on 2026-03-01 and also received vested/awarded equity. He acquired 2,330 shares by exercising derivatives at $194.78 per share (total cash paid ≈ $453,839). To cover exercise price/taxes, 591 shares were surrendered/withheld (reported as dispositions) with a value of ≈ $115,114. In addition, Walker received 3 separate equity awards/vesting events totaling 6,338 derivative units (RSUs/PUs/MSUs) reported as grants/awards with $0 cash price.

Key Details

  • Transaction date: 2026-03-01; Form 4 filed 2026-03-03 (filed timely).
  • Exercise details: acquired 443, 369, 270, 419 and 829 shares at $194.78 each (total 2,330 shares; ≈ $453,839).
  • Tax/exercise withholding: 130, 90, 66, 103 and 202 shares withheld/surrendered (total 591 shares; ≈ $115,114). Transaction codes: M = exercise/conversion of derivative, F = payment of exercise price or tax liability, A = grant/award.
  • Awards/grants: three A-line entries for 1,857; 2,684; and 1,797 derivative units (total 6,338) reported at $0.00 (represent RSUs, PUs or MSUs).
  • Footnotes of note: F1–F3 describe RSU/PU vesting schedules; F4–F7 describe MSU tranches vesting at 92–96% of target (with dividend equivalents); F8 notes certain PUs vested at 56% of target. These explain why awards were granted/converted and reflect partial payout levels for performance-based units.
  • Shares owned after transaction: Not specified in the provided filing data.

Context

  • These filings reflect an option/derivative exercise combined with share withholding to satisfy tax or exercise obligations (common practice). The A-line items are awards/vestings (not open-market purchases) and were reported as $0 acquisitions because they are company-issued units that convert to shares upon vesting/performance.
  • Exercises/acquisitions are generally more informative than routine withholdings; however, awards that vest (especially performance-based MSUs/PUs) reflect company compensation outcomes rather than an outright market purchase by the insider.
  • No indication of a late filing was reported (Form 4 was filed within the standard 2-business-day window).

Insider Transaction Report

Form 4
Period: 2026-03-01
Avery Dennison CorpAVY
Walker Ignacio J
SVP and Chief Legal Officer
Transactions
  • Exercise/Conversion

    Common Stock

    2026-03-01$194.78/sh+443$86,288→ 8,031 total
  • Tax Payment

    Common Stock

    2026-03-01$194.78/sh−130$25,321→ 7,901 total
  • Exercise/Conversion

    Common Stock

    2026-03-01$194.78/sh+369$71,874→ 8,270 total
  • Tax Payment

    Common Stock

    2026-03-01$194.78/sh−90$17,530→ 8,180 total
  • Exercise/Conversion

    Common Stock

    2026-03-01$194.78/sh+270$52,591→ 8,450 total
  • Tax Payment

    Common Stock

    2026-03-01$194.78/sh−66$12,855→ 8,384 total
  • Exercise/Conversion

    Common Stock

    2026-03-01$194.78/sh+419$81,613→ 8,803 total
  • Tax Payment

    Common Stock

    2026-03-01$194.78/sh−103$20,062→ 8,700 total
  • Exercise/Conversion

    Common Stock

    2026-03-01$194.78/sh+829$161,473→ 9,529 total
  • Tax Payment

    Common Stock

    2026-03-01$194.78/sh−202$39,346→ 9,327 total
  • Award

    2026 RSU Award

    [F1]
    2026-03-01+1,857→ 1,857 total
    Exercise: $0.00From: 2027-03-01Exp: 2030-03-01→ Common Stock (1,857 underlying)
  • Award

    2026 PU Award

    [F2]
    2026-03-01+2,684→ 2,684 total
    Exercise: $0.00From: 2029-03-01Exp: 2029-03-01→ Common Stock (2,684 underlying)
  • Award

    2026 Special RSU Award

    [F3]
    2026-03-01+1,797→ 1,797 total
    Exercise: $0.00From: 2029-03-01Exp: 2029-03-01→ Common Stock (1,797 underlying)
  • Exercise/Conversion

    2022 MSU Award

    [F4]
    2026-03-01−443→ 0 total
    Exercise: $0.00From: 2023-03-01Exp: 2026-03-01→ Common Stock (443 underlying)
  • Exercise/Conversion

    2023 MSU Award

    [F5]
    2026-03-01−369→ 365 total
    Exercise: $0.00From: 2024-03-01Exp: 2027-03-01→ Common Stock (369 underlying)
  • Exercise/Conversion

    2024 MSU Award

    [F6]
    2026-03-01−270→ 568 total
    Exercise: $0.00From: 2025-03-01Exp: 2028-03-01→ Common Stock (270 underlying)
  • Exercise/Conversion

    2025 MSU Award

    [F7]
    2026-03-01−419→ 1,309 total
    Exercise: $0.00From: 2026-03-01Exp: 2029-03-01→ Common Stock (419 underlying)
  • Exercise/Conversion

    2023 PU Award

    [F8]
    2026-03-01−829→ 0 total
    Exercise: $0.00From: 2026-03-01Exp: 2026-03-01→ Common Stock (829 underlying)
Holdings

  • Common Stock (Savings Plan)

    (indirect: Savings Plan)
    587.017
Footnotes (8)
  • [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.
Signature
/s/ Vikas Arora, attorney-in-fact for Ignacio J. Walker|2026-03-03

Documents

1 file
  • 4
    form4.xmlPrimary

    PRIMARY DOCUMENT