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).