Reverberi Francesca 4

What Happened Francesca Reverberi, a director of Avery Dennison, exercised 1,087 derivative instruments (options) on May 1, 2026 at an exercise price of $164.01, paying $178,279 to acquire those shares. To satisfy tax withholding, 327 of the acquired shares were disposed/withheld (valued at $53,631). At the same time she was granted 1,128 restricted stock units (RSUs) that vest via a one‑year cliff (each RSU converts to one share upon vesting).

Key Details

• Transaction date: 2026-05-01; Form filed: 2026-05-04 (filing appears timely).
• Option exercise: 1,087 shares @ $164.01 = $178,279 (code M).
• Tax withholding: 327 shares withheld @ $164.01 = $53,631 (code F).
• RSU award: 1,128 RSUs granted @ $0 (code A); footnote: RSUs cliff-vest on the first anniversary and each RSU represents one share.
• The derivative instrument converted/was cancelled in the exercise (reported as a $0 disposition of the derivative).
• Shares owned after the transactions are not specified in the supplied summary of the filing.

Context This was primarily an option exercise with a typical “sell-to-cover” tax withholding (shares withheld to satisfy taxes), not an open-market sale. The 1,128 RSUs are a future award subject to vesting and do not represent immediately tradeable shares until they vest. These filings are routine disclosures of insider compensation and exercises and do not by themselves indicate the director’s view of the company’s stock price.