Wagner William Raymond 4

What Happened

• William Raymond Wagner, a director of Avery Dennison (AVY), exercised 1,087 derivative awards at $164.01 per share on 2026-05-01, with a reported aggregate value of $178,279. The same filing also shows a simultaneous disposition of 1,087 derivative units at $0 (derivative).
• On the same date he received a grant of 1,128 restricted stock units (RSUs) reported as acquired at $0.00; these RSUs are contingent rights to receive one share each and cliff‑vest on the first anniversary of the grant.

Key Details

• Transaction date: 2026-05-01.
• Exercise: 1,087 shares @ $164.01 = $178,279 (acquired).
• RSU grant: 1,128 RSUs @ $0.00 = $0 (acquired; derivative).
• Report also shows a 1,087-share derivative disposition at $0.00 (filing does not specify the reason).
• Shares owned after the transaction: not provided in the supplied filing details.
• Footnote: RSUs cliff-vest on the first anniversary; each RSU converts to one common share when vested.
• No late filing or 10b5-1 plan was indicated in the provided information.

Context

• The exercise is an option/derivative conversion (transaction code M). The concurrent zero-dollar disposition often reflects a conversion, net settlement, or internal transfer related to the exercise, but the Form 4 here does not explain the mechanics.
• The RSU grant is a forward-looking award that vests in one year and does not represent immediately tradable shares until vested and delivered.