Alford Bradley A 4

What Happened

• Bradley A. Alford, a director of Avery Dennison Corp (AVY), exercised stock options on 2026-05-01 to acquire 1,087 shares at an exercise price of $164.01 per share (total cash paid $178,279). The filing also shows 1,087 shares were disposed at $0.00 (derivative), consistent with shares being surrendered/withheld to cover the exercise cost or tax withholding. In the same filing he was granted 1,128 restricted stock units (RSUs) (no immediate cash value).

Key Details

• Transaction date: 2026-05-01; filing date (Form 4): 2026-05-04 (appears timely).
• Option exercise: 1,087 shares acquired at $164.01 each; aggregate reported value $178,279.
• Concurrent disposition: 1,087 shares disposed at $0.00 (derivative) — typically indicates share withholding or surrender to cover exercise price/taxes.
• RSU grant: 1,128 RSUs awarded (reported as acquired as derivative; $0.00 cash); see footnote: RSUs cliff-vest on the first anniversary of grant and each RSU converts to one share upon vesting.
• Shares beneficially owned after the transactions: not specified in the provided excerpt of the filing.

Context

• The paired exercise + $0.00 disposal is commonly a cashless/net-settlement practice (shares surrendered or withheld to pay exercise costs and/or taxes) rather than an open-market sale.
• RSU grants are awards that vest in the future (cliff-vest after one year per the footnote) and do not represent immediate sale or market activity.
• This Form 4 reports insider compensation and routine option/RSU activity; it is factual reporting and does not, by itself, indicate the insider’s market view.