Avery Dennison Director David Flitman Exercises 765 Options

What Happened
David E. Flitman, a director of Avery Dennison Corp (AVY), exercised 765 stock options on 2026-07-23 at an exercise price of $156.11 per share, resulting in an acquisition value of $119,424. The Form 4 also shows a simultaneous disposition of 765 shares at $0.00 (listed as a derivative disposal) related to the same transaction.

Key Details

• Transaction date: 2026-07-23; Form 4 filed: 2026-07-27 (late filing).
• Exercise detail: 765 shares acquired @ $156.11 each; total cash paid $119,424 (code M = exercise/conversion of derivative).
• Disposition detail: 765 shares disposed @ $0.00 (derivative) in the same filing — filing does not specify reason.
• Shares owned after transaction: not specified in the provided filing.
• Notable: filing timeliness flagged as late. The disposal at $0.00 often reflects shares surrendered to cover tax withholding or settlement of exercise obligations, but the Form 4 does not state the exact purpose.

Context
This was an option exercise rather than an open-market buy or sale. When exercises are accompanied by share dispositions at $0.00, they are commonly administrative (e.g., shares withheld for taxes or net settlement) and do not necessarily signal a market-view change by the insider. Late filings reduce transparency for investors but do not by themselves indicate wrongdoing.