Sec Form 4 Filing - STANDER DEON @ Avery Dennison Corp - 2025-03-01

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person STANDER DEON 2. Issuer Name and Ticker or Trading Symbol Avery Dennison Corp [ AVY] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) President & CEO (Last) (First) (Middle) 8080 NORTON PARKWAY 3. Date of Earliest Transaction (MM/DD/YY) 03/01/2025 (Street) MENTOR, OH44060 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 03/01/2025 M 785 A $ 187.06 55,191 D Common Stock 03/01/2025 F 231 D $ 187.06 54,960 D Common Stock 03/01/2025 M 1,792 A $ 187.06 56,752 D Common Stock 03/01/2025 F 526 D $ 187.06 56,226 D Common Stock 03/01/2025 M 1,354 A $ 187.06 57,580 D Common Stock 03/01/2025 F 398 D $ 187.06 57,182 D Common Stock 03/01/2025 M 3,002 A $ 187.06 60,184 D Common Stock 03/01/2025 F 1,220 D $ 187.06 58,964 D Common Stock 03/01/2025 M 3,174 A $ 187.06 62,138 D Common Stock 03/01/2025 F 1,535 D $ 187.06 60,603 D Common Stock 03/01/2025 M 8,793 A $ 187.06 69,396 D Common Stock 03/01/2025 F 4,252 D $ 187.06 65,144 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares 2025 MSU Award $ 0 03/01/2025 A 20,226 03/01/2026( 1 ) 03/01/2029 Common Stock 20,226 $ 0 20,226 D 2025 PU Award $ 0 03/01/2025 A 21,052 03/01/2028( 2 ) 03/01/2028 Common Stock 21,052 $ 0 21,052 D 2021 MSU Award $ 0 03/01/2025 M 785 03/01/2022( 3 ) 03/01/2025 Common Stock 785 $ 0 0 D 2022 MSU Award $ 0 03/01/2025 M 1,792 03/01/2023( 4 ) 03/01/2026 Common Stock 1,792 $ 0 1,851 D 2023 MSU Award $ 0 03/01/2025 M 1,354 03/01/2024( 5 ) 03/01/2027 Common Stock 1,354 $ 0 2,727 D 2024 MSU Award $ 0 03/01/2025 M 3,002 03/01/2025( 6 ) 03/01/2028 Common Stock 3,002 $ 0 9,529 D 2022 PU Award $ 0 03/01/2025 M 3,174 03/01/2025( 7 ) 03/01/2025 Common Stock 3,174 $ 0 0 D 2022 RSU Award $ 0 03/01/2025 M 8,793 03/01/2025( 8 ) 03/01/2025 Common Stock 8,793 $ 0 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other STANDER DEON 8080 NORTON PARKWAY MENTOR, OH44060 X President & CEO Signatures /s/ Vikas Arora, attorney-in-fact for Deon Stander 03/04/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Market-leveraged stock units (MSUs) vest 25% over one-, two-, three- and four-year performance periods, with the number of shares paid on each vesting date based on our absolute total stockholder return. Each MSU represents a contingent right to receive one share of common stock, plus dividend equivalents accrued during the vesting period. ( 2 )Performance units (PUs) vest, at the end of fiscal year 2027, provided certain performance objectives are met as determined by the Compensation Committee in February 2028. Each PU represents a contingent right to receive one share of common stock. ( 3 )Shares reflect the vesting of the fourth tranche of MSUs granted in February 2021 at 128% of target based on our absolute total stockholder return in excess of 10% during the 2021-2024 performance period, plus dividend equivalents accrued during the period. ( 4 )Shares reflect the vesting of the third tranche of MSUs granted in March 2022 at 92% of target based on our absolute total stockholder return during the 2022-2024 performance period, plus dividend equivalents accrued during the period. ( 5 )Shares reflect the vesting of the second tranche of MSUs granted in March 2023 at 96% of target based on our absolute total stockholder return during the 2023-2024 performance period, plus dividend equivalents accrued during the period. ( 6 )Shares reflect the vesting of the first tranche of MSUs granted in March 2024 at 93% of target based on our absolute total stockholder return during the 2024 performance period, plus dividend equivalents accrued during the period. ( 7 )Shares reflect the vesting of PUs granted in March 2022 at 50% of target, based 50% on our cumulative economic value added of 0% of target and 50% on our capped relative total stockholder return of 100% of target. ( 8 )Shares reflect the vesting of RSUs granted on March 1, 2022.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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