Sec Form 4 Filing - Lovins Gregory @ Avery Dennison Corp - 2022-03-01

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

OMB APPROVAL OMB Number: 3235-0287 Expires: November 30, 2011 Estimated average burden hours per response... 0.5

1. Name and Address of Reporting Person Lovins Gregory 2. Issuer Name and Ticker or Trading Symbol Avery Dennison Corp [ AVY] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) SVP and CFO (Last) (First) (Middle) 8080 NORTON PARKWAY 3. Date of Earliest Transaction (MM/DD/YY) 03/01/2022 (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 03/01/2022 M 2,513 A $ 170.6 40,375 D Common Stock 03/01/2022 F 852 D $ 170.6 39,523 D Common Stock 03/01/2022 M 2,906 A $ 170.6 42,429 D Common Stock 03/01/2022 F 1,246 D $ 170.6 41,183 D Common Stock 03/01/2022 M 2,967 A $ 170.6 44,150 D Common Stock 03/01/2022 F 1,272 D $ 170.6 42,878 D Common Stock 03/01/2022 M 1,221 A $ 170.6 44,099 D Common Stock 03/01/2022 F 524 D $ 170.6 43,575 D Common Stock 03/01/2022 M 12,562 A $ 170.6 56,137 D Common Stock 03/01/2022 F 5,389 D $ 170.6 50,748 D Common Stock (Savings Plan) 2,086.0802 I Savings Plan

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 2018 MSU Award $ 0 03/01/2022 M 2,513( 1 ) 02/22/2019 03/01/2022 Common Stock 2,513 $ 0 0 D 2019 MSU Award $ 0 03/01/2022 M 2,906( 2 ) 02/28/2020 03/01/2023 Common Stock 2,906 $ 0 1,381 D 2020 MSU Award $ 0 03/01/2022 M 2,967( 3 ) 02/27/2021 03/01/2024 Common Stock 2,967 $ 0 3,142 D 2021 MSU Award $ 0 03/01/2022 M 1,221( 4 ) 03/01/2022 03/01/2025 Common Stock 1,221 $ 0 2,682 D 2019 PU Award $ 0 03/01/2022 M 12,562( 5 ) 02/28/2022 03/01/2022 Common Stock 12,562 $ 0 0 D 2022 MSU Award $ 0 03/01/2022 A 5,829( 6 ) 03/01/2023 03/01/2026 Common Stock 5,829 $ 0 5,829 D 2022 PU Award $ 0 03/01/2022 A 4,679( 7 ) 03/01/2025 03/01/2025 Common Stock 4,679 $ 0 4,679 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Lovins Gregory 8080 NORTON PARKWAY MENTOR, OH44060 SVP and CFO Signatures /s/ Vikas Arora POA for Gregory Lovins 03/03/2022 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Shares reflect the vesting of the fourth tranche of market-leveraged stock units granted in February 2018 at 200% of target based on our absolute total stockholder return in excess of 10% during the 2018-2021 performance period, plus dividend equivalents accrued during the period. ( 2 )Shares reflect the vesting of the third tranche of market-leveraged stock units granted in February 2019 at 200% of target based on our absolute total stockholder return in excess of 10% during the 2019-2021 performance period, plus dividend equivalents accrued during the period. ( 3 )Shares reflect the vesting of the second tranche of market-leveraged stock units granted in February 2020 at 183% of target based on our absolute total stockholder return in excess of 10% during the 2020-2021 performance period, plus dividend equivalents accrued during the period. ( 4 )Shares reflect the vesting of the first tranche of market-leveraged stock units granted in February 2021 at 135% of target based on our absolute total stockholder return in excess of 10% during the 2021 performance period, plus dividend equivalents accrued during the period. ( 5 )Shares reflect the vesting of performance units granted in February 2019 at 188% of target, based 50% on our cumulative economic value added and 50% on our relative stockholder return. ( 6 )Market-leveraged stock units 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, plus dividend equivalents accrued during the vesting period. Each market-leveraged stock unit represents a contingent right to receive one share of our common stock, plus dividend equivalents. ( 7 )Performance units vest, if at all, at the end of fiscal year 2024, provided the designated performance objectives are met as determined by the Compensation Committee in February 2025. Each performance unit represents a contingent right to receive one share of our common stock.

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).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.