Sec Form 4 Filing - Baker-Nel Deena @ Avery Dennison Corp - 2024-03-01

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 Baker-Nel Deena 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 & Chief HR Officer (Last) (First) (Middle) 8080 NORTON PARKWAY 3. Date of Earliest Transaction (MM/DD/YY) 03/01/2024 (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 03/01/2024 M 787 A $ 216.45 2,485 D Common Stock 03/01/2024 F 288 D $ 216.45 2,197 D Common Stock 03/01/2024 M 389 A $ 216.45 2,586 D Common Stock 03/01/2024 F 115 D $ 216.45 2,471 D Common Stock 03/01/2024 M 426 A $ 216.45 2,897 D Common Stock 03/01/2024 F 126 D $ 216.45 2,771 D Common Stock 03/01/2024 M 355 A $ 216.45 3,126 D Common Stock 03/01/2024 F 105 D $ 216.45 3,021 D Common Stock 03/01/2024 M 2,205 A $ 216.45 5,226 D Common Stock 03/01/2024 F 649 D $ 216.45 4,577 D Common Stock (Savings Plan) 1,423.9492 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 2024 MSU Award $ 0 03/01/2024 A 1,321 03/01/2025( 1 ) 03/01/2028 Common Stock 1,321 $ 0 1,321 D 2024 PU Award $ 0 03/01/2024 A 1,507 03/01/2027( 2 ) 03/01/2027 Common Stock 1,507 $ 0 1,507 D 2020 MSU Award $ 0 03/01/2024 M 787 02/27/2021( 3 ) 03/01/2024 Common Stock 787 $ 0 0 D 2021 MSU Award $ 0 03/01/2024 M 389 03/01/2022( 4 ) 03/01/2025 Common Stock 389 $ 0 278 D 2022 MSU Award $ 0 03/01/2024 M 426 03/01/2023( 5 ) 03/01/2026 Common Stock 426 $ 0 880 D 2023 MSU Award $ 0 03/01/2024 M 355 03/01/2024( 6 ) 03/01/2027 Common Stock 355 $ 0 1,070 D 2021 PU Award $ 0 03/01/2024 M 2,205 03/01/2024( 7 ) 03/01/2024 Common Stock 2,205 $ 0 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Baker-Nel Deena 8080 NORTON PARKWAY MENTOR, OH44060 SVP & Chief HR Officer Signatures /s/ Vikas Arora attorney-in-fact for Deena Baker-Nel 03/05/2024 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 2026, provided certain performance objectives are met as determined by the Compensation Committee in February 2027. 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 2020 at 180% of target based on our absolute total stockholder return in excess of 10% during the 2020-2023 performance period, plus dividend equivalents accrued during the period. ( 4 )Shares reflect the vesting of the third tranche of MSUs granted in March 2021 at 134% of target based on our absolute total stockholder return in excess of 10% during the 2021-2023 performance period, plus dividend equivalents accrued during the period. ( 5 )Shares reflect the vesting of the second tranche of MSUs granted in March 2022 at 94% of target based on our absolute total stockholder return during the 2022-2023 performance period, plus dividend equivalents accrued during the period. ( 6 )Shares reflect the vesting of the first tranche of MSUs granted in March 2023 at 98% of target based on our absolute total stockholder return during the 2023 performance period, plus dividend equivalents accrued during the period. ( 7 )Shares reflect the vesting of PUs granted in March 2021 at 183% of target, based 50% on our cumulative economic value added and 50% on our relative total stockholder return.

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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