SEC Form 4
FORM 4 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
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Bondar Lori J
(Last) (First) (Middle)
8080 NORTON PARKWAY
(Street)
MENTOR OH 44060
(City) (State) (Zip)
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)
VP, Ctrlr, Treasurer & CAO
3. Date of Earliest Transaction (Month/Day/Year)
03/01/2022
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 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 956 A $170.6 23,592.707 D
Common Stock 03/01/2022 F 251 D $170.6 23,341.707 D
Common Stock 03/01/2022 M 918 A $170.6 24,259.707 D
Common Stock 03/01/2022 F 224 D $170.6 24,035.707 D
Common Stock 03/01/2022 M 918 A $170.6 24,953.707 D
Common Stock 03/01/2022 F 224 D $170.6 24,729.707 D
Common Stock 03/01/2022 M 377 A $170.6 25,106.707 D
Common Stock 03/01/2022 F 92 D $170.6 25,014.707 D
Common Stock 03/01/2022 M 3,972 A $170.6 28,986.707 D
Common Stock 03/01/2022 F 1,238 D $170.6 27,748.707 D
Common Stock (Savings Plan) 2,335.172 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 (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 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 (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (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: 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 956(1) 02/22/2019 03/01/2022 Common Stock 956 $0 0 D
2019 MSU Award $0 03/01/2022 M 918(2) 02/28/2020 03/01/2023 Common Stock 918 $0 437 D
2020 MSU Award $0 03/01/2022 M 918(3) 02/27/2021 03/01/2024 Common Stock 918 $0 973 D
2021 MSU Award $0 03/01/2022 M 377(4) 03/01/2022 03/01/2025 Common Stock 377 $0 831 D
2019 PU Award $0 03/01/2022 M 3,972(5) 02/28/2022 03/01/2022 Common Stock 3,972 $0 0 D
2022 MSU Award $0 03/01/2022 A 1,902(6) 03/01/2023 03/01/2026 Common Stock 1,902 $0 1,902 D
2022 PU Award $0 03/01/2022 A 1,527(7) 03/01/2025 03/01/2025 Common Stock 1,527 $0 1,527 D
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.
/s/ Vikas Arora POA for Lori J Bondar 03/03/2022
** Signature of Reporting Person Date
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).
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