What does the 113,000-share figure mean in the Avery Dennison (AVY) filing?

The footnotes explain that the Rule 10b5-1 plan adopted on November 24, 2025 allows the potential total sale of up to 113,000 shares . The 33,000 shares reported in this Form 4 represent part of that pre-authorized sale capacity.

Pre-planned insider sale at Avery Dennison (NYSE: AVY) totals 33,000 shares

Q: How many Avery Dennison (AVY) shares did Mitchell R. Butier sell?

Mitchell R. Butier sold a total of 33,000 shares of Avery Dennison common stock. These were executed as multiple open-market sales over March 11–12, 2026 , with each transaction reported separately in the Form 4 at specific weighted average prices.

Q: At what prices were the Avery Dennison (AVY) insider sales executed?

The insider sales were executed at weighted average prices ranging from about $169.71 to $174.53 per share. Several transactions were broken into multiple trades within narrower intraday ranges, as detailed in the accompanying Form 4 footnotes.

Q: Does the Avery Dennison (AVY) Form 4 indicate a pre-planned 10b5-1 trading plan?

Yes. The Form 4 states the reported sales occurred automatically under a Rule 10b5-1 trading plan adopted on November 24, 2025 . That plan provides for the potential total sale of up to 113,000 shares of Avery Dennison common stock.

Q: Were the Avery Dennison (AVY) insider transactions open-market sales?

Yes. Each reportable transaction is coded “S” and described as an open-market sale of common stock. The Form 4 notes that trades occurred in multiple executions within specified price ranges, with the reported prices reflecting weighted averages for those grouped sales.

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Avery Dennison director Mitchell R. Butier reported open-market sales of a total of 33,000 shares of Avery Dennison common stock on March 11–12, 2026. The shares were sold in multiple transactions at weighted average prices ranging from about $169.71 to $174.53 per share.

The filing states these sales occurred automatically under a Rule 10b5-1 trading plan adopted on November 24, 2025, which permits potential total sales of up to 113,000 shares. After the transactions, Butier directly holds 198,147 shares and indirectly holds 4,312.4948 shares through a savings plan.

Insights

Director executes pre-planned sales totaling 33,000 shares but retains a substantial stake.

Director Mitchell R. Butier sold 33,000 Avery Dennison common shares in eight open-market transactions on March 11–12, 2026. Sale prices ranged from about $169.71 to $174.53 per share, indicating execution near recent trading levels disclosed in the filing.

The filing notes these dispositions occurred automatically under a Rule 10b5-1 trading plan adopted on November 24, 2025, which allows potential sales of up to 113,000 shares. Such plans are pre-arranged, so the exact timing of trades carries less informational value about the insider’s current views.

Following the sales, Butier still directly owns 198,147 shares and indirectly holds 4,312.4948 shares via a savings plan. This remaining position suggests the transactions reflect portfolio diversification or liquidity rather than a full exit, based solely on the holdings data presented.

Insider Trade Summary 10b5-1

Net Seller: 33,000 shares ($5,707,209)

Net Sell 9 txns

Insider Butier Mitchell R

Role Director

Sold 33,000 shs ($5.71M)

Type	Security	Shares	Price	Value
Sale	Common Stock	1,160	$169.7064	$197K
Sale	Common Stock	4,979	$170.6895	$850K
Sale	Common Stock	2,977	$171.8031	$511K
Sale	Common Stock	3,027	$172.6638	$523K
Sale	Common Stock	857	$173.498	$149K
Sale	Common Stock	4,123	$173.1749	$714K
Sale	Common Stock	13,404	$173.983	$2.33M
Sale	Common Stock	2,473	$174.5326	$432K
holding	Common Stock (Savings Plan)	--	--	--

Holdings After Transaction: Common Stock — 209,987 shares (Direct); Common Stock (Savings Plan) — 4,312.495 shares (Indirect, Savings Plan)

Footnotes (1)

The reported sale of shares occurred automatically pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 24, 2025, which provides for the potential total sale of up to 113,000 shares. Transaction executed in multiple trades at prices ranging from $172.450 - $173.435. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. Transaction executed in multiple trades at prices ranging from $173.450 - $174.445. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. Transaction executed in multiple trades at prices ranging from $174.455 - $174.720. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. Transaction executed in multiple trades at prices ranging from $169.070 - $170.065. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. Transaction executed in multiple trades at prices ranging from $170.135 - $171.105. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. Transaction executed in multiple trades at prices ranging from $171.190 - $172.1707. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. Transaction executed in multiple trades at prices ranging from $172.200- $173.1946. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. Transaction executed in multiple trades at prices ranging from $173.210 - $173.9214. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

Form 4 Insider Transactions: What Each Field Means →

03/13/2026 - 05:59 PM

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Butier Mitchell R

(Last)

(First)

(Middle)

8080 NORTON PARKWAY

(Street)

MENTOR

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)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/11/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/11/2026		S		4,123⁽¹⁾	D	$173.1749⁽²⁾	227,024	D
Common Stock	03/11/2026		S		13,404⁽¹⁾	D	$173.983⁽³⁾	213,620	D
Common Stock	03/11/2026		S		2,473⁽¹⁾	D	$174.5326⁽⁴⁾	211,147	D
Common Stock	03/12/2026		S		1,160⁽¹⁾	D	$169.7064⁽⁵⁾	209,987	D
Common Stock	03/12/2026		S		4,979⁽¹⁾	D	$170.6895⁽⁶⁾	205,008	D
Common Stock	03/12/2026		S		2,977⁽¹⁾	D	$171.8031⁽⁷⁾	202,031	D
Common Stock	03/12/2026		S		3,027⁽¹⁾	D	$172.6638⁽⁸⁾	199,004	D
Common Stock	03/12/2026		S		857⁽¹⁾	D	$173.498⁽⁹⁾	198,147	D
Common Stock (Savings Plan)								4,312.4948	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The reported sale of shares occurred automatically pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 24, 2025, which provides for the potential total sale of up to 113,000 shares.

2. Transaction executed in multiple trades at prices ranging from $172.450 - $173.435. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

3. Transaction executed in multiple trades at prices ranging from $173.450 - $174.445. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

4. Transaction executed in multiple trades at prices ranging from $174.455 - $174.720. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

5. Transaction executed in multiple trades at prices ranging from $169.070 - $170.065. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

6. Transaction executed in multiple trades at prices ranging from $170.135 - $171.105. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

7. Transaction executed in multiple trades at prices ranging from $171.190 - $172.1707. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

8. Transaction executed in multiple trades at prices ranging from $172.200- $173.1946. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

9. Transaction executed in multiple trades at prices ranging from $173.210 - $173.9214. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

	/s/ Vikas Arora attorney-in-fact for Mitchell R Butier	03/13/2026
	** 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).
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.

Source: View Original Filing on SEC EDGAR

FAQ

How many Avery Dennison (AVY) shares did Mitchell R. Butier sell?

Mitchell R. Butier sold a total of 33,000 shares of Avery Dennison common stock. These were executed as multiple open-market sales over March 11–12, 2026, with each transaction reported separately in the Form 4 at specific weighted average prices.

At what prices were the Avery Dennison (AVY) insider sales executed?

The insider sales were executed at weighted average prices ranging from about $169.71 to $174.53 per share. Several transactions were broken into multiple trades within narrower intraday ranges, as detailed in the accompanying Form 4 footnotes.

Does the Avery Dennison (AVY) Form 4 indicate a pre-planned 10b5-1 trading plan?

Yes. The Form 4 states the reported sales occurred automatically under a Rule 10b5-1 trading plan adopted on November 24, 2025. That plan provides for the potential total sale of up to 113,000 shares of Avery Dennison common stock.

How many Avery Dennison (AVY) shares does Mitchell R. Butier hold after these sales?

After these transactions, Mitchell R. Butier directly holds 198,147 shares of Avery Dennison common stock. In addition, he indirectly holds 4,312.4948 shares through a savings plan, as disclosed in the non-derivative holdings table of the Form 4.

Were the Avery Dennison (AVY) insider transactions open-market sales?

Yes. Each reportable transaction is coded “S” and described as an open-market sale of common stock. The Form 4 notes that trades occurred in multiple executions within specified price ranges, with the reported prices reflecting weighted averages for those grouped sales.